ETF Research Center

SPDR S&P Dividend ETF is an exchange traded fund incorporated in the USA. The Fund's objective is to replicate the price and yield of the S&P High Yield Dividend Aristocrats Index. The Index measures the performance of 50 highest dividend yielding S&P Composite 1500 constituents that have followed a managed dividends policy of consistently increasing dividends every year for 25 years.

FUND BASICS
Category	US Equities
Fund Sponsor	SSGA Funds Management Inc
Website	www.spdrs.com
Inception date	Nov 15, 2005
Assets (mns)	$19,952
Currency	USD
Expense ratio	35 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	120
Wgt avg mkt cap (mns)	$57,453
Large cap (>$10bn)	61.9%
Mid cap ($2-10bn)	35.5%
Small cap (<$2bn)	2.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	17.6 %
HELMERICH & PAYNE	2.4 %
ABBVIE INC	2.2 %
AT&T INC	1.9 %
INTL BUSINESS MACHINES CORP	1.9 %
EXXON MOBIL CORP	1.6 %
PEOPLE'S UNITED FINANCIAL	1.6 %
AMCOR PLC	1.5 %
CARDINAL HEALTH INC	1.5 %
KONTOOR BRANDS, INC.	1.5 %
FRANKLIN RESOURCES INC	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.2 %
	BRITAIN	3.8 %
	SWITZERLAND	0.8 %
	IRELAND	0.7 %
	BERMUDA	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.9%	12.7%	10.5%	13.0%	9.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.81	83%
MSCI EAFE	0.76	59%
MSCI Emg. Mkts.	0.50	45%

Technical Indicators
Recent close	$108.67
30d moving avg.	$107.31
Annualized volatility	10.8%
Short interest (ETF)	0.1%
Short interest (Underlying)	3.9%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	699
Turnover	0.4%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$22,606

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

SDY

Expense:

35 bp

ALTAR Score™:

6.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SDY
Ticker	Fund Name	Overlap¹ vs SDY (%)	Expense ratio (bp)	Savings vs SDY (bp)	ALTAR Score™ (%)	ALTAR vs SDY (%)
KNG	Cboe Vest S&P 500 Dividend Aristocrats Target Income	55.4	75	-40	5.3	-1.1
NOBL	ProShares S&P500 Aristocrats	55.4	35	0	5.7	-0.7
TMDV	ProShares Russell US Dividend Growers	48.6	35	0	4.9	-1.6
PFM	Invesco Dividend Achievers	35.7	54	-19	5.2	-1.3
VSDA	VictoryShares Dividend Accelerator	34.0	35	0	4.7	-1.8
KLCD	KFA Large Cap Quality Dividend Index	30.9	41	-6	5.0	-1.5
VIG	Vanguard Dividend Appreciation	28.6	6	29	5.2	-1.3
REGL	ProShares S&P MidCap 400 Dividend Aristocrats	26.2	40	-5	5.4	-1.0
FVD	First Trust Value Line Dividend	26.2	70	-35	5.7	-0.8
FLQL	Franklin LibertyQ U.S. Equity	25.6	15	20	6.5	+0.1
VYM	Vanguard High Dividend Yield ETF	25.3	6	29	7.1	+0.7
LVUS	Hartford Multifactor Low Volatility US Equity	25.2	19	16	5.7	-0.8
JMIN	JPMorgan U.S. Minimum Volatility	25.0	12	23	5.3	-1.2
SCHV	Schwab U.S. Large-Cap Value	24.4	4	31	6.9	+0.4
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	24.4	19	16	6.6	+0.2
PEY	Invesco High Yield Equity Dividend Acheivers	23.7	53	-18	6.4	-0.1
OUSA	O'Shares FTSE U.S. Quality Dividend	23.6	48	-13	5.9	-0.5
OYLD	Invesco Russell 1000 Yield Factor ETF	23.0	19	16	7.4	+1.0
DLN	WisdomTree Large Cap Dividend	22.5	28	7	6.4	-0.0
HUSV	First Trust Horizon Managed Volatility Domestic	22.3	70	-35	4.6	-1.8

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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 Dividend ETF
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	16.6	%
Divided by: Fwd. P/BV	2.4	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	6.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.77	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.