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)	$670
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)	$768,641
Large cap (>$10bn)	99.2%
Mid cap ($2-10bn)	0.8%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	100.0 %
TECHNOLOGY SELECT SECTOR SPDR FUND	35.7 %
FINANCIAL SELECT SECTOR SPDR FUND	27.4 %
COMMUNICATION SERVICES SELECT SECT	22.1 %
CONSUMER DISCRETIONARY SELECT SECT	9.9 %
ENERGY SELECT SECTOR SPDR FUND	3.5 %
CONSUMER STAPLES SELECT SECTOR SPD	0.8 %
INDUSTRIAL SELECT SECTOR SPDR FUND	0.6 %
SSI US GOV MONEY MARKET CLASS	0.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.2 %
	IRELAND	1.4 %
	SWITZERLAND	0.5 %
	NETHERLANDS	0.2 %
	BERMUDA	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.
13.5%	29.0%	12.3%	--	13.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.94	98%
MSCI EAFE	0.79	72%
MSCI Emg. Mkts.	0.59	39%

Technical Indicators
Recent close	$54.98
30d moving avg.	$52.06
Annualized volatility	16.5%
Short interest (ETF)	0.1%
Relative strength (RSI)	51

Liquidity measures
Avg. volume (thou.)	43
Turnover	0.4%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$49,777

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 7 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™:

4.2%

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	43.0	26	44	5.2	+1.0
SSUS	Day Hagan/Ned Davis Research Smart Sector ETF	42.7	79	-9	4.2	-0.0
AESR	Anfield U.S. Equity Sector Rotation ETF	32.3	108	-38	4.2	-0.1
HAPI	Harbor Human Capital Factor US Large Cap ETF	1.5	36	34	4.5	+0.3
REVS	Columbia Research Enhanced Value ETF	1.2	19	51	7.2	+3.0
RECS	Columbia Research Enhanced Core ETF	1.1	15	55	5.4	+1.1
INEQ	Columbia International Equity Income ETF	0.6	45	25	9.9	+5.6

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

	2019	2020	2021	2022	2023	2024E	2025E
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

	2023	2024E	2025E
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	16.1	%
Divided by: Fwd. P/BV	3.3	x
Less: Expense ratio	70	bp
Equals: ALTAR Score	4.2	%

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.