SPDR Portfolio Small Cap
ALTAR
Score™
4.8% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
23.7x P/Sales
ratio
1.1x
P/BV
ratio
1.9x Div.
yield
1.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR Russell 2000 ETF is an exchanged-traded fund incorporated in the USA. The fund seeks to provide investment results that before fees and expenses, correspond generally to the price and yeild performance of the Russell 2000 Index.

FUND BASICS
Category US Equities
Fund Sponsor SSgA Funds Management Inc
Website www.spdrs.com
Inception date Jul 09, 2013
Assets (mns) $1,577
Currency USD
Expense ratio 5 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 1807
Wgt avg mkt cap (mns) $2,890
Large cap (>$10bn) 0.7%
Mid cap ($2-10bn) 61.7%
Small cap (<$2bn) 37.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ACADIA PHARMACEUTICALS INC 0.2 %
MONGODB, INC. CLASS A 0.2 %
ITT CORP 0.2 %
COUSINS PROPERTIES INC 0.2 %
TELADOC INC 0.2 %
CACI INTERNATIONAL INC -CL A 0.2 %
CASEY'S GENERAL STORES INC 0.2 %
JABIL CIRCUIT INC 0.2 %
MKS INSTRUMENTS INC 0.2 %
PRIMERICA INC 0.2 %
Total 2.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 98.8 %
PUERTO RICO 0.4 %
BRITAIN 0.1 %
CANADA 0.1 %







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.
22.3% 7.5% 8.2% -- 9.3%

Market Correlations
versus... Beta R-squared
S&P500 1.18 79%
MSCI EAFE 1.04 51%
MSCI Emg. Mkts. 0.67 33%

Technical Indicators
Recent close $31.70
30d moving avg. $31.34
Annualized volatility 16.0%
Short interest (ETF) 0.0%
Short interest (Underlying) 6.9%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 491
Turnover 1.0%
Bid/Ask (% of price) 0.06%
ADV underlying (mns) $31,318

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: SPSM Expense: 5 bp ALTAR Score™: 4.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SPSM
Ticker Fund
Name
Overlap1
vs SPSM
(%)
Expense
ratio
(bp)
Savings
vs SPSM
(bp)
ALTAR
Score™
(%)
ALTAR
vs SPSM
(%)
SCHA Schwab U.S. Small-Cap 84.3 4 1 5.0 +0.2
IWM iShares Russell 2000 69.7 19 -14 3.6 -1.2
VTWO Vanguard Russell 2000 69.6 15 -10 3.6 -1.1
PBSM Invesco PureBeta MSCI USA Small Cap 69.5 6 -1 5.3 +0.6
VB Vanguard Smallcap ETF 59.0 5 0 5.5 +0.8
SPMD SPDR Portfolio Mid Cap 58.3 5 0 6.1 +1.3
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity 57.6 20 -15 5.3 +0.6
VXF Vanguard Extended Market 50.3 7 -2 3.3 -1.5
ESML iShares MSCI USA Small-Cap ESG Optimized 49.9 17 -12 4.7 -0.0
VBR Vanguard Small-Cap Value ETF 49.0 7 -2 7.7 +2.9
IUSS Invesco Strategic US Small Company 46.8 23 -18 6.2 +1.5
PRFZ Invesco FTSE-RAFI Small-Mid 1500 46.2 39 -34 4.6 -0.2
FNDA Schwab Fundamental Small Cap 46.0 25 -20 6.0 +1.3
JPSE JPMorgan Diversified Return U.S. Small Cap Equity 44.1 29 -24 4.1 -0.6
JHSC John Hancock Multifactor Small Cap 41.3 50 -45 5.7 +0.9
IWO iShares Russell 2000 Growth 40.7 24 -19 0.9 -3.9
VTWG Vanguard Russell 2000 Growth 40.6 20 -15 0.9 -3.9
IWN iShares Russell 2000 Value 39.9 24 -19 6.2 +1.4
VTWV Vanguard Russell 2000 Value 39.8 20 -15 6.3 +1.5
EZM WisdomTree Midcap Earnings 37.9 38 -33 7.7 +3.0

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

  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 Portfolio Small Cap
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.5 %
Divided by: Fwd. P/BV 1.8 x
Less: Expense ratio 5 bp
Equals: ALTAR Score 4.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

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