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
76.4 M
ASSETS UNDER MGMT
30 bp
EXPENSES
Fund Basics
| Fund sponsor | Syntax |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Jan 02, 2019 |
| Assets (mns) | $76 |
| Expense ratio | 30 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Committee |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| KROGER CO | 0.8 % |
| SYNCHRONY FINANCIAL | 0.8 % |
| EXXON MOBIL CORP | 0.8 % |
| WAL-MART STORES INC | 0.8 % |
| SYSCO CORP | 0.8 % |
| TJX COMPANIES INC | 0.8 % |
| CHEVRON CORP | 0.8 % |
| DISCOVER FINANCIAL SERVICES | 0.8 % |
| CAPITAL ONE FINANCIAL CORP | 0.8 % |
| ROSS STORES INC | 0.7 % |
Constituent Breakdown
| Number of holdings | 504 |
| Herfindahl-Hirschman Index | 31 |
| Wgt avg mkt cap (mns) | $148,147 |
| Large cap (>$10bn) | 95.9% |
| Mid cap ($2-10bn) | 3.7% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 97.6 % |
 |
IRELAND | 1.5 % |
 |
SWITZERLAND | 0.7 % |
 |
BRITAIN | 0.5 % |
Historical Performance
Standardized Performance (as of 11/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 11.9% | 18.8% | 10.1% | 7.1% | 11.4% | -- | 11.7% | Volatility | 11.3% | 11.7% | 13.3% | 16.2% | 20.6% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.95 | 90% |
| MSCI EAFE | 0.91 | 80% |
| MSCI Emg Mkts | 0.62 | 37% |
Liquidity Measures
| Avg. volume (000) | 3 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.10% |
| ADV of underlying (mns) | $251,544 |
Technical Indicators
| Recent close | $77.75 |
| 30d moving avg. | $81.71 |
| Annualized volatility | 17.7% |
| Relative strength (RSI) | 47 |
| Short interest (ETF) | 0.0% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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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 | 70.5% | -10 bp | -0.2% |
| GSEW | Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | 64.0% | -21 bp | -0.5% |
| EUSA | iShares MSCI USA Equal Weighted ETF | 63.1% | -21 bp | -0.6% |
| SIZE | iShares MSCI USA Size Factor ETF | 62.7% | -15 bp | -0.7% |
| CFA | VictoryShares US 500 Volatility Wtd ETF | 62.1% | +5 bp | -0.7% |
| CFO | VictoryShares US 500 Enhanced Volatility Wtd ETF | 62.0% | +10 bp | -0.7% |
| JHML | John Hancock Multifactor Large Cap ETF | 56.9% | -1 bp | -1.1% |
| RWL | Invesco S&P 500 Revenue ETF | 52.0% | +9 bp | +0.4% |
| FEX | First Trust Large Cap Core AlphaDEX Fund | 51.2% | +29 bp | -0.6% |
| GSLC | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 51.1% | -21 bp | -1.0% |
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
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| 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 12/18/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
SSPY
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
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
ALTAR Score™
SSPY
6.6%
Cat. Avg
5.7%
ALTAR Score™ Calculation
Category Overview
There are 977 funds in the US Equity category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.6%. SSPY's ALTAR Score™ is approximately
0.4 standard deviations
above
the category average. This places SSPY in the 64th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
SSPYSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 609 |
| Avg. Expense Ratio | 46.6 bp |
| Std. Deviation | 32.9 bp |
| SSPY (30 bp) Percentile rank | 31 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| SSPY | 30.0 | 9.7 | 39.7 |
| Peer Avg. | 30.3 | 14.0 | 44.3 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .