SPDR S&P 500 Fossil Fuel Reserves Free ETF
ALTAR
Score™		 4.9% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 26.6x P/Sales
ratio		 2.9x
P/BV
ratio		 4.0x Div.
yield		 1.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The SPDR S&P 500 Fossil Fuel Reserves Free ETF follows an S&P 500- based index excluding companies with known fossil fuel reserves

FUND BASICS
Category US Equities
Fund Sponsor State Street Global Advisors
Website www.spdrs.com
Inception date Nov 30, 2015
Assets (mns) $912
Currency USD
Expense ratio 20 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 491
Wgt avg mkt cap (mns) $512,246
Large cap (>$10bn) 98.7%
Mid cap ($2-10bn) 1.3%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
APPLE INC 6.6 %
MICROSOFT CORP 5.3 %
AMAZON.COM INC 4.3 %
FACEBOOK 2.0 %
ALPHABET INC. CLASS A 1.7 %
ALPHABET INC. CLASS C 1.6 %
BERKSHIRE HATHAWAY INC-CL B 1.5 %
JPMORGAN CHASE & CO 1.4 %
JOHNSON & JOHNSON 1.4 %
VISA INC-CLASS A SHARES 1.1 %
Total 26.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.1 %
IRELAND 1.7 %
BRITAIN 1.0 %
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.
19.8% 19.8% -- -- 15.5%

Market Correlations
versus... Beta R-squared
S&P500 0.98 100%
MSCI EAFE 0.91 84%
MSCI Emg. Mkts. 0.73 69%

Technical Indicators
Recent close $92.82
30d moving avg. $92.14
Annualized volatility 18.5%
Short interest (ETF) 0.3%
Short interest (Underlying) 2.3%
Relative strength (RSI) 57

Liquidity measures
Avg. volume (thou.) 66
Turnover 0.7%
Bid/Ask (% of price) 0.06%
ADV underlying (mns) $223,831

