SPDR® SSGA US Small Cap Low Volatility Index ETF

SMLV

Key Features

  • The SPDR SSGA US Small Cap Low Volatility Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the SSGA US Small Cap Low Volatility Index (the "Index")
  • The index constituents are a subset of the 2000 U.S. stocks list on a U.S. exchange whose market capitalizations rank from 1,001 to 3,000 as of the Index rebalance date
  • Index utilizes a rules based process that seeks to increase exposure to stocks in the Index universe that exhibit low volatility
  • Stocks in the Index are assigned to a sector and ranked within each sector according to their volatility, measured by standard deviation, over a period of time

Fund Information

As of 12/05/2019
Ticker Symbol SMLV
Primary Benchmark SSGA US Small Cap Low Volatility Index
CUSIP 78468R887
Options Available No
Gross Expense Ratio

Gross Expense Ratio

The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.

0.12%
Inception Date 02/20/2013
Investment Manager SSGA Funds Management, Inc.
Management Team Global Equity Beta Solutions
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Quarterly
Exchange NYSE ARCA EXCHANGE

Fund Documents

Fund Performance

MONTH END As of 10/31/2019 QUARTER END As of 09/30/2019
1 Month2.57%3.99%
QTD2.57%2.44%
YTD19.50%16.51%
1 Year11.55%1.13%
3 Year11.63%10.10%
5 Year9.30%10.69%
10 YearN/AN/A
Inception
11.63%11.36%
Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment.  It is not possible to invest directly in an index.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Fund Characteristics

As of 12/04/2019
Est. 3-5 Year EPS Growth

Estimated 3-5 Year EPS Growth 

Based on the underlying holdings of the fund. The actual earnings estimates for the underlying holdings are provided by FactSet, First Call, I/B/E/S Consensus, and Reuters and are used to calculate a mean 3-5 year EPS growth rate estimate.

9.28%
Number of Holdings 401
Price/Book Ratio

Price/Book Ratio

The weighted harmonic average of closing market price divided by the most recent reported book value for each security in the fund’s portfolio as calculated for the last twelve months.

1.64
Price/Earnings Ratio FY1

Price/Earnings Ratio FY1

The weighted harmonic average of current share price divided by the forecasted one year earnings per share for each security in the fund. Negative and positive outliers are included in the calculation.

16.57
Weighted Average Market Cap $1,887.43 M

Fund Market Price

As of 12/04/2019
Bid/Ask $98.55
Closing Price $98.49
Day High $98.90
Day Low $98.49
Exchange Volume (shares) 637
Premium/Discount

Premium/Discount to NAV

Shows the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds calculated as ((4PM Bid/Ask – Closing NAV)  /  Closing NAV * 100)

0.18%

Yields

As of 12/03/2019
30 Day SEC Yield

30 Day SEC Yield

(Also known as Standardized Yield) An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price.

2.68%
Fund Dividend Yield

Fund Dividend Yield

The sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

2.73%
Index Dividend Yield

Index Dividend Yield

The weighted average of the underlyings' indicated annual dividend divided by price, expressed as a percentage.

2.82%

Fund Net Asset Value

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

As of 12/04/2019
NAV

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

$98.37
Shares Outstanding 3.16 M
Total Net Assets $310.86 M

Index Characteristics

As of 12/04/2019
Est. 3-5 Year EPS Growth 9.27%
Number of Holdings 400
Price/Cash Flow 10.15
Price/Earnings 17.89
Price/Earnings Ratio FY1 16.56

Fund Net Cash Amount

As of 12/04/2019
Net Cash Amount $359,578.80

Index Statistics

As of 12/04/2019
Weighted Average Market Cap $1,735.41 M
Average Size
Mean $1,578.64 M
Median $1,364.58 M
Size Range
Largest $8,510.44 M
Smallest $28.96 M

Purchase Information

Buying and Selling ETFs

ETFs are flexible and easy to trade. Investors buy and sell them like stocks, typically through a brokerage account. Investors can also employ traditional stock trading techniques; including stop orders, limit orders, margin purchases, and short sales using ETFs. They are listed on major US Stock Exchanges.

ETFs are subject to risk similar to those of stocks including those regarding short-selling and margin account maintenance.

Ordinary brokerage commissions apply.

