GYLD vs SPYV

GYLDFArrow Dow Jones Global Yield ETF

SPYVAState Street SPDR Portfolio S&P 500 Value ETF

In short

GYLD One ticker, five income buckets. GYLD tracks a Dow Jones index that hunts high yielders across dividend stocks, sovereign debt, corporate bonds, real estate and alternatives, and pays monthly. A 2012 vintage.

SPYV The value side of the S&P 500, tracked since 2000 for four basis points. It does one thing: hold the index names that screen cheap, and charge close to nothing for the privilege.

Stated mandate

GYLD The Fund passively seeks to match, before fees and expenses, the price and yield performance of the Dow Jones Global Composite Yield Index. It normally invests at least 80% of total assets in index components or depositary receipts.

SPYV The fund seeks to track, before fees and expenses, the total return of the S&P 500 Value Index.

Why people hold it

• GYLD Yield from five places, not one: global dividend stocks, sovereign debt, corporate bonds, real estate, and alternatives like MLPs, preferreds and royalty trusts.spglobal.comspglobal.com 2
• Cash lands monthly, and the approach is rules-based: at least 80% of assets in the index's own components, no manager hunches.
• Developed and emerging markets both in scope, so the yield search is not limited to US paper.spglobal.com
• Running since 2012, through a full rate cycle up and back down.

• SPYV 0.04% a year. VOOV tracks the identical S&P 500 Value Index and charges 0.07%, so this is the same exposure at a lower fee.
• Trading since 2000 and now a multi-billion-dollar fund that changes hands actively, so the plumbing is well worn.
• No stock picking, no factor secret sauce: it aims to match the S&P 500 Value Index before fees, and it is one of the cleaner implementations in its peer group.ssga.com

Worth knowing

• GYLD 0.75% a year, roughly ten times what plain vanilla index peers like VT (0.06%) charge, and above the typical index wrapper in its group.
• Small and thinly traded: spreads can be wide and a big order can move the price. Not the frictionless tape of a mega-fund.
• Distributions can include return of capital, so a monthly check is not always pure income. Reaching for yield also adds credit and currency risk.

• SPYV This is one style slice, roughly 400 value-screened names, not the whole S&P 500. It will move differently from the full index.
• Value goes through long stretches in and out of favor. The fund follows the index rules either way, with no manager stepping in.
• Distributions land quarterly, not monthly.

Full GYLD profile⁠

Full SPYV profile⁠