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)	$37
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	5
Wgt avg mkt cap (mns)	$358,245
Large cap (>$10bn)	98.9%
Mid cap ($2-10bn)	0.8%
Small cap (<$2bn)	0.0%
Developed mkts	99.7%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	99.7 %
TECHNOLOGY SELECT SECTOR SPDR	38.7 %
HEALTH CARE SELECT SECTOR SPDR	28.6 %
FINANCIALS SELECT SECTOR SPDR	19.4 %
CONSUMER STAPLES SELECT SECTOR SPD	7.1 %
COMMUNICATION SERVICES SELECT SECT	5.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.6 %
	IRELAND	2.7 %
	SWITZERLAND	0.6 %
	BRITAIN	0.5 %
	BERMUDA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
19.4%	--	--	--	19.4%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$35.08
30d moving avg.	$33.94
Annualized volatility	0.0%
Short interest (ETF)	2.8%
Relative strength (RSI)	78

Liquidity measures
Avg. volume (thou.)	13
Turnover	1.2%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$16,127

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 3 potential alternatives to the SPDR SSGA U.S. Sector Rotation 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™:

5.1%

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	40.5	28	42	5.4	+0.3
REVS	Columbia Research Enhanced Value	1.4	19	51	7.2	+2.1
ACSI	American Customer Satisfaction Core Alpha	1.4	66	4	7.4	+2.3

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 SSGA U.S. Sector Rotation
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	18.6	%
Divided by: Fwd. P/BV	3.2	x
Less: Expense ratio	70	bp
Equals: ALTAR Score	5.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.47	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.