ETF Research Center

SPDR S&P Biotech ETF seeks to replicate the performance of the S&P Biotechnology Select Industry Index, an equal-weighed index. The Index tracks all the US common stocks listed on the NYSE, Ame

FUND BASICS
Category	US Equities
Fund Sponsor	SSGA Funds Management Inc
Website	www.spdrs.com
Inception date	Feb 06, 2006
Assets (mns)	$4,297
Currency	USD
Expense ratio	35 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Equal
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	123
Wgt avg mkt cap (mns)	$13,105
Large cap (>$10bn)	20.3%
Mid cap ($2-10bn)	34.0%
Small cap (<$2bn)	45.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	18.4 %
INVITAE CORP.	1.9 %
EXELIXIS INC	1.9 %
BIOMARIN PHARMACEUTICAL INC	1.9 %
BLUEBIRD BIO INC	1.9 %
GLOBAL BLOOD THERAPEUTICS INC	1.9 %
VERTEX PHARMACEUTICALS INC	1.8 %
SAGE THERAPEUTICS INC	1.8 %
UNITED THERAPEUTICS CORP	1.8 %
ALEXION PHARMACEUTICALS INC	1.8 %
REGENERON PHARMACEUTICALS	1.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.5 %
	IRELAND	1.3 %

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.
32.6%	32.6%	9.2%	18.6%	13.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.53	52%
MSCI EAFE	1.34	33%
MSCI Emg. Mkts.	1.01	32%

Technical Indicators
Recent close	$94.49
30d moving avg.	$95.56
Annualized volatility	25.8%
Short interest (ETF)	94.8%
Short interest (Underlying)	12.9%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	4,775
Turnover	10.5%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$6,701

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

XBI

Expense:

35 bp

ALTAR Score™:

-5.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XBI
Ticker	Fund Name	Overlap¹ vs XBI (%)	Expense ratio (bp)	Savings vs XBI (bp)	ALTAR Score™ (%)	ALTAR vs XBI (%)
BTEC	Principal Healthcare Innovators Index	50.6	42	-7	-4.0	+1.0
IBB	iShares NASDAQ Biotechnology	41.8	47	-12	1.0	+6.0
BBP	BioShares Biotech Products	40.4	79	-44	-3.7	+1.3
FBT	First Trust NYSE-ARCA Biotechnology	37.6	57	-22	-0.7	+4.3
IEIH	iShares Evolved U.S. Innovative Healthcare	31.7	18	17	3.8	+8.8
SBIO	ALPS Medical Breakthroughs	29.0	50	-15	-5.0	+0.0
BBC	Virtus LifeSci Biotech Clinical Trials	28.7	79	-44	-5.2	-0.2
BBH	VanEck Vectors Biotech	25.8	35	0	4.4	+9.4
IDNA	iShares Genomics Immunology and Healthcare	24.8	47	-12	-3.2	+1.9
GNOM	Global X Genomics & Biotechnology	24.4	68	-33	-5.6	-0.5
GDNA	Goldman Sachs Motif Human Evolution	20.0	50	-15	1.0	+6.1
FXH	First Trust Health Care Alphadex	18.6	63	-28	6.6	+11.7
LNGR	Global X Longevity Thematic	17.1	50	-15	3.2	+8.2
QQXT	First Trust NASDAQ-100 Ex-Tech	14.5	60	-25	4.8	+9.9
FHLC	Fidelity MSCI Health Care	14.3	8	27	5.5	+10.5
VHT	Vanguard Health Care	14.2	10	25	5.5	+10.6
PTH	Invesco DWA Healthcare Momentum	13.5	60	-25	-3.5	+1.5
PJP	Invesco Dynamic Pharmaceuticals	12.9	56	-21	10.5	+15.5
PBE	Invesco Dynamic Biotechnology & Genome	12.9	57	-22	10.5	+15.5
JHMH	John Hancock Multifactor Health Care	12.9	40	-5	6.2	+11.3

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 Biotech ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	-36.2	%
Divided by: Fwd. P/BV	7.7	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	-5.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.34	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.