ETF Research Center

The SPDR S&P 500 High Dividend ETF tracks an index of the 80 highest-yielding stocks selected from the S&P 500. Stocks are equally weighted.

FUND BASICS
Category	US Equities
Fund Sponsor	State Street Global Advisors
Website	www.spdrs.com
Inception date	Oct 21, 2015
Assets (mns)	$2,011
Currency	USD
Expense ratio	7 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	State Street Bank & Trust
Weighting	Equal
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	81
Wgt avg mkt cap (mns)	$40,349
Large cap (>$10bn)	73.3%
Mid cap ($2-10bn)	26.7%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	15.5 %
NEWELL RUBBERMAID INC	1.6 %
LEGGETT & PLATT INC	1.6 %
CENTURYTEL INC	1.6 %
WESTERN UNION CO	1.6 %
ABBVIE INC	1.6 %
NORDSTROM INC	1.6 %
CARDINAL HEALTH INC	1.5 %
SEAGATE TECHNOLOGY	1.5 %
CAMPBELL SOUP CO	1.4 %
PHILLIPS 66	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.2 %
	IRELAND	2.9 %
	BRITAIN	1.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
18.0%	8.0%	--	--	11.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.85	73%
MSCI EAFE	0.78	51%
MSCI Emg. Mkts.	0.53	38%

Technical Indicators
Recent close	$38.57
30d moving avg.	$38.84
Annualized volatility	12.0%
Short interest (ETF)	0.2%
Short interest (Underlying)	4.9%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	390
Turnover	0.8%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$17,476

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR Portfolio S&P 500 High Dividend ETF based on the alternatives' overlap in portfolio holdings with SPYD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SPYD

Expense:

7 bp

ALTAR Score™:

9.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SPYD
Ticker	Fund Name	Overlap¹ vs SPYD (%)	Expense ratio (bp)	Savings vs SPYD (bp)	ALTAR Score™ (%)	ALTAR vs SPYD (%)
SPHD	Invesco S&P 500 High Dividend	54.9	30	-23	7.8	-1.4
SDOG	ALPS Sector Dividend Dogs	50.5	40	-33	9.3	+0.1
SPDV	AAM S&P 500 High Dividend Value	48.9	29	-22	10.8	+1.6
DVY	iShares Select Dividend	46.7	39	-32	8.0	-1.2
DTN	WisdomTree Dividend Ex-Financials	45.6	38	-31	7.8	-1.4
RDIV	Invesco S&P Ultra Dividend Revenue ETF	38.7	39	-32	10.5	+1.2
CDL	Victory CEMP US Large Cap High Div Volatility Wtd	37.5	35	-28	7.8	-1.4
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd	37.4	35	-28	7.8	-1.5
FDL	First Trust Morningstar Dividend Leaders	36.2	45	-38	8.6	-0.7
WBIY	WBI Power Factor High Dividend	33.9	70	-63	9.8	+0.6
DHS	WisdomTree Equity Income	32.0	38	-31	7.2	-2.0
PEY	Invesco High Yield Equity Dividend Acheivers	29.7	53	-46	6.7	-2.5
ESGS	Columbia Sustainable U.S. Equity Income	29.1	35	-28	8.3	-0.9
JDIV	JPMorgan U.S. Dividend	29.1	12	-5	7.5	-1.7
FDVV	Fidelity Core Dividend	28.6	29	-22	7.3	-1.9
RNDV	US Equity Dividend Select	28.3	50	-43	7.7	-1.5
USDY	Pacific Global US Equity Income	27.7	29	-22	7.5	-1.8
VALQ	American Century STOXX U.S. Quality Value	27.5	29	-22	8.0	-1.2
OYLD	Invesco Russell 1000 Yield Factor ETF	25.9	19	-12	7.1	-2.1
LVHD	Legg Mason Low Volatility High Dividend ETF	25.7	27	-20	6.8	-2.5

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 Portfolio S&P 500 High Dividend
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.8	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	7	bp
Equals: ALTAR Score	9.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.73	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.