Syntax Stratified MidCap ETF
ALTAR
Score™
9.4% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
12.5x P/Sales
ratio
0.7x
P/BV
ratio
1.3x Div.
yield
2.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SMDY tracks an index that holds all constituents of the S&P 400 Index, reweighted to diversify related business risk.

FUND BASICS
Category US Equities
Fund Sponsor Syntax Advisors
Website www.syntaxadvisors.com.
Inception date Jan 01, 2015
Assets (mns) $2
Currency USD
Expense ratio 30 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Tiered
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 401
Wgt avg mkt cap (mns) $3,862
Large cap (>$10bn) 2.8%
Mid cap ($2-10bn) 73.1%
Small cap (<$2bn) 24.2%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
CIENA CORP 1.7 %
LUMENTUM HOLDINGS, INC. 1.6 %
SCOTTS MIRACLE-GRO CO-CL A 1.1 %
NATIONAL INSTRUMENTS CORP 0.9 %
UNITED THERAPEUTICS CORP 0.9 %
EDGEWELL PERSONAL CARE CO. 0.9 %
NETSCOUT SYSTEMS INC 0.9 %
CYRUSONE INC 0.9 %
CABLE ONE INC 0.9 %
PARAMETRIC TECHNOLOGY CORP 0.9 %
Total 10.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.2 %
BERMUDA 1.3 %
BRITAIN 0.9 %
NETHERLANDS 0.1 %
SWITZERLAND 0.1 %
IRELAND 0.1 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-19.5% -- -- -- -19.5%

Market Correlations
versus... Beta R-squared
S&P500 -- --
MSCI EAFE -- --
MSCI Emg. Mkts. -- --

Technical Indicators
Recent close $19.20
30d moving avg. $22.71
Annualized volatility 0.0%
Short interest (ETF) 3.9%
Relative strength (RSI) 32

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 2.88%
ADV underlying (mns) $19,062

