ETF Research Center

The SPDR Russell 1000 Yield 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 yield) 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)	$471
Currency	USD
Expense ratio	20 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	294
Wgt avg mkt cap (mns)	$19,559
Large cap (>$10bn)	59.0%
Mid cap ($2-10bn)	40.8%
Small cap (<$2bn)	0.2%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	17.4 %
LAM RESEARCH CORP	2.4 %
HP INC.	2.3 %
VALERO ENERGY CORP	2.3 %
PHILLIPS 66	1.9 %
KLA-TENCOR CORPORATION	1.6 %
APPLIED MATERIALS INC	1.5 %
SKYWORKS SOLUTIONS INC	1.4 %
OCCIDENTAL PETROLEUM CORP	1.4 %
WESTERN DIGITAL CORP	1.4 %
PACCAR INC	1.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.1 %
	BRITAIN	2.0 %
	IRELAND	1.0 %
	SWITZERLAND	0.4 %
	PANAMA	0.2 %
	CANADA	0.1 %
	PUERTO RICO	0.1 %
	BERMUDA	0.1 %
	LUXEMBOURG	0.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
27.4%	27.4%	--	--	13.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.00	82%
MSCI EAFE	0.95	61%
MSCI Emg. Mkts.	0.61	43%

Technical Indicators
Recent close	$75.42
30d moving avg.	$76.07
Annualized volatility	13.4%
Short interest (ETF)	0.3%
Short interest (Underlying)	5.2%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.1%
Bid/Ask (% of price)	0.16%
ADV underlying (mns)	$22,385

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

ONEY

Expense:

20 bp

ALTAR Score™:

8.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ONEY
Ticker	Fund Name	Overlap¹ vs ONEY (%)	Expense ratio (bp)	Savings vs ONEY (bp)	ALTAR Score™ (%)	ALTAR vs ONEY (%)
ONEV	SPDR Russell 1000 Low Volatility Focus	47.2	20	0	6.7	-1.3
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor	45.9	29	-9	9.1	+1.1
JKI	iShares Morningstar Mid Cap Value	40.6	30	-10	8.4	+0.4
DON	WisdomTree Midcap Dividend	39.1	38	-18	7.1	-0.9
JDIV	JPMorgan U.S. Dividend	38.8	12	8	7.1	-0.9
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity	36.7	24	-4	5.7	-2.3
IWS	iShares Russell Midcap Value	36.7	24	-4	6.6	-1.4
ONEO	SPDR Russell 1000 Momentum Focus	35.8	20	0	6.7	-1.3
DEUS	Xtrackers Russell 1000 Comprehensive Factor	34.2	17	3	6.5	-1.5
JVAL	JPMorgan U.S. Value Factor	34.1	12	8	8.3	+0.3
OSIZ	Invesco Russell 1000 Size Factor ETF	33.6	19	1	6.0	-2.0
VOE	Vanguard Mid-Cap Value	31.6	7	13	7.3	-0.7
FAB	First Trust Multi Cap Value	31.2	71	-51	8.2	+0.2
FLAG	Forensic Accounting	31.0	152	-132	8.4	+0.4
TPHD	Timothy Plan High Dividend Stock	30.8	52	-32	6.4	-1.6
USEQ	Invesco Russell 1000 Enhanced Equal Weight	30.1	29	-9	6.4	-1.6
RVRS	Reverse Cap Weighted US Large Cap	29.5	29	-9	7.3	-0.7
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd	29.4	35	-15	7.6	-0.5
CDL	Victory CEMP US Large Cap High Div Volatility Wtd	29.4	35	-15	7.6	-0.5
JHMM	John Hancock Multifactor Mid Cap	29.3	44	-24	5.6	-2.4

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 Yield Focus
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.7	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	8.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.69	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.