Technology Select Sector SPDR Fund
ALTAR
Score™		 4.6% info Recommen-
dation		 UNDERWEIGHT
2020E    2021E
P/E
ratio		 28.4x P/Sales
ratio		 6.1x
P/BV
ratio		 7.4x Div.
yield		 1.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Select Sector SPDRŽ 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 16, 1998
Assets (mns) $32,947
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 72
Wgt avg mkt cap (mns) $796,224
Large cap (>$10bn) 99.4%
Mid cap ($2-10bn) 0.6%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MICROSOFT CORP 22.3 %
APPLE INC 21.4 %
VISA INC-CLASS A SHARES 4.4 %
MASTERCARD INC-CLASS A 3.6 %
NVIDIA CORP 3.5 %
INTEL CORP 3.4 %
ADOBE SYSTEMS INC 3.0 %
PAYPAL HOLDINGS INC 3.0 %
CISCO SYSTEMS INC 2.7 %
SALESFORCE.COM INC 2.5 %
Total 69.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.4 %
IRELAND 2.1 %
SWITZERLAND 0.4 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
14.8% 35.7% 22.2% 19.7% 6.8%

Market Correlations
versus... Beta R-squared
S&P500 1.02 84%
MSCI EAFE 0.97 66%
MSCI Emg. Mkts. 0.70 54%

Technical Indicators
Recent close $108.11
30d moving avg. $101.95
Annualized volatility 18.9%
Short interest (ETF) 2.3%
Short interest (Underlying) 1.9%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 12,355
Turnover 4.1%
Bid/Ask (% of price) 0.01%
ADV underlying (mns) $73,027

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Technology Select Sector SPDR Fund 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™: 4.6%


