ETF Research Center

Standard & Poor's Depositary Receipts, represent ownership in a unit investment trust established to accumulate and hold a portfolio of the equity securities that comprise the Standard & Poor's 500 Composite Stock Price Index. The fund seeks investment results that, before expenses, generally correspond to the price and yield performance of the benchmark index.

FUND BASICS
Category	US Equities
Fund Sponsor	State Street Global Advisors
Website	www.spdrs.com
Inception date	Jan 22, 1993
Assets (mns)	$332,486
Currency	USD
Expense ratio	9 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Unit Investment Trust
Custodian	State Street Bank & Trust
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	505
Wgt avg mkt cap (mns)	$508,713
Large cap (>$10bn)	98.6%
Mid cap ($2-10bn)	1.4%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	27.9 %
APPLE INC	6.9 %
MICROSOFT CORP	5.3 %
AMAZON.COM INC	4.3 %
FACEBOOK	2.0 %
TESLA MOTORS INC	2.0 %
ALPHABET INC. CLASS A	1.8 %
ALPHABET INC. CLASS C	1.7 %
BERKSHIRE HATHAWAY INC-CL B	1.4 %
JOHNSON & JOHNSON	1.3 %
JPMORGAN CHASE & CO	1.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.9 %
	IRELAND	1.6 %
	BRITAIN	1.0 %
	SWITZERLAND	0.4 %
	BERMUDA	0.0 %

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.
18.3%	18.3%	15.1%	13.8%	10.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.99	100%
MSCI EAFE	0.92	85%
MSCI Emg. Mkts.	0.74	70%

Technical Indicators
Recent close	$382.88
30d moving avg.	$373.40
Annualized volatility	18.7%
Short interest (ETF)	16.3%
Short interest (Underlying)	2.3%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	70,253
Turnover	8.1%
Bid/Ask (% of price)	0.00%
ADV underlying (mns)	$256,981

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the SPDR S&P 500 ETF Trust ETF based on the alternatives' overlap in portfolio holdings with SPY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SPY

Expense:

9 bp

ALTAR Score™:

