SPDR® S&P® 1500 Value Tilt ETF

VLU

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

Fund Information

As of 12/05/2019
Ticker Symbol VLU
Primary Benchmark S&P 1500 Low Valuation Tilt Index
CUSIP 78464A128
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%
Inception Date 10/24/2012
Investment Manager SSGA Funds Management, Inc.
Management Team Global Equity Beta Solutions
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Quarterly
Exchange NYSE ARCA EXCHANGE

Fund Documents

Fund Performance

MONTH END As of 10/31/2019 QUARTER END As of 09/30/2019
1 Month1.96%3.71%
QTD1.96%1.61%
YTD18.67%16.39%
1 Year8.61%0.21%
3 Year12.26%11.02%
5 Year8.61%8.67%
10 YearN/AN/A
Inception
12.40%12.25%
Performance Disclosure

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.

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.

Fund Characteristics

As of 12/04/2019
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.

8.66%
Number of Holdings 1,389
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.

2.02
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.

14.99
Weighted Average Market Cap $175,682.00 M

Fund Market Price

As of 12/04/2019
Bid/Ask $110.04
Closing Price N/A
Day High N/A
Day Low N/A
Exchange Volume (shares) 0
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)

0.09%

Yields

As of 12/03/2019
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.

2.22%
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.

2.24%
Index Dividend Yield

Index Dividend Yield

The weighted average of the underlyings' indicated annual dividend divided by price, expressed as a percentage.

2.38%

Fund Net Asset Value

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

As of 12/04/2019
NAV

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

$109.95
Shares Outstanding 200,000
Total Net Assets $21.99 M

Index Characteristics

As of 12/04/2019
Est. 3-5 Year EPS Growth 8.64%
Number of Holdings 1,460
Price/Cash Flow 9.20
Price/Earnings 16.32
Price/Earnings Ratio FY1 14.98

Fund Net Cash Amount

As of 12/04/2019
Net Cash Amount $39,672.50

Index Statistics

As of 12/04/2019
Weighted Average Market Cap $155,633.34 M
Average Size
Mean $19,264.20 M
Median $3,574.72 M
Size Range
Largest $1,182,850.10 M
Smallest $47.77 M

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.

Performance Chart

Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
10/24/2012
Month End
NAV 10/31/2019 1.96% 1.96% 18.67% 8.61% 12.26% 8.61% N/A 12.40%
Market Value 10/31/2019 2.19% 2.19% 18.90% 8.89% 12.37% 8.68% N/A 12.44%
Return after Taxes on Distributions 10/31/2019 1.96% 1.96% 17.83% 7.65% 11.50% 7.47% N/A 11.26%
Return after Taxes on Distributions and Sale of Fund Shares 10/31/2019 1.16% 1.16% 11.03% 5.15% 9.37% 6.42% N/A 9.67%
S&P 1500 Low Valuation Tilt Index 10/31/2019 1.96% 1.96% 18.70% 8.67% 12.38% 8.73% N/A 12.63%
Quarter End
NAV 09/30/2019 3.71% 1.61% 16.39% 0.21% 11.02% 8.67% N/A 12.25%
Market Value 09/30/2019 3.94% 1.70% 16.35% 0.25% 11.04% 8.67% N/A 12.25%
Return after Taxes on Distributions 09/30/2019 3.46% 1.37% 15.57% -0.68% 10.27% 7.52% N/A 11.10%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 2.19% 0.95% 9.69% 0.19% 8.39% 6.48% N/A 9.54%
S&P 1500 Low Valuation Tilt Index 09/30/2019 3.72% 1.61% 16.41% 0.28% 11.13% 8.79% N/A 12.48%
Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
10/24/2012
Month End
NAV 10/31/2019 1.96% 1.96% 18.67% 8.61% 12.26% 8.61% N/A 12.40%
Market Value 10/31/2019 2.19% 2.19% 18.90% 8.89% 12.37% 8.68% N/A 12.44%
Return after Taxes on Distributions 10/31/2019 1.96% 1.96% 17.83% 7.65% 11.50% 7.47% N/A 11.26%
Return after Taxes on Distributions and Sale of Fund Shares 10/31/2019 1.16% 1.16% 11.03% 5.15% 9.37% 6.42% N/A 9.67%
S&P 1500 Low Valuation Tilt Index 10/31/2019 1.96% 1.96% 18.70% 8.67% 12.38% 8.73% N/A 12.63%
Quarter End
NAV 09/30/2019 3.71% 1.61% 16.39% 0.21% 11.02% 8.67% N/A 12.25%
Market Value 09/30/2019 3.94% 1.70% 16.35% 0.25% 11.04% 8.67% N/A 12.25%
Return after Taxes on Distributions 09/30/2019 3.46% 1.37% 15.57% -0.68% 10.27% 7.52% N/A 11.10%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 2.19% 0.95% 9.69% 0.19% 8.39% 6.48% N/A 9.54%
S&P 1500 Low Valuation Tilt Index 09/30/2019 3.72% 1.61% 16.41% 0.28% 11.13% 8.79% N/A 12.48%
Swipe to view all columns
Performance Disclosure