Performance Chart

Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
02/20/2013
Month End
NAV 10/31/2019 2.57% 2.57% 19.50% 11.55% 11.63% 9.30% N/A 11.63%
Market Value 10/31/2019 2.57% 2.57% 16.52% 11.49% 11.59% 9.30% N/A 11.63%
Return after Taxes on Distributions 10/31/2019 2.57% 2.57% 18.55% 10.28% 9.78% 7.76% N/A 10.14%
Return after Taxes on Distributions and Sale of Fund Shares 10/31/2019 1.52% 1.52% 11.51% 6.85% 8.33% 6.68% N/A 8.72%
SSGA US Small Cap Low Volatility Index 10/31/2019 2.59% 2.59% 19.67% 11.70% 11.57% 9.31% N/A 11.67%
Quarter End
NAV 09/30/2019 3.99% 2.44% 16.51% 1.13% 10.10% 10.69% N/A 11.36%
Market Value 09/30/2019 4.04% 2.53% 13.59% 1.17% 10.10% 10.68% N/A 11.36%
Return after Taxes on Distributions 09/30/2019 3.71% 2.17% 15.59% -0.03% 8.28% 9.14% N/A 9.86%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 2.36% 1.45% 9.76% 0.69% 7.15% 7.83% N/A 8.50%
SSGA US Small Cap Low Volatility Index 09/30/2019 4.02% 2.47% 16.65% 1.22% 10.04% 10.71% N/A 11.40%
Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
02/20/2013
Month End
NAV 10/31/2019 2.57% 2.57% 19.50% 11.55% 11.63% 9.30% N/A 11.63%
Market Value 10/31/2019 2.57% 2.57% 16.52% 11.49% 11.59% 9.30% N/A 11.63%
Return after Taxes on Distributions 10/31/2019 2.57% 2.57% 18.55% 10.28% 9.78% 7.76% N/A 10.14%
Return after Taxes on Distributions and Sale of Fund Shares 10/31/2019 1.52% 1.52% 11.51% 6.85% 8.33% 6.68% N/A 8.72%
SSGA US Small Cap Low Volatility Index 10/31/2019 2.59% 2.59% 19.67% 11.70% 11.57% 9.31% N/A 11.67%
Quarter End
NAV 09/30/2019 3.99% 2.44% 16.51% 1.13% 10.10% 10.69% N/A 11.36%
Market Value 09/30/2019 4.04% 2.53% 13.59% 1.17% 10.10% 10.68% N/A 11.36%
Return after Taxes on Distributions 09/30/2019 3.71% 2.17% 15.59% -0.03% 8.28% 9.14% N/A 9.86%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 2.36% 1.45% 9.76% 0.69% 7.15% 7.83% N/A 8.50%
SSGA US Small Cap Low Volatility Index 09/30/2019 4.02% 2.47% 16.65% 1.22% 10.04% 10.71% N/A 11.40%
Swipe to view all columns
Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment.  It is not possible to invest directly in an index.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Gross Expense Ratio: 0.12%

Performance Graphs

Month End as of 10/31/2019

Fund Inception Date: 02/20/2013

Index Inception Date: 05/23/2011

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Quarter End as of 09/30/2019

Fund Inception Date: 02/20/2013

Index Inception Date: 05/23/2011

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Fund Top Holdings

Subject to change.

Subject to change.

As of 12/04/2019
Name Weight Total Mkt Cap M Shares Held
Apollo Commercial Real Estate Finance Inc. 1.12 % $ 2,829.69 187,933
White Mountains Insurance Group Ltd 1.06 % $ 3,448.97 3,048
Valley National Bancorp 0.90 % $ 4,466.04 251,519
MFA Financial Inc. 0.84 % $ 3,460.56 340,512
Meridian Bancorp Inc 0.74 % $ 1,058.47 115,659
Two Harbors Investment Corp. 0.67 % $ 3,997.99 142,740
Easterly Government Properties Inc. 0.65 % $ 1,646.65 86,934
Capitol Federal Financial Inc. 0.64 % $ 1,958.42 144,665
Northfield Bancorp Inc. 0.60 % $ 820.98 111,872
Armada Hoffler Properties Inc. 0.59 % $ 952.09 102,195

Index Top Holdings

As of 12/04/2019
Name Weight
Apollo Commercial Real Estate Finance Inc. 1.12 %
White Mountains Insurance Group Ltd 1.06 %
Valley National Bancorp 0.89 %
MFA Financial Inc. 0.84 %
Meridian Bancorp Inc 0.74 %
Two Harbors Investment Corp. 0.67 %
Easterly Government Properties Inc. 0.65 %
Capitol Federal Financial Inc. 0.64 %
Northfield Bancorp Inc. 0.60 %
Armada Hoffler Properties Inc. 0.59 %

