ETF Research Center

The SPDR S&P 1500 Momentum Tilt 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 S&P 1500 Positive Momentum Tilt Index.

FUND BASICS
Category	US Equities
Fund Sponsor	SSgA Funds Management Inc
Website	www.spdrs.com
Inception date	Oct 25, 2012
Assets (mns)	$57
Currency	USD
Expense ratio	12 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1336
Wgt avg mkt cap (mns)	$243,198
Large cap (>$10bn)	91.4%
Mid cap ($2-10bn)	7.6%
Small cap (<$2bn)	1.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	21.9 %
MICROSOFT CORP	6.6 %
APPLE INC	2.2 %
PROCTER & GAMBLE CO/THE	2.0 %
AMAZON.COM INC	1.7 %
FACEBOOK	1.7 %
HOME DEPOT INC	1.6 %
AT&T INC	1.6 %
MASTERCARD INC-CLASS A	1.5 %
VISA INC-CLASS A SHARES	1.5 %
ALPHABET INC. CLASS C	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.7 %
	IRELAND	2.2 %
	BRITAIN	1.1 %
	SWITZERLAND	0.6 %
	BERMUDA	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.
23.2%	12.9%	11.2%	--	13.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.98	93%
MSCI EAFE	0.82	55%
MSCI Emg. Mkts.	0.56	42%

Technical Indicators
Recent close	$133.31
30d moving avg.	$130.49
Annualized volatility	12.3%
Short interest (ETF)	0.7%
Short interest (Underlying)	2.4%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.5%
Bid/Ask (% of price)	0.18%
ADV underlying (mns)	$154,576

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR S&P1500 Momentum Tilt ETF based on the alternatives' overlap in portfolio holdings with MMTM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

MMTM

Expense:

12 bp

ALTAR Score™:

5.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH MMTM
Ticker	Fund Name	Overlap¹ vs MMTM (%)	Expense ratio (bp)	Savings vs MMTM (bp)	ALTAR Score™ (%)	ALTAR vs MMTM (%)
OMOM	Invesco Russell 1000 Momentum Factor ETF	77.0	19	-7	5.3	-0.1
PBP	Invesco S&P 500 Buy/Write	74.1	49	-37	5.6	+0.2
SPXE	ProShares S&P 500 Ex-Energy	72.9	27	-15	5.9	+0.5
HSPX	Global X S&P 500 Covered Call	72.8	65	-53	5.4	+0.0
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	72.7	20	-8	6.0	+0.6
SPY	S&P 500 SPDR	72.6	9	3	5.9	+0.5
IVV	iShares Core S&P 500	72.6	4	8	6.0	+0.6
VOO	Vanguard S&P 500 ETF	72.5	3	9	6.0	+0.6
SCHK	Schwab 1000 Index	71.5	5	7	5.9	+0.5
SCHX	Schwab U.S. Large-Cap	71.3	3	9	5.9	+0.5
IYY	iShares DJ US Total Market	71.3	20	-8	5.7	+0.3
IWB	iShares Russell 1000	70.8	15	-3	5.8	+0.4
SPXV	ProShares S&P 500 Ex-Health Care	70.8	27	-15	5.7	+0.3
BBUS	JP Morgan Betabuilders U.S. Equity	70.8	2	10	5.9	+0.5
PBUS	Invesco PureBeta MSCI USA	70.8	4	8	6.0	+0.6
VV	Vanguard Large-Cap ETF	70.7	4	8	5.9	+0.5
VONE	Vanguard Russell 1000	70.6	12	0	5.8	+0.4
SCHB	Schwab U.S. Broad Market	70.5	3	9	5.8	+0.4
ITOT	iShares Core S&P Total US	70.2	3	9	5.7	+0.3
IWV	iShares Russell 3000	70.1	20	-8	5.6	+0.2

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&P1500 Momentum Tilt
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	18.3	%
Divided by: Fwd. P/BV	3.3	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	5.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	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.