SPDR S&P Semiconductors
ALTAR
Score™
4.1% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
30.0x P/Sales
ratio
3.7x
P/BV
ratio
4.3x Div.
yield
0.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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) $540
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 37
Wgt avg mkt cap (mns) $36,527
Large cap (>$10bn) 46.3%
Mid cap ($2-10bn) 42.9%
Small cap (<$2bn) 10.9%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ADVANCED MICRO DEVICES 3.5 %
LATTICE SEMICONDUCTOR CORP 3.4 %
CREE INC 3.3 %
SEMTECH CORP 3.2 %
SUNPOWER CORP 3.2 %
AMBARELLA INC 3.2 %
SYNAPTICS INC 3.2 %
MICRON TECHNOLOGY INC 3.2 %
INPHI CORP 3.2 %
NVIDIA CORP 3.2 %
Total 32.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.7 %
BERMUDA 3.1 %









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.
64.7% 64.7% 6.6% 9.1% 5.8%

Market Correlations
versus... Beta R-squared
S&P500 1.54 67%
MSCI EAFE 1.39 45%
MSCI Emg. Mkts. 1.00 40%

Technical Indicators
Recent close $111.29
30d moving avg. $104.78
Annualized volatility 22.9%
Short interest (ETF) 5.9%
Short interest (Underlying) 6.6%
Relative strength (RSI) 75

Liquidity measures
Avg. volume (thou.) 114
Turnover 2.4%
Bid/Ask (% of price) 0.05%
ADV underlying (mns) $11,054

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™: 4.1%


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 54.3 58 -23 5.3 +1.2
FTXL First Trust Nasdaq Semiconductor 47.8 60 -25 5.3 +1.2
SOXX iShares PHLX SOX Semiconductor 45.0 46 -11 5.4 +1.4
SMH VanEck Vectors Semiconductors 38.5 35 0 5.8 +1.7
QTEC First Trust NASDAQ 100 Tech 29.6 57 -22 5.2 +1.1
DRIV Global X Autonomous & Electric Vehicles 23.2 68 -33 6.8 +2.8
XNTK SPDR NYSE Technology 22.4 35 0 4.8 +0.7
JHMT John Hancock Multifactor Technology 22.0 40 -5 5.5 +1.4
PTF Invesco DWA Technology Momentum 20.4 60 -25 2.1 -2.0
QTUM Defiance Quantum 20.3 40 -5 5.4 +1.4
TDV ProShares S&P Technology Dividend Aristocrats 20.1 45 -10 4.9 +0.8
FIVG Defiance Next Gen Connectivity ETF 20.0 30 5 5.1 +1.0
KARS KraneShares Electric Vehicles & Future Mobility Index 19.9 70 -35 5.9 +1.8
RYT Invesco S&P Equal Weight Technology 18.7 40 -5 6.0 +2.0
IDRV iShares Self-driving EV & Tech 18.3 47 -12 8.2 +4.1
SNSR Global X Internet of Things Thematic 17.8 68 -33 5.0 +0.9
TDIV First Trust NASDAQ Technology Dividend 15.9 50 -15 6.2 +2.2
BUL Pacer US Cash Cows Growth 15.9 60 -25 6.5 +2.4
FXL First Trust Technology Alphadex 15.7 63 -28 5.2 +1.1
IYW iShares US Technology 15.5 42 -7 4.7 +0.6

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 info ** ** ** ** ** ** **
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 16.4 %
Divided by: Fwd. P/BV 3.7 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 4.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.57 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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.