SSPY
Syntax Stratified LargeCap ETF
SSPY tracks an index that holds all constituents of the S&P 500 Index. The index defines eight alternative sectors and allocates among them equally.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
$ 133.0 M
ASSETS UNDER MGMT
45 bp
EXPENSES
Fund Basics
| Inception date | Jan 02, 2019 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | Annually |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| MICROSOFT CORP | 1.1 % |
| INTL BUSINESS MACHINES CORP | 1.1 % |
| SYNCHRONY FINANCIAL | 1.0 % |
| CAPITAL ONE FINANCIAL CORP | 1.0 % |
| WAL-MART STORES INC | 0.9 % |
| KROGER CO | 0.9 % |
| TJX COMPANIES INC | 0.9 % |
| COSTCO WHOLESALE CORP | 0.9 % |
| SYSCO CORP | 0.8 % |
| ROSS STORES INC | 0.8 % |
Constituent Breakdown
| Number of holdings | 507 |
| Herfindahl-Hirschman Index | 32 |
| Wgt avg mkt cap (mns) | $210,158 |
| Large cap (>$10bn) | 94.3% |
| Mid cap ($2-10bn) | 3.7% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 98.4% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 94.8 % |
 |
IRELAND | 2.0 % |
Historical Performance
Standardized Performance (as of 09/30/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 10.6% | 10.7% | 10.3% | 13.7% | 7.8% | -- | -- | 12.0% |
| Dividend Yield | 0.0% | 1.5% | 0.9% | 1.3% | 1.4% | -- | -- | 1.4% |
| Total Returns | 10.6% | 12.2% | 11.2% | 15.0% | 9.2% | -- | -- | 13.4% | Ann. Volatility | 11.1% | 11.0% | 14.0% | 13.4% | 15.4% | -- | -- | 18.5% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.62 | 52% |
| MSCI EAFE | 0.47 | 45% |
| MSCI Emg Mkts | 0.21 | 22% |
Liquidity Measures
| Avg. volume (000) | 2 |
| ADV traded (mns) | $0 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.15% |
Technical Indicators
| 30d moving avg. (EMA) | $99.48 |
| Relative strength (RSI) | 57 |
| MACD/Signal | 0.77/0.55 |
| Bollinger Bands (Upper/Lower) | $102.12/$96.86 |
| Short interest (% of AUM) | 1.0% |
Distributions
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. SSPY |
Expenses vs. SSPY |
ALTAR Score™ vs. SSPY |
|---|---|---|---|---|
| RSP | Invesco S&P 500 Equal Weight ETF | 69.7% | -25 bp | -0.1% |
| EUSA | iShares MSCI USA Equal Weighted ETF | 60.3% | -36 bp | -0.6% |
| GSEW | Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | 59.5% | -36 bp | -1.0% |
| SIZE | iShares MSCI USA Size Factor ETF | 58.4% | -30 bp | -0.7% |
| CFA | VictoryShares US 500 Volatility Wtd ETF | 58.1% | -6 bp | -0.5% |
| CFO | VictoryShares US 500 Enhanced Volatility Wtd ETF | 58.0% | -6 bp | -0.5% |
| JHML | John Hancock Multifactor Large Cap ETF | 53.2% | -13 bp | -1.1% |
| RWL | Invesco S&P 500 Revenue ETF | 51.2% | -6 bp | +0.1% |
| XOEF | iShares S&P 500 ex S&P 100 ETF | 49.9% | -25 bp | -0.8% |
| DSPY | Tema S&P 500 Historical Weight ETF | 49.6% | -27 bp | -1.2% |
Risk and Returns: SSPY vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Book value per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 11/3/2026
Peer Group Comparison
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Historical Valuation Trends Sample data. Subscribe for access.
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
6.5%
ALTAR SCORE™
69th
PERCENTILE
OVERWEIGHT
ETFRC RATING
There are 1,395 funds in the US Equity category with an average
ALTAR Score™ of 5.5% and a standard deviation
of 2.1%. SSPY's ALTAR Score™ is approximately 0.5 standard
deviations above the category average. This places SSPY in the 69th percentile
among funds in the category.
Sell-Side Consensus
$117
PRICE TARGET
+15.0%
UPSIDE