4.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SPY
Ticker	Fund Name	Overlap¹ vs SPY (%)	Expense ratio (bp)	Savings vs SPY (bp)	ALTAR Score™ (%)	ALTAR vs SPY (%)
PBP	Invesco S&P 500 BuyWrite ETF	99.9	49	-40	4.3	-0.3
IVV	iShares Core S&P 500 ETF	99.8	3	6	4.7	+0.1
SPLG	SPDR Portfolio Large Cap ETF	99.5	3	6	4.7	+0.1
XYLG	Global X S&P 500 Covered Call & Growth ETF	99.5	60	-51	4.4	-0.3
VOO	VANGUARD S&P 500 ETF	97.8	3	6	4.8	+0.2
SPXE	ProShares S&P 500 Ex-Energy ETF	96.7	27	-18	4.6	-0.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	96.1	20	-11	4.8	+0.1
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	94.1	7	2	4.5	-0.1
BBUS	JP Morgan Betabuilders U.S. Equity ETF	93.0	2	7	4.6	-0.1
VV	Vanguard Large-Cap Index Fund	92.7	4	5	4.6	-0.1
PBUS	Invesco PureBeta MSCI USA ETF	92.5	4	5	4.6	-0.1
SPTM	SPDR Portfolio Total Stock Market ETF	91.0	3	6	4.8	+0.1
SCHX	Schwab U.S. Large-Cap ETF	90.5	3	6	4.6	-0.1
XVV	iShares ESG Screened S&P 500 ETF	88.5	8	1	4.9	+0.2
SCHK	Schwab 1000 Index ETF	88.3	5	4	4.6	-0.1
IWB	iShares Russell 1000 ETF	88.0	15	-6	4.5	-0.2
IYY	iShares Dow Jones U.S. ETF	87.1	20	-11	4.4	-0.3
SPXN	ProShares S&P 500 Ex-Financials ETF	86.4	27	-18	4.4	-0.3
SPXV	ProShares S&P 500 Ex-Health Care ETF	85.7	27	-18	4.3	-0.4
VTHR	Vanguard Russell 3000 Index Fund	85.2	10	-1	4.4	-0.3
ESGV	Vanguard ESG U.S. Stock ETF	84.5	12	-3	4.5	-0.2
CATH	Global X S&P 500 Catholic Values Custom ETF	84.2	29	-20	4.6	-0.1
MGC	Vanguard Mega Cap Index Fund	84.1	7	2	4.6	-0.1
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	84.0	20	-11	4.6	-0.1
IWV	iShares Russell 3000 ETF	82.0	20	-11	4.3	-0.4
SCHB	Schwab U.S. Broad Market ETF	81.9	3	6	4.5	-0.2
IWL	iShares Russell Top 200 ETF	81.8	15	-6	4.4	-0.3
BKLC	BNY Mellon US Large Cap Core Equity ETF	81.6	0	9	4.5	-0.2
ITOT	iShares Core S&P Total U.S. Stock Market ETF	81.4	3	6	4.4	-0.3
VONE	Vanguard Russell 1000 ETF	80.4	8	1	4.6	-0.1
ESGU	iShares MSCI USA ESG Optimized ETF	79.8	15	-6	4.4	-0.3
VTI	Vanguard Total Stock Market Index Fund	79.3	3	6	4.4	-0.3
DFAU	Dimensional US Core Equity Market ETF	78.4	12	-3	4.7	-0.0
SFY	SoFi Select 500 ETF	78.3	0	9	4.6	-0.1
JHML	John Hancock Multifactor Large Cap ETF	73.9	29	-20	4.9	+0.2
MMTM	SPDR S&P 1500 Momentum Tilt ETF	73.4	12	-3	4.0	-0.7
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	72.9	15	-6	4.7	-0.0
SNPE	Xtrackers S&P 500 ESG ETF	72.8	10	-1	4.6	-0.1
EFIV	SPDR S&P 500 ESG ETF	72.8	10	-1	4.6	-0.1
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	72.3	9	0	4.8	+0.1
IQSU	IQ Candriam ESG US Equity ETF	71.9	9	0	4.5	-0.2
SPXT	ProShares S&P 500 Ex-Technology ETF	71.7	27	-18	4.9	+0.2
EPS	WisdomTree U.S. Earnings 500 Fund	70.2	8	1	5.9	+1.2
XOUT	GraniteShares XOUT U.S. Large Cap ETF	66.9	60	-51	3.6	-1.1
OEF	iShares S&P 100 ETF	66.4	20	-11	4.2	-0.5
VOOG	Vanguard S&P 500 Growth ETF	66.4	10	-1	3.9	-0.8
QUS	SPDR MSCI USA StrategicFactors ETF	66.2	15	-6	5.3	+0.6
KOKU	Xtrackers MSCI Kokusai Equity ETF	66.1	9	0	5.0	+0.4
TOK	iShares MSCI Kokusai ETF	66.0	25	-16	4.9	+0.2
ESG	FlexShares STOXX US ESG Impact Index Fund	66.0	32	-23	4.5	-0.2
SPYG	SPDR Portfolio S&P 500 Growth ETF	65.8	4	5	3.7	-1.0
IVW	iShares S&P 500 Growth ETF	65.8	18	-9	3.5	-1.2
