ETF Research Center

SPDR Metals & Mining ETF objective is to replicate as closely as possible the performance of the S&P Metals & Mining Select Industry Index, an equal-weighted index.

FUND BASICS
Category	Global Equities
Fund Sponsor	SSGA Funds Management Inc
Website	www.spdrs.com
Inception date	Jun 22, 2006
Assets (mns)	$382
Currency	USD
Expense ratio	35 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	28
Wgt avg mkt cap (mns)	$5,821
Large cap (>$10bn)	15.3%
Mid cap ($2-10bn)	42.8%
Small cap (<$2bn)	41.9%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	49.3 %
NEWMONT MINING CORP	6.1 %
HECLA MINING CO	5.5 %
COMPASS MINERALS INTERNATION	5.1 %
ROYAL GOLD INC	4.8 %
COMMERCIAL METALS CO	4.8 %
FREEPORT-MCMORAN COPPER	4.7 %
RELIANCE STEEL & ALUMINUM	4.7 %
ALLEGHENY TECHNOLOGIES INC	4.7 %
WARRIOR MET COAL, INC.	4.6 %
NUCOR CORP	4.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-15.0%	-16.9%	0.1%	-4.6%	-3.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.42	45%
MSCI EAFE	1.57	45%
MSCI Emg. Mkts.	1.21	46%

Technical Indicators
Recent close	$22.56
30d moving avg.	$25.99
Annualized volatility	25.9%
Short interest (ETF)	35.8%
Short interest (Underlying)	11.8%
Relative strength (RSI)	30

Liquidity measures
Avg. volume (thou.)	2,982
Turnover	17.6%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$1,356

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR S&P Metals & Mining ETF ETF based on the alternatives' overlap in portfolio holdings with XME. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

XME

Expense:

35 bp

ALTAR Score™:

3.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XME
Ticker	Fund Name	Overlap¹ vs XME (%)	Expense ratio (bp)	Savings vs XME (bp)	ALTAR Score™ (%)	ALTAR vs XME (%)
SLX	VanEck Vectors Steel ETF	37.4	56	-21	17.5	+14.4
PYZ	Invesco DWA Basic Materials Momentum ETF	24.6	60	-25	5.7	+2.6
PSCM	Invesco S&P SmallCap Materials ETF	16.9	29	6	10.6	+7.4
IYM	iShares U.S. Basic Materials ETF	16.8	42	-7	6.2	+3.0
FXZ	First Trust Materials AlphaDEX Fund	16.6	65	-30	8.4	+5.2
JHMA	John Hancock Multifactor Materials ETF	14.6	40	-5	7.4	+4.2
VAW	Vanguard Materials Index Fund	13.6	10	25	6.9	+3.8
FMAT	Fidelity MSCI Materials Index ETF	13.3	8	27	6.9	+3.7
SGDM	Sprott Gold Miners ETF	11.3	50	-15	3.9	+0.7
SILJ	ETFMG Prime Junior Silver ETF	11.1	69	-34	0.8	-2.4
GDX	VanEck Vectors Gold Miners ETF	10.8	52	-17	3.6	+0.5
RTM	Invesco S&P 500 Equal Weight Materials ETF	10.7	40	-5	6.7	+3.5
SIL	Global X Silver Miners ETF	10.2	65	-30	3.1	-0.0
PICK	iShares MSCI Global Metals & Mining Producers ETF	10.1	39	-4	8.9	+5.7
XLB	Materials Select Sector SPDR Fund	10.0	13	22	6.6	+3.4
NANR	SPDR S&P North American Natural Resources ETF	9.9	35	0	4.8	+1.7
PAVE	Global X U.S. Infrastructure Development ETF	9.5	47	-12	6.2	+3.0
BUYN	USCF SummerHaven SHPEN Index Fund	9.2	80	-45	7.4	+4.3
KOL	VanEck Vectors Coal ETF	8.9	60	-25	15.9	+12.8
SLVP	iShares MSCI Global Silver Miners ETF	8.8	39	-4	1.6	-1.6

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	SPDR S&P Metals & Mining 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	3.5	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	3.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.68	CATEGORY AVERAGE	1.56

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.