SPDR S&P Software & Services ETF
ALTAR
Score™
4.3% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
38.9x P/Sales
ratio
2.8x
P/BV
ratio
5.1x Div.
yield
0.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR S&P Software & Services ETF is an exchange-traded fund incorporated in the USA. The Fund's objective is to replicate as closely as possible the performance of the S&P Software & Services Select Industry Index.

FUND BASICS
Category US Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Sep 28, 2011
Assets (mns) $277
Currency USD
Expense ratio 35 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 169
Wgt avg mkt cap (mns) $32,571
Large cap (>$10bn) 33.5%
Mid cap ($2-10bn) 39.1%
Small cap (<$2bn) 23.9%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
CLOUDFLARE INC CLASS A 0.9 %
DIGITAL TURBINE, INC. 0.8 %
TRADE DESK, INC. CLASS A 0.8 %
APPIAN CORPORATION CLASS A 0.8 %
PAYCOM SOFTWARE INC 0.8 %
ZOOM VIDEO COMMUNICATIONS, INC. CL 0.8 %
PAYLOCITY HOLDING CORP 0.8 %
SQUARE, INC. CLASS A 0.7 %
DATADOG INC CLASS A 0.7 %
AVAYA HOLDINGS CORP. 0.7 %
Total 7.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 98.3 %
PUERTO RICO 0.6 %
IRELAND 0.5 %
BERMUDA 0.5 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
17.9% 28.4% 21.3% -- 11.6%

Market Correlations
versus... Beta R-squared
S&P500 1.15 77%
MSCI EAFE 1.15 63%
MSCI Emg. Mkts. 0.79 47%

Technical Indicators
Recent close $126.36
30d moving avg. $122.04
Annualized volatility 23.2%
Short interest (ETF) 4.2%
Short interest (Underlying) 6.4%
Relative strength (RSI) 64

Liquidity measures
Avg. volume (thou.) 22
Turnover 1.0%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $46,933

