ETF Research Center

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)	$394
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	486
Wgt avg mkt cap (mns)	$262,657
Large cap (>$10bn)	97.6%
Mid cap ($2-10bn)	2.4%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	22.6 %
MICROSOFT CORP	4.4 %
APPLE INC	4.2 %
AMAZON.COM INC	3.0 %
FACEBOOK	1.9 %
BERKSHIRE HATHAWAY INC-CL B	1.7 %
JPMORGAN CHASE & CO	1.6 %
ALPHABET INC. CLASS C	1.6 %
ALPHABET INC. CLASS A	1.6 %
JOHNSON & JOHNSON	1.4 %
VISA INC-CLASS A SHARES	1.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.2 %
	IRELAND	2.0 %
	BRITAIN	1.1 %
	SWITZERLAND	0.5 %
	BERMUDA	0.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru September 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
20.7%	4.7%	--	--	12.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.98	99%
MSCI EAFE	0.88	65%
MSCI Emg. Mkts.	0.60	50%

Technical Indicators
Recent close	$73.13
30d moving avg.	$72.62
Annualized volatility	12.0%
Short interest (ETF)	0.0%
Short interest (Underlying)	2.3%
Relative strength (RSI)	52

Liquidity measures
Avg. volume (thou.)	17
Turnover	0.3%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$139,250

Distributions

FINDING ALTERNATIVE FUNDS

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

6.1%

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 (%)
SPXE	ProShares S&P 500 Ex-Energy	98.0	27	-7	6.0	-0.1
VOO	Vanguard S&P 500 ETF	96.4	3	17	6.1	+0.1
SPY	S&P 500 SPDR	96.3	9	11	6.1	-0.0
IVV	iShares Core S&P 500	96.3	4	16	6.1	+0.0
PBP	Invesco S&P 500 Buy/Write	96.1	49	-29	5.6	-0.5
HSPX	Global X S&P 500 Covered Call	95.9	65	-45	5.5	-0.6
VV	Vanguard Large-Cap ETF	92.1	4	16	6.0	-0.0
BBUS	JP Morgan Betabuilders U.S. Equity	91.3	2	18	6.0	-0.1
PBUS	Invesco PureBeta MSCI USA	90.9	4	16	6.1	+0.0
SCHX	Schwab U.S. Large-Cap	88.6	3	17	6.0	-0.1
SPLG	SPDR Portfolio Large Cap	87.2	3	17	6.0	-0.1
VONE	Vanguard Russell 1000	86.2	12	8	5.9	-0.1
IWB	iShares Russell 1000	86.2	15	5	5.9	-0.2
SCHK	Schwab 1000 Index	86.1	5	15	6.0	-0.1
MGC	Vanguard Mega Cap 300 ETF	85.4	7	13	6.0	-0.0
SPXV	ProShares S&P 500 Ex-Health Care	85.2	27	-7	5.8	-0.3
IYY	iShares DJ US Total Market	84.3	20	0	5.8	-0.3
SFY	SoFi Select 500	83.1	0	20	5.8	-0.3
SPXN	ProShares S&P 500 Ex-Financials	82.7	27	-7	6.0	-0.1
ESGV	Vanguard ESG U.S. Stock	82.4	12	8	5.9	-0.1

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 S&P 500 Fossil Fuel Reserves Free
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	18.6	%
Divided by: Fwd. P/BV	3.0	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	6.1	%

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.