VLU: SPDR® S&P® 1500 Value Tilt ETF

NAV

$128.25

as of Jan 14 2021

Base Currency

USD

Assets Under Management

$62.84 M

as of Jan 14 2021

Gross Expense Ratio

0.12%

Quick Links

Key Features

The SPDR^® S&P^®1500 Value Tilt ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P^® 1500 Low Valuation Tilt Index (the “Index”)
The Index overweights stocks with relatively low valuations and underweight stocks with relatively high valuations
The Index contains stocks that exhibit the strongest value characteristics based on: price to earnings ratio, price to cash flow ratio, price to sales ratio, price to book ratio, and dividends paid

About this Benchmark

The S&P 1500 Low Valuation Tilt Index applies an alternative weighting methodology to the S&P Composite 1500 Index so that stocks with relatively low valuations (i.e., relatively “cheap”) are overweight relative to the S&P Composite 1500 Index and stocks with relatively high valuations (i.e., relatively “rich”) are underweight. The S&P Composite 1500 Index, one of the leading indices of the U.S. equity market, is a capitalization-weighted combination of the large-cap S&P 500 Index, the S&P MidCap 400 Index, and the S&P Small Cap 600 Index.

Fund Information as of Jan 14 2021

Benchmark	Inception Date	Options Available	Gross Expense Ratio Gross Expense Ratio The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.	Base Currency	Investment Manager	Management Team
S&P 1500 Low Valuation Tilt Index	Oct 24 2012	No	0.12%	USD	SSGA Funds Management, Inc.	Global Equity Beta Solutions

Benchmark	S&P 1500 Low Valuation Tilt Index
Inception Date	Oct 24 2012
Options Available	No
Gross Expense Ratio Gross Expense Ratio The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.	0.12%
Base Currency	USD
Investment Manager	SSGA Funds Management, Inc.
Management Team	Global Equity Beta Solutions

Distributor	Distribution Frequency
State Street Global Advisors Funds Distributors, LLC	Quarterly

Distributor	State Street Global Advisors Funds Distributors, LLC
Distribution Frequency	Quarterly

Listing Information as of Jan 14 2021

Exchange	Listing Date	Trading Currency	Ticker	CUSIP	ISIN
NYSE ARCA EXCHANGE	Oct 25 2012	USD	VLU	78464A128	US78464A1280

Exchange	NYSE ARCA EXCHANGE
Listing Date	Oct 25 2012
Trading Currency	USD
Ticker	VLU
CUSIP	78464A128
ISIN	US78464A1280

Fund Characteristics as of Jan 14 2021

Est. 3-5 Year EPS Growth Estimated 3-5 Year EPS Growth Based on the underlying holdings of the fund. The actual earnings estimates for the underlying holdings are provided by FactSet, First Call, I/B/E/S Consensus, and Reuters and are used to calculate a mean 3-5 year EPS growth rate estimate.	Number of Holdings	Price/Book Ratio Price/Book Ratio The weighted harmonic average of closing market price divided by the most recent reported book value for each security in the fund's portfolio as calculated for the last twelve months.	Price/Earnings Ratio FY1 Price/Earnings Ratio FY1 The weighted harmonic average of current share price divided by the forecasted one year earnings per share for each security in the fund. Negative and positive outliers are included in the calculation.	Weighted Average Market Cap
8.83%	1,403	2.06	19.14	$213,303.00 M

Est. 3-5 Year EPS Growth Estimated 3-5 Year EPS Growth Based on the underlying holdings of the fund. The actual earnings estimates for the underlying holdings are provided by FactSet, First Call, I/B/E/S Consensus, and Reuters and are used to calculate a mean 3-5 year EPS growth rate estimate.	8.83%
Number of Holdings	1,403
Price/Book Ratio Price/Book Ratio The weighted harmonic average of closing market price divided by the most recent reported book value for each security in the fund's portfolio as calculated for the last twelve months.	2.06
Price/Earnings Ratio FY1 Price/Earnings Ratio FY1 The weighted harmonic average of current share price divided by the forecasted one year earnings per share for each security in the fund. Negative and positive outliers are included in the calculation.	19.14
Weighted Average Market Cap	$213,303.00 M

