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)	$480
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)	$314,846
Large cap (>$10bn)	98.3%
Mid cap ($2-10bn)	1.7%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	24.2 %
APPLE INC	5.0 %
MICROSOFT CORP	4.8 %
AMAZON.COM INC	2.9 %
FACEBOOK	2.0 %
BERKSHIRE HATHAWAY INC-CL B	1.7 %
ALPHABET INC. CLASS A	1.7 %
ALPHABET INC. CLASS C	1.7 %
JPMORGAN CHASE & CO	1.6 %
JOHNSON & JOHNSON	1.5 %
VISA INC-CLASS A SHARES	1.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.3 %
	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.
31.6%	31.6%	--	--	14.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.99	99%
MSCI EAFE	0.91	69%
MSCI Emg. Mkts.	0.61	54%

Technical Indicators
Recent close	$81.45
30d moving avg.	$79.19
Annualized volatility	12.0%
Short interest (ETF)	0.2%
Short interest (Underlying)	2.3%
Relative strength (RSI)	72

Liquidity measures
Avg. volume (thou.)	20
Turnover	0.3%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$134,886

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™:

5.5%

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 Buy/Write	99.3	49	-29	5.2	-0.3
SPXE	ProShares S&P 500 Ex-Energy	98.6	27	-7	5.5	-0.1
HSPX	Global X S&P 500 Covered Call	96.6	65	-45	5.0	-0.5
SPY	S&P 500 SPDR	96.4	9	11	5.5	-0.0
IVV	iShares Core S&P 500	96.1	4	16	5.6	+0.0
VOO	Vanguard S&P 500 ETF	96.0	3	17	5.6	+0.1
VV	Vanguard Large-Cap ETF	92.4	4	16	5.5	-0.1
BBUS	JP Morgan Betabuilders U.S. Equity	91.0	2	18	5.5	-0.1
PBUS	Invesco PureBeta MSCI USA	90.8	4	16	5.6	+0.1
SCHX	Schwab U.S. Large-Cap	88.9	3	17	5.4	-0.1
SPLG	SPDR Portfolio Large Cap	87.8	3	17	5.4	-0.1
VONE	Vanguard Russell 1000	86.7	12	8	5.4	-0.1
SCHK	Schwab 1000 Index	86.3	5	15	5.5	-0.1
IWB	iShares Russell 1000	86.3	15	5	5.3	-0.2
MGC	Vanguard Mega Cap 300 ETF	85.7	7	13	5.5	-0.1
SPXV	ProShares S&P 500 Ex-Health Care	85.2	27	-7	5.3	-0.2
IYY	iShares DJ US Total Market	84.6	20	0	5.3	-0.3
SPXN	ProShares S&P 500 Ex-Financials	83.7	27	-7	5.5	-0.0
SFY	SoFi Select 500	83.4	0	20	5.2	-0.3
CATH	Global X S&P 500 Catholic Values	83.0	29	-9	5.5	-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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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	3.2	x
Less: Expense ratio	20	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.