ETF Research Center

SPDR Russell 3000 ETF is an exchange-traded fund incorporated in the USA. The Fund's objective seeks to replicate as closely as possible, before expenses, the total return performance of the Russell 3000 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	SSgA Funds Management Inc
Website	www.spdrs.com
Inception date	Oct 04, 2000
Assets (mns)	$3,951
Currency	USD
Expense ratio	3 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	2857
Wgt avg mkt cap (mns)	$227,402
Large cap (>$10bn)	84.8%
Mid cap ($2-10bn)	11.9%
Small cap (<$2bn)	3.3%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	19.4 %
APPLE INC	4.1 %
MICROSOFT CORP	3.8 %
AMAZON.COM INC	2.7 %
FACEBOOK	1.6 %
JPMORGAN CHASE & CO	1.4 %
ALPHABET INC. CLASS A	1.4 %
JOHNSON & JOHNSON	1.2 %
VISA INC-CLASS A SHARES	1.1 %
BANK OF AMERICA CORP	1.0 %
EXXON MOBIL CORP	1.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.3 %
	ARGENTINA	0.1 %
	BRITAIN	0.1 %
	CHINA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
23.1%	13.9%	10.4%	13.6%	6.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.01	99%
MSCI EAFE	0.87	62%
MSCI Emg. Mkts.	0.58	45%

Technical Indicators
Recent close	$38.27
30d moving avg.	$37.23
Annualized volatility	12.2%
Short interest (ETF)	0.3%
Short interest (Underlying)	3.0%
Relative strength (RSI)	75

Liquidity measures
Avg. volume (thou.)	396
Turnover	0.4%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$176,354

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

SPTM

Expense:

3 bp

ALTAR Score™:

5.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SPTM
Ticker	Fund Name	Overlap¹ vs SPTM (%)	Expense ratio (bp)	Savings vs SPTM (bp)	ALTAR Score™ (%)	ALTAR vs SPTM (%)
IWV	iShares Russell 3000	91.2	20	-17	5.6	-0.2
SCHB	Schwab U.S. Broad Market	91.1	3	0	5.8	+0.0
IYY	iShares DJ US Total Market	91.0	20	-17	5.7	-0.1
VTHR	Vanguard Russell 3000	90.7	15	-12	5.6	-0.1
ITOT	iShares Core S&P Total US	90.7	3	0	5.7	-0.1
IWB	iShares Russell 1000	90.7	15	-12	5.8	+0.0
SCHK	Schwab 1000 Index	90.6	5	-2	5.9	+0.1
VONE	Vanguard Russell 1000	90.4	12	-9	5.8	+0.1
SPLG	SPDR Portfolio Large Cap	90.1	3	0	5.8	+0.1
VTI	Vanguard Total Market	89.8	3	0	5.7	-0.1
SCHX	Schwab U.S. Large-Cap	88.7	3	0	5.9	+0.1
PBUS	Invesco PureBeta MSCI USA	86.5	4	-1	6.0	+0.3
BBUS	JP Morgan Betabuilders U.S. Equity	85.9	2	1	5.9	+0.1
VV	Vanguard Large-Cap ETF	85.0	4	-1	5.9	+0.1
PBP	Invesco S&P 500 Buy/Write	83.1	49	-46	5.6	-0.2
SPY	S&P 500 SPDR	83.0	9	-6	5.9	+0.2
IVV	iShares Core S&P 500	83.0	4	-1	6.0	+0.2
VOO	Vanguard S&P 500 ETF	82.9	3	0	6.0	+0.2
HSPX	Global X S&P 500 Covered Call	82.8	65	-62	5.4	-0.3
ESGV	Vanguard ESG U.S. Stock	80.6	12	-9	5.8	+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 Total Stock Market
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	16.4	%
Divided by: Fwd. P/BV	2.8	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	1.55

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.