ETF Research Center

Select Sector SPDR� holding S&P 500 stocks in the Technology sector. Component industries include Semiconductors & Semi Equipment; Software & Services; Tech Hardware & Equipment; and Telecommunication Services. The fund seeks investment results that, before expenses, generally correspond to the price and yield performance of the benchmark index. For product information and a prospectus visit www.sectorspdr.com.

FUND BASICS
Category	US Equities
Fund Sponsor	State Street Global Advisors
Website	www.sectorspdrs.com
Inception date	Dec 22, 1998
Assets (mns)	$25,455
Currency	USD
Expense ratio	13 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	70
Wgt avg mkt cap (mns)	$575,873
Large cap (>$10bn)	99.3%
Mid cap ($2-10bn)	0.7%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	64.9 %
MICROSOFT CORP	19.5 %
APPLE INC	19.3 %
VISA INC-CLASS A SHARES	5.3 %
MASTERCARD INC-CLASS A	4.4 %
INTEL CORP	4.2 %
CISCO SYSTEMS INC	3.1 %
ADOBE SYSTEMS INC	2.5 %
SALESFORCE.COM INC	2.3 %
NVIDIA CORP	2.2 %
ACCENTURE PLC-CL A	2.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.9 %
	IRELAND	2.4 %
	SWITZERLAND	0.5 %

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.
43.7%	31.6%	17.6%	16.9%	6.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.12	78%
MSCI EAFE	0.99	51%
MSCI Emg. Mkts.	0.69	40%

Technical Indicators
Recent close	$87.76
30d moving avg.	$85.94
Annualized volatility	15.3%
Short interest (ETF)	4.2%
Short interest (Underlying)	1.9%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	8,493
Turnover	2.9%
Bid/Ask (% of price)	0.01%
ADV underlying (mns)	$34,523

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

XLK

Expense:

13 bp

ALTAR Score™:

5.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XLK
Ticker	Fund Name	Overlap¹ vs XLK (%)	Expense ratio (bp)	Savings vs XLK (bp)	ALTAR Score™ (%)	ALTAR vs XLK (%)
FTEC	Fidelity MSCI Info Technology	86.8	8	5	5.5	-0.1
VGT	Vanguard Info Tech ETF	86.8	10	3	5.4	-0.1
IXN	iShares S&P Global Technology	79.1	46	-33	5.3	-0.3
IYW	iShares US Technology	71.6	42	-29	5.2	-0.4
IETC	iShares Evolved U.S. Technology	62.6	18	-5	4.8	-0.8
IGM	iShares S&P N. American Technology	61.7	46	-33	4.6	-1.0
JHMT	John Hancock Multifactor Technology	50.8	40	-27	6.1	+0.5
QYLD	Global X NASDAQ 100 Covered Call ETF	46.5	60	-47	4.8	-0.8
RYT	Invesco S&P Equal Weight Technology	46.2	40	-27	6.4	+0.8
QQQ	Invesco QQQ	45.6	20	-7	5.2	-0.4
TDIV	First Trust NASDAQ Technology Dividend	43.8	50	-37	6.7	+1.1
IWY	iShares Russell Top 200 Growth	39.3	20	-7	5.0	-0.6
SPHQ	Invesco S&P High Quality Portfolio	39.2	15	-2	5.6	+0.0
MGK	Vanguard Mega Cap 300 Growth	39.1	7	6	5.0	-0.6
XNTK	SPDR NYSE Technology	37.7	35	-22	5.6	+0.0
KOIN	Innovation Shares NextGen Protocol	36.6	95	-82	4.7	-0.9
VUG	Vanguard Growth ETF	35.8	4	9	4.9	-0.7
IWF	iShares Russell 1000 Growth	35.0	19	-6	5.0	-0.6
VONG	Vanguard Russell 1000 Growth	34.8	12	1	5.1	-0.5
TMFC	Motley Fool 100 Index	34.0	50	-37	4.3	-1.3

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:	Technology Select Sector SPDR
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	32.0	%
Divided by: Fwd. P/BV	5.6	x
Less: Expense ratio	13	bp
Equals: ALTAR Score	5.6	%

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.