Adding to the growing number of factors-based, or “intelligent,” indexing products, State Street Global Advisors has launched two new exchange traded funds that adhere to a momentum and value “tilt.”

On Thursday, the SPDR S&P 1500 Value Tilt ETF (NYSEArca: VLU) and the SPDR S&P 1500 Momentum Tilt (NYSEArca: MMTM) began trading, reports the ETF Professor for Benzinga.

The Value Tilt ETF will try to reflect the performance of the S&P 1500 Value Tilt Index, which overweights stocks with relatively low valuations to the S&P 1500 Index while underweighting stocks with relatively high valuations. According to a previous filing, valuations are determined by the price-to-earnings, cash flow, sales, book value and dividends. The underlying holdings are rebalanced annually on or about March.

The Momentum Tilt ETF will try to reflect the performance of the S&P 1500 Positive Momentum Tilt Index, which leans toward high momentum stocks and underweights low momentum stocks. Momentum is determined by the stock’s price, according to the filing. Component holdings are rebalanced quarterly at the end of January, April, July and October.

The two funds are passively indexed but follow a modified indexing strategy that mimics actively managed styles. [Enhanced Indexing]

“Providing advisors and investors with unique opportunities to take advantage of sources of outperformance relative to standard cap-weighted indexes and combining the advantages of value and momentum tilt investing with the benefits of exchange traded funds, our new SPDR Tilt ETFs further illustrate the growing popularity of advanced beta investment strategies,” said James Ross, senior managing director and global head of SPDR Exchange Traded Funds, in a press release.

For more information on new ETF products, visit our new ETFs category.

Max Chen contributed to this article.

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