ETF Research Center

SPDR S&P Oil & Gas Exploration & Production ETF objective is to replicate as closely as possible the S&P Oil & Gas Exploration Index, an equal-weighted index.

FUND BASICS
Category	US Equities
Fund Sponsor	SSGA Funds Management Inc
Website	www.spdrs.com
Inception date	Jun 22, 2006
Assets (mns)	$2,485
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	58
Wgt avg mkt cap (mns)	$23,154
Large cap (>$10bn)	35.1%
Mid cap ($2-10bn)	27.6%
Small cap (<$2bn)	37.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	27.8 %
APACHE CORP	3.7 %
OCCIDENTAL PETROLEUM CORP	2.9 %
WPX ENERGY	2.8 %
CONCHO RESOURCES INC	2.7 %
EOG RESOURCES INC	2.7 %
HESS CORP	2.7 %
DEVON ENERGY CORPORATION	2.6 %
CIMAREX ENERGY CO	2.6 %
PIONEER NATURAL RESOURCES CO	2.5 %
DIAMONDBACK ENERGY INC	2.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.9 %

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.
-9.4%	-9.4%	-12.2%	-4.4%	-2.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.59	41%
MSCI EAFE	1.71	39%
MSCI Emg. Mkts.	1.03	24%

Technical Indicators
Recent close	$22.37
30d moving avg.	$22.85
Annualized volatility	30.1%
Short interest (ETF)	63.8%
Short interest (Underlying)	8.0%
Relative strength (RSI)	64

Liquidity measures
Avg. volume (thou.)	28,712
Turnover	25.8%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$6,476

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 18 potential alternatives to the SPDR S&P Oil & Gas Exploration & Production ETF based on the alternatives' overlap in portfolio holdings with XOP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

XOP

Expense:

35 bp

ALTAR Score™:

2.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XOP
Ticker	Fund Name	Overlap¹ vs XOP (%)	Expense ratio (bp)	Savings vs XOP (bp)	ALTAR Score™ (%)	ALTAR vs XOP (%)
FXN	First Trust Energy Alphadex	60.9	63	-28	3.9	+1.0
PXE	Invesco Dynamic Energy Exploration & Production	52.7	63	-28	2.8	-0.1
IEO	iShares U.S. Oil & Gas Exploration & Production	50.9	42	-7	2.8	-0.1
JHME	John Hancock Multifactor Energy	48.9	40	-5	3.1	+0.1
RYE	Invesco S&P Equal Weight Energy ETF	48.8	40	-5	3.2	+0.3
FRAK	VanEck Vectors Unconventional Oil & Gas	47.8	54	-19	1.8	-1.1
PXI	Invesco Dynamic Energy Sector	47.1	60	-25	0.4	-2.6
FCG	First Trust ISE-Revere Natural Gas	43.8	60	-25	6.4	+3.5
FTXN	First Trust Nasdaq Oil & Gas	36.4	60	-25	4.0	+1.1
VDE	Vanguard Energy	35.7	10	25	3.8	+0.9
FENY	Fidelity MSCI Energy	34.8	8	27	3.8	+0.9
IYE	iShares DJ US Energy Sector	33.5	42	-7	3.8	+0.9
XLE	Energy Select Sector SPDR	33.0	13	22	4.2	+1.3
IGE	iShares North American Natural Resources	29.6	46	-11	3.8	+0.9
FILL	iShares MSCI Global Energy Producers	23.6	39	-4	5.5	+2.6
IXC	iShares Global Energy	22.9	46	-11	4.9	+2.0
NANR	SPDR S&P N. American Nat. Resources	20.7	35	0	3.8	+0.9
EQRR	ProShares Equities for Rising Rates	19.7	35	0	7.5	+4.6

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

	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 S&P Oil & Gas Exploration & Production
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	2.0	%
Divided by: Fwd. P/BV	0.6	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	2.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	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.