SPDR S&P Software & Services ETF
ALTAR
Score™
4.0% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
40.9x P/Sales
ratio
2.6x
P/BV
ratio
4.7x 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) $246
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 168
Wgt avg mkt cap (mns) $30,465
Large cap (>$10bn) 33.4%
Mid cap ($2-10bn) 43.5%
Small cap (<$2bn) 23.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
DIGITAL TURBINE, INC. 0.8 %
VASCO DATA SECURITY INTL 0.7 %
LIVEPERSON INC 0.7 %
AVALARA INC 0.7 %
COUPA SOFTWARE, INC. 0.7 %
SQUARE, INC. CLASS A 0.7 %
TESSERA TECHNOLOGIES INC 0.7 %
WORKIVA, INC. CLASS A 0.7 %
MODEL N INC 0.7 %
ALTERYX, INC. CLASS A 0.7 %
Total 7.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 93.7 %
IRELAND 0.6 %
BERMUDA 0.6 %
PUERTO RICO 0.6 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
10.2% 16.4% 2.2% -- 11.0%

Market Correlations
versus... Beta R-squared
S&P500 1.17 77%
MSCI EAFE 1.12 61%
MSCI Emg. Mkts. 0.78 47%

Technical Indicators
Recent close $113.21
30d moving avg. $108.88
Annualized volatility 22.7%
Short interest (ETF) 1.1%
Short interest (Underlying) 6.4%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 25
Turnover 1.2%
Bid/Ask (% of price) 0.14%
ADV underlying (mns) $51,877

