ETF Research Center

The SPDR Russell 1000 Momentum Focus ETF tracks an index of large-cap stocks from the Russell 1000 Index, selected and weighted by four factors (value, quality, small size and momentum) that are scaled by market cap.

FUND BASICS
Category	US Equities
Fund Sponsor	State Street Global Advisors
Website	www.spdrs.com
Inception date	Dec 02, 2015
Assets (mns)	$445
Currency	USD
Expense ratio	20 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	State Street Bank & Trust
Weighting	Multi-Factor
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	916
Wgt avg mkt cap (mns)	$27,407
Large cap (>$10bn)	65.6%
Mid cap ($2-10bn)	34.1%
Small cap (<$2bn)	0.3%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	6.0 %
LAM RESEARCH CORP	1.1 %
CUMMINS INC	0.7 %
MEDICAL PROPERTIES TRUST INC	0.6 %
SOUTHWEST AIRLINES CO	0.6 %
PULTE HOMES INC	0.5 %
TERADYNE INC	0.5 %
DOLLAR GENERAL CORP	0.5 %
NRG ENERGY INC	0.5 %
PACCAR INC	0.5 %
UNITED CONTINENTAL HOLDINGS	0.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.9 %
	IRELAND	1.2 %
	BRITAIN	0.8 %
	BERMUDA	0.6 %
	SWITZERLAND	0.4 %
	CHINA	0.3 %
	CANADA	0.1 %
	PUERTO RICO	0.1 %
	CAYMAN ISLANDS	0.1 %
	PANAMA	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.
20.1%	8.9%	--	--	9.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.07	94%
MSCI EAFE	0.92	58%
MSCI Emg. Mkts.	0.61	43%

Technical Indicators
Recent close	$75.84
30d moving avg.	$73.92
Annualized volatility	13.3%
Short interest (ETF)	0.2%
Short interest (Underlying)	4.4%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.1%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$154,365

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

ONEO

Expense:

20 bp

ALTAR Score™:

6.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ONEO
Ticker	Fund Name	Overlap¹ vs ONEO (%)	Expense ratio (bp)	Savings vs ONEO (bp)	ALTAR Score™ (%)	ALTAR vs ONEO (%)
DEUS	Xtrackers Russell 1000 Comprehensive Factor	83.2	17	3	6.4	-0.1
USEQ	Invesco Russell 1000 Enhanced Equal Weight	64.1	29	-9	6.7	+0.2
EQAL	Invesco Russel 1000 Equal Weight	58.1	20	0	6.0	-0.5
ONEV	SPDR Russell 1000 Low Volatility Focus	57.5	20	0	7.0	+0.5
IWR	iShares Russell Midcap	57.4	19	1	6.0	-0.5
CFO	Victory CEMP US 500 Enhanced Volatility Wtd	56.2	35	-15	6.1	-0.4
CFA	Compass EMP US 500 Volatility Weighted	56.1	35	-15	6.1	-0.4
SIZE	iShares MSCI USA Size Factor	55.3	15	5	6.4	-0.1
EUSA	iShares MSCI USA Equal Weight	54.6	15	5	6.6	+0.1
JHMM	John Hancock Multifactor Mid Cap	53.9	44	-24	6.0	-0.5
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity	52.4	9	11	6.5	+0.0
RSP	Invesco S&P 500 Equal Weight	52.0	20	0	6.9	+0.4
JHML	John Hancock Multifactor Large Cap	49.4	34	-14	6.0	-0.5
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity	49.2	24	-4	6.1	-0.4
JPUS	JPMorgan Diversified Return U.S. Equity	48.2	19	1	6.3	-0.2
OSIZ	Invesco Russell 1000 Size Factor ETF	47.5	19	1	6.4	-0.1
USLB	Invesco Russell 1000 Low Beta Equal Weight	44.7	35	-15	5.9	-0.6
IWS	iShares Russell Midcap Value	44.3	24	-4	7.1	+0.6
SCIU	Global X Scientific Beta US	43.8	19	1	5.8	-0.7
FEX	First Trust Large Cap Core Alphadex	43.4	61	-41	6.4	-0.1

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 Momentum Focus
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	17.4	%
Divided by: Fwd. P/BV	2.6	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	6.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	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.