ETF Research Center

SPDR Russell 1000 Low Volatility ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Russell 1000 Low Volatility Index.

FUND BASICS
Category	US Equities
Fund Sponsor	SSgA Funds Management Inc
Website	www.spdrs.com
Inception date	Feb 21, 2013
Assets (mns)	$936
Currency	USD
Expense ratio	12 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Technical
Index replication	Optimized
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	128
Wgt avg mkt cap (mns)	$90,539
Large cap (>$10bn)	85.4%
Mid cap ($2-10bn)	14.6%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	16.2 %
BERKSHIRE HATHAWAY INC-CL B	1.9 %
REPUBLIC SERVICES INC	1.9 %
MARSH & MCLENNAN COS	1.8 %
CHUBB LIMITED	1.7 %
AFLAC INC	1.7 %
CME GROUP INC	1.6 %
ALLSTATE CORP	1.5 %
HARTFORD FINANCIAL SVCS GRP	1.4 %
AON PLC	1.4 %
INTERCONTINENTALEXCHANGE INC	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	90.0 %
	BRITAIN	3.1 %
	BERMUDA	2.6 %
	SWITZERLAND	1.7 %
	IRELAND	1.5 %
	ISRAEL	0.6 %
	NETHERLANDS	0.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
26.7%	21.3%	12.1%	--	13.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.71	81%
MSCI EAFE	0.54	40%
MSCI Emg. Mkts.	0.34	27%

Technical Indicators
Recent close	$112.66
30d moving avg.	$111.09
Annualized volatility	9.4%
Short interest (ETF)	0.2%
Short interest (Underlying)	2.5%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	120
Turnover	1.4%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$36,264

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR Russell 1000 Low Volatility ETF based on the alternatives' overlap in portfolio holdings with LGLV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

LGLV

Expense:

12 bp

ALTAR Score™:

5.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH LGLV
Ticker	Fund Name	Overlap¹ vs LGLV (%)	Expense ratio (bp)	Savings vs LGLV (bp)	ALTAR Score™ (%)	ALTAR vs LGLV (%)
FDLO	Fidelity Low Volatility Factor	48.9	29	-17	5.3	+0.1
USMV	iShares MSCI USA Minimum Volatility	48.6	15	-3	5.2	-0.0
XRLV	Invesco S&P 500 ex-Rate Sensitive Low Volatility	46.4	25	-13	5.7	+0.5
HUSV	First Trust Horizon Managed Volatility Domestic	45.2	70	-58	4.7	-0.5
LVUS	Hartford Multifactor Low Volatility US Equity	42.5	21	-9	5.8	+0.6
SPLV	Invesco S&P 500 Low Volatility	41.4	25	-13	5.2	+0.1
LVHB	Elkhorn Lunt Low Vol/High Beta Tactical	41.3	52	-40	5.0	-0.2
FLLV	Franklin Liberty U.S. Low Volatility	38.7	29	-17	5.2	+0.1
DEF	Invesco Defensive Equity	38.2	59	-47	4.9	-0.3
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	36.3	19	-7	5.6	+0.4
ROUS	Lattice U.S. Equity Strategy ETF	35.2	19	-7	6.4	+1.2
QUS	SPDR MSCI USA Quality Mix	35.0	15	-3	6.0	+0.8
JMIN	JPMorgan U.S. Minimum Volatility	34.4	12	0	5.6	+0.4
KLCD	KFA Large Cap Quality Dividend Index	34.3	41	-29	5.0	-0.2
DYNF	BlackRock U.S. Equity Factor Rotation	32.9	30	-18	6.5	+1.4
JQUA	JPMorgan U.S. Quality Factor	32.3	12	0	5.8	+0.6
QLV	FlexShares US Quality Low Volatility	31.6	22	-10	5.0	-0.2
OMOM	Invesco Russell 1000 Momentum Factor ETF	31.4	19	-7	5.3	+0.1
FDMO	Fidelity Momentum Factor	31.1	29	-17	4.1	-1.1
FQAL	Fidelity Quality Factor	30.5	29	-17	5.8	+0.6

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	SPDR Russell 1000 Low Volatility
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	14.6	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	5.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	CATEGORY AVERAGE	1.55

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.