Syntax Stratified MidCap ETF
ALTAR
Score™
6.0% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
28.7x P/Sales
ratio
1.3x
P/BV
ratio
2.1x Div.
yield
1.4%


  • 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 17, 2020
Assets (mns) $3
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 400
Wgt avg mkt cap (mns) $5,315
Large cap (>$10bn) 7.9%
Mid cap ($2-10bn) 85.5%
Small cap (<$2bn) 6.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
LUMENTUM HOLDINGS, INC. 1.2 %
CIENA CORP 1.1 %
COTY INC-CL A 1.0 %
SCIENTIFIC GAMES CORP-A 1.0 %
ARROWHEAD PHARMACEUTICALS, INC. 0.9 %
MKS INSTRUMENTS INC 0.9 %
PARAMETRIC TECHNOLOGY CORP 0.9 %
COHERENT INC 0.8 %
CABLE ONE INC 0.7 %
CABOT MICROELECTRONICS CORP 0.7 %
Total 9.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.7 %
BRITAIN 1.2 %
BERMUDA 1.1 %
IRELAND 0.6 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
25.3% -- -- -- 25.3%

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

Technical Indicators
Recent close $32.65
30d moving avg. $30.60
Annualized volatility 0.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 64

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.30%
ADV underlying (mns) $21,995

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 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™: 6.0%