Fund Sector Allocation

As of 12/04/2019
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>12/04/2019</asOfDate><code>FUND_SECTOR_ALLOCATION</code><attributes><attribute><rawValue>35.17</rawValue><value>35.17%</value><label>Financials</label><order>1</order></attribute><attribute><rawValue>13.45</rawValue><value>13.45%</value><label>Real Estate</label><order>2</order></attribute><attribute><rawValue>12.47</rawValue><value>12.47%</value><label>Industrials</label><order>3</order></attribute><attribute><rawValue>9.0</rawValue><value>9.00%</value><label>Information Technology</label><order>4</order></attribute><attribute><rawValue>8.74</rawValue><value>8.74%</value><label>Consumer Discretionary</label><order>5</order></attribute><attribute><rawValue>6.6</rawValue><value>6.60%</value><label>Health Care</label><order>6</order></attribute><attribute><rawValue>3.68</rawValue><value>3.68%</value><label>Consumer Staples</label><order>7</order></attribute><attribute><rawValue>3.66</rawValue><value>3.66%</value><label>Materials</label><order>8</order></attribute><attribute><rawValue>2.71</rawValue><value>2.71%</value><label>Communication Services</label><order>9</order></attribute><attribute><rawValue>2.57</rawValue><value>2.57%</value><label>Utilities</label><order>10</order></attribute><attribute><rawValue>1.94</rawValue><value>1.94%</value><label>Energy</label><order>11</order></attribute></attributes></component>

Index Sector Allocation

As of 12/04/2019
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>12/04/2019</asOfDate><code>BMARK_SECTOR_ALLOCTAION</code><attributes><attribute><rawValue>35.1</rawValue><value>35.10%</value><label>Financials</label><order>1</order></attribute><attribute><rawValue>13.43</rawValue><value>13.43%</value><label>Real Estate</label><order>2</order></attribute><attribute><rawValue>12.46</rawValue><value>12.46%</value><label>Industrials</label><order>3</order></attribute><attribute><rawValue>9.01</rawValue><value>9.01%</value><label>Information Technology</label><order>4</order></attribute><attribute><rawValue>8.75</rawValue><value>8.75%</value><label>Consumer Discretionary</label><order>5</order></attribute><attribute><rawValue>6.56</rawValue><value>6.56%</value><label>Health Care</label><order>6</order></attribute><attribute><rawValue>3.69</rawValue><value>3.69%</value><label>Consumer Staples</label><order>7</order></attribute><attribute><rawValue>3.67</rawValue><value>3.67%</value><label>Materials</label><order>8</order></attribute><attribute><rawValue>2.73</rawValue><value>2.73%</value><label>Communication Services</label><order>9</order></attribute><attribute><rawValue>2.57</rawValue><value>2.57%</value><label>Utilities</label><order>10</order></attribute><attribute><rawValue>2.03</rawValue><value>2.03%</value><label>Energy</label><order>11</order></attribute></attributes></component>

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

After-tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines.

Unless otherwise noted all information contained herein is that of the SPDR SSGA US Small Cap Low Volatility Index ETF.

*The SSGA US Small Cap Low Volatility Index reflects linked performance returns of both the SSGA US Small Cap Low Volatility Index and the Russell 2000 Low Volatility Index. The index returns are reflective of the Russell 2000 Low Volatility Index from fund inception until 12/13/2016 and of the SSGA US Small Cap Low Volatility Index effective 12/13/2016.

Global Equity Beta Solutions

Co-Head, Global Equity Beta Solutions Michael J. Feehily Senior Managing Director Show BioHide Bio

Mike is a Senior Managing Director and the Head of Global Equity Beta Solutions in the Americas. He is also a member of the Senior Leadership Team and is a voting member on the firm's Trade Management Oversight Committee and the North America Product Committee.

Mike rejoined SSGA in 2010 after spending four years in State Street Global Markets where he helped to build the Global Exposure Solutions business. This group created and managed portfolios that were designed to meet the short-term market exposure needs of our institutional clients. Prior to this Mike had been Head of the US Passive Equity Team within SSGA, which he originally joined in 1997. He began his career at State Street within the Global Services division in 1992.

Mike received a Bachelor of Science Degree from Babson College in Finance, Investments, and Economics. He received an MBA in Finance from Bentley College and also earned the Chartered Financial Analyst designation. He is a member of the CFA Institute and the Boston Security Analysts Society. Mike is also a former member of the Russell Index Client Advisory Board.

