SPDR Portfolio S&P 600 Small Cap ETF

Price: $39.36
Change: $0.08 (0.0%)
Last Updated:


Issuer State Street
Brand SPDR
Structure ETF
Expense Ratio 0.05%
ETF Home Page Home page
Inception Jul 08, 2013
Index Tracked S&P SmallCap 600 Index

Analyst Report

The SPDR Portfolio S&P 600 Small Cap ETF (SPSM) tracks an index of small cap U.S. stocks. The investment thesis behind a small cap investment is the growth factor that comes along with these securities. While mega-cap firms have already hit their peak, smaller companies may be the next juggernaut. The downside to small-cap investing is additional risk. Changes in regulation, credit availability, or product viability could send share prices plummeting. While some exposure to these small companies is healthy for a portfolio, the allocation should be kept relatively low since this market segment experiences extreme volatility. Investors in total-market ETFs already have some allocation to small-caps and should make sure that they’re not unintentionally overweighting a risky space. Conversely, investors with strong convictions about small-caps might want to augment a total market fund with SPSM to boost their exposure. Like all of State Streets’s SPDR Portfolio lineup, SPSM is priced to match or beat rivals like the iShares Core S&P Small Cap ETF (IJR). SPSM has changed its underlying index a couple of times in recent years, but as of January 2020 it tracks the same S&P SmallCap 600 index as IJR and at a lower fee, making it an appealing option for longer-term investors who are looking for growth and aware of the risks that come with small-cap stocks. SPSM still lags IJR in assets though and some short-term traders might prefer IJR’s size and liquidity.

State Street launched its ultra-low-cost SPDR Portfolio lineup in October 2017 after years of losing market share to cheaper rivals at BlackRock, Schwab, and Vanguard. This was a humiliating setback since State Street pretty much founded the modern ETF market in 1993 with the launch of the SPDR S&P 500 ETF Trust (SPY). State Street was late to the ultra-low-cost space — BlackRock launched its low-cost iShares Core series five years earlier — but has pushed hard to make up ground. Many of its “Portfolio” funds, including SPSM, were renamed and repriced for this purpose. Prior to October 2017, SPSM tracked the Russell 2000 index and traded under the ticker TWOK. Prior to January 24, 2020, it tracked the SSgA Small Cap Index.

ETF Database Themes

Asset Class Equity
Asset Class Size Multi-Cap
Asset Class Style Blend
Region (General) North America
Region (Specific) U.S.

FactSet Classifications

Segment Equity: U.S. - Small Cap
Category Size and Style
Focus Small Cap
Niche Broad-based
Strategy Vanilla
Weighting Scheme Market Cap

Trading Data

Open - Volume -
Day Lo - Day Hi -
  • Open
  • Volume
  • Day Lo
  • Day Hi
  • 52 Week Lo $33.73
  • 52 Week Hi $45.40
  • AUM $4,678.9 M
  • Shares 119.1 M

Historical Trading Data

  • 1 Month Avg. Volume 956,358
  • 3 Month Avg. Volume 812,282

Alternative ETFs in the ETF Database Small Cap Blend Equities Category

Type Symbol Expense Ratio Assets Avg. Daily Vol YTD Return
Cheapest SCHA 0.04% $13.9 B 1 M -15.70%
Largest (AUM) IJR 0.06% $68.7 B 4 M -11.10%
Most Liquid (Volume) IJR 0.06% $68.7 B 4 M -11.10%
Top YTD Performer VAMO 0.64% $135.2 M 50,556 10.94%

Alternative ETFs in the FactSet Equity: U.S. - Small Cap Segment

Type Symbol Expense Ratio Assets Avg. Daily Vol YTD Return
Cheapest SCHA 0.04% $13.9 B 1 M -15.70%
Largest (AUM) IJR 0.06% $68.7 B 4 M -11.10%
Most Liquid (Volume) IWM 0.19% $56.2 B 28 M -15.93%
Top YTD Performer SPAX 0.50% $27.6 M 3,314 1.71%

Top 15 Holdings

Concentration Analysis

This section compares how balanced and deep this ETF is relative to its peers.

Holdings Comparison

SPSM ETF Database Category Average FactSet Segment Average
Number of Holdings 605 457 644
% of Assets in Top 10 5.70% 21.63% 19.74%
% of Assets in Top 15 8.18% 26.16% 22.98%
% of Assets in Top 50 22.20% 46.22% 40.30%

Size Comparison

SPSM ETF Database Category Average FactSet Segment Average
Large (>12.9B) 0.00% 2.46% 0.68%
Mid (>2.7B) 36.71% 37.47% 36.32%
Small (>600M) 59.57% 38.71% 40.34%
Micro (<600M) 3.67% 8.77% 5.41%

SPSM Valuation

This section compares the P/E ratio of this ETF to its peers.

P/E Ratio
ETF Database Category Average
P/E Ratio
FactSet Segment Average
P/E Ratio

SPSM Dividend

This section compares the dividend yield of this ETF to its peers.

SPSM ETF Database Category Average FactSet Segment Average
Dividend $ 0.13 $ 0.20 $ 0.17
Dividend Date 2021-09-20 N/A N/A
Annual Dividend Rate $ 0.51 $ 0.66 $ 0.62
Annual Dividend Yield 1.10% 1.27% 1.07%

SPSM Price and Volume Charts

View charts featuring SPSM price and volume data.

SPSM Fund Flows Charts

View charts featuring ETF fund flow data.

5 Day Net Flows: 19.58 M 1 Month Net Flows: 155.76 M 3 Month Net Flows: 283.97 M 6 Month Net Flows: 379.27 M 1 Year Net Flows: 707.03 M 3 Year Net Flows: 2.3 B 5 Year Net Flows: 3.32 B 10 Year Net Flows: 3.73 B

SPSM Price vs Flows AUM Influence Charts

View charts that break down the influence that fund flows and price had on overall assets.