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 73.0 40 -10 6.3 +0.3
MDY SPDR S&P Midcap 400 ETF Trust 67.5 23 7 5.8 -0.2
SPMD SPDR Portfolio Mid Cap ETF 67.5 5 25 6.0 -0.0
IJH iShares Core S&P Mid-Cap ETF 67.4 5 25 6.0 0.0
IVOO Vanguard S&P Mid-Cap 400 ETF 66.2 10 20 5.9 -0.1
RWK Invesco S&P MidCap 400 Revenue ETF 56.0 39 -9 6.9 +0.9
MDYV SPDR S&P 400 Mid Cap Value ETF 52.9 15 15 7.4 +1.5
IJJ iShares S&P Mid-Cap 400 Value ETF 52.8 25 5 7.3 +1.4
MDYG SPDR S&P 400 Mid Cap Growth ETF 50.8 15 15 4.7 -1.3
IJK iShares S&P Mid-Cap 400 Growth ETF 50.8 24 6 4.6 -1.3
IVOV Vanguard S&P Mid-Cap 400 Value ETF 49.5 15 15 7.4 +1.5
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 48.2 15 15 4.7 -1.3
EZM WisdomTree U.S. MidCap Earnings Fund 41.9 38 -8 7.7 +1.7
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 41.9 7 23 4.7 -1.3
BKSE BNY Mellon US Small Cap Core Equity ETF 39.7 4 26 5.2 -0.7
SFYX Sofi Next 500 ETF 38.7 0 30 5.4 -0.5
PBSM Invesco PureBeta MSCI USA Small Cap ETF 36.1 6 24 4.6 -1.4
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 35.3 17 13 4.4 -1.6
VB Vanguard Small-Cap ETF 34.9 5 25 5.0 -1.0
VBR Vanguard Small Cap Value Index Fund 34.7 7 23 7.2 +1.3
AFMC First Trust Active Factor Mid Cap ETF 34.5 65 -35 5.9 -0.0
FNX First Trust Mid Cap Core AlphaDEX Fund 33.6 61 -31 5.8 -0.2
JHSC John Hancock Multifactor Small Cap ETF 33.3 42 -12 5.2 -0.8
SCHM Schwab U.S. Mid-Cap ETF 32.8 4 26 5.6 -0.4
FSMD Fidelity Small-Mid Factor ETF 32.6 29 1 5.9 -0.1
SCHA Schwab U.S. Small-Cap ETF 31.5 4 26 4.3 -1.7
RNMC Mid Cap US Equity Select ETF 31.5 60 -30 6.5 +0.6
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 28.2 20 10 7.4 +1.4
JKL iShares Morningstar Small Cap Value ETF 28.1 30 0 8.5 +2.6
FNDA Schwab Fundamental U.S. Small Co. Index ETF 27.4 25 5 5.7 -0.3
IUSS Invesco Strategic US Small Company ETF 26.9 23 7 4.4 -1.6
RFG Invesco S&P Midcap 400 Pure Growth ETF 26.7 35 -5 3.8 -2.2
DON WisdomTree U.S. MidCap Dividend Fund 26.4 38 -8 7.0 +1.0
VXF Vanguard Extended Market Index Fund 26.1 6 24 2.9 -3.1
XMMO Invesco S&P MidCap Momentum ETF 24.6 34 -4 4.0 -1.9
SMMD iShares Russell 2500 ETF 24.4 15 15 5.3 -0.6
VBK Vanguard Small-Cap Growth Index Fund 24.2 7 23 2.2 -3.8
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 23.6 29 1 8.0 +2.0
FNK First Trust Mid Cap Value AlphaDEX Fund 22.5 70 -40 8.5 +2.6
JKJ iShares Morningstar Small-Cap ETF 22.5 25 5 5.8 -0.1
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 22.4 80 -50 5.2 -0.8
NUSC Nuveen ESG Small-Cap ETF 22.4 40 -10 4.4 -1.6
JHMM John Hancock Multifactor Mid Cap ETF 22.1 42 -12 5.1 -0.8
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 21.7 29 1 6.3 +0.3
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 21.6 24 6 5.7 -0.3
EQAL Invesco Russell 1000 Equal Weight ETF 21.5 20 10 5.3 -0.6
FNY First Trust Mid Cap Growth AlphaDEX Fund 20.9 70 -40 2.0 -3.9
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 20.5 24 6 5.7 -0.3
XMLV Invesco S&P MidCap Low Volatility ETF 20.4 25 5 5.5 -0.4
IWM iShares Russell 2000 ETF 19.2 19 11 3.0 -2.9
VTWO Vanguard Russell 2000 Index Fund 19.1 10 20 3.1 -2.9
EQWM Invesco S&P MidCap Quality ETF 18.9 25 5 6.0 -0.0
FAB First Trust Multi Cap Value AlphaDEX Fund 18.5 71 -41 8.3 +2.3
PSC Principal U.S. Small Cap Index ETF 18.3 38 -8 5.1 -0.9
RFV Invesco S&P Midcap 400 Pure Value ETF 18.2 35 -5 7.9 +1.9
ONEO SPDR Russell 1000 Momentum Focus ETF 18.0 20 10 6.0 +0.1
AVUV Avantis U.S. Small Cap Value ETF 17.9 25 5 7.3 +1.4
ONEV SPDR Russell 1000 Low Volatility Focus ETF 17.8 20 10 6.5 +0.6
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 17.2 29 1 4.6 -1.4
VUSE Vident Core US Equity Fund 17.2 48 -18 8.2 +2.2
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 17.1 20 10 4.8 -1.2
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 17.1 30 0 7.1 +1.1
PXMV Invesco S&P MidCap Value with Momentum ETF 16.7 39 -9 8.7 +2.7
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 16.3 20 10 4.4 -1.6
VFLQ Vanguard U.S. Liquidity Factor ETF 16.2 14 16 3.8 -2.2
IWS iShares Russell Mid-Cap Value ETF 16.2 24 6 6.4 +0.5
JKK iShares Morningstar Small-Cap Growth ETF 16.1 30 0 1.1 -4.9
TUSA First Trust Total US Market AlphaDEX ETF 16.1 70 -40 5.5 -0.4
STMB iShares Factors US Mid Blend Style ETF 16.0 30 0 5.4 -0.6
VFMF Vanguard U.S. Multifactor ETF 15.7 19 11 6.7 +0.8
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 15.6 17 13 6.1 +0.1
IWN iShares Russell 2000 Value ETF 15.5 24 6 5.8 -0.2
IWR iShares Russell Midcap ETF 15.5 19 11 5.1 -0.9
VFQY Vanguard U.S. Quality Factor ETF 15.3 13 17 5.8 -0.2
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 15.1 39 -9 4.0 -1.9
AFSM First Trust Active Factor Small Cap ETF 14.8 75 -45 5.2 -0.7
IWO iShares Russell 2000 Growth ETF 14.8 24 6 0.0 -6.0
BFOR Barron's 400 ETF 14.1 65 -35 6.3 +0.3
STSB iShares Factors US Small Blend Style ETF 14.1 35 -5 3.3 -2.7
FAD First Trust Multi Cap Growth AlphaDEX Fund 13.9 66 -36 2.1 -3.8
VTWV Vanguard Russell 2000 Value Index Fund 13.8 15 15 5.9 -0.1
ONEY SPDR Russell 1000 Yield Focus ETF 13.7 20 10 7.8 +1.8
VTWG Vanguard Russell 2000 Growth Index Fund 13.7 15 15 0.1 -5.9
OUSM O'Shares FTSE Russell Small Cap Quality Dividend ETF 13.5 48 -18 6.0 +0.0
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF 13.5 30 0 5.4 -0.5
RNSC Small Cap US Equity Select ETF 13.4 60 -30 6.8 +0.9
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 13.3 25 5 5.7 -0.3
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 13.2 35 -5 5.5 -0.4
TPLC Timothy Plan US Large Cap Core ETF 12.6 52 -22 4.8 -1.2
USMF WisdomTree U.S. Multifactor Fund 12.3 28 2 5.7 -0.3
JVAL JPMorgan U.S. Value Factor ETF 11.8 12 18 7.6 +1.6
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 11.8 35 -5 5.2 -0.7
FYX First Trust Small Cap Core AlphaDEX Fund 11.5 63 -33 6.5 +0.6
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 11.5 35 -5 6.9 +1.0
ISMD Inspire Small/Mid Cap Impact ETF 11.4 60 -30 4.4 -1.6
FYT First Trust Small Cap Value AlphaDEX Fund 11.0 72 -42 9.2 +3.2
IWP iShares Russell Mid-Cap Growth ETF 11.0 24 6 2.9 -3.1
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 10.9 41 -11 5.8 -0.1
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 10.9 29 1 5.3 -0.7

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:

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.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.8 %
Divided by: Fwd. P/BV 1.9 x
Less: Expense ratio 30 bp
Equals: ALTAR Score 6.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.54 CATEGORY
AVERAGE
1.50
 
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.