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™: 4.0%


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 North American Tech-Software ETF 34.7 46 -11 2.4 -1.6
SKYY First Trust Cloud Computing ETF 26.4 60 -25 2.2 -1.8
XITK SPDR FactSet Innovative Technology ETF 24.5 45 -10 0.3 -3.7
FXL First Trust Technology AlphaDEX Fund 24.0 61 -26 3.2 -0.8
JHMT John Hancock Multifactor Technology ETF 22.5 40 -5 5.0 +1.0
FTEC Fidelity MSCI Information Technology Index ETF 21.0 8 27 4.6 +0.6
VGT Vanguard Information Technology Index Fund 20.7 10 25 4.6 +0.6
JKH iShares Morningstar Mid-Cap Growth ETF 20.2 30 5 2.3 -1.7
WCLD WisdomTree Cloud Computing Fund 20.0 45 -10 2.0 -2.0
IGM iShares Expanded Tech Sector ETF 20.0 46 -11 3.8 -0.2
FAD First Trust Multi Cap Growth AlphaDEX Fund 19.8 66 -31 2.5 -1.5
RYT Invesco S&P 500 Equal Weight Technology ETF 19.5 40 -5 6.7 +2.7
TECB iShares US Tech Breakthrough Multisector ETF 18.9 40 -5 4.0 +0.0
USMF WisdomTree U.S. Multifactor Fund 18.8 28 7 5.5 +1.5
FTC First Trust Large Cap Growth AlphaDEX Fund 18.2 61 -26 2.9 -1.1
IWP iShares Russell Mid-Cap Growth ETF 18.1 24 11 4.1 +0.1
GFIN Goldman Sachs Motif Finance Reimagined ETF 17.9 50 -15 5.4 +1.4
IETC iShares Evolved U.S. Technology ETF 17.9 18 17 3.8 -0.2
VBK Vanguard Small-Cap Growth Index Fund 17.6 7 28 2.4 -1.6
JMOM JPMorgan U.S. Momentum Factor ETF 17.4 12 23 3.9 -0.1
HACK ETFMG Prime Cyber Security ETF 17.1 60 -25 3.0 -1.0
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 17.1 75 -40 3.8 -0.2
THNQ ROBO Global Artificial Intelligence ETF 16.4 68 -33 1.9 -2.1
DTEC ALPS Disruptive Technologies ETF 16.2 50 -15 3.6 -0.4
OGIG O'Shares Global Internet Giants ETF 15.9 48 -13 0.7 -3.3
FNY First Trust Mid Cap Growth AlphaDEX Fund 15.5 70 -35 2.1 -1.9
WFH Direxion Work From Home ETF 15.2 45 -10 5.3 +1.3
IHAK iShares Cybersecurity & Tech ETF 15.2 47 -12 3.7 -0.3
PDP Invesco DWA Momentum ETF 14.6 62 -27 2.8 -1.2
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 14.4 49 -14 5.2 +1.2
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 14.0 7 28 5.5 +1.5
GDAT Goldman Sachs Motif Data-Driven World Etf 13.9 50 -15 5.0 +1.0
VEGN US Vegan Climate ETF 13.9 60 -25 5.2 +1.2
IYW iShares U.S. Technology ETF 13.7 42 -7 4.0 +0.0
XLK Technology Select Sector SPDR Fund 13.7 13 22 4.8 +0.8
SFYX Sofi Next 500 ETF 13.7 0 35 6.0 +2.0
JKK iShares Morningstar Small-Cap Growth ETF 13.7 30 5 1.1 -2.9
PTF Invesco DWA Technology Momentum ETF 13.6 60 -25 1.2 -2.8
QGRO American Century STOXX U.S. Quality Growth ETF 13.3 29 6 3.2 -0.8
SCHM Schwab U.S. Mid-Cap ETF 13.2 4 31 6.3 +2.3
FEX First Trust Large Cap Core AlphaDEX Fund 13.2 60 -25 6.0 +2.0
VFMO Vanguard U.S. Momentum Factor ETF 13.1 13 22 1.2 -2.9
PSCT Invesco S&P SmallCap Information Technology ETF 13.1 29 6 5.6 +1.6
KOMP SPDR Kensho New Economies Composite ETF 13.0 20 15 2.6 -1.4
BOSS Global X Founder-Run Companies ETF 12.9 45 -10 3.7 -0.3
IXN iShares Global Tech ETF 12.8 46 -11 4.5 +0.5
VB Vanguard Small-Cap ETF 12.7 5 30 5.4 +1.4
FCTR First Trust Lunt U.S. Factor Rotation ETF 12.5 65 -30 3.4 -0.6
AIQ Global X Future Analytics Tech ETF 12.4 68 -33 3.9 -0.1
VXF Vanguard Extended Market Index Fund 12.4 7 28 3.8 -0.2
CLOU Global X Cloud Computing ETF 12.3 68 -33 0.6 -3.4
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares 12.2 35 0 4.4 +0.4
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund 12.2 59 -24 4.2 +0.2
IFLY ETFMG Drone Economy Strategy ETF 12.0 68 -33 2.0 -2.0
CLRG IQ Chaikin U.S. Large Cap ETF 11.9 25 10 6.1 +2.1
IWF iShares Russell 1000 Growth ETF 11.9 19 16 4.2 +0.2
VONG Vanguard Russell 1000 Growth Index Fund 11.9 8 27 4.3 +0.3
TPAY Tortoise Digital Payments Infrastructure Fund 11.8 40 -5 5.9 +1.9
FITE SPDR Kensho Future Security ETF 11.7 45 -10 4.0 +0.0
FYC First Trust Small Cap Growth AlphaDEX Fund 11.7 70 -35 2.5 -1.5
SFY SoFi Select 500 ETF 11.6 0 35 5.3 +1.3
EXT WisdomTree U.S. Total Earnings Fund 11.6 28 7 5.3 +1.3
ETHO Etho Climate Leadership U.S. ETF 11.5 47 -12 4.4 +0.4
SCHG Schwab U.S. Large-Cap Growth ETF 11.4 4 31 4.2 +0.2
AIEQ AI Powered Equity ETF 11.4 87 -52 3.7 -0.3
USMV iShares Edge MSCI Min Vol USA ETF 11.4 15 20 5.5 +1.5
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 11.3 9 26 5.6 +1.6
FPX First Trust US IPO Index Fund 11.3 58 -23 2.6 -1.4
CIBR First Trust NASDAQ CEA Cybersecurity ETF 11.2 60 -25 3.2 -0.8
RPG Invesco S&P 500 Pure Growth ETF 11.1 35 0 4.4 +0.4
PSJ Invesco Dynamic Software ETF 11.1 58 -23 3.9 -0.1
IWO iShares Russell 2000 Growth ETF 11.0 24 11 0.8 -3.2
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 11.0 9 26 5.9 +1.9
BUG Global X Cybersecurity ETF 10.9 50 -15 1.2 -2.8
STLG iShares Factors US Growth Style ETF 10.9 25 10 3.7 -0.3
VTWG Vanguard Russell 2000 Growth Index Fund 10.8 15 20 0.8 -3.2
IWR iShares Russell Midcap ETF 10.8 19 16 5.7 +1.7
TUSA First Trust Total US Market AlphaDEX ETF 10.8 70 -35 6.0 +2.0
VOT Vanguard Mid-Cap Growth Index Fund 10.6 7 28 3.5 -0.5
VUG Vanguard Growth Index Fund 10.6 4 31 4.1 +0.1
BKMC BNY Mellon US Mid Cap Core Equity ETF 10.5 4 31 5.8 +1.8
BFOR Barron's 400 ETF 10.4 65 -30 6.4 +2.4
ESGV Vanguard ESG U.S. Stock ETF 10.3 12 23 5.2 +1.2
JHMM John Hancock Multifactor Mid Cap ETF 10.1 42 -7 5.8 +1.8
JQUA JPMorgan U.S. Quality Factor ETF 10.1 12 23 5.3 +1.3
DYNF BlackRock U.S. Equity Factor Rotation ETF 10.0 30 5 6.6 +2.6
PSET Principal Price Setters Index ETF 10.0 29 6 4.6 +0.6
VGFO Virtus WMC Global Factor Opportunities ETF 10.0 49 -14 6.0 +2.0
BKSE BNY Mellon US Small Cap Core Equity ETF 9.9 4 31 5.7 +1.7
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 9.9 17 18 6.4 +2.4
AFLG First Trust Active Factor Large Cap ETF 9.8 55 -20 5.6 +1.6
NULG Nuveen ESG Large-Cap Growth ETF 9.8 35 0 3.6 -0.4
IRBO iShares Robotics & Artificial Intelligence ETF 9.8 47 -12 2.7 -1.3
MTUM iShares Edge MSCI USA Momentum Factor ETF 9.7 15 20 4.2 +0.2
LGLV SPDR Russell 1000 Low Volatility ETF 9.7 12 23 5.7 +1.7
SCHK Schwab 1000 Index ETF 9.7 5 30 5.3 +1.3
DEF Invesco Defensive Equity ETF 9.6 55 -20 5.1 +1.1
SCHB Schwab U.S. Broad Market ETF 9.6 3 32 5.3 +1.3
ITOT iShares Core S&P Total U.S. Stock Market ETF 9.6 3 32 5.2 +1.2
QUS SPDR MSCI USA StrategicFactors ETF 9.6 15 20 5.9 +1.9

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 19.1 %
Divided by: Fwd. P/BV 4.4 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 4.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.46 CATEGORY
AVERAGE
1.52
 
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.