SPDR MSCI USA Quality Mix
ALTAR
Score™
6.0% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
18.5x P/Sales
ratio
2.1x
P/BV
ratio
3.3x Div.
yield
2.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
QUS tracks an index of US large- and midcap stocks comprising 3 subindexes: value, quality and minimum volatility. The index uses multiple factors to pick stocks, and each subindex receives equal weight.

FUND BASICS
Category US Equities
Fund Sponsor State Street Global Advisors
Website www.spdrs.com
Inception date Apr 16, 2015
Assets (mns) $572
Currency USD
Expense ratio 15 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian State Street Bank & Trust
Weighting Tiered
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 627
Wgt avg mkt cap (mns) $214,205
Large cap (>$10bn) 95.7%
Mid cap ($2-10bn) 4.3%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
APPLE INC 3.5 %
MICROSOFT CORP 2.6 %
JOHNSON & JOHNSON 2.1 %
VISA INC-CLASS A SHARES 2.0 %
FACEBOOK 1.9 %
MASTERCARD INC-CLASS A 1.8 %
PROCTER & GAMBLE CO/THE 1.7 %
INTEL CORP 1.6 %
PEPSICO INC 1.5 %
WALT DISNEY CO/THE 1.4 %
Total 20.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 95.1 %
IRELAND 2.0 %
BRITAIN 0.9 %
BERMUDA 0.8 %
SWITZERLAND 0.8 %
CANADA 0.2 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
24.8% 16.6% -- -- 11.8%

Market Correlations
versus... Beta R-squared
S&P500 0.90 98%
MSCI EAFE 0.76 59%
MSCI Emg. Mkts. 0.51 44%

Technical Indicators
Recent close $91.68
30d moving avg. $89.61
Annualized volatility 11.0%
Short interest (ETF) 0.5%
Short interest (Underlying) 2.5%
Relative strength (RSI) 74

Liquidity measures
Avg. volume (thou.) 61
Turnover 1.0%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $146,817

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR MSCI USA Quality Mix ETF based on the alternatives' overlap in portfolio holdings with QUS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: QUS Expense: 15 bp ALTAR Score™: 6.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH QUS
Ticker Fund
Name
Overlap1
vs QUS
(%)
Expense
ratio
(bp)
Savings
vs QUS
(bp)
ALTAR
Score™
(%)
ALTAR
vs QUS
(%)
DYNF BlackRock U.S. Equity Factor Rotation 75.4 30 -15 6.6 +0.6
PBP Invesco S&P 500 Buy/Write 71.8 49 -34 5.6 -0.5
PBUS Invesco PureBeta MSCI USA 71.5 4 11 6.0 +0.0
HSPX Global X S&P 500 Covered Call 70.8 65 -50 5.4 -0.6
SPY S&P 500 SPDR 70.6 9 6 5.9 -0.1
IVV iShares Core S&P 500 70.6 4 11 6.0 -0.0
VOO Vanguard S&P 500 ETF 70.6 3 12 6.0 -0.0
VV Vanguard Large-Cap ETF 70.5 4 11 5.9 -0.2
BBUS JP Morgan Betabuilders U.S. Equity 70.5 2 13 5.9 -0.1
SCHX Schwab U.S. Large-Cap 70.0 3 12 5.9 -0.2
SPYX SPDR S&P 500 Fossil Fuel Reserves Free 69.7 20 -5 6.0 -0.1
SPXE ProShares S&P 500 Ex-Energy 69.3 27 -12 5.9 -0.1
SCHK Schwab 1000 Index 69.0 5 10 5.9 -0.1
IWB iShares Russell 1000 68.8 15 0 5.8 -0.2
VONE Vanguard Russell 1000 68.6 12 3 5.8 -0.2
IYY iShares DJ US Total Market 68.2 20 -5 5.7 -0.3
SPLG SPDR Portfolio Large Cap 67.3 3 12 5.8 -0.2
OMOM Invesco Russell 1000 Momentum Factor ETF 66.5 19 -4 5.3 -0.7
SCHB Schwab U.S. Broad Market 66.5 3 12 5.8 -0.2
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity 66.4 9 6 6.4 +0.4

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%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
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

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
SPDR MSCI USA Quality Mix
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 18.2 %
Divided by: Fwd. P/BV 3.0 x
Less: Expense ratio 15 bp
Equals: ALTAR Score 6.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.55 CATEGORY
AVERAGE
1.55
 
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.