ETF Research Center

The SPDR FactSet Innovative Technology ETF tracks an index composed of U.S.-listed technology and electronic media companies deemed innovative or disruptive by FactSet.

FUND BASICS
Category	US Equities
Fund Sponsor	SSgA
Website	www.spdrs.com
Inception date	Jan 13, 2016
Assets (mns)	$61
Currency	USD
Expense ratio	45 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian
Weighting	Equal
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	94
Wgt avg mkt cap (mns)	$47,377
Large cap (>$10bn)	39.3%
Mid cap ($2-10bn)	45.8%
Small cap (<$2bn)	14.9%
Developed mkts	95.5%
Emerging mkts	4.5%

TOP TEN HOLDINGS
Total	19.1 %
ROKU, INC. CLASS A	3.9 %
SNAP, INC. CLASS A	2.1 %
SHOPIFY, INC. CLASS A	1.9 %
INPHI CORP	1.7 %
ADVANCED MICRO DEVICES	1.6 %
LAM RESEARCH CORP	1.6 %
OKTA, INC. CLASS A	1.6 %
TERADYNE INC	1.6 %
FAIR ISAAC CORP	1.6 %
APPFOLIO INC CLASS A	1.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	82.5 %
	CHINA	6.9 %
	ISRAEL	3.4 %
	BRITAIN	2.3 %
	CANADA	2.0 %
	NETHERLANDS	1.2 %
	LUXEMBOURG	0.9 %
	FRANCE	0.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
37.1%	25.6%	--	--	25.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.22	58%
MSCI EAFE	1.00	33%
MSCI Emg. Mkts.	0.78	31%

Technical Indicators
Recent close	$111.20
30d moving avg.	$108.83
Annualized volatility	19.3%
Short interest (ETF)	0.1%
Relative strength (RSI)	72

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.6%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$29,038

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

XITK

Expense:

45 bp

ALTAR Score™:

2.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XITK
Ticker	Fund Name	Overlap¹ vs XITK (%)	Expense ratio (bp)	Savings vs XITK (bp)	ALTAR Score™ (%)	ALTAR vs XITK (%)
IRBO	iShares Robotics and Artificial Intelligence	22.5	47	-2	2.0	-0.4
XSW	SPDR S&P Software & Services	21.8	35	10	4.1	+1.7
OGIG	O'Shares Global Internet Giants	20.2	48	-3	1.5	-0.9
FXL	First Trust Technology Alphadex	20.0	63	-18	5.6	+3.2
ARKW	ARK Web x.O	19.1	75	-30	-0.8	-3.1
BOSS	Global X Founder-Run Companies	19.0	45	0	3.7	+1.3
QTUM	Defiance Quantum	18.9	40	5	6.5	+4.2
PLAT	WisdomTree Modern Tech Platforms	18.9	45	0	2.8	+0.4
SKYY	First Trust Cloud Computing	18.8	60	-15	2.4	+0.1
IHAK	iShares Cybersecurity & Tech	18.1	47	-2	3.0	+0.7
GDAT	Goldman Sachs Motif Data-Driven World	17.8	50	-5	6.0	+3.7
JHMT	John Hancock Multifactor Technology	17.4	40	5	6.1	+3.8
GIGE	SoFi Gig Economy	16.7	59	-14	0.4	-2.0
WCLD	WisdomTree Cloud Computing	16.1	45	0	-0.3	-2.7
CIBR	First Trust NASDAQ Cybersecurity	15.9	60	-15	3.5	+1.1
AIQ	Global X Future Analytics Tech	15.9	68	-23	4.6	+2.2
HACK	ETFMG Prime Cyber Security	15.6	60	-15	3.5	+1.1
FDN	First Trust DJ Internet	15.4	52	-7	3.3	+1.0
PXQ	Invesco Dynamic Networking	15.4	63	-18	4.2	+1.8
QMOM	MomentumShares U.S. Quantitative Momentum	14.7	49	-4	2.6	+0.3

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 FactSet Innovative Technology
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	12.2	%
Divided by: Fwd. P/BV	4.3	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	2.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	CATEGORY AVERAGE	1.56

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.