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Syntax Stratified MidCap ETF ETF based on the alternatives' overlap in portfolio holdings with SMDY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SMDY Expense: 30 bp ALTAR Score™: 9.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SMDY
Ticker Fund
Name
Overlap1
vs SMDY
(%)
Expense
ratio
(bp)
Savings
vs SMDY
(bp)
ALTAR
Score™
(%)
ALTAR
vs SMDY
(%)
EWMC Invesco S&P MidCap 400 Equal Weight ETF 71.5 40 -10 10.0 +0.6
MDY SPDR S&P Midcap 400 ETF Trust 67.7 23 7 9.1 -0.2
SPMD SPDR Portfolio Mid Cap ETF 67.5 5 25 9.3 -0.1
IJH iShares Core S&P Mid-Cap ETF 67.4 6 24 9.3 -0.1
IVOO Vanguard S&P Mid-Cap 400 ETF 67.3 10 20 9.3 -0.1
RWK Invesco S&P MidCap 400 Revenue ETF 54.1 39 -9 12.0 +2.7
MDYG SPDR S&P 400 Mid Cap Growth ETF 51.5 15 15 6.9 -2.5
IJK iShares S&P Mid-Cap 400 Growth ETF 51.5 24 6 6.8 -2.6
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 51.5 15 15 6.9 -2.5
MDYV SPDR S&P 400 Mid Cap Value ETF 50.6 15 15 12.4 +3.1
IJJ iShares S&P Mid-Cap 400 Value ETF 50.5 25 5 12.3 +3.0
IVOV Vanguard S&P Mid-Cap 400 Value ETF 50.4 15 15 12.5 +3.2
SFYX Sofi Next 500 ETF 39.9 0 30 8.3 -1.0
EZM WisdomTree U.S. MidCap Earnings Fund 38.2 38 -8 14.2 +4.8
VB Vanguard Small-Cap ETF 38.2 5 25 8.2 -1.1
VBR Vanguard Small Cap Value Index Fund 36.4 7 23 12.3 +3.0
PBSM Invesco PureBeta MSCI USA Small Cap ETF 36.0 6 24 8.1 -1.3
FNX First Trust Mid Cap Core AlphaDEX Fund 35.4 61 -31 10.5 +1.1
RNMC Mid Cap US Equity Select ETF 34.0 60 -30 10.3 +0.9
SCHM Schwab U.S. Mid-Cap ETF 33.8 4 26 9.2 -0.2
JHSC John Hancock Multifactor Small Cap ETF 33.7 50 -20 8.9 -0.5
AFMC First Trust Active Factor Mid Cap ETF 33.0 65 -35 10.0 +0.6
IUSS Invesco Strategic US Small Company ETF 32.9 23 7 9.1 -0.2
FSMD Fidelity Small-Mid Factor ETF 32.8 29 1 10.1 +0.7
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 32.6 20 10 10.5 +1.2
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 32.5 17 13 7.4 -2.0
VXF Vanguard Extended Market Index Fund 31.7 7 23 6.0 -3.4
SCHA Schwab U.S. Small-Cap ETF 30.7 4 26 7.5 -1.9
FNDA Schwab Fundamental U.S. Small Co. Index ETF 30.5 25 5 9.9 +0.5
RFG Invesco S&P Midcap 400 Pure Growth ETF 29.1 35 -5 6.2 -3.2
VBK Vanguard Small-Cap Growth Index Fund 26.8 7 23 3.9 -5.4
DON WisdomTree U.S. MidCap Dividend Fund 26.6 38 -8 11.2 +1.9
JKL iShares Morningstar Small Cap Value ETF 26.0 30 0 15.4 +6.0
XMMO Invesco S&P MidCap Momentum ETF 25.4 39 -9 5.4 -4.0
FNY First Trust Mid Cap Growth AlphaDEX Fund 24.7 70 -40 4.7 -4.7
SMMD iShares Russell 2500 ETF 23.9 15 15 8.2 -1.2
NUSC Nuveen ESG Small-Cap ETF 23.2 40 -10 7.6 -1.7
EQWM Invesco S&P MidCap Quality ETF 23.0 25 5 7.0 -2.4
JHMM John Hancock Multifactor Mid Cap ETF 22.0 44 -14 8.4 -0.9
FNK First Trust Mid Cap Value AlphaDEX Fund 21.2 70 -40 16.4 +7.1
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 21.2 29 1 9.4 +0.0
OUSM O'Shares FTSE Russell Small Cap Quality Dividend ETF 21.2 48 -18 9.1 -0.3
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 21.1 24 6 11.3 +1.9
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 20.5 20 10 7.9 -1.5
EQAL Invesco Russell 1000 Equal Weight ETF 20.3 20 10 7.7 -1.7
VTWO Vanguard Russell 2000 Index Fund 19.5 10 20 5.8 -3.6
IWM iShares Russell 2000 ETF 19.5 19 11 5.6 -3.7
ONEV SPDR Russell 1000 Low Volatility Focus ETF 19.2 20 10 9.7 +0.3
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 19.0 24 6 8.5 -0.8
JKJ iShares Morningstar Small-Cap ETF 18.9 25 5 9.3 -0.1
XMLV Invesco S&P MidCap Low Volatility ETF 18.3 25 5 8.4 -1.0
