ETF Research Center

SPDR Russell 2000 ETF is an exchanged-traded fund incorporated in the USA. The fund seeks to provide investment results that before fees and expenses, correspond generally to the price and yeild performance of the Russell 2000 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	SSgA Funds Management Inc
Website	www.spdrs.com
Inception date	Jul 09, 2013
Assets (mns)	$1,577
Currency	USD
Expense ratio	5 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	1807
Wgt avg mkt cap (mns)	$2,890
Large cap (>$10bn)	0.7%
Mid cap ($2-10bn)	61.7%
Small cap (<$2bn)	37.6%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	2.2 %
ACADIA PHARMACEUTICALS INC	0.2 %
MONGODB, INC. CLASS A	0.2 %
ITT CORP	0.2 %
COUSINS PROPERTIES INC	0.2 %
TELADOC INC	0.2 %
CACI INTERNATIONAL INC -CL A	0.2 %
CASEY'S GENERAL STORES INC	0.2 %
JABIL CIRCUIT INC	0.2 %
MKS INSTRUMENTS INC	0.2 %
PRIMERICA INC	0.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.8 %
	PUERTO RICO	0.4 %
	BRITAIN	0.1 %
	CANADA	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.
22.3%	7.5%	8.2%	--	9.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.18	79%
MSCI EAFE	1.04	51%
MSCI Emg. Mkts.	0.67	33%

Technical Indicators
Recent close	$31.70
30d moving avg.	$31.34
Annualized volatility	16.0%
Short interest (ETF)	0.0%
Short interest (Underlying)	6.9%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	491
Turnover	1.0%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$31,318

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

SPSM

Expense:

5 bp

ALTAR Score™:

4.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SPSM
Ticker	Fund Name	Overlap¹ vs SPSM (%)	Expense ratio (bp)	Savings vs SPSM (bp)	ALTAR Score™ (%)	ALTAR vs SPSM (%)
SCHA	Schwab U.S. Small-Cap	84.3	4	1	5.0	+0.2
IWM	iShares Russell 2000	69.7	19	-14	3.6	-1.2
VTWO	Vanguard Russell 2000	69.6	15	-10	3.6	-1.1
PBSM	Invesco PureBeta MSCI USA Small Cap	69.5	6	-1	5.3	+0.6
VB	Vanguard Smallcap ETF	59.0	5	0	5.5	+0.8
SPMD	SPDR Portfolio Mid Cap	58.3	5	0	6.1	+1.3
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity	57.6	20	-15	5.3	+0.6
VXF	Vanguard Extended Market	50.3	7	-2	3.3	-1.5
ESML	iShares MSCI USA Small-Cap ESG Optimized	49.9	17	-12	4.7	-0.0
VBR	Vanguard Small-Cap Value ETF	49.0	7	-2	7.7	+2.9
IUSS	Invesco Strategic US Small Company	46.8	23	-18	6.2	+1.5
PRFZ	Invesco FTSE-RAFI Small-Mid 1500	46.2	39	-34	4.6	-0.2
FNDA	Schwab Fundamental Small Cap	46.0	25	-20	6.0	+1.3
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	44.1	29	-24	4.1	-0.6
JHSC	John Hancock Multifactor Small Cap	41.3	50	-45	5.7	+0.9
IWO	iShares Russell 2000 Growth	40.7	24	-19	0.9	-3.9
VTWG	Vanguard Russell 2000 Growth	40.6	20	-15	0.9	-3.9
IWN	iShares Russell 2000 Value	39.9	24	-19	6.2	+1.4
VTWV	Vanguard Russell 2000 Value	39.8	20	-15	6.3	+1.5
EZM	WisdomTree Midcap Earnings	37.9	38	-33	7.7	+3.0

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 Small Cap
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	8.5	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	5	bp
Equals: ALTAR Score	4.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	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.