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)	$27
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)	$319,457
Large cap (>$10bn)	96.5%
Mid cap ($2-10bn)	3.3%
Small cap (<$2bn)	0.0%
Developed mkts	99.8%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	99.8 %
TECHNOLOGY SELECT SECTOR SPDR	37.7 %
COMMUNICATION SERVICES SELECT SECT	21.9 %
HEALTH CARE SELECT SECTOR SPDR	18.9 %
REAL ESTATE SELECT SECTOR SPDR	16.2 %
INDUSTRIALS SELECT SECTOR SPDR	5.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.0 %
	IRELAND	2.2 %
	SWITZERLAND	0.2 %
	BRITAIN	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
10.9%	--	--	--	10.9%

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

Technical Indicators
Recent close	$32.12
30d moving avg.	$31.36
Annualized volatility	0.0%
Short interest (ETF)	1.6%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	21
Turnover	2.5%
Bid/Ask (% of price)	0.16%
ADV underlying (mns)	$19,800

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 2 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™:

5.5%

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	41.5	28	42	5.7	+0.3
ACSI	American Customer Satisfaction Core Alpha	1.7	66	4	7.7	+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	22.2	%
Divided by: Fwd. P/BV	3.6	x
Less: Expense ratio	70	bp
Equals: ALTAR Score	5.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	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.