ETF Research Center

Select Sector SPDR� holding S&P 500 stocks in the Consumer Discretionary sector. Component industries include Autos & Components; Durables & Apparel; Consumer Services and Retailing. 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)	$14,136
Currency	USD
Expense ratio	13 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	65
Wgt avg mkt cap (mns)	$268,944
Large cap (>$10bn)	95.9%
Mid cap ($2-10bn)	4.1%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	63.7 %
AMAZON.COM INC	21.8 %
HOME DEPOT INC	11.3 %
MCDONALD'S CORP	6.4 %
NIKE INC -CL B	5.0 %
STARBUCKS CORP	4.4 %
LOWE'S COS INC	3.9 %
BOOKING HOLDINGS INC.	3.4 %
TJX COMPANIES INC	3.1 %
TARGET CORP	2.5 %
GENERAL MOTORS CO	2.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.1 %
	IRELAND	1.0 %
	SWITZERLAND	0.6 %
	BRITAIN	0.2 %

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.
23.3%	16.3%	13.8%	18.0%	8.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.11	85%
MSCI EAFE	0.99	57%
MSCI Emg. Mkts.	0.69	45%

Technical Indicators
Recent close	$119.49
30d moving avg.	$121.30
Annualized volatility	14.6%
Short interest (ETF)	5.8%
Short interest (Underlying)	3.7%
Relative strength (RSI)	51

Liquidity measures
Avg. volume (thou.)	3,053
Turnover	2.6%
Bid/Ask (% of price)	0.01%
ADV underlying (mns)	$17,259

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Consumer Discretionary Select Sector SPDR ETF based on the alternatives' overlap in portfolio holdings with XLY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

XLY

Expense:

13 bp

ALTAR Score™:

5.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XLY
Ticker	Fund Name	Overlap¹ vs XLY (%)	Expense ratio (bp)	Savings vs XLY (bp)	ALTAR Score™ (%)	ALTAR vs XLY (%)
FDIS	Fidelity MSCI Consumer Discrettionary	80.3	8	5	5.5	-0.3
VCR	Vanguard Consumer Discretionary	77.7	10	3	5.6	-0.2
JHMC	John Hancock Multifactor Consumer Discretionary	59.6	40	-27	6.0	+0.2
IEDI	iShares Evolved U.S. Discretionary Spending	59.0	18	-5	5.0	-0.7
RXI	iShares S&P Global Consumer Discretionary	55.6	46	-33	6.9	+1.1
RCD	Invesco S&P Equal Weight Consumer Discretionary	51.2	40	-27	8.6	+2.8
IYC	iShares DJ US Consumer Services	50.4	42	-29	5.1	-0.7
RTH	VanEck Vectors Retail	48.1	35	-22	5.8	+0.0
FXD	First Trust Consumer Discretionary	27.9	64	-51	8.2	+2.4
FTXD	First Trust Nasdaq Retail	26.4	60	-47	6.5	+0.7
ONLN	ProShares Online Retail	23.0	58	-45	2.9	-2.8
MILN	Global X Millennials Thematic	22.9	50	-37	3.0	-2.8
SZNE	Pacer CFRA-Stovall Equal Weight Seasonal Rotation	22.4	60	-47	6.8	+1.0
IYK	iShares US Consumer Goods	18.2	42	-29	6.3	+0.6
XRT	SPDR S&P Retail	17.9	35	-22	9.1	+3.3
PEZ	Invesco DWA Consumer Discretionary Momentum	17.2	60	-47	5.0	-0.8
MGK	Vanguard Mega Cap 300 Growth	16.6	7	6	5.0	-0.8
PKW	Invesco Buyback Acheivevers	15.6	62	-49	6.0	+0.3
TMFC	Motley Fool 100 Index	15.6	50	-37	4.4	-1.4
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	15.6	75	-62	4.7	-1.1

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:	Consumer Discretionary Select Sector SPDR
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	30.3	%
Divided by: Fwd. P/BV	5.1	x
Less: Expense ratio	13	bp
Equals: ALTAR Score	5.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.41	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.