ETF Research Center

SPDR Russell 2000 Low Volatility 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 Russell 2000 Low Volatility Index.

FUND BASICS
Category	US Equities
Fund Sponsor	SSgA Funds Management Inc
Website	www.spdrs.com
Inception date	Feb 21, 2013
Assets (mns)	$332
Currency	USD
Expense ratio	12 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	401
Wgt avg mkt cap (mns)	$1,884
Large cap (>$10bn)	0.4%
Mid cap ($2-10bn)	39.6%
Small cap (<$2bn)	60.1%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	7.7 %
APOLLO COMMERCIAL REAL ESTAT	1.1 %
WHITE MOUNTAINS INSURANCE GP	1.1 %
VALLEY NATIONAL BANCORP	0.9 %
MFA FINANCIAL INC	0.8 %
MERIDIAN BANCORP INC	0.7 %
TWO HARBORS INVESTMENT CORP.	0.7 %
EASTERLY GOVERNMENT PROPERTIES, IN	0.6 %
CAPITOL FEDERAL FINANCIAL IN	0.6 %
ISTAR FINANCIAL INC	0.6 %
ARMADA HOFFLER PROPERTIES IN	0.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.5 %
	BERMUDA	1.8 %
	ISRAEL	0.9 %
	NETHERLANDS	0.4 %
	LUXEMBOURG	0.3 %
	BRITAIN	0.3 %
	PUERTO RICO	0.2 %
	CHINA	0.1 %

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.
24.1%	24.1%	9.2%	--	11.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.84	65%
MSCI EAFE	0.70	38%
MSCI Emg. Mkts.	0.39	20%

Technical Indicators
Recent close	$100.53
30d moving avg.	$99.99
Annualized volatility	12.6%
Short interest (ETF)	0.8%
Short interest (Underlying)	5.3%
Relative strength (RSI)	64

Liquidity measures
Avg. volume (thou.)	12
Turnover	0.4%
Bid/Ask (% of price)	0.28%
ADV underlying (mns)	$4,986

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR Russell 2000 Low Volatility ETF based on the alternatives' overlap in portfolio holdings with SMLV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SMLV

Expense:

12 bp

ALTAR Score™:

6.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SMLV
Ticker	Fund Name	Overlap¹ vs SMLV (%)	Expense ratio (bp)	Savings vs SMLV (bp)	ALTAR Score™ (%)	ALTAR vs SMLV (%)
TPSC	Timothy Plan US Small Cap Core	32.1	52	-40	6.6	+0.1
ISMD	Inspire Small/Mid Cap Impact	31.4	61	-49	4.7	-1.7
CSF	Compass EMP US Discovery 500 Enhanced Vol.	29.9	35	-23	7.0	+0.5
CSA	Victory CEMP US Small Cap Volatility Wtd	29.7	35	-23	7.0	+0.5
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	28.7	29	-17	4.7	-1.8
VIOO	Vanguard S&P Small-Cap 600	28.4	15	-3	5.7	-0.7
IJR	iShares Core S&P Small-Cap	28.2	7	5	6.0	-0.5
SLY	SPDR S&P 600 Small Cap	28.2	15	-3	6.0	-0.5
SMMV	iShares Edge MSCI Min Vol USA Small-Cap	27.7	20	-8	5.1	-1.3
ROGS	Lattice Global Small Cap Strategy	26.9	39	-27	7.0	+0.6
FLQS	Franklin LibertyQ U.S. Small Cap Equity	25.5	35	-23	5.9	-0.5
EWSC	Invesco S&P Small Cap 600 Equal Weight	25.2	40	-28	5.5	-1.0
RNSC	Small Cap US Equity Select	25.0	60	-48	5.8	-0.6
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity	25.0	20	-8	5.5	-0.9
PSC	Principal U.S. Small Cap Index	24.9	38	-26	6.3	-0.1
IWN	iShares Russell 2000 Value	24.6	24	-12	6.1	-0.3
DES	WisdomTree Smallcap Dividend	24.6	38	-26	6.9	+0.4
VTWV	Vanguard Russell 2000 Value	24.4	20	-8	6.2	-0.3
IWM	iShares Russell 2000	24.1	19	-7	3.4	-3.0
VTWO	Vanguard Russell 2000	23.8	15	-3	3.5	-2.9

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 2000 Low Volatility
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	10.0	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	6.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	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.