ETF Research Center

SPDR S&P Telecom 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 Telecom Select Industry Index.

FUND BASICS
Category	US Equities
Fund Sponsor	SSGA Funds Management Inc
Website	www.spdrs.com
Inception date	Jan 27, 2011
Assets (mns)	$48
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	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	43
Wgt avg mkt cap (mns)	$30,161
Large cap (>$10bn)	25.3%
Mid cap ($2-10bn)	50.4%
Small cap (<$2bn)	24.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	36.8 %
SPRINT CORP.	5.0 %
IRIDIUM COMMUNICATIONS INC.	3.9 %
T-MOBILE US, INC.	3.8 %
VONAGE HOLDINGS CORP.	3.8 %
BANDWIDTH INC. CLASS A	3.6 %
LUMENTUM HOLDINGS, INC.	3.5 %
ARISTA NETWORKS, INC.	3.4 %
MOTOROLA SOLUTIONS	3.4 %
GCI LIBERTY, INC. CLASS A	3.4 %
COMMSCOPE HOLDING CO INC	3.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.0%	1.1%	5.6%	--	4.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.01	69%
MSCI EAFE	0.84	40%
MSCI Emg. Mkts.	0.52	27%

Technical Indicators
Recent close	$73.94
30d moving avg.	$71.39
Annualized volatility	14.7%
Short interest (ETF)	0.4%
Short interest (Underlying)	6.2%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.6%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$3,807

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

XTL

Expense:

35 bp

ALTAR Score™:

4.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XTL
Ticker	Fund Name	Overlap¹ vs XTL (%)	Expense ratio (bp)	Savings vs XTL (bp)	ALTAR Score™ (%)	ALTAR vs XTL (%)
IYZ	iShares U.S. Telecommunications	51.7	42	-7	7.4	+2.6
IGN	iShares S&P N. American Tech- MM & Networking	51.6	46	-11	6.1	+1.3
PXQ	Invesco Dynamic Networking	21.1	63	-28	3.7	-1.1
FXU	First Trust Utilities Alphadex	20.6	63	-28	4.5	-0.3
FIVG	Defiance Next Gen Connectivity ETF	19.5	30	5	4.8	+0.1
JHCS	John Hancock Multifactor Media & Communications	14.3	40	-5	5.5	+0.7
FCOM	Fidelity MSCI Communication Services	13.1	8	27	4.9	+0.1
EWCO	Invesco S&P 500 Equal Weight Comm. Services	12.7	40	-5	6.2	+1.4
VOX	Vanguard Communication Services	12.4	10	25	4.8	+0.0
PSCU	Invesco S&P Small Cap Utilities	12.2	29	6	2.4	-2.4
UFO	Procure Space	11.7	75	-40	2.1	-2.7
XLC	Communication Services Select Sector SPDR	11.0	13	22	5.7	+0.9
FDN	First Trust DJ Internet	10.4	52	-17	2.9	-1.9
FONE	First Trust Cea Smartphone	9.9	70	-35	5.5	+0.7
FMK	First Trust Mega Cap AlphaDEX	9.3	70	-35	5.3	+0.5
TDIV	First Trust NASDAQ Technology Dividend	9.2	50	-15	6.4	+1.6
FITE	SPDR Kensho Future Security	9.2	45	-10	4.2	-0.6
HDV	iShares High Dividend	9.0	8	27	7.0	+2.2
PWV	Invesco Dynamic Large Cap Value	8.9	55	-20	8.4	+3.6
ACIO	Aptus Collared Income Opportunity	8.7	79	-44	7.2	+2.4

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	**	**	**	**	**	**	**
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 Telecom 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	9.4	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	4.8	%

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.