ETF Research Center

The SPDR S&P Semiconductors ETF seeks to closely match the returns and characteristics of the S&P Semiconductor�Select Industry Index, before expenses.

FUND BASICS
Category	US Equities
Fund Sponsor	State Street Global Advisors
Website	www.ssgafunds.com
Inception date	Feb 06, 2006
Assets (mns)	$411
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	36
Wgt avg mkt cap (mns)	$35,281
Large cap (>$10bn)	47.7%
Mid cap ($2-10bn)	40.1%
Small cap (<$2bn)	12.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	36.5 %
SYNAPTICS INC	4.1 %
QORVO INC	4.0 %
CIRRUS LOGIC INC	3.9 %
ADVANCED MICRO DEVICES	3.7 %
SKYWORKS SOLUTIONS INC	3.6 %
APPLIED MATERIALS INC	3.6 %
INPHI CORP	3.5 %
QUALCOMM INC	3.4 %
NVIDIA CORP	3.3 %
UNIVERSAL DISPLAY CORP	3.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.9 %
	BERMUDA	3.1 %

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.
45.8%	40.6%	6.2%	10.5%	4.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.55	67%
MSCI EAFE	1.27	39%
MSCI Emg. Mkts.	0.91	32%

Technical Indicators
Recent close	$98.97
30d moving avg.	$94.13
Annualized volatility	22.8%
Short interest (ETF)	2.6%
Short interest (Underlying)	6.6%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	87
Turnover	2.1%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$8,742

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

XSD

Expense:

35 bp

ALTAR Score™:

4.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XSD
Ticker	Fund Name	Overlap¹ vs XSD (%)	Expense ratio (bp)	Savings vs XSD (bp)	ALTAR Score™ (%)	ALTAR vs XSD (%)
PSI	Invesco Dynamic Semiconductors	51.2	58	-23	5.6	+0.7
FTXL	First Trust Nasdaq Semiconductor	50.0	60	-25	6.2	+1.3
SOXX	iShares PHLX SOX Semiconductor	48.8	46	-11	5.9	+1.0
SMH	VanEck Vectors Semiconductors	42.4	35	0	6.2	+1.3
QTEC	First Trust NASDAQ 100 Tech	35.0	57	-22	6.0	+1.1
JHMT	John Hancock Multifactor Technology	23.7	40	-5	6.0	+1.1
DRIV	Global X Autonomous & Electric Vehicles	21.6	68	-33	7.6	+2.7
XNTK	SPDR NYSE Technology	21.2	35	0	5.5	+0.6
RYT	Invesco S&P Equal Weight Technology	21.1	40	-5	6.5	+1.6
FIVG	Defiance Next Gen Connectivity ETF	20.5	30	5	6.2	+1.3
QTUM	Defiance Quantum	20.3	40	-5	6.4	+1.5
TDV	ProShares S&P Technology Dividend Aristocrats	20.2	45	-10	5.2	+0.3
KARS	KraneShares Electric Vehicles & Future Mobility Index	19.6	70	-35	6.8	+1.9
FXL	First Trust Technology Alphadex	18.5	63	-28	5.6	+0.7
TDIV	First Trust NASDAQ Technology Dividend	18.0	50	-15	6.6	+1.7
SNSR	Global X Internet of Things Thematic	17.1	68	-33	5.5	+0.6
IYW	iShares US Technology	16.4	42	-7	5.1	+0.2
FONE	First Trust Cea Smartphone	16.2	70	-35	6.3	+1.4
XLK	Technology Select Sector SPDR	16.1	13	22	5.5	+0.6
PEXL	Pacer US Export Leaders	15.5	60	-25	6.1	+1.2

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 Semiconductors
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	17.2	%
Divided by: Fwd. P/BV	3.3	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	4.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	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.