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 18.1 29 1 8.6 -0.8
ONEO SPDR Russell 1000 Momentum Focus ETF 18.0 20 10 9.6 +0.2
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 17.6 20 10 9.0 -0.4
VFLQ Vanguard U.S. Liquidity Factor ETF 17.4 13 17 5.5 -3.9
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 17.1 39 -9 8.9 -0.5
VUSE Vident Core US Equity Fund 17.1 48 -18 11.3 +1.9
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 17.0 30 0 10.9 +1.5
PXMV Invesco S&P MidCap Value with Momentum ETF 16.9 39 -9 14.2 +4.8
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 16.6 35 -5 9.4 -0.0
ISMD Inspire Small/Mid Cap Impact ETF 16.6 61 -31 9.8 +0.4
RFV Invesco S&P Midcap 400 Pure Value ETF 16.5 35 -5 16.9 +7.6
JKK iShares Morningstar Small-Cap Growth ETF 16.5 30 0 2.2 -7.2
IWS iShares Russell Mid-Cap Value ETF 16.4 24 6 10.1 +0.8
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 16.3 17 13 9.2 -0.2
TUSA First Trust Total US Market AlphaDEX ETF 16.3 70 -40 9.5 +0.1
VTWV Vanguard Russell 2000 Value Index Fund 15.9 15 15 10.5 +1.2
IWN iShares Russell 2000 Value ETF 15.9 24 6 10.4 +1.0
FAB First Trust Multi Cap Value AlphaDEX Fund 15.8 71 -41 13.7 +4.3
AFSM First Trust Active Factor Small Cap ETF 15.6 75 -45 9.8 +0.4
IWR iShares Russell Midcap ETF 15.2 19 11 8.1 -1.2
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 15.1 39 -9 6.5 -2.9
VTWG Vanguard Russell 2000 Growth Index Fund 14.8 15 15 1.8 -7.6
IWO iShares Russell 2000 Growth ETF 14.8 24 6 1.6 -7.8
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 14.7 35 -5 7.7 -1.7
FAD First Trust Multi Cap Growth AlphaDEX Fund 14.7 66 -36 4.3 -5.1
TPLC Timothy Plan US Large Cap Core ETF 14.6 52 -22 7.5 -1.9
VFQY Vanguard U.S. Quality Factor ETF 14.6 13 17 8.7 -0.7
PVAL Principal Contrarian Value Index ETF 14.5 29 1 10.8 +1.4
ONEY SPDR Russell 1000 Yield Focus ETF 14.0 20 10 12.4 +3.0
PSC Principal U.S. Small Cap Index ETF 13.8 38 -8 11.0 +1.6
AVUV Avantis U.S. Small Cap Value ETF 13.8 25 5 13.9 +4.6
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 13.5 40 -10 8.2 -1.2
BFOR Barron's 400 ETF 13.5 66 -36 9.2 -0.2
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF 13.4 30 0 8.7 -0.7
VFVA Vanguard U.S. Value Factor ETF 12.9 13 17 16.9 +7.6
VFMF Vanguard U.S. Multifactor ETF 12.9 18 12 11.2 +1.8
JKH iShares Morningstar Mid-Cap Growth ETF 12.1 30 0 3.6 -5.8
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 12.1 35 -5 7.9 -1.4
CFA Victory CEMP US 500 Volatility Weighted Index ETF 11.9 35 -5 8.2 -1.2
PEXL Pacer US Export Leaders ETF 11.8 60 -30 9.2 -0.2
USMF WisdomTree U.S. Multifactor Fund 11.7 28 2 8.3 -1.1
IWP iShares Russell Mid-Cap Growth ETF 11.3 24 6 6.1 -3.3
VFMO Vanguard U.S. Momentum Factor ETF 10.5 13 17 4.8 -4.6
JVAL JPMorgan U.S. Value Factor ETF 10.4 12 18 12.2 +2.8
DES WisdomTree U.S. SmallCap Dividend Fund 10.4 38 -8 12.7 +3.3
ETHO Etho Climate Leadership U.S. ETF 10.1 47 -17 6.8 -2.5
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 10.0 25 5 8.7 -0.6
PMOM Principal Sustainable Momentum Index ETF 9.8 29 1 7.1 -2.3
FXO First Trust Financials AlphaDEX Fund 9.6 63 -33 14.4 +5.0

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:
Syntax Stratified MidCap ETF
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 12.4 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 30 bp
Equals: ALTAR Score 9.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.56 CATEGORY
AVERAGE
1.51
 
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.