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: SPYX Expense: 20 bp ALTAR Score™: 4.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SPYX
Ticker Fund
Name		 Overlap1
vs SPYX
(%)		 Expense
ratio
(bp)		 Savings
vs SPYX
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs SPYX
(%)
PBP Invesco S&P 500 BuyWrite ETF 97.5 49 -29 4.4 -0.5
SPXE ProShares S&P 500 Ex-Energy ETF 96.3 27 -7 4.7 -0.1
XYLG Global X S&P 500 Covered Call & Growth ETF 96.0 60 -40 4.4 -0.4
VOO VANGUARD S&P 500 ETF 95.8 3 17 4.9 +0.0
SPY SPDR S&P 500 ETF Trust 95.4 9 11 4.8 -0.1
SPLG SPDR Portfolio Large Cap ETF 95.4 3 17 4.8 -0.0
IVV iShares Core S&P 500 ETF 95.3 3 17 4.8 -0.0
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 90.2 7 13 4.6 -0.2
BBUS JP Morgan Betabuilders U.S. Equity ETF 88.9 2 18 4.7 -0.1
PBUS Invesco PureBeta MSCI USA ETF 88.3 4 16 4.7 -0.2
VV Vanguard Large-Cap Index Fund 88.2 4 16 4.7 -0.2
SPTM SPDR Portfolio Total Stock Market ETF 86.9 3 17 4.9 +0.0
SCHX Schwab U.S. Large-Cap ETF 86.3 3 17 4.6 -0.2
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 85.0 20 0 4.7 -0.2
ESGV Vanguard ESG U.S. Stock ETF 84.9 12 8 4.6 -0.3
SPXN ProShares S&P 500 Ex-Financials ETF 84.7 27 -7 4.5 -0.4
SCHK Schwab 1000 Index ETF 84.2 5 15 4.7 -0.2
SPXV ProShares S&P 500 Ex-Health Care ETF 84.2 27 -7 4.4 -0.5
IWB iShares Russell 1000 ETF 83.9 15 5 4.6 -0.3
MGC Vanguard Mega Cap Index Fund 83.6 7 13 4.7 -0.2
CATH Global X S&P 500 Catholic Values Custom ETF 83.6 29 -9 4.7 -0.2
IYY iShares Dow Jones U.S. ETF 83.1 20 0 4.5 -0.4
IWL iShares Russell Top 200 ETF 81.0 15 5 4.5 -0.4
BKLC BNY Mellon US Large Cap Core Equity ETF 80.8 0 20 4.6 -0.3
VTHR Vanguard Russell 3000 Index Fund 80.5 10 10 4.5 -0.4
IWV iShares Russell 3000 ETF 78.2 20 0 4.4 -0.5
SCHB Schwab U.S. Broad Market ETF 78.1 3 17 4.5 -0.3
ITOT iShares Core S&P Total U.S. Stock Market ETF 77.6 3 17 4.5 -0.4
VONE Vanguard Russell 1000 ETF 77.3 8 12 4.6 -0.2
ESGU iShares MSCI USA ESG Optimized ETF 76.9 15 5 4.5 -0.4
VTI Vanguard Total Stock Market Index Fund 76.0 3 17 4.5 -0.4
SFY SoFi Select 500 ETF 75.7 0 20 4.6 -0.2
DFAU Dimensional US Core Equity Market ETF 75.5 12 8 4.7 -0.1
SNPE Xtrackers S&P 500 ESG ETF 73.6 10 10 4.7 -0.2
EFIV SPDR S&P 500 ESG ETF 73.6 10 10 4.7 -0.2
MMTM SPDR S&P 1500 Momentum Tilt ETF 73.0 12 8 4.1 -0.7
IQSU IQ Candriam ESG US Equity ETF 72.3 9 11 4.6 -0.2
JHML John Hancock Multifactor Large Cap ETF 72.1 29 -9 4.9 +0.1
JCTR JPMorgan Carbon Transition U.S. Equity ETF 71.6 15 5 4.7 -0.1
VOOG Vanguard S&P 500 Growth ETF 71.3 10 10 4.1 -0.8
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 71.3 9 11 4.9 +0.0
EPS WisdomTree U.S. Earnings 500 Fund 70.8 8 12 6.0 +1.1
SPXT ProShares S&P 500 Ex-Technology ETF 70.6 27 -7 4.9 +0.1
XOUT GraniteShares XOUT U.S. Large Cap ETF 66.7 60 -40 3.7 -1.1
QUS SPDR MSCI USA StrategicFactors ETF 66.0 15 5 5.3 +0.4
OEF iShares S&P 100 ETF 64.8 20 0 4.3 -0.5
SPYG SPDR Portfolio S&P 500 Growth ETF 64.6 4 16 3.8 -1.1
IVW iShares S&P 500 Growth ETF 64.6 18 2 3.7 -1.2
ESG FlexShares STOXX US ESG Impact Index Fund 64.0 32 -12 4.6 -0.3
IUSG iShares Core S&P US Growth ETF 63.6 4 16 3.8 -1.1
FNDX Schwab Fundamental U.S. Large Co. Index ETF 63.5 25 -5 5.8 +0.9
PRF Invesco FTSE RAFI US 1000 ETF 63.1 39 -19 5.8 +1.0
KOKU Xtrackers MSCI Kokusai Equity ETF 63.0 9 11 5.1 +0.2
TOK iShares MSCI Kokusai ETF 62.9 25 -5 5.0 +0.1
DIVB iShares U.S. Dividend & Buyback ETF 62.5 25 -5 5.9 +1.1
AVUS Avantis U.S. Equity ETF 62.0 15 5 4.9 +0.0
SPYV SPDR Portfolio S&P 500 Value ETF 61.2 4 16 6.4 +1.5
IVE iShares S&P 500 Value ETF 61.2 18 2 6.3 +1.4
FNDB Schwab Fundamental U.S. Broad Market Index ETF 60.8 25 -5 5.7 +0.9
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 60.6 25 -5 5.0 +0.1
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 60.2 15 5 5.8 +0.9
IUSV iShares Core S&P U.S. Value ETF 60.0 4 16 6.4 +1.5
IUS Invesco Strategic US ETF 59.4 19 1 5.5 +0.7
DYNF BlackRock U.S. Equity Factor Rotation ETF 59.2 30 -10 5.3 +0.5
URTH iShares MSCI World ETF 58.2 24 -4 5.0 +0.2
RWL Invesco S&P 500 Revenue ETF 58.1 39 -19 6.3 +1.4
VOOV Vanguard S&P 500 Value ETF 56.7 10 10 6.6 +1.7
ACVF American Conservative Values ETF 56.6 75 -55 4.2 -0.7
DLN WisdomTree U.S. LargeCap Dividend Fund 56.4 28 -8 6.2 +1.3
IWF iShares Russell 1000 Growth ETF 56.4 19 1 3.6 -1.3
VONG Vanguard Russell 1000 Growth Index Fund 56.2 8 12 3.7 -1.2
VLU SPDR S&P 1500 Value Tilt ETF 55.6 12 8 6.2 +1.3
SCHV Schwab U.S. Large-Cap Value ETF 55.2 4 16 6.1 +1.2
DTD WisdomTree U.S.Total Dividend Fund 55.0 28 -8 6.3 +1.4
VONV Vanguard Russell 1000 Value Index Fund 55.0 8 12 6.1 +1.3
IWD iShares Russell 1000 Value ETF 54.6 19 1 6.0 +1.2
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 54.4 30 -10 5.1 +0.3
NACP Impact Shares NAACP Minority Empowerment ETF 54.3 49 -29 4.8 -0.1
RESP WisdomTree US ESG Fund of Benef Interest 54.1 28 -8 5.2 +0.3
HIPR Direxion High Growth ETF 53.8 40 -20 4.0 -0.9
VUG Vanguard Growth Index Fund 53.5 4 16 3.6 -1.2
DSI iShares MSCI KLD 400 Social ETF 53.0 25 -5 4.7 -0.2
XLG Invesco S&P 500 Top 50 ETF 52.9 20 0 4.2 -0.7
WOMN Impact Shares YWCA Women's Empowerment ETF 51.7 75 -55 3.6 -1.2
IWY iShares Russell Top 200 Growth ETF 51.6 20 0 3.7 -1.1
KRMA Global X Conscious Companies ETF 51.3 43 -23 4.9 +0.1
RECS Columbia Research Enhanced Core ETF 51.0 15 5 5.2 +0.3
AFLG First Trust Active Factor Large Cap ETF 50.5 55 -35 4.8 -0.1
ESGG FlexShares STOXX Global ESG Impact Index Fund 50.2 42 -22 4.7 -0.2
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 50.2 49 -29 3.5 -1.3
ACWI iShares MSCI ACWI ETF 50.1 32 -12 5.2 +0.3
LOWC SPDR MSCI ACWI Low Carbon Target ETF 50.1 20 0 5.4 +0.5
CRBN iShares MSCI ACWI Low Carbon Target ETF 50.0 20 0 5.4 +0.6
QWLD SPDR MSCI World StrategicFactors ETF 49.5 30 -10 5.4 +0.6
RSP Invesco S&P 500 Equal Weight ETF 49.1 20 0 5.6 +0.8
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 49.1 10 10 4.9 +0.0
SUSL iShares ESG MSCI USA Leaders ETF 49.1 10 10 4.9 +0.0
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 48.6 19 1 5.4 +0.5

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

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
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 Fossil Fuel Reserves Free ETF
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 18.1 %
Divided by: Fwd. P/BV 3.6 x
Less: Expense ratio 20 bp
Equals: ALTAR Score 4.9 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.42 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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.