SPDR S&P Midcap 400 ETF Trust
ALTAR
Score™		 5.1% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 30.6x P/Sales
ratio		 1.8x
P/BV
ratio		 2.6x Div.
yield		 1.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Standard & Poor's Depositary Receipts, represent ownership in a unit investment trust that seeks investment results which, before expenses, generally correspond to the price and yield performance of U.S. mid-cap stocks, as represented by the Standard & Poor's MidCap 400 Index.

FUND BASICS
Category US Equities
Fund Sponsor Bank of New York
Website www.nyse.com
Inception date May 04, 1995
Assets (mns) $19,808
Currency USD
Expense ratio 23 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 400
Wgt avg mkt cap (mns) $7,048
Large cap (>$10bn) 17.3%
Mid cap ($2-10bn) 80.9%
Small cap (<$2bn) 1.9%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
GENERAC HOLDINGS INC 0.8 %
MONOLITHIC POWER SYSTEMS INC 0.8 %
ELDORADO RESORTS INC 0.8 %
SOLAREDGE TECHNOLOGIES, INC. 0.8 %
PENN NATIONAL GAMING INC 0.7 %
COGNEX CORP 0.7 %
FAIR ISAAC CORP 0.7 %
CHARLES RIVER LABORATORIES 0.6 %
BIO-TECHNE CORPORATION 0.6 %
PARAMETRIC TECHNOLOGY CORP 0.6 %
Total 7.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.5 %
BERMUDA 0.9 %
BRITAIN 0.9 %
IRELAND 0.6 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
13.5% 13.5% 12.1% 11.2% 11.4%

Market Correlations
versus... Beta R-squared
S&P500 1.19 90%
MSCI EAFE 1.14 81%
MSCI Emg. Mkts. 0.95 72%

Technical Indicators
Recent close $448.48
30d moving avg. $427.04
Annualized volatility 23.6%
Short interest (ETF) 4.8%
Short interest (Underlying) 5.7%
Relative strength (RSI) 68

Liquidity measures
Avg. volume (thou.) 981
Turnover 2.2%
Bid/Ask (% of price) 0.02%
ADV underlying (mns) $23,006

