ETF Research Center

The�SPDR FTSE/Macquarie Global Infrastructure 100 ETF, before expenses, seeks to closely match the returns and characteristics of the total return performance of the Macquarie Global Infrastructure 100 Index, an equity index based upon the global infrastructure industry market.

FUND BASICS
Category	Global Equities
Fund Sponsor	State Street Global Advisors
Website	www.spdretfs.com
Inception date	Jan 31, 2007
Assets (mns)	$438
Currency	USD
Expense ratio	40 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Tiered
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	77
Wgt avg mkt cap (mns)	$33,348
Large cap (>$10bn)	75.3%
Mid cap ($2-10bn)	24.1%
Small cap (<$2bn)	0.6%
Developed mkts	93.1%
Emerging mkts	6.9%

TOP TEN HOLDINGS
Total	38.7 %
NEXTERA ENERGY GROUP	5.2 %
ENBRIDGE INC	5.1 %
TRANSURBAN GROUP	5.1 %
AENA SA	4.8 %
ATLANTIA SPA	3.9 %
TRANSCANADA CORP	3.3 %
SOUTHERN CO	2.9 %
DUKE ENERGY CORP	2.9 %
DOMINION RESOURCES INC/VA	2.8 %
ENEL SPA	2.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	39.5 %
	CANADA	11.1 %
	AUSTRALIA	9.9 %
	SPAIN	7.5 %
	ITALY	7.0 %
	FRANCE	6.3 %
	MEXICO	4.0 %
	BRITAIN	3.0 %
	HONG KONG	3.0 %
	NEW ZEALAND	2.0 %

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.
26.2%	26.2%	6.0%	6.3%	4.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.51	40%
MSCI EAFE	0.68	59%
MSCI Emg. Mkts.	0.49	52%

Technical Indicators
Recent close	$56.20
30d moving avg.	$55.18
Annualized volatility	9.8%
Short interest (ETF)	0.3%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	35
Turnover	0.5%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$4,921

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the SPDR FTSE/Macquarie Global Infrastructure ETF based on the alternatives' overlap in portfolio holdings with GII. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

GII

Expense:

40 bp

ALTAR Score™:

4.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GII
Ticker	Fund Name	Overlap¹ vs GII (%)	Expense ratio (bp)	Savings vs GII (bp)	ALTAR Score™ (%)	ALTAR vs GII (%)
IGF	iShares S&P Global Infrastructure	98.7	46	-6	4.5	-0.1
INFR	Legg Mason Global Infrastructure	50.6	40	0	5.3	+0.7
JXI	iShares S&P Global Utilities	39.3	46	-6	4.9	+0.3
GLIF	AGFiQ Global Infrastructure	37.7	45	-5	4.9	+0.3
TOLZ	ProShares Global Infrastructure	36.8	46	-6	4.9	+0.3
NFRA	FlexShares STOXX Global Broad Infrastructure	34.1	47	-7	6.2	+1.6
EMLP	First Trust N. American Energy Infrastructure	33.2	95	-55	4.6	0.0
XLU	Utilities Select Sector SPDR	30.2	13	27	4.8	+0.2
FUTY	Fidelity MSCI Utilities	30.2	8	32	4.8	+0.2
VPU	Vanguard Utilities ETF	30.2	10	30	4.7	+0.1
IDU	iShares DJ US Utilities	30.2	43	-3	4.5	-0.1
RYU	Invesco S&P Equal Weight Utilities	28.6	40	0	4.7	+0.1
JHMU	John Hancock Multifactor Utilities	28.3	40	0	4.8	+0.2
ENFR	Alerian Energy Infrastructure	20.0	55	-15	3.9	-0.7
YMLP	Yorkville High Income MLP	20.0	84	-44	3.8	-0.8
USAI	Pacer American Energy Independence ETF	20.0	75	-35	2.0	-2.6
UTES	Reaves Utilities	19.7	49	-9	4.0	-0.7
FXU	First Trust Utilities Alphadex	19.4	63	-23	5.1	+0.5
TPYP	Tortoise North American Pipeline	18.8	40	0	4.5	-0.1

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 FTSE/Macquarie Global Infrastructure
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	10.4	%
Divided by: Fwd. P/BV	2.1	x
Less: Expense ratio	40	bp
Equals: ALTAR Score	4.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.68	CATEGORY AVERAGE	1.54

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.