ETF Research Center

The SPDR SSGA U.S. Sector Rotation ETF is an actively-managed portfolio of companies classified within favorable sectors.

FUND BASICS
Category	US Equities
Fund Sponsor	State Street
Website	us.spdrs.com
Inception date	Apr 02, 2019
Assets (mns)	$666
Currency	USD
Expense ratio	70 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	7
Wgt avg mkt cap (mns)	$835,290
Large cap (>$10bn)	98.5%
Mid cap ($2-10bn)	0.8%
Small cap (<$2bn)	0.1%
Developed mkts	99.8%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	100.0 %
TECHNOLOGY SELECT SECTOR SPDR FUND	39.2 %
COMMUNICATION SERVICES SELECT SECT	23.7 %
FINANCIAL SELECT SECTOR SPDR FUND	20.5 %
CONSUMER DISCRETIONARY SELECT SECT	7.7 %
ENERGY SELECT SECTOR SPDR FUND	5.3 %
HEALTH CARE SELECT SECTOR SPDR FUN	2.9 %
CONSUMER STAPLES SELECT SECTOR SPD	0.6 %
SSI US GOV MONEY MARKET CLASS	0.0 %
US DOLLAR	0.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.2 %
	IRELAND	1.3 %
	SWITZERLAND	0.4 %
	NETHERLANDS	0.2 %
	BERMUDA	0.2 %
	BRITAIN	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
1.4%	12.2%	14.1%	--	12.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.95	98%
MSCI EAFE	0.77	66%
MSCI Emg. Mkts.	0.55	34%

Technical Indicators
Recent close	$51.37
30d moving avg.	$52.70
Annualized volatility	16.4%
Short interest (ETF)	0.2%
Relative strength (RSI)	42

Liquidity measures
Avg. volume (thou.)	86
Turnover	0.7%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$43,605

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 6 potential alternatives to the SPDR SSGA U.S. Sector Rotation ETF ETF based on the alternatives' overlap in portfolio holdings with XLSR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

XLSR

Expense:

70 bp

ALTAR Score™:

4.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XLSR
Ticker	Fund Name	Overlap¹ vs XLSR (%)	Expense ratio (bp)	Savings vs XLSR (bp)	ALTAR Score™ (%)	ALTAR vs XLSR (%)
EQL	Alps Equal Sector Weight ETF	43.1	25	45	5.7	+0.9
SSUS	Day Hagan/Ned Davis Research Smart Sector ETF	41.8	79	-9	4.8	-0.0
AESR	Anfield U.S. Equity Sector Rotation ETF	23.5	108	-38	3.7	-1.1
HAPI	Harbor Human Capital Factor US Large Cap ETF	1.2	36	34	5.1	+0.4
REVS	Columbia Research Enhanced Value ETF	0.4	19	51	7.6	+2.9
RECS	Columbia Research Enhanced Core ETF	0.3	15	55	6.2	+1.4

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	SPDR SSGA U.S. Sector Rotation ETF
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	17.1	%
Divided by: Fwd. P/BV	3.1	x
Less: Expense ratio	70	bp
Equals: ALTAR Score	4.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	CATEGORY AVERAGE	1.58

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.