ETF Research Center

The SPDR Kensho New Economies Composite ETF tracks an index of US-listed companies with products or services that disrupt traditional industries. Holdings are weighted in tiers.

FUND BASICS
Category	US Equities
Fund Sponsor	State Street Global Advisors
Website	us.spdrs.com
Inception date	Oct 22, 2018
Assets (mns)	$97
Currency	USD
Expense ratio	20 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Tiered
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	378
Wgt avg mkt cap (mns)	$62,698
Large cap (>$10bn)	50.0%
Mid cap ($2-10bn)	27.2%
Small cap (<$2bn)	22.4%
Developed mkts	90.9%
Emerging mkts	9.1%

TOP TEN HOLDINGS
Total	12.8 %
HARRIS CORP	1.8 %
RAYTHEON COMPANY	1.7 %
TELEDYNE TECHNOLOGIES INC	1.4 %
TESLA MOTORS INC	1.3 %
NVIDIA CORP	1.2 %
LOCKHEED MARTIN CORP	1.2 %
MICROSOFT CORP	1.1 %
FLIR SYSTEMS INC	1.1 %
LINE CORP. SPONSORED ADR	1.0 %
ABB LTD-SPON ADR	1.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	76.4 %
	CHINA	4.5 %
	BRITAIN	2.9 %
	SWITZERLAND	2.5 %
	CANADA	2.2 %
	JAPAN	1.8 %
	BRAZIL	1.5 %
	ISRAEL	1.0 %
	NETHERLANDS	1.0 %
	SINGAPORE	0.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
32.8%	--	--	--	19.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.22	92%
MSCI EAFE	1.50	80%
MSCI Emg. Mkts.	1.11	63%

Technical Indicators
Recent close	$34.75
30d moving avg.	$34.45
Annualized volatility	21.9%
Short interest (ETF)	0.9%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	25
Turnover	0.9%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$63,752

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR Kensho New Economies Composite ETF based on the alternatives' overlap in portfolio holdings with KOMP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

KOMP

Expense:

20 bp

ALTAR Score™:

3.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH KOMP
Ticker	Fund Name	Overlap¹ vs KOMP (%)	Expense ratio (bp)	Savings vs KOMP (bp)	ALTAR Score™ (%)	ALTAR vs KOMP (%)
FITE	SPDR Kensho Future Security	26.5	45	-25	4.1	+0.4
PPA	Invesco Aero & Defense	18.5	59	-39	5.3	+1.5
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity	16.8	9	11	6.0	+2.3
JHML	John Hancock Multifactor Large Cap	16.8	34	-14	6.0	+2.2
XKCP	SPDR Kensho Clean Power	16.7	45	-25	2.9	-0.8
SPTM	SPDR Portfolio Total Stock Market	16.5	3	17	5.7	+1.9
SCHB	Schwab U.S. Broad Market	16.4	3	17	5.7	+2.0
ITOT	iShares Core S&P Total US	16.4	3	17	5.6	+1.9
SPLG	SPDR Portfolio Large Cap	16.4	3	17	5.8	+2.0
IYY	iShares DJ US Total Market	16.4	20	0	5.7	+1.9
VTI	Vanguard Total Market	16.3	3	17	5.7	+1.9
PBUS	Invesco PureBeta MSCI USA	16.3	4	16	6.0	+2.2
SCHK	Schwab 1000 Index	16.3	5	15	5.8	+2.1
SCHX	Schwab U.S. Large-Cap	16.3	3	17	5.8	+2.1
IWV	iShares Russell 3000	16.2	20	0	5.5	+1.8
VTHR	Vanguard Russell 3000	16.2	15	5	5.6	+1.9
BBUS	JP Morgan Betabuilders U.S. Equity	16.2	2	18	5.9	+2.1
SPXN	ProShares S&P 500 Ex-Financials	16.1	27	-7	5.9	+2.2
MMTM	SPDR S&P1500 Momentum Tilt	16.1	12	8	5.4	+1.6
IWB	iShares Russell 1000	16.1	15	5	5.7	+2.0

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 Kensho New Economies Composite
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	9.8	%
Divided by: Fwd. P/BV	2.5	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	3.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.47	CATEGORY AVERAGE	1.56

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.