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the SPDR S&P Midcap 400 ETF Trust ETF based on the alternatives' overlap in portfolio holdings with MDY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: MDY Expense: 23 bp ALTAR Score™: 5.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH MDY
Ticker Fund
Name		 Overlap1
vs MDY
(%)		 Expense
ratio
(bp)		 Savings
vs MDY
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs MDY
(%)
SPMD SPDR Portfolio Mid Cap ETF 99.6 5 18 5.3 +0.2
IJH iShares Core S&P Mid-Cap ETF 99.6 5 18 5.3 +0.2
IVOO Vanguard S&P Mid-Cap 400 ETF 93.1 10 13 5.3 +0.2
XJH iShares ESG Screened S&P Mid-Cap ETF 91.1 12 11 5.4 +0.3
EWMC Invesco S&P MidCap 400 Equal Weight ETF 78.8 40 -17 5.6 +0.5
SMDY Syntax Stratified MidCap ETF 66.7 30 -7 5.1 +0.0
MDYG SPDR S&P 400 Mid Cap Growth ETF 64.7 15 8 3.7 -1.4
IJK iShares S&P Mid-Cap 400 Growth ETF 64.7 17 6 3.7 -1.4
IJJ iShares S&P Mid-Cap 400 Value ETF 63.6 18 5 6.9 +1.8
MDYV SPDR S&P 400 Mid Cap Value ETF 63.6 15 8 6.9 +1.8
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 61.8 15 8 4.1 -1.0
IVOV Vanguard S&P Mid-Cap 400 Value ETF 59.8 15 8 6.7 +1.6
RWK Invesco S&P MidCap 400 Revenue ETF 57.5 39 -16 6.3 +1.3
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 52.3 7 16 3.9 -1.2
BKSE BNY Mellon US Small Cap Core Equity ETF 44.6 4 19 4.7 -0.4
VBR Vanguard Small Cap Value Index Fund 44.0 7 16 6.4 +1.3
EZM WisdomTree U.S. MidCap Earnings Fund 42.8 38 -15 7.5 +2.4
PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF 42.4 60 -37 3.6 -1.5
SFYX Sofi Next 500 ETF 42.0 0 23 4.8 -0.3
PBSM Invesco PureBeta MSCI USA Small Cap ETF 39.6 6 17 4.0 -1.1
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 39.5 17 6 4.0 -1.1
FNX First Trust Mid Cap Core AlphaDEX Fund 39.4 61 -38 5.0 -0.1
FSMD Fidelity Small-Mid Factor ETF 39.1 29 -6 5.2 +0.1
SCHM Schwab U.S. Mid-Cap ETF 38.3 4 19 5.0 -0.1
VB Vanguard Small-Cap ETF 38.0 5 18 4.4 -0.7
AFMC First Trust Active Factor Mid Cap ETF 37.1 65 -42 5.2 +0.1
JHSC John Hancock Multifactor Small Cap ETF 36.6 42 -19 4.5 -0.6
DON WisdomTree U.S. MidCap Dividend Fund 36.5 38 -15 6.7 +1.6
RNMC Mid Cap US Equity Select ETF 36.5 60 -37 6.0 +1.0
SCHA Schwab U.S. Small-Cap ETF 34.2 4 19 3.6 -1.5
VBK Vanguard Small-Cap Growth Index Fund 34.1 7 16 1.9 -3.2
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 31.9 20 3 7.1 +2.0
RFG Invesco S&P Midcap 400 Pure Growth ETF 30.4 35 -12 3.3 -1.8
XMMO Invesco S&P MidCap Momentum ETF 29.6 34 -11 3.4 -1.7
FNDA Schwab Fundamental U.S. Small Co. Index ETF 29.5 25 -2 4.8 -0.3
NUSC Nuveen ESG Small-Cap ETF 28.0 40 -17 3.9 -1.2
VTWO Vanguard Russell 2000 Index Fund 27.9 10 13 2.6 -2.5
VXF Vanguard Extended Market Index Fund 27.8 6 17 2.5 -2.6
IUSS Invesco Strategic US Small Company ETF 27.0 23 0 3.6 -1.5
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 26.7 29 -6 6.0 +0.9
FNK First Trust Mid Cap Value AlphaDEX Fund 26.4 70 -47 7.7 +2.6
FNY First Trust Mid Cap Growth AlphaDEX Fund 25.9 70 -47 1.6 -3.5
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 25.5 80 -57 4.7 -0.4
SMMD iShares Russell 2500 ETF 25.0 15 8 4.7 -0.4
JKL iShares Morningstar Small Cap Value ETF 24.9 30 -7 7.6 +2.5
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 24.3 24 -1 5.4 +0.3
JHMM John Hancock Multifactor Mid Cap ETF 24.0 42 -19 4.7 -0.4
JKJ iShares Morningstar Small-Cap ETF 23.1 25 -2 5.0 -0.1
XMLV Invesco S&P MidCap Low Volatility ETF 23.1 25 -2 5.1 -0.0
IWM iShares Russell 2000 ETF 22.7 19 4 2.5 -2.6
EQAL Invesco Russell 1000 Equal Weight ETF 22.2 20 3 5.0 -0.1
ONEV SPDR Russell 1000 Low Volatility Focus ETF 21.5 20 3 6.2 +1.1
XMHQ Invesco S&P MidCap Quality ETF 21.3 25 -2 5.3 +0.2
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF 20.7 30 -7 5.3 +0.3
ONEO SPDR Russell 1000 Momentum Focus ETF 20.4 20 3 5.6 +0.5
RFV Invesco S&P Midcap 400 Pure Value ETF 20.3 35 -12 8.8 +3.7
FAB First Trust Multi Cap Value AlphaDEX Fund 20.1 71 -48 7.5 +2.4
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 19.9 29 -6 7.2 +2.1
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 19.9 35 -12 5.1 -0.0
VFVA Vanguard U.S. Value Factor ETF 19.8 14 9 8.4 +3.3
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 19.8 24 -1 4.9 -0.2
SIXL 6 Meridian Low Beta Equity Strategy ETF 19.3 84 -61 4.1 -1.0
ONEY SPDR Russell 1000 Yield Focus ETF 19.0 20 3 7.2 +2.1
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 18.2 20 3 3.8 -1.3
XMVM Invesco S&P MidCap Value with Momentum ETF 18.0 39 -16 8.0 +2.9
VFLQ Vanguard U.S. Liquidity Factor ETF 17.9 14 9 3.5 -1.6
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 17.8 20 3 3.7 -1.4
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 17.7 17 6 5.6 +0.6
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 17.6 29 -6 4.2 -0.9
IWS iShares Russell Mid-Cap Value ETF 17.5 24 -1 5.9 +0.8
BFOR Barron's 400 ETF 17.1 65 -42 5.5 +0.4
VFQY Vanguard U.S. Quality Factor ETF 17.0 13 10 5.3 +0.2
STMB iShares Factors US Mid Blend Style ETF 16.8 30 -7 4.9 -0.2
VFMF Vanguard U.S. Multifactor ETF 16.8 19 4 6.1 +1.0
TPLC Timothy Plan US Large Cap Core ETF 16.7 52 -29 4.4 -0.7
VTWG Vanguard Russell 2000 Growth Index Fund 16.3 15 8 0.1 -5.0
IWO iShares Russell 2000 Growth ETF 16.2 24 -1 -0.1 -5.2
TUSA First Trust Total US Market AlphaDEX ETF 16.2 70 -47 4.8 -0.3
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 16.1 39 -16 3.4 -1.7
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 15.7 30 -7 6.0 +0.9
IWR iShares Russell Midcap ETF 15.7 19 4 4.7 -0.4
FAD First Trust Multi Cap Growth AlphaDEX Fund 15.3 66 -43 1.8 -3.3
IWN iShares Russell 2000 Value ETF 15.3 24 -1 5.0 -0.1
VUSE Vident Core US Equity Fund 15.2 48 -25 7.3 +2.2
JKH iShares Morningstar Mid-Cap Growth ETF 15.1 30 -7 1.9 -3.2
USMF WisdomTree U.S. Multifactor Fund 15.0 28 -5 5.4 +0.3
AVUV Avantis U.S. Small Cap Value ETF 14.9 25 -2 6.3 +1.2
VTWV Vanguard Russell 2000 Value Index Fund 14.8 15 8 5.1 +0.0
AFSM First Trust Active Factor Small Cap ETF 14.7 77 -54 4.3 -0.8
JHMI John Hancock Multifactor Industrials ETF 14.4 40 -17 5.0 -0.1
STSB iShares Factors US Small Blend Style ETF 14.3 35 -12 2.9 -2.2
OUSM O'Shares FTSE Russell Small Cap Quality Dividend ETF 14.2 48 -25 5.5 +0.5
JVAL JPMorgan U.S. Value Factor ETF 14.1 12 11 7.1 +2.1
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 14.0 30 -7 4.9 -0.2
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 13.8 25 -2 4.9 -0.2
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 13.7 41 -18 5.4 +0.3
FXR First Trust Industrials/Producer Durables AlphaDEX Fund 13.4 63 -40 5.1 +0.0
JKK iShares Morningstar Small-Cap Growth ETF 13.4 30 -7 0.6 -4.5
PSC Principal U.S. Small Cap Index ETF 13.1 38 -15 4.6 -0.5

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 SPDR S&P Midcap 400 ETF Trust
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

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.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.6 %
Divided by: Fwd. P/BV 2.4 x
Less: Expense ratio 23 bp
Equals: ALTAR Score 5.1 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.53 CATEGORY
AVERAGE		 1.49
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.