SSLY
Syntax Stratified SmallCap ETF
SSLY tracks an index that holds all constituents of the S&P 600 Index, reweighted to diversify related business risk.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
10.5 M
ASSETS UNDER MGMT
40 bp
EXPENSES
Fund Basics
| Fund sponsor | Syntax Advisors |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | May 28, 2020 |
| Assets (mns) | $11 |
| Expense ratio | 40 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Committee |
| Weighting | Tiered |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| VERICEL CORPORATION | 0.9 % |
| EMBECTA CORPORATION | 0.9 % |
| ALARM.COM HOLDINGS INC | 0.8 % |
| A10 NETWORKS INC | 0.8 % |
| PLEXUS CORP | 0.7 % |
| CINEMARK HOLDINGS INC | 0.7 % |
| TANDEM DIABETES CARE INC | 0.6 % |
| SANMINA CORP | 0.6 % |
| HARMONIC INC | 0.6 % |
| HAVERTY FURNITURE | 0.6 % |
Constituent Breakdown
| Number of holdings | 605 |
| Herfindahl-Hirschman Index | 27 |
| Wgt avg mkt cap (mns) | $2,315 |
| Large cap (>$10bn) | 0.0% |
| Mid cap ($2-10bn) | 54.0% |
| Small cap (<$2bn) | 45.9% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 97.6 % |
 |
BERMUDA | 0.9 % |
Historical Performance
Standardized Performance (as of 10/31/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | -- | -- | -- | -- | -- | -- | -- | Volatility | 20.0% | 21.0% | 20.6% | 22.4% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.10 | 70% |
| MSCI EAFE | 1.08 | 68% |
| MSCI Emg Mkts | 0.78 | 33% |
Liquidity Measures
| Avg. volume (000) | 0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.22% |
| ADV of underlying (mns) | $14,841 |
Technical Indicators
| Recent close | $45.95 |
| 30d moving avg. | $79.05 |
| Annualized volatility | 23.5% |
| Relative strength (RSI) | 52 |
| Short interest (ETF) | 0.1% |
| Short interest (underlying) | 10.6% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. SSLY |
Expenses vs. SSLY |
ALTAR Score™ vs. SSLY |
|---|---|---|---|---|
| IJR | iShares Core S&P Small Cap ETF | 56.9% | -34 bp | -0.9% |
| XJR | iShares ESG Screened S&P Small-Cap ETF | 56.5% | -28 bp | -0.5% |
| VIOO | Vanguard S&P Small-Cap 600 ETF | 56.1% | -30 bp | -0.9% |
| SPSM | SPDR Portfolio S&P 600 Small Cap ETF | 55.9% | -37 bp | -0.8% |
| QVMS | Invesco S&P SmallCap 600 QVM Multi-factor ETF | 54.9% | -25 bp | -0.1% |
| RWJ | Invesco S&P SmallCap 600 Revenue ETF | 51.1% | -1 bp | +0.0% |
| IJS | iShares S&P Small-Cap 600 Value ETF | 48.3% | -22 bp | -0.1% |
| VIOV | Vanguard S&P Small-Cap 600 Value ETF | 47.8% | -25 bp | -0.1% |
| SLYV | SPDR S&P 600 Small Cap Value ETF | 47.6% | -25 bp | -0.1% |
| ESIX | SPDR S&P SmallCap 600 ESG ETF | 44.7% | -28 bp | -0.1% |
Risk and Returns: SSLY vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 9/27/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
SSLY
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
SSLY
7.4%
Cat. Avg
5.4%
ALTAR Score™ Calculation
Category Overview
There are 973 funds in the US Equity category, with an average ALTAR Score™
of 5.4% and a standard deviation of
2.4%. SSLY's ALTAR Score™ is approximately
0.9 standard deviations
above
the category average. This places SSLY in the 80th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
SSLYSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 609 |
| Avg. Expense Ratio | 46.6 bp |
| Std. Deviation | 32.9 bp |
| SSLY (40 bp) Percentile rank | 42 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| SSLY | 40.0 | 21.7 | 61.7 |
| Peer Avg. | 29.7 | 13.9 | 43.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .