ETF Research Center

SPDR Dow Jones Mid Cap Value ETF objective is to replicate as closely as possible the performance of the Dow Jones Wilshire Mid Cap Value Index. The Fund will invest its assets in the common s

FUND BASICS
Category	US Equities
Fund Sponsor	SSGA Funds Management Inc
Website	www.spdrs.com
Inception date	Nov 15, 2005
Assets (mns)	$1,822
Currency	USD
Expense ratio	15 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	298
Wgt avg mkt cap (mns)	$5,104
Large cap (>$10bn)	5.0%
Mid cap ($2-10bn)	89.5%
Small cap (<$2bn)	5.6%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	9.6 %
ALLEGHANY CORP	1.3 %
REINSURANCE GROUP OF AMERICA	1.2 %
WR BERKLEY CORP	1.1 %
JONES LANG LASALLE INC	0.9 %
AMERICAN FINANCIAL GROUP INC	0.9 %
RENAISSANCERE HOLDINGS LTD	0.9 %
RELIANCE STEEL & ALUMINUM	0.9 %
KILROY REALTY CORP	0.9 %
CAESARS ENTERTAINMENT CORP	0.8 %
FIRST AMERICAN FINANCIAL	0.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.4 %
	BRITAIN	1.0 %
	BERMUDA	0.9 %
	IRELAND	0.2 %
	SWITZERLAND	0.2 %
	NETHERLANDS	0.1 %

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.
18.7%	8.4%	7.2%	12.3%	7.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.22	80%
MSCI EAFE	0.98	44%
MSCI Emg. Mkts.	0.61	27%

Technical Indicators
Recent close	$53.19
30d moving avg.	$51.71
Annualized volatility	16.5%
Short interest (ETF)	0.3%
Short interest (Underlying)	5.9%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	263
Turnover	0.8%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$10,574

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR S&P400 Mid Cap Value ETF based on the alternatives' overlap in portfolio holdings with MDYV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

MDYV

Expense:

15 bp

ALTAR Score™:

7.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH MDYV
Ticker	Fund Name	Overlap¹ vs MDYV (%)	Expense ratio (bp)	Savings vs MDYV (bp)	ALTAR Score™ (%)	ALTAR vs MDYV (%)
IJJ	iShares S&P MidCap 400 Value	99.5	25	-10	7.5	-0.1
IVOV	Vanguard S&P Mid-Cap 400 Value	97.9	20	-5	7.6	+0.1
EWMC	Invesco S&P Mid Cap 400 Equal Weight	65.0	40	-25	6.8	-0.8
IJH	iShares Core S&P MidCap	64.7	7	8	6.4	-1.2
MDY	S&P MidCap 400 SPDR	64.6	24	-9	6.2	-1.4
IVOO	Vanguard S&P Mid-Cap 400	63.2	15	0	6.3	-1.3
RWK	Invesco S&P MidCap 400 Revenue ETF	56.6	39	-24	8.0	+0.4
SPMD	SPDR Portfolio Mid Cap	48.3	5	10	6.3	-1.3
EZM	WisdomTree Midcap Earnings	45.3	38	-23	7.8	+0.2
VBR	Vanguard Small-Cap Value ETF	37.9	7	8	7.8	+0.2
RFV	Invesco S&P Midcap 400 Pure Value	37.6	35	-20	9.9	+2.3
JHSC	John Hancock Multifactor Small Cap	36.4	50	-35	5.8	-1.8
RNMC	First Trust Mid Cap US Equity Select	35.2	60	-45	6.7	-0.9
FNX	First Trust Mid Cap Core Alpadex	34.3	62	-47	6.8	-0.8
SFYX	SoFi Next 500	33.8	0	15	5.8	-1.8
FNK	First Trust Mid Cap Value AlphaDEX	32.9	70	-55	9.0	+1.4
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor	31.8	29	-14	9.6	+2.0
JKL	iShares Morningstar Small Cap Value	31.5	30	-15	9.0	+1.5
MDYG	SPDR S&P400 Mid Cap Growth	30.1	15	0	5.1	-2.5
IJK	iShares S&P MidCap 400 Growth	30.0	24	-9	5.0	-2.6

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 S&P400 Mid Cap Value
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.1	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	7.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.65	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.