The characteristic line shows the return an investorexpects the stock to produce, given that a particular rate of return appears for the market. If we relate the return from an individual stock to the market return in this way, the line of best fit refers to the stock’s characteristic line. This line helps in describing the relationship between the return from individual stock and that of the market portfolio or market return. The line passing through the observations is the line of best fit. The pairs of returns can be plotted in the figure. Individual Stock and Market Portfolio Characteristic Line Another method of estimating historical beta.The formula for an asset’s beta factor and the intercept.The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without State Street Global Advisors, ASL's express written consent. State Street Global Advisors, ASL is the AQUA Product Issuer for the CHESS Depositary Interests (or "CDIs") which have been created over units in SPY and are quoted on the AQUA market of the ASX. State Street Global Advisors Trust Company (ARBN 619 273 817) is the trustee of, and the issuer of interests in, the SPDR® S&P 500® ETF Trust, an ETF registered with the United States Securities and Exchange Commission under the Investment Company Act of 1940 and principally listed and traded on NYSE Arca, Inc. SPDR products are not sponsored, endorsed, sold or promoted by any of these entities and none of these entities bear any liability with respect to the ETFs or make any representation, warranty or condition regarding the advisability of buying, selling or holding units in the ETFs issued by State Street Global Advisors, ASL. MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by State Street. MSCI indexes are the exclusive property of MSCI Inc. SPDR®, Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC, ASX® is a registered trademark of the ASX Operations Pty Ltd, these trademarks have been licensed for use by S&P Dow Jones Indices LLC and sub-licensed for use to State Street Global Advisors, ASL. Sector ETF products are also subject to sector risk and non-diversification risk, which generally results in greater price fluctuations than the overall market. It is not known whether the sectors or securities shown will be profitable in the future. This information should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. Holdings and sectors shown are as of the date indicated and are subject to change. Diversification does not ensure a profit or guarantee against loss. Investing involves risk including the risk of loss of principal. This may cause the fund to experience tracking errors relative to performance of the index. ![]() ETFs typically invest by sampling an index, holding a range of securities that, in the aggregate, approximates the full index in terms of key risk factors and other characteristics. ![]() ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF's net asset value. This material should not be considered a solicitation to buy or sell a security. You should seek professional advice and consider the product disclosure document and target market determination, available at before deciding whether to acquire or continue to hold units in an ETF. ![]() This material is general information only and does not take into account your individual objectives, financial situation or needs and you should consider whether it is appropriate for you. Web: State Street Global Advisors, ASL is the issuer of interests and the Responsible Entity for the ETFs which are Australian registered managed investment schemes quoted on the AQUA market of the ASX or listed on the ASX.Registered office: Level 14, 420 George Street, Sydney, NSW 2000, Australia ![]() Issued by State Street Global Advisors, Australia Services Limited (AFSL Number 274900, ABN 16 108 671 441) ("SSGA, ASL" or "State Street Global Advisors, ASL").
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