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.

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