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)	$2,210
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	61
Wgt avg mkt cap (mns)	$24,110
Large cap (>$10bn)	33.3%
Mid cap ($2-10bn)	33.9%
Small cap (<$2bn)	32.8%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	27.0 %
PBF ENERGY INC-CLASS A	3.0 %
MURPHY OIL CORP	3.0 %
MARATHON PETROLEUM	2.8 %
PHILLIPS 66	2.7 %
VALERO ENERGY CORP	2.7 %
CONOCOPHILLIPS	2.7 %
CONCHO RESOURCES INC	2.6 %
CONTINENTAL RESOURCES INC/OK	2.5 %
CIMAREX ENERGY CO	2.5 %
HOLLYFRONTIER CORP	2.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
-22.5%	-37.2%	-15.9%	-5.2%	-3.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.52	43%
MSCI EAFE	1.58	38%
MSCI Emg. Mkts.	0.89	19%

Technical Indicators
Recent close	$21.23
30d moving avg.	$21.47
Annualized volatility	28.1%
Short interest (ETF)	80.5%
Short interest (Underlying)	8.0%
Relative strength (RSI)	46

Liquidity measures
Avg. volume (thou.)	28,172
Turnover	27.1%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$6,401

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR S&P Oil & Gas Exploration 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™:

3.5%

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	56.1	63	-28	4.2	+0.7
PXI	Invesco Dynamic Energy Sector	51.4	60	-25	-0.8	-4.2
PXE	Invesco Dynamic Energy Exploration & Production	51.3	63	-28	1.2	-2.3
IEO	iShares U.S. Oil & Gas Exploration & Production	49.2	42	-7	3.2	-0.3
JHME	John Hancock Multifactor Energy	46.7	40	-5	3.3	-0.2
RYE	Invesco S&P Equal Weight Energy ETF	45.9	40	-5	3.4	-0.0
FRAK	VanEck Vectors Unconventional Oil & Gas	43.7	54	-19	2.2	-1.3
FTXN	First Trust Nasdaq Oil & Gas	38.9	60	-25	2.6	-0.8
VDE	Vanguard Energy ETF	35.1	10	25	3.9	+0.5
FENY	Fidelity MSCI Energy	34.3	8	27	3.9	+0.5
XLEY	Cushing Energy & MLP	33.4	65	-30	3.5	+0.1
IYE	iShares DJ US Energy Sector	33.0	42	-7	3.9	+0.5
XLE	Energy Select Sector SPDR	32.2	13	22	4.3	+0.9
FCG	First Trust ISE-Revere Natural Gas	32.0	60	-25	3.4	-0.1
IGE	iShares North American Natural Resources	30.2	46	-11	3.9	+0.5
FILL	iShares MSCI Global Energy Producers	23.1	39	-4	5.6	+2.2
IXC	iShares S&P Global Energy Sector	22.6	46	-11	5.1	+1.7
NANR	SPDR S&P N. American Nat. Resources	19.4	35	0	4.0	+0.6
XLSY	Cushing Energy Supply Chain & MLP	18.7	65	-30	5.4	+1.9
PSCE	Invesco S&P Small Cap Energy	18.0	29	6	-2.1	-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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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
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	2.2	%
Divided by: Fwd. P/BV	0.6	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	3.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	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.