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SMLVSPDR

SPDR SSGA US Small Cap Low Volatility Index ETF

$159.67+0.37% today
12416352-WK

The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index is designed to measure the performance of the stocks of U.S. small capitalization companies that exhibit low volatility. Volatility is a statistical measurement of the magnitude of movements in a stock's price over time. The fund is non-diversified.

Price & daily flows
154.6143.6132.5159.67DAILY NET FLOWAug 22Dec 19Apr 21Aug 21

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 1Y SHOWN · NET +$8M OVER THIS RANGE

The desk’s read

Flows are quiet — the past month netted out near zero, while the price has returned +21.7% so far this year. At 0.12% a year it is not the cheapest way in — ITDG runs the same ground at 0.11%.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$258Massets under management
0.12%expense ratio · $12 per $10,000 a year
net flow, trailing month
3Kavg daily volume, 30 days
421holdings · US-domiciled
2013listed February 19, 2013
The book at a glance
SAFT+0.0%CHCO+0.3%HMN+0.4%AWR-0.8%PECO-0.4%NWE-1.9%CHE+1.1%BATRK-2.0%CTBI+0.4%MGRC+0.2%APLE+1.0%SIGI+0.7%LSTR+2.3%MSM+1.8%FCPT-0.6%TFSL+0.8%BRC+0.6%ASH-0.2%NNI+0.3%WEN+2.3%BFC+0.3%NJR-2.4%PEBO+0.2%THFF-0.0%NWBI+0.7%SXT+1.5%LTC-1.2%CTO-0.8%CCBG-0.0%SR-2.9%MTG+0.6%PSTL+0.2%GABC-0.1%WTM-0.3%GTY-0.8%KFRC+0.4%SRCE-0.4%SON+2.0%BHB+0.7%CASS-0.9%

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS TODAY’S MOVE · TOP 40 POSITIONS

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1SAFTSAFETY INSURANCE GROUP0.65%$103.59+0.0%
2CHCOCITY HOLDING0.63%$144.48+0.3%
3HMNHORACE MANN EDUCATORS0.62%$50.60+0.4%
4AWRAMERICAN STATES WATER0.62%$88.63-0.8%
5PECOPHILLIPS EDISON & COMPANY0.60%$39.27-0.4%
6NWENORTHWESTERN0.57%$69.45-1.9%
7CHECHEMED0.56%$540.57+1.1%
8BATRKLIBERTY MEDIA0.57%$51.93-2.0%
9CTBICOMMUNITY TRUST BANCORP0.52%$76.52+0.4%
10MGRCMCGRATH RENTCORP0.51%$116.65+0.2%
11APLEAPPLE HOSPITALITY REIT0.50%$16.67+1.0%
12SIGISELECTIVE INSURANCE GROUP0.50%$91.47+0.7%
13LSTRLANDSTAR SYSTEM0.49%$186.58+2.3%
14MSMMSC INDUSTRIAL DIRECT CO0.48%$119.81+1.8%
15FCPTFOUR CORNERS PROPERTY TRUST0.49%$25.23-0.6%

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Performance
1 week-1.5%
1 month+1.6%
3 months+8.0%
6 months+11.8%
YTD+21.7%
1 year+19.8%
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week
1 month
3 months−$50K
YTD+$13M
1 year+$8M

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

Monthly net flows
SepOctNovDecJanFebMarAprMayJunJulAug
DAILY CREATION/REDEMPTION RECORDS, TRAILING TWELVE MONTHS
The risk read
11%realized volatility, 30 days (annualized)
14%realized volatility, 1 year
-7.4%deepest fall from a peak, 1 year
-2.0%where it sits vs. that peak today

The top holding is 0.7% of the book; the top ten carry 6%. Spread across 250+ names, it behaves like roughly 231 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

Options tape
calls today
puts today
put/call ratio
3Kshares traded
Most-traded holdings, options premiumBullishBearish
QLYS QUALYS$5M$5M
BULL Webull$4M$3M
SLGN SILGAN HOLDINGS$2M$1M
WEN WENDY'S$2M$1M
CAKE CHEESECAKE FACTORY$1M$806,153

TODAY’S OPTIONS PREMIUM IN THE FUND’S UNDERLYING NAMES

The case against SMLV

Due diligence cuts both ways. These funds sit on the same shelf and beat SMLV on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
IJH iShares Core S&P Mid-Cap ETF0.05%$128.4B+$547M-7bp on fee · 498× the assets · +$547M in over the monthHead-to-head
IMCB iShares Morningstar Mid-Cap ETF0.04%$1.7B+$15M-8bp on fee · 7× the assets · +$15M in over the monthHead-to-head
VO Vanguard Mid Cap Index Fund0.04%$68.1B-8bp on fee · 264× the assetsHead-to-head
IMCG iShares Morningstar Mid-Cap Growth ETF0.06%$4.2B+$69M-6bp on fee · 16× the assets · +$69M in over the monthHead-to-head
IMCV iShares Morningstar Mid-Cap Value ETF0.06%$1.2B+$20M-6bp on fee · 5× the assets · +$20M in over the monthHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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