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 Information Technology Index ETF 86.0 8 5 4.5 -0.2
VGT Vanguard Information Technology Index Fund 85.2 10 3 4.4 -0.2
IXN iShares Global Tech ETF 79.9 46 -33 4.4 -0.2
IYW iShares U.S. Technology ETF 74.4 42 -29 3.9 -0.8
IETC iShares Evolved U.S. Technology ETF 60.2 18 -5 3.7 -1.0
IGM iShares Expanded Tech Sector ETF 58.5 46 -33 3.7 -1.0
JHMT John Hancock Multifactor Technology ETF 49.4 40 -27 4.8 +0.2
QYLD Global X NASDAQ 100 Covered Call ETF 48.4 60 -47 3.5 -1.2
NUSI Nationwide Risk-Managed Income ETF 48.2 68 -55 3.4 -1.2
QQQ Invesco QQQ Trust 45.4 20 -7 3.7 -0.9
SPMO Invesco S&P 500 Momentum ETF 45.0 13 0 4.3 -0.3
IWY iShares Russell Top 200 Growth ETF 43.7 20 -7 4.0 -0.6
RYT Invesco S&P 500 Equal Weight Technology ETF 43.6 40 -27 6.7 +2.1
VEGN US Vegan Climate ETF 43.3 60 -47 5.2 +0.5
TECB iShares US Tech Breakthrough Multisector ETF 42.7 40 -27 3.9 -0.8
MGK Vanguard Mega Cap Growth ETF 42.7 7 6 4.0 -0.6
VOOG Vanguard S&P 500 Growth ETF 40.5 10 3 4.2 -0.4
SPYG SPDR Portfolio S&P 500 Growth ETF 40.2 4 9 4.3 -0.4
IVW iShares S&P 500 Growth ETF 40.2 18 -5 4.1 -0.5
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 39.8 49 -36 4.1 -0.6
HIPR Direxion High Growth ETF 39.5 40 -27 2.8 -1.9
TDIV First Trust NASDAQ Technology Dividend Index Fund 39.0 50 -37 5.8 +1.1
IWF iShares Russell 1000 Growth ETF 38.8 19 -6 4.1 -0.6
VUG Vanguard Growth Index Fund 38.6 4 9 4.0 -0.7
XLG Invesco S&P 500 Top 50 ETF 38.2 20 -7 4.4 -0.2
IUSG iShares Core S&P US Growth ETF 38.2 4 9 4.3 -0.4
TMFC Motley Fool 100 Index ETF 37.7 50 -37 3.6 -1.0
VONG Vanguard Russell 1000 Growth Index Fund 37.1 8 5 4.2 -0.5
SPHQ Invesco S&P 500 Quality ETF 36.9 15 -2 4.6 -0.0
HLAL Wahed FTSE USA Shariah ETF 36.8 50 -37 4.6 -0.0
ONEQ Fidelity Nasdaq Composite Index Tracking Stock 36.6 21 -8 2.9 -1.8
XOUT GraniteShares XOUT U.S. Large Cap ETF 36.2 60 -47 4.3 -0.3
IQSU IQ Candriam ESG US Equity ETF 35.2 9 4 5.0 +0.4
SCHG Schwab U.S. Large-Cap Growth ETF 35.2 4 9 4.0 -0.6
KOIN Innovation Shares NextGen Protocol ETF 35.0 95 -82 4.3 -0.4
MMTM SPDR S&P 1500 Momentum Tilt ETF 34.7 12 1 4.9 +0.3
TDV ProShares S&P Technology Dividend Aristocrats ETF 33.7 45 -32 4.7 +0.1
SYG SPDR MFS Systematic Growth Equity ETF 33.4 60 -47 4.2 -0.4
XNTK SPDR NYSE Technology ETF 33.1 35 -22 3.5 -1.2
SPXV ProShares S&P 500 Ex-Health Care ETF 32.6 27 -14 5.0 +0.4
OEF iShares S&P 100 ETF 32.4 20 -7 4.8 +0.1
DSI iShares MSCI KLD 400 Social ETF 32.2 25 -12 5.1 +0.5
SPXN ProShares S&P 500 Ex-Financials ETF 31.8 27 -14 5.0 +0.3
STLG iShares Factors US Growth Style ETF 31.6 25 -12 3.6 -1.0
JKE iShares Morningstar Large-Cap Growth ETF 30.3 25 -12 2.8 -1.9
BKLC BNY Mellon US Large Cap Core Equity ETF 29.6 0 13 5.2 +0.6
IWL iShares Russell Top 200 ETF 29.6 15 -2 5.0 +0.4
QTEC First Trust NASDAQ-100 Technology Sector Index Fund 29.6 57 -44 4.8 +0.1
JOYY Infusive Compounding Global Equities ETF 29.4 50 -37 3.7 -0.9
SNPE Xtrackers S&P 500 ESG ETF 29.1 11 2 5.1 +0.5
SPXE ProShares S&P 500 Ex-Energy ETF 28.6 27 -14 5.3 +0.7
MGC Vanguard Mega Cap Index Fund 28.6 7 6 5.2 +0.6
PBP Invesco S&P 500 BuyWrite ETF 28.5 49 -36 5.0 +0.4
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 28.4 20 -7 5.4 +0.7
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 28.2 10 3 5.3 +0.7
