ETF Research Center

Select Sector SPDR� holding S&P 500 stocks in the Utilities sector. 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 22, 1998
Assets (mns)	$11,438
Currency	USD
Expense ratio	13 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Market Cap
Index replication	Derivative
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	29
Wgt avg mkt cap (mns)	$45,498
Large cap (>$10bn)	96.0%
Mid cap ($2-10bn)	4.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	61.4 %
NEXTERA ENERGY GROUP	13.7 %
SOUTHERN CO	7.7 %
DUKE ENERGY CORP	7.5 %
DOMINION RESOURCES INC/VA	7.3 %
AMERICAN ELECTRIC POWER	5.4 %
EXELON CORP	4.9 %
SEMPRA ENERGY	4.4 %
XCEL ENERGY INC	3.8 %
WEC ENERGY GROUP INC	3.3 %
PUBLIC SERVICE ENTERPRISE GP	3.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.8 %

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.
25.9%	25.9%	10.1%	11.6%	7.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.22	7%
MSCI EAFE	0.18	4%
MSCI Emg. Mkts.	0.10	2%

Technical Indicators
Recent close	$68.36
30d moving avg.	$64.68
Annualized volatility	10.0%
Short interest (ETF)	22.0%
Short interest (Underlying)	2.5%
Relative strength (RSI)	79

Liquidity measures
Avg. volume (thou.)	14,221
Turnover	8.5%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$3,835

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Utilities Select Sector SPDR ETF based on the alternatives' overlap in portfolio holdings with XLU. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

XLU

Expense:

13 bp

ALTAR Score™:

4.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XLU
Ticker	Fund Name	Overlap¹ vs XLU (%)	Expense ratio (bp)	Savings vs XLU (bp)	ALTAR Score™ (%)	ALTAR vs XLU (%)
IDU	iShares DJ US Utilities	89.8	43	-30	4.5	-0.3
FUTY	Fidelity MSCI Utilities	86.7	8	5	4.8	-0.0
VPU	Vanguard Utilities ETF	86.0	10	3	4.7	-0.1
RYU	Invesco S&P Equal Weight Utilities	73.9	40	-27	4.7	-0.1
JHMU	John Hancock Multifactor Utilities	71.9	40	-27	4.8	-0.0
JXI	iShares S&P Global Utilities	61.5	46	-33	4.9	+0.1
UTES	Reaves Utilities	53.4	49	-36	4.0	-0.9
FXU	First Trust Utilities Alphadex	44.4	63	-50	5.1	+0.3
PUI	Invesco DWA Utilities Momentum	39.6	60	-47	3.8	-1.0
ECLN	First Trust EIP Carbon Impact	39.5	95	-82	3.1	-1.7
GII	SPDR FTSE/Macquarie Global Infrastructure	30.2	40	-27	4.6	-0.2
IGF	iShares S&P Global Infrastructure	30.2	46	-33	4.5	-0.3
EMLP	First Trust N. American Energy Infrastructure	29.3	95	-82	4.6	-0.2
SPLV	Invesco S&P 500 Low Volatility	29.1	25	-12	5.0	+0.2
DVOL	First Trust Dorsey Wright Momentum & Low Volatility	27.8	60	-47	4.2	-0.6
NLR	VanEck Vectors Nuclear Energy	27.0	60	-47	9.3	+4.5
LVHD	Legg Mason Low Volatility High Dividend ETF	25.9	27	-14	6.6	+1.8
DVY	iShares Select Dividend	23.1	39	-26	7.7	+2.9
DWEQ	AdvisorShares Dorsey Wright Alpha Equal Weight ETF	22.2	99	-86	3.4	-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%.

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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:	Utilities Select Sector SPDR
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	11.2	%
Divided by: Fwd. P/BV	2.3	x
Less: Expense ratio	13	bp
Equals: ALTAR Score	4.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	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.