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.

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%

Performance Graphs

Month End as of 10/31/2019

Fund Inception Date: 10/24/2012

Index Inception Date: 09/17/2012

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Quarter End as of 09/30/2019

Fund Inception Date: 10/24/2012

Index Inception Date: 09/17/2012

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Fund Top Holdings

Subject to change.

As of 12/04/2019
Name Weight Total Mkt Cap M Shares Held
Apple Inc. 2.68 % $ 1,162,980.10 2,247
Walmart Inc. 2.57 % $ 337,588.06 4,748
Berkshire Hathaway Inc. Class B 2.27 % $ 302,137.80 2,282
AT&T Inc. 2.06 % $ 278,320.47 11,871
JPMorgan Chase & Co. 1.88 % $ 415,082.40 3,115
Bank of America Corp 1.67 % $ 298,187.80 11,055
Wells Fargo & Company 1.58 % $ 225,171.10 6,531
Exxon Mobil Corporation 1.54 % $ 290,465.44 4,921
CVS Health Corporation 1.48 % $ 97,572.30 4,341
Microsoft Corporation 1.31 % $ 1,143,176.60 1,919

Index Top Holdings

As of 12/04/2019
Name Weight
Apple Inc. 2.68 %
Walmart Inc. 2.57 %
Berkshire Hathaway Inc. Class B 2.27 %
AT&T Inc. 2.06 %
JPMorgan Chase & Co. 1.88 %
Bank of America Corp 1.67 %
Wells Fargo & Company 1.58 %
Exxon Mobil Corporation 1.54 %
CVS Health Corporation 1.49 %
Microsoft Corporation 1.31 %

Fund Sector Allocation

As of 12/04/2019
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>12/04/2019</asOfDate><code>FUND_SECTOR_ALLOCATION</code><attributes><attribute><rawValue>22.11</rawValue><value>22.11%</value><label>Financials</label><order>1</order></attribute><attribute><rawValue>13.14</rawValue><value>13.14%</value><label>Information Technology</label><order>2</order></attribute><attribute><rawValue>11.8</rawValue><value>11.80%</value><label>Health Care</label><order>3</order></attribute><attribute><rawValue>9.52</rawValue><value>9.52%</value><label>Industrials</label><order>4</order></attribute><attribute><rawValue>9.2</rawValue><value>9.20%</value><label>Consumer Discretionary</label><order>5</order></attribute><attribute><rawValue>9.03</rawValue><value>9.03%</value><label>Consumer Staples</label><order>6</order></attribute><attribute><rawValue>8.73</rawValue><value>8.73%</value><label>Communication Services</label><order>7</order></attribute><attribute><rawValue>6.86</rawValue><value>6.86%</value><label>Energy</label><order>8</order></attribute><attribute><rawValue>3.85</rawValue><value>3.85%</value><label>Utilities</label><order>9</order></attribute><attribute><rawValue>3.04</rawValue><value>3.04%</value><label>Materials</label><order>10</order></attribute><attribute><rawValue>2.73</rawValue><value>2.73%</value><label>Real Estate</label><order>11</order></attribute></attributes></component>

Index Sector Allocation

As of 12/04/2019
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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.

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

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.

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

Global Equity Beta Solutions

Co-Head, Global Equity Beta Solutions Michael J. Feehily Senior Managing Director Show BioHide Bio

Mike is a Senior Managing Director and the Head of Global Equity Beta Solutions in the Americas. He is also a member of the Senior Leadership Team and is a voting member on the firm's Trade Management Oversight Committee and the North America Product Committee.

Mike rejoined SSGA in 2010 after spending four years in State Street Global Markets where he helped to build the Global Exposure Solutions business. This group created and managed portfolios that were designed to meet the short-term market exposure needs of our institutional clients. Prior to this Mike had been Head of the US Passive Equity Team within SSGA, which he originally joined in 1997. He began his career at State Street within the Global Services division in 1992.

