SMDY
Syntax Stratified MidCap ETF
SMDY tracks an index that holds all constituents of the S&P 400 Index, reweighted to diversify related business risk.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
35 bp
EXPENSES
$12.0 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Syntax Advisors |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Jan 17, 2020 |
| Assets (mns) | $12 |
| Expense ratio | 35 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Committee |
| Weighting | Tiered |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| SCOTTS MIRACLE-GRO CO-CL A | 1.8 % |
| COTY INC-CL A | 1.4 % |
| CIENA CORP | 1.0 % |
| GODADDY, INC. CLASS A | 1.0 % |
| DOXIMITY, INC. CLASS A | 0.9 % |
| TENET HEALTHCARE CORP | 0.8 % |
| UNITED THERAPEUTICS CORP | 0.8 % |
| HALOZYME THERAPEUTICS INC | 0.8 % |
| FRONTIER COMMUNICATIONS PARENT, INC. | 0.8 % |
| DYNATRACE, INC. | 0.8 % |
Constituent Breakdown
| Number of holdings | 402 |
| Herfindahl-Hirschman Index | 42 |
| Wgt avg mkt cap (mns) | $7,370 |
| Large cap (>$10bn) | 23.6% |
| Mid cap ($2-10bn) | 74.9% |
| Small cap (<$2bn) | 0.6% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 90.6 % |
 |
BRITAIN | 1.4 % |
 |
IRELAND | 1.3 % |
 |
BERMUDA | 0.9 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | -0.5% | 6.1% | 11.9% | 1.6% | -- | -- | 12.6% | Volatility | 14.4% | 15.7% | 19.8% | 20.0% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.04 | 85% |
| MSCI EAFE | 1.06 | 82% |
| MSCI Emg Mkts | 0.76 | 43% |
Liquidity Measures
| Avg. volume (000) | 0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.19% |
| ADV of underlying (mns) | $55,531 |
Technical Indicators
| Recent close | $43.47 |
| 30d moving avg. | $42.80 |
| Annualized volatility | 20.4% |
| Relative strength (RSI) | 52 |
| Short interest (ETF) | 2.0% |
| Short interest (underlying) | 5.8% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. SMDY |
Expenses vs. SMDY |
ALTAR Score™ vs. SMDY |
|---|---|---|---|---|
| IVOO | Vanguard S&P Mid-Cap 400 ETF | 63.3% | -25 bp | +1.0% |
| IJH | iShares Core S&P Mid-Cap ETF | 62.3% | -30 bp | +1.0% |
| MDY | SPDR S&P Midcap 400 ETF Trust | 62.3% | -12 bp | +0.8% |
| SPMD | SPDR Portfolio S&P 400 Mid Cap ETF | 61.4% | -32 bp | +1.0% |
| XJH | iShares ESG Screened S&P Mid-Cap ETF | 60.4% | -23 bp | +1.0% |
| QVMM | Invesco S&P MidCap 400 QVM Multi-factor ETF | 60.0% | -20 bp | +1.3% |
| MIDE | Xtrackers S&P MidCap 400 ESG ETF | 52.2% | -20 bp | +1.3% |
| IVOV | Vanguard S&P Mid-Cap 400 Value ETF | 50.3% | -20 bp | +2.0% |
| IJJ | iShares S&P Mid-Cap 400 Value ETF | 49.9% | -17 bp | +2.0% |
| MDYV | SPDR S&P 400 Mid Cap Value ETF | 49.4% | -20 bp | +2.0% |
Risk and Returns: SMDY 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.
Content on this tab for Individual & Professional subscribers only. Start your FREE trial
Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| 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
Content on this tab for Individual & Professional subscribers only. Start your FREE trial
Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| 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 7/25/2024
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
SMDY
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
Some content on this tab for Individual & Professional subscribers only. Start your FREE trial
ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
SMDY
5.6%
Cat. Avg
5.7%
Fund Category: US
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 5.6% |
Recommendation
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
Category Overview
There are 899 funds in the US category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. SMDY's ALTAR Score™ is approximately
0.0 standard deviations
below
the category average. This places SMDY in the 48th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
SMDY
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 609 |
| Avg. Expense Ratio | 46.6 bp |
| Std. Deviation | 32.9 bp |
| SMDY (35 bp) Percentile rank | 36 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| SMDY | 35.0 | 19.3 | 54.3 |
| Peer Avg. | 29.1 | 14.0 | 43.1 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .