ETF Research Center

SPDR S&P Global Natural Resources ETF is an exchanged-traded fund incorporated in the United States. The Fund seeks to track the performance of the S&P Global Natural Resources Index which tracks the global natural resources and commodities businesses.

FUND BASICS
Category	Global Equities
Fund Sponsor	SSGA Funds Management Inc
Website	www.spdrs.com
Inception date	Sep 13, 2010
Assets (mns)	$1,150
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	95
Wgt avg mkt cap (mns)	$64,478
Large cap (>$10bn)	84.2%
Mid cap ($2-10bn)	12.9%
Small cap (<$2bn)	0.0%
Developed mkts	89.6%
Emerging mkts	10.4%

TOP TEN HOLDINGS
Total	32.4 %
BHP BILLITON LTD	5.2 %
EXXON MOBIL CORP	4.2 %
TOTAL SA	3.3 %
CHEVRON CORP	3.2 %
BP PLC	3.2 %
ROYAL DUTCH SHELL PLC-A SHS	3.0 %
UPM-KYMMENE OYJ	2.8 %
VALE SA-SP ADR	2.8 %
ANGLO AMERICAN PLC	2.6 %
GLENCORE INTERNATIONAL PLC	2.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	29.0 %
	BRITAIN	13.2 %
	AUSTRALIA	10.1 %
	CANADA	8.8 %
	RUSSIA	5.1 %
	FINLAND	4.5 %
	FRANCE	3.3 %
	BRAZIL	3.3 %
	JAPAN	2.9 %
	SWITZERLAND	2.2 %

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.
16.3%	16.3%	4.2%	--	1.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.93	55%
MSCI EAFE	1.20	74%
MSCI Emg. Mkts.	0.86	65%

Technical Indicators
Recent close	$45.85
30d moving avg.	$45.77
Annualized volatility	15.3%
Short interest (ETF)	0.0%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	104
Turnover	0.4%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$9,573

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the SPDR S&P Global Nat. Resources ETF based on the alternatives' overlap in portfolio holdings with GNR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

GNR

Expense:

40 bp

ALTAR Score™:

6.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GNR
Ticker	Fund Name	Overlap¹ vs GNR (%)	Expense ratio (bp)	Savings vs GNR (bp)	ALTAR Score™ (%)	ALTAR vs GNR (%)
GUNR	Flexshares Global Upstream Natural Resources	54.1	46	-6	5.6	-0.5
HAP	VanEck Vectors Hard Asset Producers	40.3	50	-10	5.4	-0.7
MXI	iShares S&P Global Materials	33.0	46	-6	6.5	+0.4
IXC	iShares Global Energy	29.0	46	-6	4.9	-1.2
GRES	Index IQ Global Resources	28.6	77	-37	5.6	-0.5
FILL	iShares MSCI Global Energy Producers	27.3	39	1	5.5	-0.6
NANR	SPDR S&P N. American Nat. Resources	25.3	35	5	3.8	-2.3
IGE	iShares North American Natural Resources	21.3	46	-6	3.8	-2.3
PICK	iShares MSCI Global Select Metals & Mining	20.4	39	1	6.5	+0.4
CUT	Invesco Timber	16.7	55	-15	7.0	+0.9
DEW	WisdomTree Global Equity Income	14.3	58	-18	8.0	+1.9
RIDV	Invesco International Ultra Dividend Revenue ETF	13.6	42	-2	8.8	+2.7
DTH	WisdomTree DEFA Equity Income	13.2	58	-18	8.2	+2.1
XLE	Energy Select Sector SPDR	12.9	13	27	4.2	-1.9
FENY	Fidelity MSCI Energy	12.9	8	32	3.8	-2.3
IYE	iShares DJ US Energy Sector	12.9	42	-2	3.8	-2.3
VDE	Vanguard Energy	12.9	10	30	3.8	-2.3
JHME	John Hancock Multifactor Energy	12.9	40	0	3.1	-3.1
WOOD	iShares S&P Global Timber	12.9	46	-6	6.4	+0.3

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 S&P Global Nat. Resources
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	8.4	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	40	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	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.