Mike received a Bachelor of Science Degree from Babson College in Finance, Investments, and Economics. He received an MBA in Finance from Bentley College and also earned the Chartered Financial Analyst designation. He is a member of the CFA Institute and the Boston Security Analysts Society. Mike is also a former member of the Russell Index Client Advisory Board.

Deputy Head of GEBS - Americas Karl A. Schneider Managing Director Show BioHide Bio

Karl Schneider, CAIA, is a Managing Director of SSGA and Deputy Head of Global Equity Beta Solutions (GEBS) in the Americas. He also serves as a senior portfolio manager for a number of the group's passive equity portfolios. Previously within GEBS, he served as a portfolio manager and product specialist for US equity strategies and synthetic beta strategies, including commodities, buy/write, and hedge fund replication. He is also a member of the S&P Dow Jones US Equities Index Advisory Panel.

Prior to joining the GEBS team, Mr. Schneider worked as a portfolio manager in SSGA's Currency Management Group, managing both active currency selection and traditional passive hedging overlay portfolios. He joined SSGA in 1997.

Mr. Schneider holds a BS in Finance and Investments from Babson College and also an MS in Finance from Boston College. He has earned the Chartered Alternative Investment Analyst designation and is a member of the CAIA Association.

Senior Portfolio Manager John Law Vice President Show BioHide Bio

John is a Senior Portfolio Manager and Vice President in the Global Equity Beta Solutions Group, having joined SSGA in 2016. Previously, John worked at Dimensional Fund Advisors as a Portfolio Manager on the international equities desk, where he oversaw the international small cap strategy and served as Global Process Lead for foreign exchange. Prior experience also includes mortgage banking, having worked at IndyMac Bank issuing mortgage backed securities, and investment banking, with Credit Suisse First Boston.

John has an MBA from the University of Chicago Booth School of Business, where he was a Siebel Scholar, and Master's and Bachelor's degrees from Cambridge University and Princeton University, respectively.

After Tax Returns

After-tax returns are calculated 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, and the after-tax returns shown are not relevant to investors who hold their fund shres through tad deferred arrangements such as 401(k) plans or individual retiredment accounts. After tax returns may not take into account year end tax adjustments, which are calculated only at the end of each tax year. The after tax returns could differ after year end tax adjustments are accounted for.

S&P 1500 Low Valuation Tilt Index

 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.

Important Risk Information

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.

The Fund employs a value style of investing that emphasizes undervalued companies with characteristics for improved valuations, which may never improve and may actually have lower returns than other styles of investing or the overall stock market.

Equity securities may fluctuate in value in response to the activities of individual companies and general market and economic conditions.

Non-diversified funds that focus on a relatively small number of securities tend to be more volatile than diversified funds and the market as a whole.

Passively managed funds hold a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. This may cause the fund to experience tracking errors relative to performance of the index.

While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

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.

Glossary

Premium Discount to NAV

As of 12/04/2019
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® S&P® 1500 Value Tilt ETF VLU $109.95 N/A $110.04 0.09%
Download Fund Data

x axis: # of days y axis: # Premium/Discount percentage

The above information is provided to show the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds.

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.

Centralized Systematic Valuation Aggregated Cash Flow (ACF) File

This information provided is calculated by Bloomberg Finance L.P., a third party not affiliated with SSGA. Neither SSGA nor its affiliates assume any liability for or guarantee the timeliness, accuracy and completeness of the information provided. The information provided is as of the date indicated and is subject to change.

This analysis or any portion thereof may not be revised or changed in any way, reprinted, sold or redistributed without the written consent of SSGA.

This cash flow table and the data contained herein (together, "Content") is provided for informational purposes only, on an "as is" basis. No source of Content, or any of its affiliates (each a "Source"), makes any warranty, express or implied, that the Content is accurate, complete or error-free, and it should not be relied upon as such. No Source guarantees the timeliness, reliability, performance, continued availability, or currency of the Content or any results obtained therefrom. No Source shall be liable for any damages, including without limitation, any special, punitive, indirect, incidental or consequential damages, or any lost profits, arising from the use of or reliance on the Content, even if advised of the possibility of such damages. Nothing in the Content shall constitute or be construed as an offering of financial instruments by any Source, or as investment advice or recommendations by such entities of an investment strategy or whether or not to "buy", "sell" or "hold" an investment.

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