Syntax Stratified SmallCap ETF
ALTAR
Score™
6.0% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
92.9x P/Sales
ratio
0.6x
P/BV
ratio
1.4x Div.
yield
1.5%


  • 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) $14
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 601
Wgt avg mkt cap (mns) $1,407
Large cap (>$10bn) 0.2%
Mid cap ($2-10bn) 21.6%
Small cap (<$2bn) 78.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
SUNRUN INC. 1.2 %
MEDPACE HOLDINGS, INC. 1.1 %
LUMINEX CORP 1.0 %
SHUTTERSTOCK INC 0.8 %
VASCO DATA SECURITY INTL 0.8 %
LUMBER LIQUIDATORS INC 0.8 %
COVETRUS, INC. 0.7 %
VONAGE HOLDINGS CORP. 0.7 %
DIEBOLD INC 0.7 %
AMAG PHARMACEUTICALS INC 0.7 %
Total 8.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.4 %
BERMUDA 0.8 %
PUERTO RICO 0.3 %
IRELAND 0.3 %
CAYMAN ISLANDS 0.2 %
BRITAIN 0.2 %
NETHERLANDS 0.1 %




HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
5.0% -- -- -- 5.0%

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

Technical Indicators
Recent close $34.21
30d moving avg. $31.98
Annualized volatility 0.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 66

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.37%
ADV underlying (mns) $7,821

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 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™: 6.0%


