DIA Fund Description

The SPDR Dow Jones Industrial Average ETF tracks a price-weighted index of 30 large-cap US stocks, selected by the editors of the Wall Street Journal.

DIA ETF.com Insight

Despite the name recognition that comes from tracking the Dow, hugely-popular DIA is not a great ETF for investors who want broad-based exposure to US large-caps. The fund holds just 30DIA holds just 30 stocks, capturing less than 30% of the total US market cap. stocks, capturing less than 30% of the total US market cap while most large-cap ETFs cover about 70%. DIA excludes major market players like Apple, since the stocks in the index are selected by committee. Further, stocks are price weighted not cap weighted, which produced a major sector realignment when the index and the fund replaced 3 of the 30 names in September 2013. (See Fit section.) Still, DIA tends to move with the broader market day-to-day, and some may prefer its slighter lower beta. It's also extremely liquid and reasonably priced. For exposure to the Dow, DIA is a great choice. (Insight updated 07/07/2014)

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 07/25/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

DIA (Mkt)
0.63% 4.13% 3.42% 11.42% 13.11% 16.07% 8.1%

DIA (NAV)

0.66% 4.21% 3.51% 11.41% 13.14% 16.08% 8.1%

Dow Jones Industrial Average

0.67% 4.26% 3.62% 11.61% 13.34% 16.30% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

DIA Top 10 Countries

DIA Top 10 Sectors

DIA Top 10 Holdings View All

DIA Summary Data

SSgA

A company that produces and manages ETFs.

01/14/98

The first date of a fund's operations, as documented by the issuer.

Unit Investment Trust

The organizational structure of the fund or ETN.

0.17%

The net total annual fee a fund holder pays to the issuer.

$11.45 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$638.44 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.01%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

DIA Portfolio Data

$152.06 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

16.59

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

3.00

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

2.05%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

08/01/14

The date on which a security's price excludes an upcoming dividend.

30

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

DIA Index Data

Dow Jones Industrial Average

This is the benchmark an ETF is desigend to track or replicate.

Price

A set of rules that the underlying index provider follows to weight its constituent securities.

Committee

A set of rules that the underlying index provider follows to select its constituent securities.

MSCI USA Large Cap

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to DIA

IWL, IVV, SPY, VOO, OEF

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

DIA ETF.com Efficiency Insight

DIA is a large and well-run fund, with over $11B in AUM. It trails its underlying index by just 21 bps, a mere 4 bps more than its fee. Better still, its tracks its index with very little variability. As a unit investment trust, it has to pay out rather than reinvest dividends in between monthly distributions, which can cause a small amount of performance drag. Still, it is transparent and has avoided capital gains payouts. (Insight updated 07/07/2014)


Total Return
  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 07/25/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

DIA (Mkt)
0.63% 4.13% 3.42% 11.42% 13.11% 16.07% 8.1%

DIA (NAV)
0.66% 4.21% 3.51% 11.41% 13.14% 16.08% 8.1%

Dow Jones Industrial Average
0.67% 4.26% 3.62% 11.61% 13.34% 16.30% --

MSCI USA Large Cap
1.20% 6.63% 7.87% 19.00% 15.77% 16.35% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

DIA Portfolio Management

0.17%

The net annual fee a fund holder pays to the issuer.

-0.21%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

-0.18%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-0.28%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

DIA Tax Exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

0.00%

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

Qualified dividends

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

DIA Fund Structure

Unit Investment Trust

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

N/A

An indicator of whether or not a fund actively lends its portfolio holdings.

100% / 0%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

N/A

The multiple of the underlying index which the fund aims to deliver. For funds that reset, the leverage factor holds true only for the reset period, often just 1 day.

N/A

The time period at which the fund “trues up” its leverage factor. For funds that reset, the reset period–often just 1 day–is the length of time over which the fund delivers its leverage factor.

DIA ETF.com Tradability Insight

DIA is one of the most liquid ETFs on the market. It trades over $500M on most days at pennywide spreads. Premiums and discounts are not a problem for DIA—over the past year, its price hasn't veered more than 0.16% away from its net asset value. Aided by massive on-screen liquidity and a hugely liquid basket, DIA also has very strong block liquidity. (Insight updated 07/07/2014)

Average Spread

Premium/Discount

Volume

DIA ETF.com/ Block LiquidityAs of 07/28/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of DIA. DIA is rated a 5 out of 5.

DIA Tradability

3,786,976

The average number of shares traded during a 60 day period.

$638.44 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

3,227,960

Median number of shares traded over the past 45 trading days.

$550.43 M

Median dollar value of shares traded over the past 45 trading days.

0.01%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

$0.01

The difference between the highest and lowest posted prices for an ETF, averaged over the past 60 days, in dollars.

-0.00%

The middle value in the ranked set of all premium/discount values over a 12-month period.

0.12% / -0.09%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

64.56

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.01%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

0.09%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

616,433

The total number of net outstanding options contracts for an ETF.

$169.23

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

DIA ETF.com Fit Insight

DIA's 30-stock portfolio is simply not a good Fit to our broader benchmark. Its venerable underlying index's price-weighting scheme tends to move with the market, but over time, leads to odd exposures. In an attempt to maintain a semblance of marketlike sector exposure, the index and the fund booted out Bank of America, Hewlett Packard and Alcoa and replaced them with Goldman Sachs, Visa and Nike In September 2013. DIA is less volatile than our benchmark, reflecting its arbitrary list of blue-chips. (Insight updated 07/07/2014)

DIA Sector/Industry Breakdown

DIA Segment Benchmark
12.40% 30.45%
12.27% 16.00%
15.99% 15.72%
17.82% 10.77%
12.42% 10.47%
11.29% 8.78%
10.08% 4.60%

DIA Geographic Exposure

DIA Segment Benchmark
99.92% 100.00%
0.08% --

DIA Segment Benchmark
99.92% 100.00%
0.08% --
100.00% / 0% 100.00% / 0%

DIA Performance Statistics

0.92

The degree to which the fund and its segment benchmark move up and down in unison.

0.93

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

-5.25%

The excess return of fund relative to ETF.com segment benchmark on a risk adjusted basis. Only reported if statistically significant.

0.96

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.92

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.19%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

MSCI USA Large Cap

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

DIA Benchmark Comparison

DIA
30 Holdings
Segment Benchmark
281 Constituents
Shared Holdings
30 (Count)
 
29.38% (Weight)
DIASegment Benchmark
$140.9 B$152.06 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

99%100%
1%0%
0%0%
0%0%
19.3116.59

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

2.803.00

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

1.90%2.10%

The weighted average of the current yield on the portfolio’s holdings.

28130

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

LowHigh

The level of return contribution attributable to the average portfolio constituent.