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)	$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
Total	31.2 %
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 %

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	**	**	**	**	**	**	**
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	%

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.