ETF Research Center

The SPDR S&P Homebuilders ETF seeks to closely match the returns and characteristics of the S&P Homebuilders�Select Industry Index, before expenses.

FUND BASICS
Category	US Equities
Fund Sponsor	State Street Global Advisors
Website	www.ssgafunds.com
Inception date	Feb 06, 2006
Assets (mns)	$786
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	36
Wgt avg mkt cap (mns)	$25,522
Large cap (>$10bn)	53.9%
Mid cap ($2-10bn)	42.5%
Small cap (<$2bn)	3.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	45.7 %
MOHAWK INDUSTRIES INC	4.8 %
LENNAR CORP-CL A	4.7 %
PULTE HOMES INC	4.7 %
LENNOX INTERNATIONAL INC	4.6 %
DR HORTON INC	4.6 %
WILLIAMS-SONOMA INC	4.6 %
MASCO CORP	4.5 %
ALLEGION PLC	4.4 %
LOWE'S COS INC	4.4 %
OWENS CORNING	4.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	89.5 %
	IRELAND	8.5 %
	BERMUDA	1.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
41.0%	35.5%	8.8%	13.7%	1.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.15	69%
MSCI EAFE	1.04	47%
MSCI Emg. Mkts.	0.71	36%

Technical Indicators
Recent close	$45.68
30d moving avg.	$45.11
Annualized volatility	16.8%
Short interest (ETF)	34.1%
Short interest (Underlying)	5.7%
Relative strength (RSI)	64

Liquidity measures
Avg. volume (thou.)	2,005
Turnover	11.7%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$3,371

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

XHB

Expense:

35 bp

ALTAR Score™:

7.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XHB
Ticker	Fund Name	Overlap¹ vs XHB (%)	Expense ratio (bp)	Savings vs XHB (bp)	ALTAR Score™ (%)	ALTAR vs XHB (%)
ITB	iShares US Home Construction	53.4	42	-7	8.4	+0.7
PKB	Invesco Dynamic Building & Construction	33.9	60	-25	6.5	-1.2
HOMZ	Hoya Capital Housing	28.5	45	-10	6.3	-1.4
RCD	Invesco S&P Equal Weight Consumer Discretionary	15.0	40	-5	8.4	+0.7
FXD	First Trust Consumer Discretionary	14.0	64	-29	8.0	+0.4
XLY	Consumer Discretionary Select Sector SPDR	11.7	13	22	5.7	-2.0
VCR	Vanguard Consumer Discretionary	11.5	10	25	5.5	-2.2
FDIS	Fidelity MSCI Consumer Discrettionary	11.4	8	27	5.4	-2.3
JHMC	John Hancock Multifactor Consumer Discretionary	11.0	40	-5	5.9	-1.8
PEZ	Invesco DWA Consumer Discretionary Momentum	8.7	60	-25	4.9	-2.8
RTH	VanEck Vectors Retail	8.7	35	0	5.7	-2.0
RXI	iShares S&P Global Consumer Discretionary	8.7	46	-11	6.8	-0.9
PMR	Invesco Dynamic Retail	8.5	63	-28	7.0	-0.7
PY	Principal Shareholder Yield	8.2	29	6	7.9	+0.3
FTXD	First Trust Nasdaq Retail	7.9	60	-25	6.4	-1.3
IEDI	iShares Evolved U.S. Discretionary Spending	7.9	18	17	5.0	-2.7
IYC	iShares DJ US Consumer Services	7.5	42	-7	5.0	-2.7
RGI	Invesco S&P Equal Weight Industrials	7.4	40	-5	6.6	-1.1
RPV	Invesco S&P 500 Pure Value ETF	6.9	35	0	9.7	+2.1
DVLU	First Trust Dorsey Wright Momentum & Value	6.8	60	-25	8.4	+0.7

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

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	19.5	%
Divided by: Fwd. P/BV	2.4	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	7.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.65	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.