ETF Research Center

The SPDR SSGA Gender Diversity Index ETF tracks a market cap-weighted index of US large-cap companies with a relatively high proportion of women in executive and director positions.

FUND BASICS
Category	US Equities
Fund Sponsor	SSgA
Website	www.spdrs.com
Inception date	Mar 07, 2016
Assets (mns)	$147
Currency	USD
Expense ratio	20 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	179
Wgt avg mkt cap (mns)	$120,896
Large cap (>$10bn)	87.4%
Mid cap ($2-10bn)	12.3%
Small cap (<$2bn)	0.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	38.4 %
VISA INC-CLASS A SHARES	5.0 %
HOME DEPOT INC	4.9 %
JOHNSON & JOHNSON	4.7 %
WELLS FARGO & CO	4.7 %
PAYPAL HOLDINGS INC	4.1 %
WALT DISNEY CO/THE	4.0 %
TEXAS INSTRUMENTS INC	3.8 %
US BANCORP	2.5 %
COCA-COLA CO/THE	2.5 %
GILEAD SCIENCES INC	2.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.0 %
	BRITAIN	0.3 %
	CHINA	0.3 %
	IRELAND	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
18.3%	11.2%	--	--	11.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.92	95%
MSCI EAFE	0.79	60%
MSCI Emg. Mkts.	0.53	44%

Technical Indicators
Recent close	$75.55
30d moving avg.	$73.92
Annualized volatility	11.4%
Short interest (ETF)	0.0%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	86
Turnover	4.4%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$30,416

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

SHE

Expense:

20 bp

ALTAR Score™:

6.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SHE
Ticker	Fund Name	Overlap¹ vs SHE (%)	Expense ratio (bp)	Savings vs SHE (bp)	ALTAR Score™ (%)	ALTAR vs SHE (%)
SPHQ	Invesco S&P High Quality Portfolio	27.2	15	5	5.6	-0.6
USSG	Xtrackers MSCI USA ESG Leaders Equity	25.5	10	10	5.8	-0.5
SUSL	iShares ESG MSCI USA Leaders	25.5	10	10	5.8	-0.5
HDV	iShares High Dividend	24.8	8	12	6.7	+0.4
QUAL	iShares MSCI USA Quality Factor	24.4	15	5	6.1	-0.2
QARP	Xtrackers Russell 1000 US QARP	23.9	19	1	6.5	+0.2
OUSA	O'Shares FTSE U.S. Quality Dividend	23.7	48	-28	5.9	-0.3
FLQL	Franklin LibertyQ U.S. Equity	23.5	15	5	6.9	+0.7
DGRO	iShares Core Dividend Growth	22.8	8	12	6.4	+0.2
FTCS	First Trust Capital Strength	22.7	60	-40	5.3	-1.0
DGRW	WisdomTree US Dividend Growth	22.2	28	-8	6.7	+0.5
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity	22.1	29	-9	6.3	+0.1
PFM	Invesco Dividend Achievers	21.6	54	-34	5.5	-0.8
OYLD	Invesco Russell 1000 Yield Factor ETF	21.4	19	1	7.1	+0.8
VYM	Vanguard High Dividend Yield ETF	20.9	6	14	7.3	+1.0
QUS	SPDR MSCI USA Quality Mix	20.8	15	5	6.0	-0.2
JQUA	JPMorgan U.S. Quality Factor	20.7	12	8	5.8	-0.4
QDEF	FlexShares Quality Dividend Defensive	20.6	37	-17	6.1	-0.2
SCHD	Schwab US Dividend Equity	20.6	6	14	7.3	+1.1
YLDE	ClearBridge Dividend Strategy ESG	20.6	60	-40	4.7	-1.6

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 SSGA Gender Diversity
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	18.5	%
Divided by: Fwd. P/BV	2.9	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	6.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	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.