ETF Research Center

The SPDR S&P North American Natural Resources ETF tracks an index of US and Canadian firms involved in natural resources and commodities businesses. Firms fall into one of three categories: energy, materials or agriculture.

FUND BASICS
Category	Global Equities
Fund Sponsor	SSgA
Website	www.spdrs.com
Inception date	Dec 15, 2015
Assets (mns)	$762
Currency	USD
Expense ratio	35 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian
Weighting	Tiered
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	41
Wgt avg mkt cap (mns)	$71,037
Large cap (>$10bn)	87.9%
Mid cap ($2-10bn)	12.1%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	58.6 %
EXXON MOBIL CORP	9.4 %
CHEVRON CORP	9.2 %
NEWMONT MINING CORP	7.4 %
BARRICK GOLD CORP	6.7 %
CONOCOPHILLIPS	4.8 %
NUTRIEN LTD.	4.8 %
ARCHER-DANIELS-MIDLAND CO	4.5 %
FRANCO-NEVADA CORP	4.2 %
FREEPORT-MCMORAN COPPER	3.9 %
CORTEVA INC	3.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	63.9 %
	CANADA	36.0 %

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.
18.8%	18.8%	--	--	10.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.93	47%
MSCI EAFE	1.12	56%
MSCI Emg. Mkts.	0.81	50%

Technical Indicators
Recent close	$32.95
30d moving avg.	$33.05
Annualized volatility	16.5%
Short interest (ETF)	0.0%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	34
Turnover	0.2%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$5,826

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

NANR

Expense:

35 bp

ALTAR Score™:

3.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH NANR
Ticker	Fund Name	Overlap¹ vs NANR (%)	Expense ratio (bp)	Savings vs NANR (bp)	ALTAR Score™ (%)	ALTAR vs NANR (%)
IGE	iShares North American Natural Resources	39.1	46	-11	3.9	-0.0
GUNR	Flexshares Global Upstream Natural Resources	38.6	46	-11	5.6	+1.8
FENY	Fidelity MSCI Energy	37.5	8	27	3.9	+0.0
IYE	iShares DJ US Energy Sector	37.5	42	-7	3.9	+0.0
VDE	Vanguard Energy	37.5	10	25	3.8	-0.1
FILL	iShares MSCI Global Energy Producers	37.3	39	-4	5.6	+1.7
XLE	Energy Select Sector SPDR	37.1	13	22	4.3	+0.4
IXC	iShares Global Energy	36.4	46	-11	5.0	+1.2
JHME	John Hancock Multifactor Energy	29.6	40	-5	3.1	-0.7
SGDM	Sprott Gold Miners	26.2	50	-15	2.6	-1.3
GNR	SPDR S&P Global Nat. Resources	25.3	40	-5	6.2	+2.3
FXN	First Trust Energy Alphadex	24.9	63	-28	4.0	+0.2
RYE	Invesco S&P Equal Weight Energy ETF	24.1	40	-5	3.3	-0.6
XOP	SPDR S&P Oil & Gas Exploration & Production	20.7	35	0	3.0	-0.9
HAP	VanEck Vectors Hard Asset Producers	20.7	50	-15	5.5	+1.6
RING	iShares MSCI Global Gold Miners	20.1	39	-4	2.7	-1.2
FTXN	First Trust Nasdaq Oil & Gas	20.0	60	-25	4.2	+0.3
VEGI	iShares MSCI Global Agriculture Producers	19.8	39	-4	6.7	+2.8
FRAK	VanEck Vectors Unconventional Oil & Gas	19.0	54	-19	1.9	-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 S&P N. American Nat. Resources
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	5.4	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	3.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.44	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.