ETF Research Center

The SPDR S&P Insurance ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Insurance Select Industry Index.

FUND BASICS
Category	US Equities
Fund Sponsor	SSGA Funds Management Inc
Website	www.spdrs.com
Inception date	Nov 15, 2005
Assets (mns)	$900
Currency	USD
Expense ratio	35 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	51
Wgt avg mkt cap (mns)	$18,879
Large cap (>$10bn)	55.5%
Mid cap ($2-10bn)	43.8%
Small cap (<$2bn)	0.8%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	23.1 %
BROWN & BROWN INC	2.4 %
ALLSTATE CORP	2.4 %
ARCH CAPITAL GROUP LTD	2.4 %
PROGRESSIVE CORP	2.3 %
AXIS CAPITAL HOLDINGS LTD	2.3 %
MARKEL CORP	2.3 %
OLD REPUBLIC INTL CORP	2.3 %
WILLIS TOWERS WATSON PUBLIC LIMITE	2.3 %
WR BERKLEY CORP	2.3 %
AON PLC	2.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	79.0 %
	BERMUDA	14.1 %
	BRITAIN	4.6 %
	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.
27.2%	27.2%	11.7%	13.8%	6.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.80	62%
MSCI EAFE	0.76	46%
MSCI Emg. Mkts.	0.48	32%

Technical Indicators
Recent close	$35.70
30d moving avg.	$35.62
Annualized volatility	12.3%
Short interest (ETF)	1.1%
Short interest (Underlying)	2.3%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	225
Turnover	0.9%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$2,882

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR S&P Insurance ETF based on the alternatives' overlap in portfolio holdings with KIE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

KIE

Expense:

35 bp

ALTAR Score™:

6.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH KIE
Ticker	Fund Name	Overlap¹ vs KIE (%)	Expense ratio (bp)	Savings vs KIE (bp)	ALTAR Score™ (%)	ALTAR vs KIE (%)
IAK	iShares US Insurance	58.0	43	-8	6.9	+0.0
KBWP	Invesco KBW Property & Casualty Insurance	40.1	35	0	5.2	-1.7
RYF	Invesco S&P Equal Weight Financials	33.7	40	-5	7.1	+0.2
RWW	Invesco S&P Financials Revenue	25.6	45	-10	7.1	+0.3
FXO	First Trust Financial Alphadex	23.2	63	-28	7.6	+0.8
JHMF	John Hancock Multifactor Financials	21.8	40	-5	6.4	-0.4
IEFN	iShares Evolved U.S. Financials	20.9	18	17	7.2	+0.4
LGLV	SPDR Russell 1000 Low Volatility	20.7	12	23	5.0	-1.9
FNCL	Fidelity MSCI Financials	19.0	8	27	7.2	+0.4
VFH	Vanguard Financials	18.9	10	25	7.2	+0.3
DVLU	First Trust Dorsey Wright Momentum & Value	18.6	60	-25	8.2	+1.4
XLF	Financials Select Sector SPDR	18.1	13	22	6.8	-0.1
PFI	Invesco Dynamic Financial Sector	17.7	60	-25	5.1	-1.8
SPVM	Invesco S&P 500 Value with Momentum	17.2	39	-4	8.0	+1.2
RPV	Invesco S&P 500 Pure Value ETF	16.1	35	0	10.7	+3.9
XRLV	Invesco S&P 500 ex-Rate Sensitive Low Volatility	15.9	25	10	5.7	-1.1
VSMV	VictoryShares US Multi-Factor Minimum Volatility	14.2	35	0	6.2	-0.7
IYF	iShares DJ US Financials	13.3	42	-7	5.9	-1.0
DVOL	First Trust Dorsey Wright Momentum & Low Volatility	12.9	60	-25	4.2	-2.6
SPVU	Invesco S&P 500 Value	12.2	13	22	10.4	+3.5

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 Insurance
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	8.7	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	6.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.67	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.