MMTM
SPDR S&P 1500 Momentum Tilt ETF
The SPDR S&P 1500 Momentum 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 Positive Momentum Tilt Index.
Fund Basics
| Fund sponsor | SSgA Funds Management Inc |
| Category | US Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Oct 24, 2012 |
| Assets (mns) | $78 |
| Expense ratio | 12 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Momentum |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| APPLE INC | 8.8 % |
| MICROSOFT CORP | 8.7 % |
| NVIDIA CORP | 5.1 % |
| META PLATFORMS INC | 3.3 % |
| ELI LILLY & CO | 2.1 % |
| JPMORGAN CHASE & CO | 1.8 % |
| BERKSHIRE HATHAWAY INC-CL B | 1.8 % |
| BROADCOM INC. | 1.6 % |
| ALPHABET INC. CLASS A | 1.5 % |
| EXXON MOBIL CORP | 1.4 % |
Constituent Breakdown
| Number of holdings | 1417 |
| Herfindahl-Hirschman Index | 233 |
| Wgt avg mkt cap (mns) | $788,471 |
| Large cap (>$10bn) | 92.5% |
| Mid cap ($2-10bn) | 5.7% |
| Small cap (<$2bn) | 0.7% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 96.4 % |
 |
IRELAND | 1.5 % |
 |
BRITAIN | 1.0 % |
Historical Performance
Standardized Annual Returns (as of 08/31/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 14.2% | 14.4% | 1.0% | 8.2% | 9.7% | 12.4% | 12.9% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.93 | 96% |
| MSCI EAFE | 0.77 | 67% |
| MSCI Emg Mkts | 0.52 | 29% |
Liquidity Measures
| Avg. volume (000) | 2 |
| Turnover | 0.5% |
| Avg. Bid/Ask (% of price) | 0.18% |
| ADV of underlying (mns) | $175,413 |
Technical Indicators
| Recent close | $178.31 |
| 30d moving avg. | $185.66 |
| Annualized volatility | 17.1% |
| Relative strength (RSI) | 43 |
| Short interest (ETF) | 0.3% |
| Short interest (underlying) | 1.8% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. MMTM |
Expenses vs. MMTM |
ALTAR Score™ vs. MMTM |
|---|---|---|---|---|
| SPTM | SPDR Portfolio Total Stock Market ETF | 74.5% | -9 bp | +0.8% |
| SPY | SPDR S&P 500 ETF Trust | 73.5% | -3 bp | +0.5% |
| IVV | iShares Core S&P 500 ETF | 73.4% | -9 bp | +0.6% |
| VOO | VANGUARD S&P 500 ETF | 73.2% | -9 bp | +0.6% |
| SPLG | SPDR Portfolio S&P 500 ETF | 73.2% | -10 bp | +0.6% |
| DFUS | Dimensional U.S. Equity ETF | 72.3% | -3 bp | +0.4% |
| QVML | Invesco S&P 500 QVM Multi-factor ETF | 72.2% | -1 bp | +0.7% |
| SPYX | SPDR S&P 500 Fossil Fuel Reserves Free ETF | 72.2% | +8 bp | +0.4% |
| ILCB | iShares Morningstar U.S. Equity ETF | 71.8% | -9 bp | +0.5% |
| IYY | iShares Dow Jones U.S. ETF | 71.7% | +8 bp | +0.4% |
Risk and Returns: MMTM vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | 2024E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2022 | 2023E | Fwd Est | 2024E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 9/26/2023
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
MMTM
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
MMTM
5.4%
Cat. Avg
6.5%
Fund Category: US Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 5.4% |
Recommendation
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
Category Overview
There are 898 funds in the US Equities category, with an average ALTAR Score™
of 6.5% and a standard deviation of
3.1%. MMTM's ALTAR Score™ is approximately
0.4 standard deviations
below
the category average. This places MMTM in the 36th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
MMTM
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| MMTM | 12.0 | 17.7 | 29.7 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .