SMLV
SPDR SSGA US Small Cap Low Volatility Index ETF
SPDR Russell 2000 Low Volatility 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 Russell 2000 Low Volatility Index.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
12 bp
EXPENSES
$198.6 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | SSgA Funds Management Inc |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Feb 20, 2013 |
| Assets (mns) | $199 |
| Expense ratio | 12 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Technical |
| Weighting | Technical |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| NELNET INC-CL A | 1.7 % |
| COMMUNITY BANK SYSTEM INC | 1.6 % |
| PJT PARTNERS, INC. CLASS A | 1.5 % |
| HANOVER INSURANCE GROUP INC/ | 1.5 % |
| OLD NATL BANCORP/IN | 1.4 % |
| VIRTU FINANCIAL, INC. CLASS A | 1.4 % |
| N B T BANCORP INC | 1.4 % |
| PARK NATIONAL CORP | 1.4 % |
| CITY HOLDING CO | 1.3 % |
| ENSTAR GROUP LTD | 1.2 % |
Constituent Breakdown
| Number of holdings | 408 |
| Herfindahl-Hirschman Index | 64 |
| Wgt avg mkt cap (mns) | $1,972 |
| Large cap (>$10bn) | 0.0% |
| Mid cap ($2-10bn) | 37.9% |
| Small cap (<$2bn) | 61.7% |
| Developed mkts. | 99.0% |
| Emerging mkts. | 1.0% |
Country Exposure
 |
UNITED STATES | 93.8 % |
 |
BERMUDA | 1.4 % |
 |
CAYMAN ISLANDS | 1.0 % |
 |
PANAMA | 0.9 % |
 |
PUERTO RICO | 0.7 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | -0.9% | 10.2% | 6.0% | 2.1% | 6.3% | 7.6% | 9.1% | Volatility | 17.5% | 17.7% | 18.2% | 17.4% | 25.0% | 20.2% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.79 | 65% |
| MSCI EAFE | 0.78 | 60% |
| MSCI Emg Mkts | 0.54 | 29% |
Liquidity Measures
| Avg. volume (000) | 8 |
| Turnover | 0.5% |
| Avg. Bid/Ask (% of price) | 0.24% |
| ADV of underlying (mns) | $15,355 |
Technical Indicators
| Recent close | $126.47 |
| 30d moving avg. | $112.73 |
| Annualized volatility | 17.6% |
| Relative strength (RSI) | 49 |
| Short interest (ETF) | 0.0% |
| Short interest (underlying) | 4.2% |
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. SMLV |
Expenses vs. SMLV |
ALTAR Score™ vs. SMLV |
|---|---|---|---|---|
| QABA | First Trust NASDAQ ABA Community Bank Index Fund | 29.5% | +48 bp | +0.4% |
| DES | WisdomTree U.S. SmallCap Dividend Fund | 21.6% | +26 bp | -0.3% |
| SVAL | iShares US Small Cap Value Factor ETF | 21.5% | +8 bp | +2.6% |
| IWN | iShares Russell 2000 Value ETF | 20.0% | +12 bp | -2.4% |
| GSSC | Goldman Sachs Activebeta U.S. Small Cap Equity ETF | 19.8% | +8 bp | -1.4% |
| OMFS | Invesco Russell 2000 Dynamic Multifactor ETF | 19.6% | +27 bp | +1.0% |
| RSSL | Global X Russell 2000 ETF | 19.4% | -4 bp | -4.5% |
| IWM | iShares Russell 2000 ETF | 19.4% | +7 bp | -4.1% |
| PRFZ | Invesco FTSE RAFI US 1500 Small-Mid ETF | 19.1% | +27 bp | -3.2% |
| CSA | VictoryShares US Small Cap Volatility Wtd ETF | 19.0% | +23 bp | -1.0% |
Risk and Returns: SMLV 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 | --% |
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
SMLV
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™
SMLV
7.5%
Cat. Avg
5.7%
Fund Category: US
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 7.5% |
Recommendation
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
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%. SMLV's ALTAR Score™ is approximately
0.7 standard deviations
above
the category average. This places SMLV in the 76th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
SMLV
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 |
| SMLV (12 bp) Percentile rank | 15 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| SMLV | 12.0 | 23.8 | 35.8 |
| Peer Avg. | 29.1 | 14.0 | 43.1 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .