ETF Research Center

The SPDR S&P 1000 ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P 1000 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	SSgA Funds Management Inc
Website	www.spdrs.com
Inception date	Nov 08, 2005
Assets (mns)	$1,864
Currency	USD
Expense ratio	5 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Market Cap
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1003
Wgt avg mkt cap (mns)	$4,804
Large cap (>$10bn)	8.3%
Mid cap ($2-10bn)	71.7%
Small cap (<$2bn)	20.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	4.5 %
ZEBRA TECHNOLOGIES CORP-CL A	0.5 %
TELEDYNE TECHNOLOGIES INC	0.5 %
OLD DOMINION FREIGHT LINE	0.5 %
DOMINO'S PIZZA INC	0.5 %
ALLEGHANY CORP	0.4 %
TYLER TECHNOLOGIES INC	0.4 %
WEST PHARMACEUTICAL SERVICES	0.4 %
TERADYNE INC	0.4 %
CAMDEN PROPERTY TRUST	0.4 %
MEDICAL PROPERTIES TRUST INC	0.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.4 %
	BERMUDA	0.6 %
	BRITAIN	0.6 %
	PUERTO RICO	0.2 %
	CAYMAN ISLANDS	0.1 %
	SWITZERLAND	0.1 %
	IRELAND	0.1 %
	NETHERLANDS	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.
21.7%	7.5%	6.4%	12.1%	8.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.15	84%
MSCI EAFE	1.02	55%
MSCI Emg. Mkts.	0.67	37%

Technical Indicators
Recent close	$35.65
30d moving avg.	$34.99
Annualized volatility	15.2%
Short interest (ETF)	0.3%
Short interest (Underlying)	5.8%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	248
Turnover	0.5%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$24,795

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

SPMD

Expense:

5 bp

ALTAR Score™:

6.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SPMD
Ticker	Fund Name	Overlap¹ vs SPMD (%)	Expense ratio (bp)	Savings vs SPMD (bp)	ALTAR Score™ (%)	ALTAR vs SPMD (%)
MDY	S&P MidCap 400 SPDR	69.5	24	-19	6.0	-0.0
IJH	iShares Core S&P MidCap	69.3	7	-2	6.2	+0.2
IVOO	Vanguard S&P Mid-Cap 400	69.1	15	-10	6.1	+0.1
EWMC	Invesco S&P Mid Cap 400 Equal Weight	64.1	40	-35	6.5	+0.5
SCHA	Schwab U.S. Small-Cap	62.0	4	1	4.9	-1.1
PBSM	Invesco PureBeta MSCI USA Small Cap	61.8	6	-1	5.3	-0.8
VB	Vanguard Smallcap ETF	59.0	5	0	5.5	-0.6
SPSM	SPDR Portfolio Small Cap	58.4	5	0	4.7	-1.3
VBR	Vanguard Small-Cap Value ETF	54.4	7	-2	7.6	+1.6
ESML	iShares MSCI USA Small-Cap ESG Optimized	50.9	17	-12	4.7	-1.4
FSMD	Fidelity Small-Mid Factor ETF	48.5	29	-24	6.3	+0.3
VXF	Vanguard Extended Market	48.4	7	-2	3.3	-2.8
EZM	WisdomTree Midcap Earnings	48.4	38	-33	7.6	+1.6
MDYV	SPDR S&P400 Mid Cap Value	47.7	15	-10	7.4	+1.3
IJJ	iShares S&P MidCap 400 Value	47.7	25	-20	7.3	+1.2
IVOV	Vanguard S&P Mid-Cap 400 Value	47.5	20	-15	7.3	+1.3
IWM	iShares Russell 2000	47.3	19	-14	3.5	-2.5
VTWO	Vanguard Russell 2000	47.2	15	-10	3.6	-2.5
FNDA	Schwab Fundamental Small Cap	46.7	25	-20	5.9	-0.1
IUSS	Invesco Strategic US Small Company	46.6	23	-18	6.1	+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 Mid 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	11.3	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	5	bp
Equals: ALTAR Score	6.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	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.