SPY

S&P 500 SPDR

Standard & Poor's Depositary Receipts, represent ownership in a unit investment trust established to accumulate and hold a portfolio of the equity securities that comprise the Standard & Poor's 500 Composite Stock Price Index. The fund seeks investment results that, before expenses, generally correspond to the price and yield performance of the benchmark index.


6.8%

ALTAR Score™
Trend in ALTAR Score™
Percentile: 54th

NEUTRAL

Recommendation
Fund Basics
Fund sponsorState Street Global Advisors
CategoryUS Equities
Asset classEquity
Websitelink...
Inception dateJan 29, 1993
Assets (mns)$242,230
Expense ratio9 bp
Constituent Breakdown
No. of constituents505
Wgt avg mkt cap (mns)$210,358
Large cap (>$10bn)95.6%
Mid cap ($2-10bn)2.6%
Small cap (<$2bn)0.0%
Developed mkts.100.0%
Emerging mkts.0.0%
Fund Structure
RegulationUnit Investment Trust
DistributionsQuarterly
Taxation1099
Stock selectionCommittee
WeightingMarket Cap
Smart-betaNo
Derivatives-basedNo
Options availableYes
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings
MICROSOFT CORP 3.7 %
APPLE INC 3.4 %
AMAZON.COM INC 3.0 %
BERKSHIRE HATHAWAY INC-CL B 1.8 %
JOHNSON & JOHNSON 1.6 %
FACEBOOK 1.6 %
JPMORGAN CHASE & CO 1.5 %
ALPHABET INC. CLASS C 1.5 %
EXXON MOBIL CORP 1.5 %
ALPHABET INC. CLASS A 1.4 %
Sector Breakdown
Country Exposure
UNITED STATES 97.1 %
IRELAND 1.4 %
BRITAIN 0.3 %
SWITZERLAND 0.2 %
FRANCE 0.0 %
Historical Performance


Standardized Annual Returns (as of 11/30/2018)
YTD1 YR2 YR3 YR5 YR10 YRIncep.
4.7% 5.9% 14.0% 11.9% 11.0% 14.2% 9.4%
Market Correlations
versus...BetaR-squared
S&P 5001.00100%
MSCI EAFE0.6558%
MSCI Emg Mkts0.4345%
Liquidity Measures
Avg. volume (000)103,001
Turnover10.9%
Avg. Bid/Ask (% of price)0%
ADV of underlying (mns)$170,803
Technical Indicators
Recent close$255.36
30d moving avg.$270.63
Annualized volatility9.4%
Relative strength (RSI)44
Short interest (ETF)17.5%
Short interest (underlying)2.3%
Distributions
Assets Under Management (mns)

Money Flows (mns)

Short Interest (as % of shares outstanding)

Long Money Flows (mns)

Alternative ETFs
Ticker Fund Name Overlap
vs. SPY
Expenses
vs. SPY
ALTAR Score™
vs. SPY
IVV iShares Core S&P 500 99.1% -5 bp +0.1%
PBP Invesco S&P 500 Buy/Write 98.8% +40 bp -0.5%
VOO Vanguard S&P 500 ETF 98.4% -5 bp +0.1%
HSPX Horizons S&P 500 Covered Call 97.1% +56 bp -0.5%
SPXE ProShares S&P 500 Ex-Energy 93.4% +18 bp +0.2%
VV Vanguard Large-Cap ETF 93.3% -4 bp 0.0%
SPYX SPDR S&P 500 Fossil Fuel Reserves Free 92.3% +11 bp +0.2%
SCHX Schwab U.S. Large-Cap 91.7% -6 bp 0.0%
PBUS Invesco PureBeta MSCI USA 91.1% -5 bp +0.4%
SPLG SPDR Portfolio Large Cap 89.1% -6 bp -0.1%
SCHK Schwab 1000 Index 88.8% -4 bp 0.0%
IWB iShares Russell 1000 88.7% +6 bp -0.1%
VONE Vanguard Russell 1000 88.3% +3 bp -0.1%
IYY iShares DJ US Total Market 86.8% +11 bp -0.2%
CATH Global X S&P 500 Catholic Values 86.3% +20 bp -0.1%
MGC Vanguard Mega Cap 300 ETF 84.6% -2 bp -0.1%
SPXV ProShares S&P 500 Ex-Health Care 83.2% +18 bp -0.1%
SCHB Schwab U.S. Broad Market 82.8% -6 bp -0.1%
IWV iShares Russell 3000 82.8% +11 bp -0.3%
DHVW Diamond Hill Valuation-Weighted 500 82.7% +1 bp +0.2%

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Results & Estimates
  2013 2014 2015 2016 2017 2018E 2019E  
Sales per share -- -- -- -- -- -- --
Earnings per share -- -- -- -- -- -- --
Dividends per share -- -- -- -- -- -- --
Book value per share -- -- -- -- -- -- --
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates

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Valuation Metrics
  2017 2018E 2019E
Price-to-sales --x --x --x
Price-to-earnings --x --x --x
Price-to-cash flow --x --x --x
Price-to-growth --x --x --x
Price-to-book value --x --x --x
Yield --% --% --%

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ETF Research Center Fund Rating

Our measure of an ETF's overall investment merit

ALTAR Score™

SPY

6.8%

Cat. Avg

6.5%

Fund Category: US Equities

Avg. Return on Equity--%
Divided by: Fwd. P/BV--x
Less: Expenses-- bp
Equals: ALTAR Score™6.8%
Recommendation

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

Category Overview
There are 660 funds in the US Equities category, with an average ALTAR Score™ of 6.5% and a standard deviation of 2.5%. SPY's ALTAR Score™ is approximately 0.1 standard deviations above the category average. This places SPY in the 54th percentile among funds in the category.
Consensus Recommendation

Sell-side recommendations on the ETF's individual constituents

Breakdown
Composite
SPY
Peer Average
SELL
U/W
HOLD
O/W
BUY



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Portfolio composition files licensed from DTCC. Fundamental data for individual fund constituents sourced from FactSet Research Systems.