ETF Research Center

QUS tracks an index of US large- and midcap stocks comprising 3 subindexes: value, quality and minimum volatility. The index uses multiple factors to pick stocks, and each subindex receives equal weight.

FUND BASICS
Category	US Equities
Fund Sponsor	State Street Global Advisors
Website	www.spdrs.com
Inception date	Apr 16, 2015
Assets (mns)	$572
Currency	USD
Expense ratio	15 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	627
Wgt avg mkt cap (mns)	$214,205
Large cap (>$10bn)	95.7%
Mid cap ($2-10bn)	4.3%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	20.0 %
APPLE INC	3.5 %
MICROSOFT CORP	2.6 %
JOHNSON & JOHNSON	2.1 %
VISA INC-CLASS A SHARES	2.0 %
FACEBOOK	1.9 %
MASTERCARD INC-CLASS A	1.8 %
PROCTER & GAMBLE CO/THE	1.7 %
INTEL CORP	1.6 %
PEPSICO INC	1.5 %
WALT DISNEY CO/THE	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.1 %
	IRELAND	2.0 %
	BRITAIN	0.9 %
	BERMUDA	0.8 %
	SWITZERLAND	0.8 %
	CANADA	0.2 %

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.
24.8%	16.6%	--	--	11.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.90	98%
MSCI EAFE	0.76	59%
MSCI Emg. Mkts.	0.51	44%

Technical Indicators
Recent close	$91.68
30d moving avg.	$89.61
Annualized volatility	11.0%
Short interest (ETF)	0.5%
Short interest (Underlying)	2.5%
Relative strength (RSI)	74

Liquidity measures
Avg. volume (thou.)	61
Turnover	1.0%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$146,817

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR MSCI USA Quality Mix ETF based on the alternatives' overlap in portfolio holdings with QUS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

QUS

Expense:

15 bp

ALTAR Score™:

6.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH QUS
Ticker	Fund Name	Overlap¹ vs QUS (%)	Expense ratio (bp)	Savings vs QUS (bp)	ALTAR Score™ (%)	ALTAR vs QUS (%)
DYNF	BlackRock U.S. Equity Factor Rotation	75.4	30	-15	6.6	+0.6
PBP	Invesco S&P 500 Buy/Write	71.8	49	-34	5.6	-0.5
PBUS	Invesco PureBeta MSCI USA	71.5	4	11	6.0	+0.0
HSPX	Global X S&P 500 Covered Call	70.8	65	-50	5.4	-0.6
SPY	S&P 500 SPDR	70.6	9	6	5.9	-0.1
IVV	iShares Core S&P 500	70.6	4	11	6.0	-0.0
VOO	Vanguard S&P 500 ETF	70.6	3	12	6.0	-0.0
VV	Vanguard Large-Cap ETF	70.5	4	11	5.9	-0.2
BBUS	JP Morgan Betabuilders U.S. Equity	70.5	2	13	5.9	-0.1
SCHX	Schwab U.S. Large-Cap	70.0	3	12	5.9	-0.2
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	69.7	20	-5	6.0	-0.1
SPXE	ProShares S&P 500 Ex-Energy	69.3	27	-12	5.9	-0.1
SCHK	Schwab 1000 Index	69.0	5	10	5.9	-0.1
IWB	iShares Russell 1000	68.8	15	0	5.8	-0.2
VONE	Vanguard Russell 1000	68.6	12	3	5.8	-0.2
IYY	iShares DJ US Total Market	68.2	20	-5	5.7	-0.3
SPLG	SPDR Portfolio Large Cap	67.3	3	12	5.8	-0.2
OMOM	Invesco Russell 1000 Momentum Factor ETF	66.5	19	-4	5.3	-0.7
SCHB	Schwab U.S. Broad Market	66.5	3	12	5.8	-0.2
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity	66.4	9	6	6.4	+0.4

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 MSCI USA Quality Mix
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	18.2	%
Divided by: Fwd. P/BV	3.0	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	6.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	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.