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

$11.9 M

ASSETS UNDER MGMT

FACTOR SCORECARD

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Fund Basics
Fund sponsorSyntax Advisors
CategoryUS
Asset classEquity
Websitelink...
Inception dateJan 17, 2020
Assets (mns)$12
Expense ratio35 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsAnnually
Taxation1099
Stock selectionCommittee
WeightingTiered
Holdings TransparencyFull
Derivatives-basedNo
Options availableNo
Currency hedgedNo
Fund of fundsNo
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 holdings402
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)
 YTD1 YR2 YR3 YR5 YR10 YRIncep.
Total Returns -0.5% 6.1% 11.9% 1.6% -- -- 12.6%
Volatility 14.4% 15.7% 19.8% 20.0% -- -- --
Market Correlations
versus...BetaR-squared
S&P 5001.0485%
MSCI EAFE1.0682%
MSCI Emg Mkts0.7643%
Liquidity Measures
Avg. volume (000)0
Turnover0.0%
Avg. Bid/Ask (% of price)0.19%
ADV of underlying (mns)$55,531
Technical Indicators
Recent close$43.33
30d moving avg.$43.00
Annualized volatility20.4%
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)

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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.

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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

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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 --%
1.4 15.2 2.5 5.2% --
Based on closing prices from 7/19/2024
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
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.

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ETF Research Center Fund Rating

Our measure of an ETF's overall investment merit

ALTAR Score™

SMDY

5.7%

Cat. Avg

5.7%

Fund Category: US

Avg. Return on Equity--%
Divided by: Fwd. P/BV--x
Less: Expenses-- bp
Equals: ALTAR Score™5.7%
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 2.5%. SMDY's ALTAR Score™ is approximately 0.0 standard deviations below the category average. This places SMDY in the 49th percentile among funds in the category.
Consensus Recommendation

Sell-side recommendations on the ETF's individual constituents

Composite
SMDY
Peer Average
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 .