Index Characteristics as of Jan 14 2021

Est. 3-5 Year EPS Growth	Number of Holdings	Price/Cash Flow	Price/Earnings	Price/Earnings Ratio FY1
8.81%	1,459	9.91	20.31	19.15

Est. 3-5 Year EPS Growth	8.81%
Number of Holdings	1,459
Price/Cash Flow	9.91
Price/Earnings	20.31
Price/Earnings Ratio FY1	19.15

Index Statistics as of Jan 14 2021

	Average Size		Size Range
Weighted Average Market Cap	Mean	Median	Largest	Smallest
$187,423.64 M	$23,444.60 M	$4,173.51 M	$2,204,688.00 M	$124.47 M

Weighted Average Market Cap	$187,423.64 M
Average Size
Mean	$23,444.60 M
Median	$4,173.51 M
Size Range
Largest	$2,204,688.00 M
Smallest	$124.47 M

Yields as of Jan 14 2021

30 Day SEC Yield 30 Day SEC Yield (Also known as Standardized Yield) An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price.	30 Day SEC Yield (Unsubsidized) 30 Day SEC Yield (Unsubsidized) An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price that does not account for expense ratio waivers.	Fund Dividend Yield Fund Dividend Yield The sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.	Index Dividend Yield Index Dividend Yield The weighted average of the underlyings' indicated annual dividend divided by price, expressed as a percentage.
1.96%	-	1.87%	2.14%

30 Day SEC Yield 30 Day SEC Yield (Also known as Standardized Yield) An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price.	1.96%
30 Day SEC Yield (Unsubsidized) 30 Day SEC Yield (Unsubsidized) An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price that does not account for expense ratio waivers.	-
Fund Dividend Yield Fund Dividend Yield The sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.	1.87%
Index Dividend Yield Index Dividend Yield The weighted average of the underlyings' indicated annual dividend divided by price, expressed as a percentage.	2.14%

Fund Market Price as of Jan 14 2021

Bid/Ask Bid/Ask Mid Point (Also known as Mid Price) The price between the best price of the sellers for a trading unit of a given security and the best price of the buyer of a trading unit of a given security.	Closing Price Closing Price Market Price of last reported trade on the exchange.	Day High	Day Low	Exchange Volume (Shares) Exchange Volume (shares) Represents the volume of shares traded on the ETF's primary exchange throughout the previous business day.	Premium/Discount Premium/Discount to NAV Shows the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds calculated as ((4PM Bid/Ask - Closing NAV) / Closing NAV * 100)	30-Day Median Bid/Ask Spread The median bid-ask spread is calculated by identifying national best bid and national best offer ("NBBO") for each Fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and posted on each business day.
$128.34	$128.31	$128.91	$128.31	553	0.07%	0.29%

Bid/Ask Bid/Ask Mid Point (Also known as Mid Price) The price between the best price of the sellers for a trading unit of a given security and the best price of the buyer of a trading unit of a given security.	$128.34
Closing Price Closing Price Market Price of last reported trade on the exchange.	$128.31
Day High	$128.91
Day Low	$128.31
Exchange Volume (Shares) Exchange Volume (shares) Represents the volume of shares traded on the ETF's primary exchange throughout the previous business day.	553
Premium/Discount Premium/Discount to NAV Shows the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds calculated as ((4PM Bid/Ask - Closing NAV) / Closing NAV * 100)	0.07%
30-Day Median Bid/Ask Spread The median bid-ask spread is calculated by identifying national best bid and national best offer ("NBBO") for each Fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and posted on each business day.	0.29%

Premium Discount to NAV Graph and Summary
The line graph and table below show historical information about the differences between the daily closing price for shares of the fund (as determined by the fund’s listing exchange) and the fund’s net asset value over certain periods. The vertical axis of the line graph shows the premium/discount expressed as a percentage of NAV. The horizontal axis indicates the date at which the premium/discount occurred. The table shows the number of trading days in which the fund traded at a premium or at a discount to NAV.

x axis: Dates

y axis: Premium or Discount (bps)

Number of Days Summary

	Calendar Year 2020
Days Traded at Premium Number of days the ETF closing price was above the NAV.	178
Days Traded at Discount Number of days the ETF closing price was below the NAV.	75

Days Traded at Premium Number of days the ETF closing price was above the NAV.
Calendar Year 2020	178
Days Traded at Discount Number of days the ETF closing price was below the NAV.
Calendar Year 2020	75

Fund Data

Because ETFs trade like stocks at current market prices, shareholders may pay more than a fund’s NAV when purchasing fund shares and may receive less than a fund’s NAV when selling fund shares.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Fund Net Cash Amount as of Jan 14 2021

Net Cash Amount
$49,896.22

Net Cash Amount

$49,896.22

Fund Net Asset Value as of Jan 14 2021

NAV NAV The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.	Shares Outstanding	Assets Under Management
$128.25	490,000.00	$62.84 M

NAV NAV The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.	$128.25
Shares Outstanding	490,000.00
Assets Under Management	$62.84 M

Most Recent NAV / NAV History

Fund Performance

Fund Inception Date: Oct 24 2012

Performance

Month End Quarter End

as of Dec 31 2020

	As Of	1 Month	QTD	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception Oct 24 2012
Fund Before Tax
NAV	Dec 31 2020	4.57%	19.76%	9.60%	9.60%	8.51%	12.12%	-	12.65%
Market Value	Dec 31 2020	4.52%	19.81%	9.47%	9.47%	8.53%	12.11%	-	12.64%
S&P 1500 Low Valuation Tilt Index	Dec 31 2020	4.61%	19.88%	10.05%	10.05%	8.73%	12.31%	-	12.91%
Fund After Tax
Return after Taxes on Distributions	Dec 31 2020	4.37%	19.53%	8.52%	8.52%	7.72%	11.37%	-	11.55%
Return after Taxes on Distributions and Sale of Fund Shares	Dec 31 2020	2.71%	11.70%	5.56%	5.56%	6.32%	9.41%	-	9.96%
S&P 1500 Low Valuation Tilt Index	Dec 31 2020	4.61%	19.88%	10.05%	10.05%	8.73%	12.31%	-	12.91%

	As Of	1 Month	QTD	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception Oct 24 2012
Fund Before Tax
NAV	Dec 31 2020	4.57%	19.76%	9.60%	9.60%	8.51%	12.12%	-	12.65%
Market Value	Dec 31 2020	4.52%	19.81%	9.47%	9.47%	8.53%	12.11%	-	12.64%
S&P 1500 Low Valuation Tilt Index	Dec 31 2020	4.61%	19.88%	10.05%	10.05%	8.73%	12.31%	-	12.91%
Fund After Tax
Return after Taxes on Distributions	Dec 31 2020	4.37%	19.53%	8.52%	8.52%	7.72%	11.37%	-	11.55%
Return after Taxes on Distributions and Sale of Fund Shares	Dec 31 2020	2.71%	11.70%	5.56%	5.56%	6.32%	9.41%	-	9.96%
S&P 1500 Low Valuation Tilt Index	Dec 31 2020	4.61%	19.88%	10.05%	10.05%	8.73%	12.31%	-	12.91%

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

Performance returns for periods of less than one year are not annualized. Performance is shown net of fees.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Gross Expense Ratio: 0.12%

Top Holdings
Subject to change.

Top Holdings

Fund Top Holdingsas of Jan 14 2021

Index Top Holdingsas of Jan 14 2021

Fund Top Holdings as of Jan 14 2021

Name	Shares Held	Total Mkt Cap M	Weight
Exxon Mobil Corporation	35,201	$212,722.47	2.82%
Apple Inc.	11,732	$2,168,687.00	2.41%
Berkshire Hathaway Inc. Class B	6,254	$322,201.10	2.34%
Wells Fargo & Company	34,413	$143,673.50	1.90%
Bank of America Corp	34,546	$294,040.34	1.87%
Walmart Inc.	6,301	$415,820.16	1.47%
Morgan Stanley	11,900	$138,349.39	1.45%
JPMorgan Chase & Co.	6,319	$430,314.80	1.42%
Amazon.com Inc.	285	$1,569,211.80	1.42%
AT&T Inc.	22,919	$208,720.55	1.07%

Download All Holdings: Daily

Index Top Holdings as of Jan 14 2021

Name	Weight
Exxon Mobil Corporation	2.82%
Apple Inc.	2.41%
Berkshire Hathaway Inc. Class B	2.34%
Wells Fargo & Company	1.91%
Bank of America Corp	1.87%
Walmart Inc.	1.47%
Morgan Stanley	1.45%
JPMorgan Chase & Co.	1.42%
Amazon.com Inc.	1.38%
AT&T Inc.	1.07%

Sector Allocation

Fund Sector Breakdownas of Jan 14 2021

Index Sector Breakdownas of Jan 14 2021

Fund Sector Breakdown as of Jan 14 2021

Sector	Weight
Financials	23.05%
Information Technology	12.38%
Consumer Discretionary	12.18%
Industrials	10.25%
Health Care	9.22%
Energy	8.92%
Communication Services	7.96%
Consumer Staples	6.35%
Materials	4.57%
Utilities	2.59%
Real Estate	2.54%

Index Sector Breakdown as of Jan 14 2021

Sector	Weight
Financials	23.04%
Information Technology	12.40%
Consumer Discretionary	12.18%
Industrials	10.21%
Health Care	9.23%
Energy	8.93%
Communication Services	7.97%
Consumer Staples	6.36%
Materials	4.57%
Utilities	2.57%
Real Estate	2.54%

Fund Documents

Tax Documents

Information & Schedules

Notice to APs - S&P Dow Jones Indices March 2020 Rebalance Schedule Update

Purchase Information

Buying and Selling ETFs

ETFs are flexible and easy to trade. Investors buy and sell them like stocks, typically through a brokerage account. Investors can also employ traditional stock trading techniques; including stop orders, limit orders, margin purchases, and short sales using ETFs. They are listed on major US Stock Exchanges.

ETFs are subject to risk similar to those of stocks including those regarding short-selling and margin account maintenance.

Ordinary brokerage commissions apply.

Fund Footnotes

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

After-tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Unless otherwise noted all information contained herein is that of the SPDR S&P 1500 Value Tilt ETF.

Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

Holdings and sectors shown are as of the date indicated and are subject to change. This information should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. It is not known whether the sectors or securities shown will be profitable in the future.

As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines.

SPDR® S&P® 1500 Value Tilt ETF VLU

Important Risk Disclosure

Key Features

About this Benchmark

Fund Information as of Jan 14 2021

Listing Information as of Jan 14 2021

Fund Characteristics as of Jan 14 2021

Index Characteristics as of Jan 14 2021

Index Statistics as of Jan 14 2021

Yields as of Jan 14 2021

Fund Market Price as of Jan 14 2021

Number of Days Summary

Fund Net Cash Amount as of Jan 14 2021

Fund Net Asset Value as of Jan 14 2021

Fund Performance

Top Holdings
Subject to change.

Fund Top Holdings as of Jan 14 2021

Index Top Holdings as of Jan 14 2021

Sector Allocation

Fund Sector Breakdown as of Jan 14 2021

Index Sector Breakdown as of Jan 14 2021

Purchase Information

SPDR® S&P® 1500 Value Tilt ETF VLU

Important Risk Disclosure

Key Features

About this Benchmark

Fund Information as of Jan 14 2021

Listing Information as of Jan 14 2021

Fund Characteristics as of Jan 14 2021

Index Characteristics as of Jan 14 2021

Index Statistics as of Jan 14 2021

Yields as of Jan 14 2021

Fund Market Price as of Jan 14 2021

Number of Days Summary

Fund Net Cash Amount as of Jan 14 2021

Fund Net Asset Value as of Jan 14 2021

Fund Performance

Top HoldingsSubject to change.

Fund Top Holdings as of Jan 14 2021

Index Top Holdings as of Jan 14 2021

Sector Allocation

Fund Sector Breakdown as of Jan 14 2021

Index Sector Breakdown as of Jan 14 2021

Purchase Information

Top Holdings
Subject to change.