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 69.9 40 -10 6.3 +0.4
SPSM SPDR Portfolio Small Cap ETF 60.6 5 25 6.7 +0.7
SLY SPDR S&P 600 Small Cap ETF 60.6 15 15 6.5 +0.6
IJR iShares Core S&P Small Cap ETF 60.3 7 23 6.6 +0.6
VIOO Vanguard S&P Small-Cap 600 ETF 59.4 10 20 6.6 +0.7
RWJ Invesco S&P SmallCap 600 Revenue ETF 51.3 39 -9 6.2 +0.2
SLYV SPDR S&P 600 Small Cap Value ETF 50.5 15 15 8.5 +2.5
IJS iShares S&P Small-cap 600 Value ETF 50.4 25 5 8.4 +2.4
VIOV Vanguard S&P Small-Cap 600 Value ETF 49.2 15 15 8.5 +2.5
SLYG SPDR S&P 600 Small Cap Growth ETF 44.0 15 15 5.1 -0.9
IJT iShares S&P Small-Cap 600 Growth ETF 44.0 25 5 5.0 -1.0
VIOG Vanguard S&P Small-Cap 600 Growth ETF 43.6 16 14 5.0 -1.0
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 36.9 29 1 4.7 -1.2
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 34.4 20 10 4.9 -1.1
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 32.8 35 -5 7.8 +1.9
EES WisdomTree SmallCap Earnings Fund 31.6 38 -8 10.6 +4.6
IWM iShares Russell 2000 ETF 31.5 19 11 3.5 -2.5
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 31.2 39 -9 4.0 -1.9
VTWO Vanguard Russell 2000 Index Fund 31.0 10 20 3.6 -2.4
FYX First Trust Small Cap Core AlphaDEX Fund 29.6 63 -33 6.3 +0.3
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 29.5 35 -5 7.9 +2.0
IWN iShares Russell 2000 Value ETF 29.2 24 6 6.9 +0.9
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 27.7 29 1 0.0 -5.9
FNDA Schwab Fundamental U.S. Small Co. Index ETF 27.5 25 5 6.2 +0.3
IUSS Invesco Strategic US Small Company ETF 27.2 23 7 5.2 -0.8
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 26.3 35 -5 5.8 -0.2
ISMD Inspire Small/Mid Cap Impact ETF 26.3 60 -30 6.0 +0.1
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 26.3 29 1 6.0 +0.0
RZG Invesco S&P Smallcap 600 Pure Growth ETF 26.1 35 -5 5.7 -0.3
CSML IQ Chaikin U.S. Small Cap ETF 26.0 35 -5 3.7 -2.3
PSC Principal U.S. Small Cap Index ETF 25.6 38 -8 6.6 +0.6
VTWV Vanguard Russell 2000 Value Index Fund 25.6 15 15 7.1 +1.1
AFSM First Trust Active Factor Small Cap ETF 25.4 75 -45 5.3 -0.7
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 25.3 30 0 7.2 +1.3
RNSC Small Cap US Equity Select ETF 25.1 60 -30 7.0 +1.0
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 24.6 24 6 6.6 +0.6
IWO iShares Russell 2000 Growth ETF 24.0 24 6 -0.1 -6.0
VTWG Vanguard Russell 2000 Growth Index Fund 23.5 15 15 -0.0 -6.0
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 23.5 39 -9 6.5 +0.5
SCHA Schwab U.S. Small-Cap ETF 23.2 4 26 4.4 -1.6
RZV Invesco S&P Smallcap 600 Pure Value ETF 23.2 35 -5 7.8 +1.8
DES WisdomTree U.S. SmallCap Dividend Fund 22.4 38 -8 8.2 +2.3
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 21.6 12 18 7.3 +1.4
PXSG Invesco S&P SmallCap Momentum ETF 21.3 39 -9 4.7 -1.3
ROGS Hartford Multifactor Global Small Cap ETF 20.8 34 -4 7.6 +1.6
XSLV Invesco S&P SmallCap Low Volatility ETF 20.5 25 5 5.8 -0.1
AVUV Avantis U.S. Small Cap Value ETF 19.4 25 5 8.4 +2.4
PBSM Invesco PureBeta MSCI USA Small Cap ETF 19.2 6 24 5.0 -1.0
XSVM Invesco S&P SmallCap Value with Momentum ETF 18.9 39 -9 9.5 +3.5
XSHQ Invesco S&P SmallCap Quality ETF 18.7 29 1 6.3 +0.3
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 18.7 17 13 4.9 -1.1
FYC First Trust Small Cap Growth AlphaDEX Fund 18.6 70 -40 1.8 -4.2
FYT First Trust Small Cap Value AlphaDEX Fund 18.2 72 -42 9.7 +3.8
SQLV Legg Mason Small-Cap Quality Value 17.7 62 -32 7.4 +1.5
PSCF Invesco S&P SmallCap Financials ETF 17.4 29 1 11.0 +5.0
PSCD Invesco S&P SmallCap Consumer Discretionary ETF 17.3 29 1 7.5 +1.5
PSCT Invesco S&P SmallCap Information Technology ETF 17.1 29 1 5.3 -0.7
IWC iShares Micro-Cap ETF 16.4 60 -30 -3.5 -9.5
VFQY Vanguard U.S. Quality Factor ETF 15.6 13 17 5.8 -0.2
NUSC Nuveen ESG Small-Cap ETF 15.3 40 -10 4.9 -1.1
FSMD Fidelity Small-Mid Factor ETF 15.2 29 1 6.7 +0.7
CALF Pacer US Small Cap Cash Cows 100 ETF 14.9 59 -29 10.5 +4.5
PSCH Invesco S&P SmallCap Health Care ETF 14.8 29 1 2.9 -3.1
VFMF Vanguard U.S. Multifactor ETF 14.7 19 11 6.8 +0.8
VBR Vanguard Small Cap Value Index Fund 14.7 7 23 8.1 +2.1
BUY USCF SummerHaven SHPEI Index Fund 13.8 80 -50 9.1 +3.1
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 13.8 38 -8 8.5 +2.5
VB Vanguard Small-Cap ETF 13.7 5 25 5.2 -0.8
VFVA Vanguard U.S. Value Factor ETF 13.5 14 16 11.0 +5.0
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 13.0 20 10 4.6 -1.4
DWAS Invesco DWA SmallCap Momentum ETF 12.9 60 -30 -2.3 -8.2
BKSE BNY Mellon US Small Cap Core Equity ETF 12.6 4 26 5.8 -0.1
VXF Vanguard Extended Market Index Fund 12.5 7 23 3.5 -2.5
PSCI Invesco S&P SmallCap Industrials ETF 12.3 29 1 6.0 +0.0
VFLQ Vanguard U.S. Liquidity Factor ETF 11.8 14 16 4.5 -1.5
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 11.3 80 -50 5.1 -0.9
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 11.3 20 10 9.2 +3.3
FAB First Trust Multi Cap Value AlphaDEX Fund 10.4 71 -41 9.7 +3.8
VBK Vanguard Small-Cap Growth Index Fund 10.2 7 23 2.2 -3.8
JSML Janus Henderson Small Cap Growth Alpha ETF 10.1 30 0 7.3 +1.4
JKK iShares Morningstar Small-Cap Growth ETF 9.9 30 0 1.0 -4.9
FAD First Trust Multi Cap Growth AlphaDEX Fund 9.8 66 -36 2.2 -3.8
BFOR Barron's 400 ETF 9.7 65 -35 6.1 +0.1
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF 9.5 30 0 10.7 +4.7
JKJ iShares Morningstar Small-Cap ETF 9.2 25 5 6.4 +0.4
VFMO Vanguard U.S. Momentum Factor ETF 8.6 13 17 0.1 -5.8
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 8.3 30 0 5.4 -0.6
KOMP SPDR Kensho New Economies Composite ETF 8.1 20 10 2.4 -3.6
VUSE Vident Core US Equity Fund 8.0 48 -18 7.5 +1.5
CSB VictoryShares US Small Cap High Dividend Volatility Wtd Idx 7.9 35 -5 9.0 +3.0
TUSA First Trust Total US Market AlphaDEX ETF 7.7 70 -40 5.7 -0.3
JHSC John Hancock Multifactor Small Cap ETF 7.2 42 -12 5.6 -0.4
DWMC AdvisorShares Dorsey Wright Micro-Cap ETF 7.1 125 -95 -3.5 -9.4
VAMO Cambria Value & Momentum ETF 6.9 64 -34 6.6 +0.6
EZM WisdomTree U.S. MidCap Earnings Fund 6.6 38 -8 8.8 +2.8
PSCU Invesco S&P SmallCap Utilities ETF 6.1 29 1 3.1 -2.9
FDM First Trust Dow Jones Select Microcap Index Fund 6.0 60 -30 7.1 +1.2
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 5.6 25 5 6.3 +0.3
XSW SPDR S&P Software & Services ETF 5.6 35 -5 3.8 -2.2
SMDV ProShares Russell 2000 Dividend Growers ETF 5.5 40 -10 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%.

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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 8.5 %
Divided by: Fwd. P/BV 1.4 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
1.61 CATEGORY
AVERAGE
1.52
 
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.