ETF Research Center

SPDR DJ Wilshire Small Cap Value ETF is an exchange-traded fund incorporated in the USA. The Fund's objective is to replicate as closely as possible the performance of the Dow Jones Wilshire Small Cap Value Index.

FUND BASICS
Category	US Equities
Fund Sponsor	SSGA Funds Management Inc
Website	www.spdrs.com
Inception date	Sep 29, 2000
Assets (mns)	$2,408
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	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	452
Wgt avg mkt cap (mns)	$1,531
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	26.2%
Small cap (<$2bn)	73.8%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	8.1 %
AVISTA CORP	0.9 %
OLD NATL BANCORP/IN	0.8 %
AMERICAN EQUITY INVT LIFE HL	0.8 %
INTEGER HOLDINGS CORPORATION	0.8 %
ANIXTER INTERNATIONAL INC	0.8 %
SKYWEST INC	0.8 %
INVESCO MORTGAGE CAPITAL	0.8 %
COLUMBIA BANKING SYSTEM INC	0.8 %
SIMMONS FIRST NATL CORP-CL A	0.8 %
APOLLO COMMERCIAL REAL ESTAT	0.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.0 %
	BERMUDA	0.9 %
	PUERTO RICO	0.6 %
	CAYMAN ISLANDS	0.4 %
	BRITAIN	0.3 %
	IRELAND	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-6.4%	3.7%	7.9%	11.8%	13.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.24	71%
MSCI EAFE	1.17	52%
MSCI Emg. Mkts.	0.71	34%

Technical Indicators
Recent close	$63.21
30d moving avg.	$64.07
Annualized volatility	17.8%
Short interest (ETF)	0.2%
Short interest (Underlying)	6.2%
Relative strength (RSI)	42

Liquidity measures
Avg. volume (thou.)	186
Turnover	0.5%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$4,727

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR S&P600 Small Cap Value ETF based on the alternatives' overlap in portfolio holdings with SLYV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SLYV

Expense:

15 bp

ALTAR Score™:

7.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SLYV
Ticker	Fund Name	Overlap¹ vs SLYV (%)	Expense ratio (bp)	Savings vs SLYV (bp)	ALTAR Score™ (%)	ALTAR vs SLYV (%)
IJS	iShares S&P 600 SmallCap Value	97.0	25	-10	7.3	-0.2
VIOV	Vanguard S&P Small-Cap 600 Value	97.0	20	-5	7.3	-0.1
SLY	SPDR S&P 600 Small Cap	63.0	15	0	6.1	-1.3
SPSM	SPDR Portfolio Small Cap	63.0	5	10	6.2	-1.2
IJR	iShares Core S&P Small-Cap	62.9	7	8	6.1	-1.3
VIOO	Vanguard S&P Small-Cap 600	61.4	15	0	6.0	-1.4
EWSC	Invesco S&P Small Cap 600 Equal Weight	61.2	40	-25	5.4	-2.0
RWJ	Invesco S&P SmallCap 600 Revenue ETF	50.1	39	-24	6.7	-0.7
ISMD	Inspire Small/Mid Cap Impact	35.4	61	-46	5.1	-2.3
PSCF	Invesco S&P Small Cap Financials	35.4	29	-14	8.6	+1.2
IWN	iShares Russell 2000 Value	32.8	24	-9	6.2	-1.3
VTWV	Vanguard Russell 2000 Value	32.5	20	-5	6.2	-1.3
FYX	First Trust Small Cap Core Alphadex	32.0	66	-51	5.2	-2.3
EES	WisdomTree SmallCap Earnings	31.9	38	-23	9.0	+1.6
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	31.5	29	-14	4.1	-3.3
FYT	First Trust Small Cap Value AlphaDEX	31.3	76	-61	7.4	0.0
CSF	Compass EMP US Discovery 500 Enhanced Vol.	30.6	35	-20	7.4	-0.0
DES	WisdomTree Smallcap Dividend	30.6	38	-23	7.4	-0.0
CSA	Victory CEMP US Small Cap Volatility Wtd	30.6	35	-20	7.4	-0.1
IJT	iShares S&P 600 SmallCap Growth	30.0	25	-10	4.9	-2.5

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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&P600 Small 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	8.5	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	15	bp
Equals: ALTAR Score	7.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.68	CATEGORY AVERAGE	1.56

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.