SPY // SPDR S&P 500 ETF Trust

SPLC <GO> NYSE

ETF / Index • US Large-Cap Core Index • SIC 6726

$755.72 ▼ -13.64 (-1.77%)

MKT CAP: $620.00B • VOL: 77.14M

52W L $629 52W H $782

ALTMAN Z

4.80 SAFE

PIOTROSKI

7 / 9

SPY // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

SPY // SPDR S&P 500 ETF Trust

GROSS MARGIN

58.0%

OP MARGIN

24.0%

ROIC %

19.5%

MKT CAP

$620.00B

UPSTREAM INPUTS ──► SPY OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
SPY ★	SPDR S&P 500 ETF Trust	$755.72	$620.00B	58.0%	24.0%	19.5%	—	+9.2%	SUBJECT ISSUER
VOO	Vanguard S&P 500 ETF	$694.81	$580.00B	58.0%	24.0%	19.5%	—	+9.2%	SPY VS VOO <GO>
VTI	Vanguard Total Stock Market ETF	$371.57	$465.00B	58.0%	24.0%	19.5%	—	+9.2%	SPY VS VTI <GO>
QQQ	Invesco QQQ Trust (Nasdaq-100)	$690.49	$325.00B	58.0%	24.0%	19.5%	—	+9.2%	SPY VS QQQ <GO>
GLD	SPDR Gold Shares Trust	$355.78	$82.00B	58.0%	24.0%	19.5%	—	+9.2%	SPY VS GLD <GO>
XLK	Technology Select Sector SPDR Fund	$179.51	$74.00B	58.0%	24.0%	19.5%	—	+9.2%	SPY VS XLK <GO>