SPDR S&P Internet
ALTAR
Score™
2.2% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
55.6x P/Sales
ratio
1.6x
P/BV
ratio
3.3x Div.
yield
0.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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) $22
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 45
Wgt avg mkt cap (mns) $75,090
Large cap (>$10bn) 37.6%
Mid cap ($2-10bn) 29.5%
Small cap (<$2bn) 32.8%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ZILLOW GROUP, INC. CLASS C 3.5 %
CARS.COM, INC. 3.2 %
OKTA, INC. CLASS A 3.2 %
STAMPS.COM INC 3.2 %
CARGURUS, INC. CLASS A 3.1 %
PETMED EXPRESS INC 3.1 %
MONGODB, INC. CLASS A 3.0 %
ALPHABET INC. CLASS C 3.0 %
STITCH FIX, INC. CLASS A 3.0 %
CARBONITE INC 2.9 %
Total 31.2 %

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.
3.2% -7.8% -- -- 17.6%

Market Correlations
versus... Beta R-squared
S&P500 1.09 48%
MSCI EAFE 0.88 26%
MSCI Emg. Mkts. 0.66 24%

Technical Indicators
Recent close $79.23
30d moving avg. $79.13
Annualized volatility 19.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 51

Liquidity measures
Avg. volume (thou.) 2
Turnover 0.7%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $12,933

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the SPDR S&P Internet 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™: 2.2%


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 36.9 45 -10 2.9 +0.7
IBUY Amplify Online Retail 33.8 65 -30 2.4 +0.2
PNQI Invesco Nasdaq Internet 31.2 62 -27 2.8 +0.7
FDN First Trust DJ Internet 29.9 52 -17 3.4 +1.2
EBIZ Global X E-commerce 26.1 68 -33 3.2 +1.0
ONLN ProShares Online Retail 26.1 58 -23 2.8 +0.7
MILN Global X Millennials Thematic 20.2 50 -15 3.0 +0.9
OGIG O'Shares Global Internet Giants 18.8 48 -13 1.5 -0.6
TTTN TigerShares China-U.S. Internet Titans 18.1 59 -24 3.9 +1.8
GIGE SoFi Gig Economy 17.8 59 -24 0.5 -1.7
GBUY Goldman Sachs Motif New Age Consumer 16.9 50 -15 3.6 +1.4
XRT SPDR S&P Retail 16.1 35 0 8.8 +6.6
SOCL Global X Social Media 14.9 65 -30 4.7 +2.5
GENY Principal Millennials Index 13.8 45 -10 4.9 +2.8
ENTR ERShares Entrepreneur 30 12.9 49 -14 4.0 +1.8
XITK SPDR FactSet Innovative Technology 12.5 45 -10 2.7 +0.5
PBS Invesco Dyn Media Port 12.3 63 -28 6.3 +4.2
JHCS John Hancock Multifactor Media & Communications 12.3 40 -5 6.3 +4.1
ARKW ARK Web x.O 12.3 75 -40 -0.9 -3.1

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

  2014 2015 2016 2017 2018 2019E 2020E
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
  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 Internet
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 7.6 %
Divided by: Fwd. P/BV 3.0 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 2.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.52 CATEGORY
AVERAGE
1.55
 
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.