Deputy Head of GEBS - Americas Karl A. Schneider Managing Director Show BioHide Bio

Karl Schneider, CAIA, is a Managing Director of SSGA and Deputy Head of Global Equity Beta Solutions (GEBS) in the Americas. He also serves as a senior portfolio manager for a number of the group's passive equity portfolios. Previously within GEBS, he served as a portfolio manager and product specialist for US equity strategies and synthetic beta strategies, including commodities, buy/write, and hedge fund replication. He is also a member of the S&P Dow Jones US Equities Index Advisory Panel.

Prior to joining the GEBS team, Mr. Schneider worked as a portfolio manager in SSGA's Currency Management Group, managing both active currency selection and traditional passive hedging overlay portfolios. He joined SSGA in 1997.

Mr. Schneider holds a BS in Finance and Investments from Babson College and also an MS in Finance from Boston College. He has earned the Chartered Alternative Investment Analyst designation and is a member of the CAIA Association.

Senior Portfolio Manager John Law Vice President Show BioHide Bio

John is a Senior Portfolio Manager and Vice President in the Global Equity Beta Solutions Group, having joined SSGA in 2016. Previously, John worked at Dimensional Fund Advisors as a Portfolio Manager on the international equities desk, where he oversaw the international small cap strategy and served as Global Process Lead for foreign exchange. Prior experience also includes mortgage banking, having worked at IndyMac Bank issuing mortgage backed securities, and investment banking, with Credit Suisse First Boston.

John has an MBA from the University of Chicago Booth School of Business, where he was a Siebel Scholar, and Master's and Bachelor's degrees from Cambridge University and Princeton University, respectively.

After Tax Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shres through tad deferred arrangements such as 401(k) plans or individual retiredment accounts. After tax returns may not take into account year end tax adjustments, which are calculated only at the end of each tax year. The after tax returns could differ after year end tax adjustments are accounted for.

SSGA US Small Cap Low Volatility Index

The SSGA US Small Cap Low Volatility Index is designed to track the performance 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.

SSGA US Low Volatility Indexes Methodology >>

Important Risk Information

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund.

Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

Although subject to the risks of common stocks, low volatility stocks are seen as having a lower risk profile than the overall markets. However, a portfolio comprised of low volatility stocks may not produce investment exposure that has lower variability to changes in such stocks' price levels.

Low volatility stocks are seen as having a lower risk profile than the overall markets, although subject to the risks of common stocks. However, a portfolio comprised of low volatility stocks may not produce investment exposure that has lower variability to changes in such stocks’ price levels.

Returns on investments in stocks of large U.S. companies could trail the returns on investments in stocks of smaller and mid-sized companies.

Equity securities may fluctuate in value in response to the activities of individual companies and general market and economic conditions.

Non-diversified funds that focus on a relatively small number of securities tend to be more volatile than diversified funds and the market as a whole.

Passively managed funds hold a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. This may cause the fund to experience tracking errors relative to performance of the index.

While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.spdrs.com. Read it carefully.

Glossary

Premium Discount to NAV

As of 12/04/2019
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® SSGA US Small Cap Low Volatility Index ETF SMLV $98.37 $98.49 $98.55 0.18%
Download Fund Data

x axis: # of days y axis: # Premium/Discount percentage

The above information is provided to show the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Centralized Systematic Valuation Aggregated Cash Flow (ACF) File

This information provided is calculated by Bloomberg Finance L.P., a third party not affiliated with SSGA. Neither SSGA nor its affiliates assume any liability for or guarantee the timeliness, accuracy and completeness of the information provided. The information provided is as of the date indicated and is subject to change.

This analysis or any portion thereof may not be revised or changed in any way, reprinted, sold or redistributed without the written consent of SSGA.

This cash flow table and the data contained herein (together, "Content") is provided for informational purposes only, on an "as is" basis. No source of Content, or any of its affiliates (each a "Source"), makes any warranty, express or implied, that the Content is accurate, complete or error-free, and it should not be relied upon as such. No Source guarantees the timeliness, reliability, performance, continued availability, or currency of the Content or any results obtained therefrom. No Source shall be liable for any damages, including without limitation, any special, punitive, indirect, incidental or consequential damages, or any lost profits, arising from the use of or reliance on the Content, even if advised of the possibility of such damages. Nothing in the Content shall constitute or be construed as an offering of financial instruments by any Source, or as investment advice or recommendations by such entities of an investment strategy or whether or not to "buy", "sell" or "hold" an investment.

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