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the SPDR S&P Software & Services ETF ETF based on the alternatives' overlap in portfolio holdings with XSW. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: XSW Expense: 35 bp ALTAR Score™: 4.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH XSW
Ticker Fund
Name
Overlap1
vs XSW
(%)
Expense
ratio
(bp)
Savings
vs XSW
(bp)
ALTAR
Score™
(%)
ALTAR
vs XSW
(%)
IGV iShares Expanded Tech-Software ETF 35.3 46 -11 2.2 -2.1
WCLD WisdomTree Cloud Computing Fund 27.6 45 -10 8.8 +4.5
FXL First Trust Technology AlphaDEX Fund 26.7 61 -26 3.2 -1.2
SKYY First Trust Cloud Computing ETF 26.1 60 -25 2.4 -2.0
JHMT John Hancock Multifactor Technology ETF 24.7 40 -5 4.7 +0.4
XITK SPDR FactSet Innovative Technology ETF 23.9 45 -10 0.2 -4.1
FTC First Trust Large Cap Growth AlphaDEX Fund 21.9 61 -26 2.7 -1.7
FTEC Fidelity MSCI Information Technology Index ETF 21.5 8 27 4.4 +0.0
JKH iShares Morningstar Mid-Cap Growth ETF 21.5 30 5 2.0 -2.4
VGT Vanguard Information Technology Index Fund 21.3 10 25 4.3 0.0
USMF WisdomTree U.S. Multifactor Fund 21.0 28 7 5.7 +1.3
IWP iShares Russell Mid-Cap Growth ETF 21.0 24 11 2.9 -1.5
IGM iShares Expanded Tech Sector ETF 20.6 46 -11 3.7 -0.7
FAD First Trust Multi Cap Growth AlphaDEX Fund 20.0 66 -31 2.2 -2.1
RYT Invesco S&P 500 Equal Weight Technology ETF 19.2 40 -5 6.5 +2.2
DTEC ALPS Disruptive Technologies ETF 19.2 50 -15 3.1 -1.3
TECB iShares US Tech Breakthrough Multisector ETF 18.2 40 -5 3.9 -0.4
IETC iShares Evolved U.S. Technology ETF 18.2 18 17 3.7 -0.7
FCTR First Trust Lunt U.S. Factor Rotation ETF 17.7 65 -30 2.9 -1.5
JMOM JPMorgan U.S. Momentum Factor ETF 17.6 12 23 3.3 -1.0
HACK ETFMG Prime Cyber Security ETF 17.5 60 -25 3.1 -1.2
GFIN Goldman Sachs Motif Finance Reimagined ETF 17.4 50 -15 5.3 +0.9
SLT Salt TruBeta High Exposure ETF 17.0 60 -25 3.2 -1.1
FNY First Trust Mid Cap Growth AlphaDEX Fund 16.8 70 -35 2.0 -2.3
VBK Vanguard Small-Cap Growth Index Fund 16.6 7 28 2.2 -2.1
THNQ ROBO Global Artificial Intelligence ETF 16.4 68 -33 1.6 -2.7
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 15.9 49 -14 4.8 +0.5
OGIG O'Shares Global Internet Giants ETF 15.3 48 -13 0.5 -3.8
IYW iShares U.S. Technology ETF 15.3 43 -8 3.8 -0.6
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 15.3 7 28 5.0 +0.7
JKK iShares Morningstar Small-Cap Growth ETF 15.2 30 5 1.0 -3.3
IWFH iShares Virtual Work and Life Multisector ETF 14.7 47 -12 0.9 -3.4
IHAK iShares Cybersecurity & Tech ETF 14.3 47 -12 4.0 -0.4
PTF Invesco DWA Technology Momentum ETF 14.1 60 -25 0.1 -4.2
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 14.0 75 -40 3.7 -0.6
VFMO Vanguard U.S. Momentum Factor ETF 14.0 13 22 0.7 -3.6
WFH Direxion Work From Home ETF 14.0 45 -10 5.3 +1.0
VOT Vanguard Mid-Cap Growth Index Fund 13.6 7 28 3.1 -1.2
VEGN US Vegan Climate ETF 13.6 60 -25 4.9 +0.5
SFYX Sofi Next 500 ETF 13.6 0 35 5.7 +1.3
IFLY ETFMG Drone Economy Strategy ETF 13.5 68 -33 2.7 -1.6
AIEQ AI Powered Equity ETF 13.4 87 -52 2.7 -1.7
PSJ Invesco Dynamic Software ETF 13.3 56 -21 11.7 +7.4
BOSS Global X Founder-Run Companies ETF 13.3 45 -10 3.2 -1.2
FEX First Trust Large Cap Core AlphaDEX Fund 13.2 60 -25 5.7 +1.4
XLK Technology Select Sector SPDR Fund 13.2 13 22 4.6 +0.3
QGRO American Century STOXX U.S. Quality Growth ETF 13.2 29 6 3.7 -0.6
GDAT Goldman Sachs Motif Data-Driven World Etf 13.2 50 -15 4.6 +0.3
VXF Vanguard Extended Market Index Fund 13.1 6 29 3.4 -0.9
AIQ Global X Future Analytics Tech ETF 13.0 68 -33 4.0 -0.4
