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Launched on 10/21/2015, the SPDR Portfolio S&P 500 High Dividend ETF (SPYD) is a passively managed exchange traded fund designed to provide a broad exposure to the Large Cap Value segment of the US equity market.
The fund is sponsored by State Street Global Advisors. It has amassed assets over $6.72 billion, making it one of the larger ETFs attempting to match the Large Cap Value segment of the US equity market.
Why Large Cap Value
Companies that find themselves in the large cap category typically have a market capitalization above $10 billion. Overall, they are usually a stable option, with less risk and more sure-fire cash flows than mid and small cap companies.
Carrying lower than average price-to-earnings and price-to-book ratios, value stocks also have lower than average sales and earnings growth rates. When you look at long-term performance, value stocks have outperformed growth stocks in nearly all markets. But in strong bull markets, growth stocks are more likely to be winners.
Costs
Cost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive counterparts if all other fundamentals are the same.
Annual operating expenses for this ETF are 0.07%, making it one of the least expensive products in the space.
It has a 12-month trailing dividend yield of 3.04%.
Sector Exposure and Top Holdings
While ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund's holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation to the Real Estate sector--about 24.90% of the portfolio. Utilities and Financials round out the top three.
Looking at individual holdings, Kellanova (K) accounts for about 1.60% of total assets, followed by Kenvue Inc (KVUE) and Ventas Inc (VTR).
The top 10 holdings account for about 13.62% of total assets under management.
Performance and Risk
SPYD seeks to match the performance of the S&P 500 High Dividend Index before fees and expenses. The S&P 500 High Dividend Index is designed to measure the performance of the top 80 dividend-paying securities listed on the S&P 500 Index, based on dividend yield.
The ETF return is roughly 19.06% so far this year and was up about 30.08% in the last one year (as of 09/17/2024). In the past 52-week period, it has traded between $33 and $45.80.
The ETF has a beta of 1.02 and standard deviation of 17.05% for the trailing three-year period, making it a medium risk choice in the space. With about 83 holdings, it effectively diversifies company-specific risk.
Alternatives
SPDR Portfolio S&P 500 High Dividend ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, SPYD is an outstanding option for investors seeking exposure to the Style Box - Large Cap Value segment of the market. There are other additional ETFs in the space that investors could consider as well.
The Schwab U.S. Dividend Equity ETF (SCHD) and the Vanguard Value ETF (VTV) track a similar index. While Schwab U.S. Dividend Equity ETF has $60.60 billion in assets, Vanguard Value ETF has $126.51 billion. SCHD has an expense ratio of 0.06% and VTV charges 0.04%.
Bottom-Line
While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
The SPDR S&P Dividend ETF (SDY) was launched on 11/08/2005, and is a smart beta exchange traded fund designed to offer broad exposure to the Style Box - Large Cap Value category of the market.
What Are Smart Beta ETFs?
For a long time now, the ETF industry has been flooded with products based on market capitalization weighted indexes, which are designed to represent the broader market or a particular market segment.
Investors who believe in market efficiency should consider market cap indexes, as they replicate market returns in a low-cost, convenient, and transparent way.
On the other hand, some investors who believe that it is possible to beat the market by superior stock selection opt to invest in another class of funds that track non-cap weighted strategies--popularly known as smart beta.
Based on specific fundamental characteristics, or a combination of such, these indexes attempt to pick stocks that have a better chance of risk-return performance.
Even though this space provides many choices to investors--think one of the simplest methodologies like equal-weighting and more complicated ones like fundamental and volatility/momentum based weighting--not all have been able to deliver first-rate results.
Fund Sponsor & Index
Managed by State Street Global Advisors, SDY has amassed assets over $21.38 billion, making it one of the largest ETFs in the Style Box - Large Cap Value. This particular fund seeks to match the performance of the S&P High Yield Dividend Aristocrats Index before fees and expenses.
The S&P High Yield Dividend Aristocrats Index measures the performance of the highest dividend yielding S&P Composite 1500 Index constituents that have followed a managed-dividends policy of consistently increasing dividends every year for at least 20 consecutive years.
Cost & Other Expenses
For ETF investors, expense ratios are an important factor when considering a fund's return; in the long-term, cheaper funds actually have the ability to outperform their more expensive cousins if all other things remain the same.
Annual operating expenses for SDY are 0.35%, which makes it on par with most peer products in the space.
It's 12-month trailing dividend yield comes in at 2.38%.
Sector Exposure and Top Holdings
ETFs offer diversified exposure and thus minimize single stock risk, but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Consumer Staples sector - about 18.90% of the portfolio. Industrials and Utilities round out the top three.
When you look at individual holdings, Realty Income Corp (O) accounts for about 2.86% of the fund's total assets, followed by Kenvue Inc (KVUE) and Intl Business Machines Corp (IBM).
SDY's top 10 holdings account for about 19.25% of its total assets under management.
Performance and Risk
The ETF has gained about 13.51% so far this year and is up about 19.51% in the last one year (as of 09/16/2024). In the past 52-week period, it has traded between $110.20 and $140.29.
The ETF has a beta of 0.86 and standard deviation of 14.68% for the trailing three-year period, making it a medium risk choice in the space. With about 136 holdings, it effectively diversifies company-specific risk.
Alternatives
SPDR S&P Dividend ETF is a reasonable option for investors seeking to outperform the Style Box - Large Cap Value segment of the market. However, there are other ETFs in the space which investors could consider.
Schwab U.S. Dividend Equity ETF (SCHD) tracks Dow Jones U.S. Dividend 100 Index and the Vanguard Value ETF (VTV) tracks CRSP U.S. Large Cap Value Index. Schwab U.S. Dividend Equity ETF has $60.01 billion in assets, Vanguard Value ETF has $125.50 billion. SCHD has an expense ratio of 0.06% and VTV charges 0.04%.
Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Style Box - Large Cap Value.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
Kenvue Inc. , headquartered in Skillman, New Jersey, is a global consumer health company specializing in personal care, health, and wellness products. With a , which has gained 9.3% over the same time frame.
In the longer term, KVUE is up 8.6% on a YTD basis, and the shares have gained 8.3% over the past 52 weeks. In comparison, the XLP has gained 16.5% in 2024 and rallied 16.7% over the past year.
KVUE has been trading above its 50-day- and 200-day moving averages since early August to confirm its bullish trend.
On Aug. 6, Kenvue's shares surged by more than 14.6% following a Q2 earnings report that surpassed Wall Street's expectations. Although the company saw a slight year-over-year decline, its net sales of $4 billion narrowly beat analysts' forecast of $3.93 billion. The company expects full-year earnings in the range of $1.10 to $1.20 per share.
Given the stock's strong recent price performance, analysts are moderately optimistic about KVUE's prospects. The stock has a consensus rating of "Moderate Buy" from 14 analysts in coverage. The mean price target is $22.75, which indicates that the stock trades at a premium.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
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