STRATEGIES FOR USING ETFS. Tax Loss Harvesting Investors can sell individual stock positions currently

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1 STRATEGIES FOR USING ETFS Tax Loss Harvesting Investors can sell individual stock positions currently trading below purchase price, realize the loss and maintain similar exposure by purchasing the appropriate ETF. This allows investors to take a tax loss yet still be invested in the target market segment. Hedging The transparency and concentration of ETFs makes them excellent hedging vehicles. Each ETF may be borrowed and sold short to minimize the industry risk of a particular stock. Core and Satellite By combining ETFs (core) with other complementary investments (satellite) investors are able to efficiently create customized portfolios. Core ETF investments may not outperform the benchmark index. Cash Equitization ETFs can serve as a liquid short term investment for sidelined cash waiting for long term investments or portfolios in transition. This affords investors with the opportunity to participate in key investment days in the market. Costs and taxes may erode performance. The market could decline during the holding period. Transition Management ETFs can be utilized as a transition vehicle while replacing a portfolio manager or an asset class. Once the new portfolio manager or asset is selected the ETF would be sold. This offers the investor consistent market exposure.

2 The S&P 500, SPDRs, and Select Sector SPDRs are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use. 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 S&P. The S&P 500 Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. The index is heavily weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. The S&P 500 Index figures do not reflect any fees, expenses or taxes. An investor should consider investment objectives, risks, fees and expenses before investing. An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other information, call -866-SECTOR-ETF ( ) or visit Read the prospectus carefully before investing. ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust. Asset allocation cannot assure a profit nor protect against a loss. Sector ETF products are also subject to sector risk and non-diversification risk, which generally will result in greater price fluctuations than the overall market. Shares are not individually redeemable and the owners of shares may purchase or redeem shares from a fund in creation units (blocks of 50,000 shares) only SECTOR-ETF ( ) For informational purposes and should not be considered tax advice. SEL /7

3 Start weaving a stronger portfolio today. ETF 0 w w w. s e c t o r s p d r s. c o m

4 WHAT ARE EXCHANGE TRADED FUNDS (ETFS) GROWTH of ETFs ETFs are innovative investment vehicles that combine the trading flexibility of individual stocks with the diversification benefits of mutual funds. Like mutual funds, ETFs are pooled investments that represent ownership in a basket of securities, thereby providing more diversification than individual stocks. Similar to individual stocks, ETFs trade on an exchange and can be bought or sold throughout the day. This flexibility has made ETFs popular with a diverse group of investors and one of the fastest growing investment products today. The following charts illustrate the benefits and popularity of ETFs. ETF Assets ($T) $ Trillions S&P On average, ETF assets have grown significantly over the last ten years. Today, these assets represent slightly more than 2% of the mutual fund market. ETFs are one of the fastest growing segments of the investment community. This chart represents the growth of ETFs in trillions from Value of S&P 500 Source: ICI Source: etfguide.com All ETFs are subject to risk, including possible loss of principal.

5 WHO are ETFs RIGHT FOR ETFs offer many benefits and advantages. These investments might be especially appealing to investors who: n Want access to specific market segments n Seek trading flexibility similar to stocks n Have a sizable amount to invest as a lump-sum n Want to implement a buy and hold investment strategy n Are interested in reducing management fees n Understand the impact of trading costs HOW do ETFs TRADE Retail investors buy and sell ETF shares on a stock exchange instead of directly through a mutual fund company. The trading of ETFs is identical to that of any listed stock, and allows investors to utilize market, limit and stop orders. ETFs can also be sold short or purchased on margin. Some institutional investors are authorized participants who can create and redeem shares of ETFs. A specific basket of securities is deposited with the ETF sponsor in return for a specified number of fund shares issued by the ETF to the creation unit holder. The reverse occurs when a creation unit holder wants to liquidate a position. Retail investors wishing to liquidate positions can sell their ETF shares on an exchange.

6 ADVANTAGES of EXCHANGE TRADED FUNDS Trading Flexibility ETFs trade throughout the day with continuous pricing. Therefore, you can place the same type of orders as for individual stocks. Shares can be purchased in odd/lots as well as round lots, requiring a relatively low outlay of cash. ETFs are subject to risks similar to those of stocks, including those regarding Low Expense Unlike active mutual funds where the objective is to beat a respective index, ETFs are managed passively with the objective of matching the performance of their underlying index. Consequently, ETFs are generally able to operate with lower annual operating expenses than their actively managed mutual fund counterparts. These cost savings are then passed along to the investor in the form of lower expense ratios. Ordinary brokerage commissions apply. Tax Efficiency The unique structure of ETFs minimizes potential capital gains. Unlike traditional mutual funds, ETFs trade on an exchange insulating investors from taxable events generated by other investors. Since ETFs do not have to sell securities to cover investor redemptions, this increases tax efficiency while reducing potential capital gains. Diversification ETFs offer investors the opportunity to invest in a favorite sector yet avoiding the potentially negative effects a downturn in the market could have on a few individual stocks. ETFs can provide instant, diversified exposure by simply purchasing one security. Diversification does not eliminate the risk of experiencing investment losses. short selling & margin account maintenance. Transparency The transparency of ETFs can help reduce duplication and help facilitate better tax loss strategies in your portfolio at year end. Since ETFs track a specific index, you have an exact understanding of the underlying securities. Daily holdings are available at

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