ETF Research Center

The SPDR S&P Internet ETF tracks an equal-weighted index of internet retail, software, and services companies, as defined by GICS.

FUND BASICS
Category	US Equities
Fund Sponsor	SSGA
Website	www.spdrs.com
Inception date	Jun 27, 2016
Assets (mns)	$18
Currency	USD
Expense ratio	35 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Equal
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	43
Wgt avg mkt cap (mns)	$85,616
Large cap (>$10bn)	48.7%
Mid cap ($2-10bn)	28.1%
Small cap (<$2bn)	23.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	33.8 %
STAMPS.COM INC	5.2 %
ZILLOW GROUP, INC. CLASS C	3.8 %
PINTEREST, INC. CLASS A	3.2 %
GRUBHUB INC	3.2 %
MONGODB, INC. CLASS A	3.2 %
ETSY, INC.	3.1 %
TWITTER INC	3.1 %
TWILIO, INC. CLASS A	3.1 %
AKAMAI TECHNOLOGIES	2.9 %
AMAZON.COM INC	2.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.9 %

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.
2.8%	-3.0%	--	--	18.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.09	49%
MSCI EAFE	0.87	26%
MSCI Emg. Mkts.	0.57	19%

Technical Indicators
Recent close	$86.20
30d moving avg.	$87.26
Annualized volatility	18.9%
Short interest (ETF)	0.2%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	2
Turnover	1.0%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$18,094

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the SPDR S&P Internet ETF ETF based on the alternatives' overlap in portfolio holdings with XWEB. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

XWEB

Expense:

35 bp

ALTAR Score™:

1.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XWEB
Ticker	Fund Name	Overlap¹ vs XWEB (%)	Expense ratio (bp)	Savings vs XWEB (bp)	ALTAR Score™ (%)	ALTAR vs XWEB (%)
PLAT	WisdomTree Modern Tech Platforms Fund	39.8	45	-10	2.2	+0.5
IBUY	Amplify Online Retail ETF	39.2	65	-30	-1.0	-2.7
PNQI	Invesco NASDAQ Internet ETF	32.6	62	-27	2.5	+0.8
FDN	First Trust Dow Jones Internet Index Fund	32.5	52	-17	3.1	+1.5
ONLN	ProShares Online Retail ETF	31.8	58	-23	2.0	+0.3
EBIZ	Global X E-Commerce ETF	28.8	50	-15	3.0	+1.4
GIGE	SoFi Gig Economy ETF	21.9	59	-24	0.0	-1.7
OGIG	O'Shares Global Internet Giants ETF	20.9	48	-13	1.1	-0.6
MILN	Global X Millennials Thematic ETF	20.7	50	-15	2.8	+1.1
XRT	SPDR S&P Retail ETF	20.7	35	0	8.6	+6.9
TTTN	UP Fintech China-U.S. Internet Titans ETF	19.2	59	-24	3.8	+2.1
GBUY	Goldman Sachs Motif New Age Consumer ETF	18.8	50	-15	2.7	+1.0
ARKW	ARK Web x.0 ETF	16.3	76	-41	-0.5	-2.2
PBS	Invesco Dynamic Media ETF	15.6	63	-28	3.2	+1.5
SOCL	Global X Social Media ETF	15.5	65	-30	3.0	+1.3
ARKF	ARK Fintech Innovation ETF	15.3	75	-40	1.4	-0.3
GENY	Principal Millennials Index ETF	14.3	45	-10	4.9	+3.3
ENTR	Entrepreneur 30 Fund	13.7	49	-14	2.8	+1.1
XITK	SPDR FactSet Innovative Technology ETF	12.7	45	-10	0.6	-1.1

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

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	7.8	%
Divided by: Fwd. P/BV	3.8	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	1.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	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.