PSK SPDR Wells Fargo Preferred Stock ETF ETF.com segment: Fixed Income: U.S. - Corporate, Preferred Competing ETFs: PFF, PGX, PGF, PFXF, PFFD Related ETF Channels: North America, U.S., Fixed Income, Bond, Vanilla, Broad Maturities Find more ETFs with our ETF Screener and Database *Unless otherwise stated, data provided by FactSet. PSK FUND DESCRIPTION The SPDR Wells Fargo Preferred Stock ETF tracks a market weighted index of nonconvertible preferred stocks and securities that are functionally equivalent to preferred stocks. PSK FACTSET ANALYTICS INSIGHT PSK provides a broad and slightly less financials-centric preferred-stock exposure in a viable wrapper. The fund limits any single issue or issuer to a 5% weighting, thus limiting the weighting to issuers like HSBC and Goldman. As a result, PSK has a bit less exposure to financials than some peers. Still, the effects are limited, as financial issues dominate the portfolio per the issuer. Investment-grade credits also play a leading role but the fund does have high-yield exposure too. PSK has good retail liquidity, with manageable average spreads, but block liquidity is weak due to the nature of the underlying securities. The fund is fairly cheap to hold, charging a very reasonable fee for a niche fund and delivering its index well. In fact, PSK tends to claw back more than its advertised fee. PSK SUMMARY DATA Issuer Brand Inception Date Legal Structure Expense Ratio Assets Under Management Average Daily $ Average Spread (60- Day) State Street Global Advisors SPDR 09/16/09 Open-Ended Fund 0.45% $635.97M $4.11M 0.09% PSK PORTFOLIO DATA PSK MSCI ESG ANALYTICS INSIGHT The MSCI ESG Fund Quality Score measures the ability of ETF underlying holdings to manage key medium to long-term risks and opportunities arising from environmental, social, and governance factors, as determined by MSCI ESG Research LLC. As of November 15, 2018 the SPDR Wells Fargo Preferred Stock ETF MSCI ESG Fund Quality Score is 4.67 out of 10. Weighted Avg. Yield to Next Ex-Dividend Date 12/03/18 The fund s Peer Rank reflects the ranking of a fund s MSCI ESG Fund Quality Score against the scores of other funds within the same peer group, as defined by the Thomson Reuters Lipper Global Classification. PSK ranks in the 21st percentile within its peer group and in the 22nd percentile within the global universe of all funds in MSCI ESG Fund Metrics coverage. Number of Holdings PSK INDEX DATA Index Tracked Wells Fargo Hybrid and Preferred Securities Aggregate Index Index Weighting Methodology Index Selection Methodology Segment Benchmark Market Value Market Value
1 Year Daily Price ($) 46.00 45.00 44.00 43.00 42.00 41.00 Dec `18 Feb Mar Apr May Jun Jul Aug Sep Oct Nov 800k PERFORMANCE [as of 11/15/18] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS PSK 0.32% -2.97% -2.33% -1.66% 2.85% 6.09% PSK (NAV) 0.19% -3.08% -2.40% -1.70% 2.83% 6.06% Wells Fargo Hybrid and Preferred Securities Aggregate Index All returns over 1 year are annualized. All returns are total returns unless otherwise stated. PSK TOP 10 HOLDINGS PNC Financial Services Gr 2.25% Bank of America Corp 6.4 1.54% HSBC Holdings PLC 6.2 % 2.14% ING Groep NV 6 3/8 % Pe 1.52% AT&T Inc 5.35 % Notes 20 1.80% Southern Company 6 1/4 1.47% U.S. Bancorp Deposit Shs 1.67% Aegon N.V. 6.375 % Perp 1.45% BB&T Corp Deposit Shs R 1.58% Qwest Corp 6 1/2 % Note 1.25% Total Top 10 Weighting 16.67% PSK PORTFOLIO MANAGEMENT PSK TAX EXPOSURES PSK FUND STRUCTURE Expense Ratio Median Tracking Difference (12 Mo) Max. Upside Tracking Difference (12 Mo) Max. Downside Tracking Difference (12 Mo) 0.45% Max LT/ST Capital Gains Rate Capital Gains Distributions (3 Year) Tax on Distributions Distributes K1 20.00% / 39.60% Ordinary income No Legal Structure OTC Derivative Use Securities Lending Active Securities Lending Split (Fund/Issuer) ETN Counterparty Open-Ended Fund No Yes 100% / 0% ETN Counterparty Risk Fund Closure Risk Low Portfolio Disclosure Daily
Daily Spread 0.3% PSK FACTSET ANALYTICS BLOCK LIQUIDITY As of 11/16/18 0.2% 0.1% 0% 5 4 3 2 1 This measurement shows how easy it is to trade a $1 million USD block of PSK. PSK is rated a out of 5. Premium/Discount 0.5% 0.3% PSK TRADABILITY Avg. Daily Share 98,699 0.0% Average Daily $ $4.11M -0.3% Median Daily Share 69,428-0.5% 800k 600k 400k 200k Median Daily ($) Average Spread (%) Average Spread ($) $2.88M 0.09% $0.04 Dec Feb Apr Jun Aug Oct Nov Median Premium / Discount (12 Mo) -0.01% Max. Premium / Discount (12 Mo) 0.41% / -0.30% Impediment to Creations None Market Hours Overlap 100.00% Creation Unit Size (Shares) 50,000 Creation Unit/Day (45 Day Average) 1.39 Creation Unit Cost (%) 0.04% Underlying / Unit Open Interest on ETF Options Net Asset Value (Yesterday) $41.03 ETF.com Implied Liquidity PSK TOP 10 HOLDINGS PSK PERFORMANCE STATISTICS PNC Financial Services Group, Inc. Deposit Shs Repr 1/4000th Non- Series P 2.25% Goodness of Fit (R2) Beta Up Beta HSBC Holdings PLC 6.2 % Pfd Shs Sponsored American Deposit Repr 1/40th 6.2 % PfdShs Ser A 2.14% Down Beta Downside Standard Deviation AT&T Inc 5.35 % Notes 2017-01.11.66 Global 1.80% PSK MSCI ESG RATINGS MSCI ESG Quality Score 4.67 / 10
U.S. Bancorp Deposit Shs Repr 1/1000th Non Series-F 1.67% Peer Group Percentile Rank Global Percentile Rank 21.03 21.88 BB&T Corp Deposit Shs Repr 1/1000th Non Series E Bank of America Corp 6.45 % Notes 2018-15.12.66 Income Capital Obligations 1.58% 1.54% SRI Screening Criteria Exposure Exposure to Sustainable Impact Solutions Weighted Average Carbon Intensity (t CO2e/$M Sales) 10.39% 3.21% 397.28 ING Groep NV 6 3/8 % Perpetual Hybrid Cap Secs 2007-Without fixed maturity 1.52% PSK HOLDINGS STATISTICS Segment Southern Company 6 1/4 % Notes 2015-15.10.75 Series 2015A Aegon N.V. 6.375 % Perp Capital Secs 2005 Without Fixed 1.47% 1.45% Weighted Avg. Effective PSK Benchmark Qwest Corp 6 1/2 % Notes 2016-01.09.56 Total Top 10 Weighting 1.25% 16.67% Key Rate (2 year) Key Rate (10 year) Yield to Credit Spread Concentration Number of Holdings Weighted Avg. Credit PSK MATURITY DISTRIBUTION PSK Segment Benchmark 0-1 Year 1-3 Years 3-5 Years 5-7 Years 7-10 Years 10+ Years
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