SPDR S&P 600 Small Cap Value ETF

SPDR S&P 600 Small Cap Value ETF (SLYV), from State Street, is an index fund that tracks the S&P SmallCap 600 Value Index. That index holds about 460 smaller, profitable US companies that look cheap compared with their book value, earnings and sales. Its 0.15% expense ratio is close to the 0.14% average of similar funds. That is less than iShares' IJS at 0.18% but more than Vanguard's VIOV at 0.10%, and all three own largely the same stocks.

• Over the year to Oct 27, 2026, SLYV returned +18.9%, 5th of 9 among similar funds.
• Its 5-year annualized return was +7.1% and its 10-year +10.1%.
• In the 2020 COVID crash it fell 43.6% and regained its old high 8.1 months after the low.
• Its worst full calendar year was 2008 (-34.0%); its best was 2013 (+40.6%).
• The deepest fall in its price history was 61.2% (Jun 4, 2007 to Mar 9, 2009), recovered by Feb 7, 2011.

As of Jun 30, 2026, the fund held 462 securities; the ten largest made up 8.28% of assets. It also reported 5.69% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jun 30, 2026, investors added a net $136.7M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +9.16%, +1.01%, +5.07%.

The fund aims to track the S&P SmallCap 600 Value Index, which is run by S&P Dow Jones Indices. The index starts with the S&P SmallCap 600. To join that index, a US company must be worth between $1.2 billion and $8 billion on the stock market when it is added. It must also trade often enough, have at least 10% of its shares freely traded, and show positive earnings over the latest four quarters and the latest quarter. That profit test screens out many money-losing small companies. The value index then keeps the stocks with the strongest value scores, based on three measures: book value to price, earnings to price and sales to price. As of July 31, 2026, it held 461 stocks.

Stocks are weighted by market capitalization (a company's total stock market value), with caps to meet tax rules. The index is rebuilt once a year in December and rebalanced every quarter in March, June, September and December. Portfolio turnover was 59%, so the fund trades a fair amount as stocks move in and out of the value group.

The adviser, SSGA Funds Management, may hold only a sample of the index. As of June 30, 2026, the fund held 462 issuers, which is close to the full list. It must keep at least 80% of its assets in index stocks and may use futures for cash flows. As of August 31, 2026, financial and consumer discretionary companies made up a large part of the fund.

• SLYV charges 0.15% a year, versus an average of 0.14% for the similar funds below (6th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).

It adds smaller, value-priced US companies that large-cap core funds hardly own, but it comes with sharp swings.

SLYV could add a slice of smaller, cheaper US companies next to a large-cap core holding. The price is steep drops. The fund fell 59.5% in the 2008 financial crisis and did not regain its October 2007 level until April 2010. Its deepest drop was 61.2%, from June 2007 to March 2009, and it took until February 2011 to recover. It fell 43.6% in the 2020 COVID crash and recovered by November 2020. It fell 22.1% in 2022 and recovered by February 2023. Its worst calendar year was 2008, when its price fell 34%. A retiree who had to sell shares in one of those stretches would have locked in large losses. The trailing yield was 1.94% as of October 27, 2026, paid quarterly, so the income is modest. In the SEC's standard example, $10,000 invested costs $15 in the first year and $192 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.