ETF Research Center

The SPDR Dow Jones Industrial Average ETF Trust seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the Dow Jones Industrial Average, and index of 30 "blue chip" U.S. stocks.

FUND BASICS
Category	US Equities
Fund Sponsor	State Street Global Advisors
Website	www.spdrs.com
Inception date	Jan 14, 1998
Assets (mns)	$23,403
Currency	USD
Expense ratio	17 bp
Distributions	Monthly

FUND STRUCTURE
Regulation	Unit Investment Trust
Custodian	State Street Bank & Trust
Weighting	Price
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	30
Wgt avg mkt cap (mns)	$347,094
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	54.1 %
BOEING CO	7.5 %
APPLE INC	7.4 %
UNITEDHEALTH GROUP INC	6.9 %
GOLDMAN SACHS GROUP INC	5.8 %
HOME DEPOT INC	5.4 %
MCDONALD'S CORP	4.9 %
VISA INC-CLASS A SHARES	4.7 %
3M CO	4.2 %
MICROSOFT CORP	3.9 %
UNITED TECHNOLOGIES CORP	3.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
25.0%	25.0%	12.4%	13.2%	8.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.96	92%
MSCI EAFE	0.87	62%
MSCI Emg. Mkts.	0.59	49%

Technical Indicators
Recent close	$291.83
30d moving avg.	$285.32
Annualized volatility	12.1%
Short interest (ETF)	8.9%
Short interest (Underlying)	2.0%
Relative strength (RSI)	75

Liquidity measures
Avg. volume (thou.)	2,115
Turnover	2.6%
Bid/Ask (% of price)	0.01%
ADV underlying (mns)	$32,436

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR Dow Jones Industrial Average ETF based on the alternatives' overlap in portfolio holdings with DIA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

DIA

Expense:

17 bp

ALTAR Score™:

5.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DIA
Ticker	Fund Name	Overlap¹ vs DIA (%)	Expense ratio (bp)	Savings vs DIA (bp)	ALTAR Score™ (%)	ALTAR vs DIA (%)
EDOW	First Trust Dow 30 Equal Weight	80.0	50	-33	5.9	+0.1
DJD	Invesco Dow Jones Industrial Average Dividend	65.4	7	10	7.1	+1.3
DIVO	Amplify YieldShares CWP Dividend & Option Income	59.0	49	-32	4.8	-1.0
USMC	Principal U.S. Mega-Cap Multi-Factor Index	48.5	12	5	5.1	-0.7
XLG	Invesco S&P Top 50	43.5	20	-3	4.8	-1.0
OEF	iShares S&P 100	41.7	20	-3	5.1	-0.7
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	37.5	19	-2	5.3	-0.5
DGRO	iShares Core Dividend Growth	36.6	8	9	6.1	+0.4
WOMN	Impact Shares YWCA Women's Empowerment	35.2	75	-58	5.1	-0.7
OUSA	O'Shares FTSE U.S. Quality Dividend	35.2	48	-31	5.7	-0.1
FDRR	Fidelity Dividend for Rising Rates	35.2	29	-12	7.3	+1.6
IWL	iShares Russell Top 200	34.7	15	2	5.3	-0.5
DLN	WisdomTree Large Cap Dividend	34.3	28	-11	6.3	+0.5
IOO	iShares S&P Global 100	34.3	40	-23	5.1	-0.7
OQAL	Invesco Russell 1000 Quality Factor ETF	34.3	19	-2	4.9	-0.9
QDYN	FlexShares Quality Dividend Dynamic	33.9	37	-20	6.6	+0.8
SNPE	Xtrackers S&P 500 ESG	33.3	11	6	5.4	-0.4
MGV	Vanguard Mega Cap 300 Value	32.9	7	10	6.8	+1.0
MGC	Vanguard Mega Cap 300 ETF	32.6	7	10	5.5	-0.3
DIVB	iShares U.S. Dividend & Buyback	32.1	25	-8	6.4	+0.6

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	SPDR Dow Jones Industrial Average
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	21.0	%
Divided by: Fwd. P/BV	3.5	x
Less: Expense ratio	17	bp
Equals: ALTAR Score	5.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	CATEGORY AVERAGE	1.55

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.