ETF Research Center

SPDR S&P Transportation 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 Transportation Select Industry Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	SSGA Funds Management Inc
Website	www.spdrs.com
Inception date	Jan 27, 2011
Assets (mns)	$133
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	45
Wgt avg mkt cap (mns)	$17,893
Large cap (>$10bn)	40.0%
Mid cap ($2-10bn)	46.1%
Small cap (<$2bn)	14.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	27.6 %
KANSAS CITY SOUTHERN	2.9 %
JETBLUE AIRWAYS CORP	2.8 %
ALLEGIANT TRAVEL CO	2.8 %
XPO LOGISTICS INC	2.8 %
OLD DOMINION FREIGHT LINE	2.8 %
HERTZ GLOBAL HOLDINGS, INC.	2.7 %
AVIS BUDGET GROUP INC	2.7 %
MACQUARIE INFRASTRUCTURE CO	2.7 %
HAWAIIAN HOLDINGS INC	2.7 %
WERNER ENTERPRISES INC	2.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.9 %

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.
17.9%	6.7%	-7.9%	--	3.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.51	74%
MSCI EAFE	1.10	33%
MSCI Emg. Mkts.	0.75	25%

Technical Indicators
Recent close	$64.36
30d moving avg.	$63.34
Annualized volatility	21.2%
Short interest (ETF)	0.6%
Short interest (Underlying)	6.4%
Relative strength (RSI)	72

Liquidity measures
Avg. volume (thou.)	10
Turnover	0.5%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$4,067

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

XTN

Expense:

35 bp

ALTAR Score™:

8.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XTN
Ticker	Fund Name	Overlap¹ vs XTN (%)	Expense ratio (bp)	Savings vs XTN (bp)	ALTAR Score™ (%)	ALTAR vs XTN (%)
IYT	iShares Transportation Average	45.3	42	-7	8.7	+0.4
FTXR	First Trust Nasdaq Transportation	42.4	60	-25	10.2	+2.0
XLTY	Cushing Transportation & MLP	37.5	65	-30	7.8	-0.5
JETS	US Global Jets	26.6	60	-25	16.5	+8.2
FXR	First Trust Industrials/Producer Durables	24.7	62	-27	6.9	-1.3
RGI	Invesco S&P Equal Weight Industrials	19.4	40	-5	6.6	-1.7
JHMI	John Hancock Multifactor Industrials	18.5	40	-5	6.6	-1.7
XLI	Industrials Select Sector SPDR	17.1	13	22	6.1	-2.1
VIS	Vanguard Industrials	16.9	10	25	6.3	-2.0
FIDU	Fidelity Industrials	14.5	8	27	5.9	-2.3
PSCI	Invesco S&P Small Cap Industrials	13.1	29	6	6.7	-1.6
PEJ	Invesco Dynamic Leisure & Entertainment	12.7	63	-28	6.2	-2.1
PAVE	Global X U.S. Infrastructure Development	12.0	47	-12	5.8	-2.5
EQRR	ProShares Equities for Rising Rates	11.2	35	0	8.2	-0.1
IYJ	iShares DJ US Industrials	11.2	42	-7	5.4	-2.9
EXI	iShares Global Industrials	10.7	46	-11	6.1	-2.2
ACSI	American Customer Satisfaction Core Alpha	10.0	66	-31	7.8	-0.5
QGRO	American Century STOXX U.S. Quality Growth	9.4	29	6	4.7	-3.5
FLAG	Forensic Accounting	9.2	152	-117	8.8	+0.5
FOVL	iShares Focused Value Factor	7.5	25	10	9.1	+0.8

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 Transportation
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.2	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	8.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.65	CATEGORY AVERAGE	1.54

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.