ETF Research Center

The SPDR S&P 1500 Value Tilt 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 S&P 1500 Low Valuation Tilt Index.

FUND BASICS
Category	US Equities
Fund Sponsor	SSgA Funds Management Inc
Website	www.spdrs.com
Inception date	Oct 25, 2012
Assets (mns)	$23
Currency	USD
Expense ratio	12 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1389
Wgt avg mkt cap (mns)	$186,703
Large cap (>$10bn)	85.7%
Mid cap ($2-10bn)	11.3%
Small cap (<$2bn)	3.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	19.1 %
APPLE INC	2.7 %
WAL-MART STORES INC	2.6 %
BERKSHIRE HATHAWAY INC-CL B	2.3 %
AT&T INC	2.0 %
JPMORGAN CHASE & CO	1.9 %
BANK OF AMERICA CORP	1.7 %
WELLS FARGO & CO	1.6 %
EXXON MOBIL CORP	1.5 %
CVS CAREMARK CORP	1.5 %
MICROSOFT CORP	1.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.2 %
	IRELAND	1.7 %
	BRITAIN	1.0 %
	SWITZERLAND	0.6 %
	BERMUDA	0.2 %
	PUERTO RICO	0.0 %
	CAYMAN ISLANDS	0.0 %
	NETHERLANDS	0.0 %

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.
23.0%	10.9%	8.8%	--	12.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.01	90%
MSCI EAFE	0.95	67%
MSCI Emg. Mkts.	0.64	49%

Technical Indicators
Recent close	$112.51
30d moving avg.	$110.30
Annualized volatility	12.8%
Short interest (ETF)	0.9%
Short interest (Underlying)	2.8%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	2
Turnover	1.0%
Bid/Ask (% of price)	0.34%
ADV underlying (mns)	$167,008

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR S&P 1500 Value Tilt ETF based on the alternatives' overlap in portfolio holdings with VLU. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

VLU

Expense:

12 bp

ALTAR Score™:

7.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VLU
Ticker	Fund Name	Overlap¹ vs VLU (%)	Expense ratio (bp)	Savings vs VLU (bp)	ALTAR Score™ (%)	ALTAR vs VLU (%)
PRF	Invesco FTSE-RAFI U.S. 1000	81.5	39	-27	6.4	-0.8
FNDB	Schwab Fundamental Broad Mkt	77.7	25	-13	5.9	-1.3
FNDX	Schwab Fundamental Large Cap	75.7	25	-13	5.9	-1.4
RWL	Invesco S&P 500 Revenue ETF	72.1	39	-27	7.4	+0.2
EXT	WisdomTree Total Earnings	67.3	28	-16	6.7	-0.5
EPS	WisdomTree Earnings 500	66.8	8	4	6.7	-0.5
SCHB	Schwab U.S. Broad Market	66.5	3	9	5.7	-1.5
ITOT	iShares Core S&P Total US	66.3	3	9	5.6	-1.7
IUSV	iShares Core U.S. Value	66.2	4	8	7.0	-0.2
IWV	iShares Russell 3000	66.2	20	-8	5.4	-1.8
VTHR	Vanguard Russell 3000	65.9	15	-3	5.5	-1.7
IYY	iShares DJ US Total Market	65.9	20	-8	5.6	-1.6
VTI	Vanguard Total Market	65.8	3	9	5.6	-1.6
IUS	Invesco Strategic US	65.7	19	-7	5.9	-1.3
SCHK	Schwab 1000 Index	65.5	5	7	5.8	-1.4
PBP	Invesco S&P 500 Buy/Write	65.5	49	-37	5.4	-1.8
TILT	Flexshares Morningstar US Market Factor Tilt	65.5	25	-13	5.8	-1.4
SPY	S&P 500 SPDR	65.0	9	3	5.8	-1.4
IWB	iShares Russell 1000	65.0	15	-3	5.6	-1.6
IVV	iShares Core S&P 500	65.0	4	8	5.8	-1.4

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 S&P 1500 Value Tilt
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	13.9	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	7.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	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.