Investment Summary
Utilities Sector SPDR
Trading History
Fund basics
ALTAR™ score
Valuation metrics
NOTES: The performance data quoted represents past
Analyst's view:
performance. Past performance does not guarantee Both sales and earnings should return to growth this year in concert with the overall future results and current performance may be lower or economy, and valuations remain modest resulting in an above-average ALTAR Score. higher than the performance quoted. Investment return However, the outlook is particularly clouded by potential policy changes, from cap-and- and principal value wil vary, and shares, when redeemed, may be worth more or less than their original trade emissions limits, nuclear permitting, investments in alternative sources, and cost. Additional performance info current to most recent higher taxes on dividends, which at half of earnings are a very important part of the month-end at
Results & estimates*
Other Fundamental Data
*pro forma based on current fund constituents. See disclosures. Return on Equity
Trend in Current FY Estimates
Compound growth rates (2005-10E)
Industry Breakdown
Top 10 Holdings
Select Sector SPDR® holding S&P 500 stocks in the Utilities sector. The fund seeks investment results that, before expenses, generally correspond to the price and yield performance of the benchmark index. For product information and a prospectus visit
ALPS Distributor Inc. is distributor for the Select Sector SPDR Trust. (C) 2010 AltaVista Research, LLC. All Rights Reserved.
This report is provided for informational purposes only, and AltaVista makes no warranties with respect to its accuracy. See Disclosure page for additional disclosures.
Valuation Guide
Select Sector SPDRs
This page provides a summary of valuation metrics for the Select Sector SPDRs and S&P 500 which may be considered when buying or selling these funds.
ALTAR™ Score
Financials (XLF) Health Care (XLV) Industrials (XLI) Calculation of ALTAR™ Score
ALTAR™ Score vs. Ann. Standard Deviation (3yr)
Std. Dev.
NOTE: The AltaVista Long Term Annual Return (ALTAR) forecast is our proprietary measure of an ETF's likely internal return to new shareholders over the
coming years. It is calculated by dividing average Return on Equity by the price-to-book value multiple, less the fund's expense ratio. It can be used to compare funds based on investment merit, but it is not intended as a prediction of future performance. For more information go to www.altavista- Valuation multiples (based on 2010 estimates)
Earnings per share growth
Yield vs. long-term growth
LT growth
Note: All valuation metrics on this page calculated based on consensus estimates of current fund constituents, as collected by Thomson Financial. Definitions of technical terms can be found on page 3 of this document.
ALPS Distributor Inc. is distributor for the Select Sector SPDR Trust. (C) 2010 AltaVista Research, LLC.
All Rights Reserved. This report is provided for informational purposes only, and AltaVista makes no warranties with respect to its accuracy.
See Disclosure page for additional disclosures.
Limitations on Usage
This report is provided by AltaVista Research, LLC (“AltaVista”) for informational purposes only, and is for distribution only as permitted by applicable law. Any opinions expressed herein are solely those of AltaVista and make no allowances for any specific investment objectives. As such, they do not constitute a recommendation with respect to the investment merits of any security mentioned herein.
Nothing in this report should be construed as an offer or solicitation of an offer to purchase any securities. Prices and valuation data change with market conditions and investors should be aware that this material could be substantially out of date when distributed. This report may not be reproduced or redistributed, in whole or in part, without the express written consent of AltaVista.

“Standard & Poor’s Depository Receipt”, “SPDR” and “Select Sector SPDR” are trademarks Standard & Poor’s, a division of the McGraw- Hill Companies, Inc. Standard & Poor’s has not reviewed this material and does not sponsor, endorse, or sell it.
Select Sector SPDR Fund shareholders are subject to risks similar to those of holders of other sector stock portfolios. One primary consideration is that the general level of stock prices may decline, and thus the value of Select Sector SPDRs may decline. A Select Sector SPDR Fund may also be adversely affected by the performance of the specific sector or group of industries upon which it is based. You can expect that shares in a Select Sector SPDR Fund will move up or down in value with the value of its related Select Sector Index. In addition, the overall depth and liquidity of the secondary market in these shares may fluctuate.
Although Select Sector SPDR Funds are designed to provide investment results that, before expenses, generally correspond to the price and yield performance of their related Select Sector Indexes, the Funds of the Select Sector SPDR Trust may not be able to exactly replicate the performance of the Select Sector Indexes because of expenses and other factors. Over time, the stock holdings of each Select Sector SPDR Fund may be rebalanced to reflect changes in the composition of its related index. A Select Sector SPDR Fund would incur transaction costs and other expenses as a result of rebalancing. Furthermore, a Select Sector SPDR Fund would realize capital gains or losses from the sale of securities in a rebalancing. Net long-term capital gains, if any, will be distributed to shareholders as capital gains distributions at least annually. From a tax standpoint, you should be aware that the Trust is structured as a regulated investment company, and that dividend distributions may not be characterized entirely as ordinary income. You may wish to consult your tax adviser in this regard.
There are no sales loads on Select Sector SPDR shares but ordinary brokerage commissions may apply and this expense is not reflected The stocks included in each Select Sector Index were selected by the compilation agent. Their composition and weighting can be expected to differ to that in any similar indexes that are published by the S&P. Data Definitions & Reliability
AltaVista believes the information contained in this report to be reasonably accurate at the time of publication, but makes no warranties with respect to its accuracy. Calculations of fundamental data are based on a weighted average of consensus estimates and reported results for current index constituents. As a result, historical figures for fundamental data such as dividends per share may not reflect those actually paid by the fund. To the extent that index reconstitution and rebalancing have altered fund composition, these differences may be significant. Definitions for some commonly used financial terms are as follows: Earnings/Net Income: Unless denoted as a GAAP figure, earnings are calculated on a “pro forma” basis using consensus EPS
results/estimates for the individual constituents of each fund, multiplied by the float-adjusted shares outstanding.
Cash Flow: Adds depreciation and amortization to consensus earnings estimates
Standard deviation: Statistical measure of price volatility using 3 years of monthly return data. Figures are annualized.
Beta: Measures relative volatility of ETF versus S&P 500 by comparing 3 years of monthly return data.
Book Value: Common Equity as reported by fund constituents according to GAAP. Forecasts reflect pro-forma calculations using
most recently reported figures, plus earnings less dividends.
Dividends per share-gross: Dividends paid by companies in the fund on a "pro forma" basis. Differs from actual dividends paid by
the fund to shareholders due to index changes over time and fund expenses, as well as timing of distributions.
Return on Equity: Net income divided by average common equity over the period.
Long-term growth: Uses consensus estimates of 3-5 year earnings growth for individual constituents of each fund to calculate a
float-adjusted earnings-weighted growth rate for the fund as a whole.
Trend in Current FY Estimates: Illustrates changes in consensus estimates over time by examining the monthly change in current
Additional information is available upon request.
ALPS Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust and has paid a license fee to AltaVista Research to redistribute this report.
ALPS Distributor, Inc. is the distributor of the Select Sector SPDR Trust
(C) 2010 AltaVista Research, LLC. All Rights Reserved.



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