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 29, 1993
Assets (mns)	$318,843
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)	$309,961
Large cap (>$10bn)	98.2%
Mid cap ($2-10bn)	1.8%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	23.3 %
APPLE INC	4.8 %
MICROSOFT CORP	4.6 %
AMAZON.COM INC	2.8 %
FACEBOOK	1.9 %
BERKSHIRE HATHAWAY INC-CL B	1.6 %
ALPHABET INC. CLASS A	1.6 %
ALPHABET INC. CLASS C	1.6 %
JPMORGAN CHASE & CO	1.6 %
JOHNSON & JOHNSON	1.4 %
VISA INC-CLASS A SHARES	1.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.5 %
	IRELAND	1.9 %
	BRITAIN	1.1 %
	SWITZERLAND	0.4 %

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.
31.2%	31.2%	11.6%	13.4%	9.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.99	100%
MSCI EAFE	0.92	70%
MSCI Emg. Mkts.	0.61	54%

Technical Indicators
Recent close	$331.72
30d moving avg.	$323.51
Annualized volatility	12.0%
Short interest (ETF)	13.6%
Short interest (Underlying)	2.3%
Relative strength (RSI)	77

Liquidity measures
Avg. volume (thou.)	60,473
Turnover	6.3%
Bid/Ask (% of price)	0.00%
ADV underlying (mns)	$140,752

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the S&P 500 SPDR 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™:

5.5%

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 Buy/Write	100.0	49	-40	5.2	-0.3
IVV	iShares Core S&P 500	99.6	4	5	5.5	+0.1
HSPX	Global X S&P 500 Covered Call	99.2	65	-56	5.0	-0.5
VOO	Vanguard S&P 500 ETF	99.1	3	6	5.6	+0.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	96.4	20	-11	5.5	+0.0
SPXE	ProShares S&P 500 Ex-Energy	95.8	27	-18	5.5	-0.0
VV	Vanguard Large-Cap ETF	95.7	4	5	5.5	-0.0
BBUS	JP Morgan Betabuilders U.S. Equity	94.5	2	7	5.5	-0.0
PBUS	Invesco PureBeta MSCI USA	94.1	4	5	5.6	+0.1
SCHX	Schwab U.S. Large-Cap	92.2	3	6	5.4	-0.1
SPLG	SPDR Portfolio Large Cap	90.5	3	6	5.4	-0.1
VONE	Vanguard Russell 1000	90.0	12	-3	5.4	-0.1
SCHK	Schwab 1000 Index	89.6	5	4	5.5	-0.0
IWB	iShares Russell 1000	89.6	15	-6	5.3	-0.2
IYY	iShares DJ US Total Market	87.8	20	-11	5.3	-0.2
SPXV	ProShares S&P 500 Ex-Health Care	85.8	27	-18	5.3	-0.2
MGC	Vanguard Mega Cap 300 ETF	85.6	7	2	5.5	-0.0
SFY	SoFi Select 500	85.4	0	9	5.2	-0.3
CATH	Global X S&P 500 Catholic Values	84.6	29	-20	5.5	-0.0
SPXN	ProShares S&P 500 Ex-Financials	84.4	27	-18	5.5	+0.0

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:	S&P 500 SPDR
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	17.5	%
Divided by: Fwd. P/BV	3.1	x
Less: Expense ratio	9	bp
Equals: ALTAR Score	5.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.48	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.