ETF Research Center

SPDR Russell 1000 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 Russell 1000 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	SSgA Funds Management Inc
Website	www.spdrs.com
Inception date	Nov 08, 2005
Assets (mns)	$3,173
Currency	USD
Expense ratio	3 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	708
Wgt avg mkt cap (mns)	$266,239
Large cap (>$10bn)	94.0%
Mid cap ($2-10bn)	6.0%
Small cap (<$2bn)	0.0%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	21.6 %
APPLE INC	4.5 %
MICROSOFT CORP	4.3 %
AMAZON.COM INC	2.9 %
FACEBOOK	1.8 %
JPMORGAN CHASE & CO	1.6 %
ALPHABET INC. CLASS A	1.5 %
JOHNSON & JOHNSON	1.4 %
VISA INC-CLASS A SHARES	1.2 %
PROCTER & GAMBLE CO/THE	1.2 %
BANK OF AMERICA CORP	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.5 %
	ARGENTINA	0.1 %
	BRITAIN	0.1 %
	CHINA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
28.3%	16.7%	10.9%	13.4%	9.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.00	100%
MSCI EAFE	0.91	68%
MSCI Emg. Mkts.	0.64	53%

Technical Indicators
Recent close	$36.66
30d moving avg.	$36.28
Annualized volatility	12.1%
Short interest (ETF)	0.2%
Short interest (Underlying)	2.6%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	669
Turnover	0.8%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$164,367

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

SPLG

Expense:

3 bp

ALTAR Score™:

5.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SPLG
Ticker	Fund Name	Overlap¹ vs SPLG (%)	Expense ratio (bp)	Savings vs SPLG (bp)	ALTAR Score™ (%)	ALTAR vs SPLG (%)
PBUS	Invesco PureBeta MSCI USA	91.6	4	-1	6.0	+0.2
SCHX	Schwab U.S. Large-Cap	90.9	3	0	5.8	+0.1
PBP	Invesco S&P 500 Buy/Write	90.9	49	-46	5.5	-0.3
VV	Vanguard Large-Cap ETF	90.7	4	-1	5.8	+0.1
SPY	S&P 500 SPDR	90.6	9	-6	5.9	+0.1
BBUS	JP Morgan Betabuilders U.S. Equity	90.4	2	1	5.9	+0.1
SPTM	SPDR Portfolio Total Stock Market	90.2	3	0	5.7	-0.1
IVV	iShares Core S&P 500	90.2	4	-1	5.9	+0.2
HSPX	Global X S&P 500 Covered Call	90.2	65	-62	5.3	-0.4
VOO	Vanguard S&P 500 ETF	90.2	3	0	6.0	+0.2
IWB	iShares Russell 1000	89.0	15	-12	5.7	-0.0
VONE	Vanguard Russell 1000	88.7	12	-9	5.8	+0.0
SCHK	Schwab 1000 Index	88.7	5	-2	5.8	+0.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	87.7	20	-17	5.9	+0.2
IYY	iShares DJ US Total Market	87.1	20	-17	5.7	-0.1
SPXE	ProShares S&P 500 Ex-Energy	87.1	27	-24	5.9	+0.1
SCHB	Schwab U.S. Broad Market	83.4	3	0	5.7	-0.0
IWV	iShares Russell 3000	83.3	20	-17	5.5	-0.2
VTHR	Vanguard Russell 3000	83.2	15	-12	5.6	-0.2
ITOT	iShares Core S&P Total US	83.1	3	0	5.6	-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 Portfolio Large Cap
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	17.7	%
Divided by: Fwd. P/BV	3.1	x
Less: Expense ratio	3	bp
Equals: ALTAR Score	5.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	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.