IUSG	iShares Core S&P US Growth ETF	64.8	4	5	3.7	-1.0
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	64.3	25	-16	5.8	+1.1
PRF	Invesco FTSE RAFI US 1000 ETF	64.3	39	-30	5.8	+1.1
AVUS	Avantis U.S. Equity ETF	64.1	15	-6	4.8	+0.1
TILT	Flexshares Morningstar US Market Factors Tilt Index Fund	63.6	25	-16	4.9	+0.2
DIVB	iShares U.S. Dividend & Buyback ETF	63.0	25	-16	5.9	+1.2
VOOV	Vanguard S&P 500 Value ETF	62.7	10	-1	6.6	+1.9
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	61.8	25	-16	5.7	+1.0
DYNF	BlackRock U.S. Equity Factor Rotation ETF	61.3	30	-21	5.2	+0.6
URTH	iShares MSCI World ETF	61.2	24	-15	5.0	+0.3
IVE	iShares S&P 500 Value ETF	60.8	18	-9	6.3	+1.6
SPYV	SPDR Portfolio S&P 500 Value ETF	60.8	4	5	6.4	+1.8
IUS	Invesco Strategic US ETF	60.6	19	-10	5.5	+0.8
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	60.4	15	-6	5.8	+1.1
IUSV	iShares Core S&P U.S. Value ETF	59.8	4	5	6.4	+1.8
RWL	Invesco S&P 500 Revenue ETF	59.5	39	-30	6.2	+1.6
IWF	iShares Russell 1000 Growth ETF	57.6	19	-10	3.4	-1.2
VONG	Vanguard Russell 1000 Growth Index Fund	57.2	8	1	3.5	-1.1
VLU	SPDR S&P 1500 Value Tilt ETF	56.9	12	-3	6.1	+1.5
HIPR	Direxion High Growth ETF	55.5	40	-31	3.8	-0.9
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	55.4	30	-21	5.0	+0.4
DLN	WisdomTree U.S. LargeCap Dividend Fund	55.3	28	-19	6.2	+1.5
RESP	WisdomTree US ESG Fund of Benef Interest	54.9	28	-19	5.1	+0.4
VONV	Vanguard Russell 1000 Value Index Fund	54.9	8	1	6.1	+1.5
VUG	Vanguard Growth Index Fund	54.6	4	5	3.5	-1.2
IWD	iShares Russell 1000 Value ETF	54.4	19	-10	6.0	+1.4
SCHV	Schwab U.S. Large-Cap Value ETF	54.3	4	5	6.1	+1.4
DTD	WisdomTree U.S.Total Dividend Fund	54.0	28	-19	6.3	+1.6
DSI	iShares MSCI KLD 400 Social ETF	53.5	25	-16	4.6	-0.1
ESGG	FlexShares STOXX Global ESG Impact Index Fund	53.2	42	-33	4.6	-0.1
NACP	Impact Shares NAACP Minority Empowerment ETF	52.9	49	-40	4.7	0.0
XLG	Invesco S&P 500 Top 50 ETF	52.9	20	-11	4.1	-0.6
IWY	iShares Russell Top 200 Growth ETF	52.8	20	-11	3.6	-1.1
ACWI	iShares MSCI ACWI ETF	52.6	32	-23	5.1	+0.4
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	52.0	49	-40	3.4	-1.3
LOWC	SPDR MSCI ACWI Low Carbon Target ETF	51.7	20	-11	5.3	+0.6
KRMA	Global X Conscious Companies ETF	51.7	43	-34	4.8	+0.2
CRBN	iShares MSCI ACWI Low Carbon Target ETF	51.7	20	-11	5.3	+0.6
AFLG	First Trust Active Factor Large Cap ETF	51.6	55	-46	4.7	-0.0
WOMN	Impact Shares YWCA Women's Empowerment ETF	50.5	75	-66	3.5	-1.2
RECS	Columbia Research Enhanced Core ETF	50.4	15	-6	5.1	+0.4
QWLD	SPDR MSCI World StrategicFactors ETF	50.1	30	-21	5.4	+0.7
RSP	Invesco S&P 500 Equal Weight ETF	49.8	20	-11	5.6	+0.9
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	49.7	19	-10	5.3	+0.6
SUSA	iShares MSCI USA ESG Select ETF	49.3	25	-16	4.2	-0.4
SUSL	iShares ESG MSCI USA Leaders ETF	49.2	10	-1	4.8	+0.2

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 500 ETF Trust
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	17.2	%
Divided by: Fwd. P/BV	3.6	x
Less: Expense ratio	9	bp
Equals: ALTAR Score	4.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.43	CATEGORY AVERAGE	1.49

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.