Syntax Stratified SmallCap ETF
ALTAR
Score™
5.0% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
51.6x P/Sales
ratio
0.8x
P/BV
ratio
1.9x Div.
yield
1.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SSLY tracks an index that holds all constituents of the S&P 600 Index, reweighted to diversify related business risk.

FUND BASICS
Category US Equities
Fund Sponsor Syntax Advisors
Website www.syntaxadvisors.com
Inception date May 28, 2020
Assets (mns) $19
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 602
Wgt avg mkt cap (mns) $1,635
Large cap (>$10bn) 0.2%
Mid cap ($2-10bn) 30.3%
Small cap (<$2bn) 69.4%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
COVETRUS, INC. 0.7 %
LIQUIDITY SERVICES INC 0.7 %
PETMED EXPRESS INC 0.6 %
VASCO DATA SECURITY INTL 0.6 %
PLEXUS CORP 0.6 %
CLEARWATER PAPER CORP 0.6 %
INTER PARFUMS INC 0.6 %
SANMINA CORP 0.6 %
AMERICAN STATES WATER CO 0.6 %
DIEBOLD INC 0.6 %
Total 6.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.0 %
BERMUDA 1.0 %
IRELAND 0.5 %
PUERTO RICO 0.4 %
CAYMAN ISLANDS 0.2 %
NETHERLANDS 0.1 %





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.
38.9% -- -- -- 38.9%

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

Technical Indicators
Recent close $46.78
30d moving avg. $43.79
Annualized volatility 0.0%
Short interest (ETF) 0.1%
Relative strength (RSI) 72

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.38%
ADV underlying (mns) $10,078