CATH Global X S&P 500 Catholic Values Custom ETF 28.1 29 -16 5.2 +0.6
SUSL iShares ESG MSCI USA Leaders ETF 28.1 10 3 5.3 +0.7
VOO VANGUARD S&P 500 ETF 27.9 3 10 5.4 +0.8
SPY SPDR S&P 500 ETF Trust 27.9 9 4 5.4 +0.7
HSPX Global X S&P 500 Covered Call ETF 27.9 65 -52 4.9 +0.2
SPLG SPDR Portfolio Large Cap ETF 27.9 3 10 5.4 +0.8
IVV iShares Core S&P 500 ETF 27.8 4 9 5.4 +0.8
ESG FlexShares STOXX US ESG Impact Index Fund 27.8 32 -19 5.1 +0.4
SUSA iShares MSCI USA ESG Select ETF 27.8 25 -12 4.8 +0.2
QUAL iShares MSCI Usa Quality Factor ETF 27.8 15 -2 5.4 +0.8
RECS Columbia Research Enhanced Core ETF 27.6 15 -2 5.7 +1.0
GDAT Goldman Sachs Motif Data-Driven World Etf 27.6 50 -37 4.8 +0.1
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 27.5 19 -6 5.7 +1.1
RFDA RiverFront Dynamic US Dividend Advantage ETF 27.5 52 -39 5.0 +0.4
ESGV Vanguard ESG U.S. Stock ETF 27.4 12 1 5.2 +0.5
DRIV Global X Autonomous & Electric Vehicles ETF 27.4 68 -55 5.4 +0.8
QDYN FlexShares Quality Dividend Dynamic Index Fund 27.3 37 -24 6.3 +1.7
LRGE ClearBridge Large Cap Growth ESG ETF 27.2 59 -46 3.7 -0.9
JMOM JPMorgan U.S. Momentum Factor ETF 27.2 12 1 3.8 -0.8
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 27.2 7 6 5.2 +0.6
JQUA JPMorgan U.S. Quality Factor ETF 27.1 12 1 5.3 +0.6
PWB Invesco Dynamic Large Cap Growth ETF 27.1 55 -42 3.3 -1.3
SYE SPDR MFS Systematic Core Equity ETF 27.1 60 -47 5.6 +1.0
JKD iShares Morningstar Large-Cap ETF 27.0 20 -7 5.7 +1.0
AIQ Global X Future Analytics Tech ETF 26.9 68 -55 3.7 -0.9
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 26.9 20 -7 4.9 +0.3
ESGU iShares MSCI USA ESG Optimized ETF 26.8 15 -2 5.1 +0.5
QDF FlexShares Quality Dividend Index Fund 26.7 37 -24 6.2 +1.6
IOO iShares Global 100 ETF 26.6 40 -27 4.7 +0.0
BBUS JP Morgan Betabuilders U.S. Equity ETF 26.4 2 11 5.3 +0.7
ADME Aptus Drawdown Managed Equity ETF 26.4 81 -68 3.5 -1.1
VV Vanguard Large-Cap Index Fund 26.3 4 9 5.3 +0.6
MTUM iShares Edge MSCI USA Momentum Factor ETF 26.3 15 -2 4.0 -0.6
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 26.3 9 4 5.5 +0.9
USMC Principal U.S. Mega-Cap Multi-Factor Index ETF 26.3 12 1 4.8 +0.1
PBUS Invesco PureBeta MSCI USA ETF 26.2 4 9 5.3 +0.7
QUS SPDR MSCI USA StrategicFactors ETF 26.2 15 -2 5.9 +1.3
AMOM Qraft AI-Enhanced U.S. Large Cap Momentum ETF 26.1 75 -62 1.9 -2.7
FDRR Fidelity Dividend ETF for Rising Rates 26.0 29 -16 7.1 +2.5
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 25.9 49 -36 5.2 +0.5
SPTM SPDR Portfolio Total Stock Market ETF 25.7 3 10 5.5 +0.9
SCHX Schwab U.S. Large-Cap ETF 25.6 3 10 5.3 +0.7
FQAL Fidelity Quality Factor ETF 25.6 29 -16 5.5 +0.9
DGRW WisdomTree U.S. Quality Dividend Growth Fund 25.4 28 -15 6.5 +1.9
SFY SoFi Select 500 ETF 25.4 0 13 5.2 +0.6

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

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
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
  2019 2020E 2021E
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 Fund
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 31.5 %
Divided by: Fwd. P/BV 6.6 x
Less: Expense ratio 13 bp
Equals: ALTAR Score 4.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.38 CATEGORY
AVERAGE		 1.52
 
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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.