CIBR First Trust NASDAQ CEA Cybersecurity ETF 13.0 60 -25 3.3 -1.1
PSCT Invesco S&P SmallCap Information Technology ETF 12.9 29 6 5.6 +1.3
FPX First Trust US IPO Index Fund 12.9 58 -23 1.4 -3.0
PDP Invesco DWA Momentum ETF 12.9 62 -27 2.3 -2.0
BKMC BNY Mellon US Mid Cap Core Equity ETF 12.4 4 31 5.1 +0.8
IXN iShares Global Tech ETF 12.3 46 -11 4.3 -0.1
ROUS Hartford Multifactor US Equity ETF 12.2 19 16 6.3 +1.9
CLOU Global X Cloud Computing ETF 12.0 68 -33 0.5 -3.8
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares 12.0 35 0 4.4 +0.1
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund 12.0 59 -24 4.2 -0.2
JQUA JPMorgan U.S. Quality Factor ETF 11.9 12 23 5.2 +0.9
IWF iShares Russell 1000 Growth ETF 11.9 19 16 3.6 -0.7
KOMP SPDR Kensho New Economies Composite ETF 11.9 20 15 2.2 -2.1
RBUS Nationwide Risk-Based U.S. Equity ETF 11.9 30 5 4.6 +0.2
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 11.8 9 26 5.3 +1.0
IWO iShares Russell 2000 Growth ETF 11.8 24 11 -0.1 -4.5
VONG Vanguard Russell 1000 Growth Index Fund 11.7 8 27 3.7 -0.6
FITE SPDR Kensho Future Security ETF 11.6 45 -10 3.8 -0.5
TPAY Tortoise Digital Payments Infrastructure Fund 11.5 40 -5 5.7 +1.4
CLRG IQ Chaikin U.S. Large Cap ETF 11.5 25 10 5.6 +1.3
STMB iShares Factors US Mid Blend Style ETF 11.5 30 5 5.5 +1.2
ETHO Etho Climate Leadership U.S. ETF 11.5 47 -12 4.2 -0.1
VUG Vanguard Growth Index Fund 11.4 4 31 3.8 -0.6
EXT WisdomTree U.S. Total Earnings Fund 11.4 28 7 5.4 +1.0
SFY SoFi Select 500 ETF 11.3 0 35 4.9 +0.6
SCHG Schwab U.S. Large-Cap Growth ETF 11.3 4 31 3.4 -1.0
USMV iShares Edge MSCI Min Vol USA ETF 11.2 15 20 5.4 +1.1
ESGV Vanguard ESG U.S. Stock ETF 11.2 12 23 4.9 +0.5
RPG Invesco S&P 500 Pure Growth ETF 11.2 35 0 4.3 -0.0
MMLG First Trust Multi-Manager Large Growth ETF 11.0 85 -50 2.0 -2.3
BFOR Barron's 400 ETF 11.0 65 -30 6.3 +2.0
SCHM Schwab U.S. Mid-Cap ETF 10.9 4 31 5.8 +1.4
DEF Invesco Defensive Equity ETF 10.8 55 -20 5.1 +0.8
VFMV Vanguard U.S. Minimum Volatility ETF 10.8 13 22 4.3 -0.1
CFA VictoryShares US 500 Volatility Weighted Index ETF 10.8 35 0 5.5 +1.2
CFO VictoryShares US 500 Enhanced Volatility Weighted Index ETF 10.7 35 0 5.5 +1.2
BUG Global X Cybersecurity ETF 10.7 50 -15 1.2 -3.1
AFLG First Trust Active Factor Large Cap ETF 10.6 55 -20 5.2 +0.9
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 10.6 9 26 5.8 +1.4
NULG Nuveen ESG Large-Cap Growth ETF 10.6 35 0 3.6 -0.7
STLC iShares Factors US Blend Style ETF 10.4 25 10 5.1 +0.8
STLG iShares Factors US Growth Style ETF 10.3 25 10 4.1 -0.3
IWR iShares Russell Midcap ETF 10.3 19 16 5.3 +1.0
VTWG Vanguard Russell 2000 Growth Index Fund 10.2 15 20 0.1 -4.3
FLRG Fidelity U.S. Multifactor ETF 10.2 29 6 6.2 +1.9
SIZE iShares Edge MSCI USA Size Factor ETF 10.1 15 20 5.9 +1.5
TUSA First Trust Total US Market AlphaDEX ETF 10.1 70 -35 5.5 +1.2
EUSA iShares MSCI USA Equal Weighted ETF 10.1 15 20 5.9 +1.6
VB Vanguard Small-Cap ETF 10.1 5 30 5.1 +0.8
BTEK BlackRock Future Tech ETF 9.9 88 -53 0.7 -3.7

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 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
  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 Software & Services 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 21.1 %
Divided by: Fwd. P/BV 4.5 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 4.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.44 CATEGORY
AVERAGE
1.51
 
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.