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Syntax Stratified SmallCap ETF ETF based on the alternatives' overlap in portfolio holdings with SSLY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SSLY Expense: 30 bp ALTAR Score™: 5.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SSLY
Ticker Fund
Name
Overlap1
vs SSLY
(%)
Expense
ratio
(bp)
Savings
vs SSLY
(bp)
ALTAR
Score™
(%)
ALTAR
vs SSLY
(%)
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 67.3 40 -10 5.2 +0.1
SLY SPDR S&P 600 Small Cap ETF 59.1 15 15 5.6 +0.6
SPSM SPDR Portfolio Small Cap ETF 59.0 5 25 5.7 +0.7
IJR iShares Core S&P Small Cap ETF 58.7 6 24 5.7 +0.6
VIOO Vanguard S&P Small-Cap 600 ETF 58.4 10 20 5.6 +0.6
RWJ Invesco S&P SmallCap 600 Revenue ETF 50.8 39 -9 5.5 +0.5
VIOV Vanguard S&P Small-Cap 600 Value ETF 50.1 15 15 6.9 +1.9
SLYV SPDR S&P 600 Small Cap Value ETF 48.6 15 15 7.0 +1.9
IJS iShares S&P Small-cap 600 Value ETF 48.5 18 12 6.8 +1.8
SLYG SPDR S&P 600 Small Cap Growth ETF 42.7 15 15 4.5 -0.5
IJT iShares S&P Small-Cap 600 Growth ETF 42.2 18 12 4.4 -0.6
VIOG Vanguard S&P Small-Cap 600 Growth ETF 41.9 16 14 4.4 -0.7
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 33.9 29 1 4.3 -0.7
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 33.5 35 -5 6.0 +1.0
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 33.5 35 -5 6.0 +1.0
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 33.1 20 10 3.9 -1.2
BBSC JPMorgan BetaBuilders U.S. Small Cap Equity ETF 33.0 9 21 3.3 -1.7
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 32.6 39 -9 4.0 -1.0
TPSC Timothy Plan US Small Cap Core ETF 31.9 52 -22 5.7 +0.7
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 30.6 39 -9 3.5 -1.5
VTWO Vanguard Russell 2000 Index Fund 30.5 10 20 2.7 -2.3
IWN iShares Russell 2000 Value ETF 29.2 24 6 5.1 +0.0
EES WisdomTree SmallCap Earnings Fund 29.1 38 -8 7.6 +2.6
IWM iShares Russell 2000 ETF 28.6 19 11 2.5 -2.5
FNDA Schwab Fundamental U.S. Small Co. Index ETF 28.2 25 5 4.8 -0.2
IUSS Invesco Strategic US Small Company ETF 27.8 23 7 3.7 -1.3
FYX First Trust Small Cap Core AlphaDEX Fund 27.7 63 -33 5.5 +0.5
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 27.1 29 1 4.9 -0.1
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 26.4 29 1 -0.3 -5.3
VTWV Vanguard Russell 2000 Value Index Fund 26.3 15 15 5.2 +0.2
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 26.0 35 -5 5.0 -0.0
STSB iShares Factors US Small Blend Style ETF 25.8 35 -5 3.0 -2.1
ISMD Inspire Small/Mid Cap Impact ETF 25.6 60 -30 4.3 -0.7
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 25.4 30 0 6.1 +1.1
CSML IQ Chaikin U.S. Small Cap ETF 24.9 35 -5 2.8 -2.2
RZG Invesco S&P Smallcap 600 Pure Growth ETF 23.5 35 -5 3.9 -1.2
RZV Invesco S&P Smallcap 600 Pure Value ETF 23.3 35 -5 6.9 +1.9
ROSC Hartford Multifactor Small Cap ETF 23.3 34 -4 6.6 +1.6
RNSC Small Cap US Equity Select ETF 22.8 60 -30 6.0 +1.0
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 22.5 12 18 6.1 +1.0
DES WisdomTree U.S. SmallCap Dividend Fund 22.2 38 -8 6.7 +1.6
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 22.2 24 6 5.0 -0.1
XSMO Invesco S&P SmallCap Momentum ETF 22.0 39 -9 3.8 -1.3
SCHA Schwab U.S. Small-Cap ETF 22.0 4 26 3.6 -1.4
XSLV Invesco S&P SmallCap Low Volatility ETF 21.8 25 5 4.6 -0.4
PSC Principal U.S. Small Cap Index ETF 21.1 38 -8 4.6 -0.4
AFSM First Trust Active Factor Small Cap ETF 20.7 77 -47 4.4 -0.6
XSVM Invesco S&P SmallCap Value with Momentum ETF 20.5 39 -9 7.0 +2.0
FYC First Trust Small Cap Growth AlphaDEX Fund 20.2 70 -40 1.8 -3.3
IWO iShares Russell 2000 Growth ETF 20.1 24 6 -0.1 -5.1
AVUV Avantis U.S. Small Cap Value ETF 19.5 25 5 6.4 +1.3
VTWG Vanguard Russell 2000 Growth Index Fund 18.6 15 15 0.1 -5.0
SQLV Legg Mason Small-Cap Quality Value 18.4 62 -32 4.1 -0.9
PBSM Invesco PureBeta MSCI USA Small Cap ETF 18.1 6 24 4.1 -1.0
CALF Pacer US Small Cap Cash Cows 100 ETF 18.0 59 -29 9.0 +4.0
XSHQ Invesco S&P SmallCap Quality ETF 18.0 29 1 5.3 +0.3
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 17.7 17 13 4.1 -1.0
VFQY Vanguard U.S. Quality Factor ETF 16.9 13 17 5.3 +0.3
PSCD Invesco S&P SmallCap Consumer Discretionary ETF 16.6 29 1 6.7 +1.7
FYT First Trust Small Cap Value AlphaDEX Fund 16.2 72 -42 8.0 +3.0
PSCT Invesco S&P SmallCap Information Technology ETF 16.1 29 1 4.2 -0.8
PSCF Invesco S&P SmallCap Financials ETF 16.1 29 1 9.0 +3.9
FSMD Fidelity Small-Mid Factor ETF 16.1 29 1 5.3 +0.3
SIXL 6 Meridian Low Beta Equity Strategy ETF 16.0 84 -54 4.2 -0.9
VFVA Vanguard U.S. Value Factor ETF 15.7 14 16 8.5 +3.5
IWC iShares Micro-Cap ETF 15.5 60 -30 -3.3 -8.3
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 15.1 38 -8 7.0 +2.0
SIXS 6 Meridian Small Cap Equity ETF 15.0 97 -67 7.3 +2.3
NUSC Nuveen ESG Small-Cap ETF 14.2 40 -10 4.0 -1.0
PSCH Invesco S&P SmallCap Health Care ETF 14.1 29 1 2.8 -2.2
VBR Vanguard Small Cap Value Index Fund 13.9 7 23 6.4 +1.4
VFMF Vanguard U.S. Multifactor ETF 13.5 19 11 6.2 +1.2
VB Vanguard Small-Cap ETF 12.3 5 25 4.5 -0.6
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 12.2 20 10 3.7 -1.3
VFLQ Vanguard U.S. Liquidity Factor ETF 12.2 14 16 3.5 -1.6
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF 11.9 30 0 7.3 +2.3
PSCI Invesco S&P SmallCap Industrials ETF 11.4 29 1 5.0 -0.0
BKSE BNY Mellon US Small Cap Core Equity ETF 11.1 4 26 4.7 -0.3
VXF Vanguard Extended Market Index Fund 10.8 6 24 2.5 -2.5
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 10.7 80 -50 4.7 -0.3
FAD First Trust Multi Cap Growth AlphaDEX Fund 10.4 66 -36 1.8 -3.2
BFOR Barron's 400 ETF 10.0 65 -35 5.6 +0.6
EZM WisdomTree U.S. MidCap Earnings Fund 9.6 38 -8 7.6 +2.6
JSML Janus Henderson Small Cap Growth Alpha ETF 9.3 30 0 5.9 +0.9
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 9.1 20 10 7.1 +2.1
FAB First Trust Multi Cap Value AlphaDEX Fund 9.1 71 -41 7.5 +2.5
VUSE Vident Core US Equity Fund 8.9 48 -18 7.4 +2.4
JKJ iShares Morningstar Small-Cap ETF 8.9 25 5 5.1 +0.1
VBK Vanguard Small-Cap Growth Index Fund 8.8 7 23 1.9 -3.1
DWAS Invesco DWA SmallCap Momentum ETF 8.6 60 -30 -1.3 -6.3
VFMO Vanguard U.S. Momentum Factor ETF 8.4 13 17 1.4 -3.6
JKK iShares Morningstar Small-Cap Growth ETF 7.7 30 0 0.6 -4.4
TUSA First Trust Total US Market AlphaDEX ETF 7.7 70 -40 4.8 -0.2
PSCU Invesco S&P SmallCap Utilities ETF 7.6 29 1 3.5 -1.6
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 7.3 30 0 5.0 -0.1
CSB VictoryShares US Small Cap High Dividend Volatility Wtd Idx 7.3 35 -5 7.1 +2.1
VAMO Cambria Value & Momentum ETF 7.2 63 -33 5.4 +0.4
DEEP Roundhill Acquirers Deep Value ETF 6.7 80 -50 7.8 +2.8
SMDV ProShares Russell 2000 Dividend Growers ETF 6.6 41 -11 5.4 +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%.

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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 SmallCap 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 9.3 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 30 bp
Equals: ALTAR Score 5.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.55 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.