S&P 500 SPDR
ALTAR
Score™		 6.7% info Recommen-
dation		 NEUTRAL
2013E    2014E
EPS
growth		 7.3% P/E
ratio		 15.1x
Sales
growth		 1.4% P/Sales
ratio		 1.5x


  • Description
  • Performance
  • premium Fundamentals
  • premium Valuation
  • Rating
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.

FUND BASICS
Category Traditional Indices
Fund Sponsor State Street Global Advisors
Website www.amex.com
Inception date Jan 29, 1993
Assets (mns) $136,740
Currency USD
Expense ratio 9 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Unit Investment Trust
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication Full
Uses derivatives No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 500
Wgt avg mkt cap (mns) $110,382
Median mkt cap (mns) $14,575
Large cap (>$10bn) 92.7%
Mid cap ($2-10bn) 7.3%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
APPLE INC 2.9 %
EXXON MOBIL CORP 2.7 %
MICROSOFT CORP 1.7 %
JOHNSON & JOHNSON 1.6 %
CHEVRON CORP 1.6 %
GENERAL ELECTRIC CO 1.6 %
GOOGLE INC-CL A 1.6 %
INTL BUSINESS MACHINES CORP 1.5 %
PROCTER & GAMBLE CO/THE 1.5 %
AT&T INC 1.4 %
Total 18.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 98.3 %
IRELAND 0.7 %
SWITZERLAND 0.5 %
NETHERLANDS 0.2 %
BRITAIN 0.1 %
CAYMAN ISLANDS 0.1 %
BERMUDA 0.1 %

 

 

 
HISTORICAL PERFORMANCE

Standardized Annual Returns (thru April 30)
Year-to-date 1 year 5 years 10 years Since Incep.
12.6% 16.7% 5.2% 7.8% 8.3%

Market Correlations
versus... Beta R-squared
S&P500 0.99 100%
MSCI EAFE 0.68 81%
MSCI Emg. Mkts. 0.58 67%

Technical Indicators
Recent close $165.93
Net asset value $166.06
Premium / Discount -0.1 %
Annualized volatility 15.6 %
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 121,945
Turnover 14.8 %
Bid/Ask (% of price) 0.01
ADV underlying (mns) $104,446

Distributions


Content on this tab for subscribers only**

RESULTS & ESTIMATES

  2008 2009 2010 2011 2012 2013E 2014E
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
Foreign sales as a % of total **%   Asset turnover **%

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS
  2012 2013E 2014E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 S&P 500 SPDR
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores between 6.0% and 8.0%. This indicates that valuations adequately reflect the fundamentals of stocks in these funds. The majority of funds we cover fall into this category.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 14.7 %
Divided by: P/BV 2.2 x
Less: Expense ratio 9 bp
Equals: ALTAR Score 6.7 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

 

 

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.