SSPY vs. VLUE ETF Comparison

Comparison of Syntax Stratified LargeCap ETF (SSPY) to iShares MSCI USA Value Factor (VLUE)

SSPY

Syntax Stratified LargeCap ETF

SSPY Description

The investment seeks to provide investment results that, before expenses, correspond generally to the total return performance of publicly traded equity securities of companies in the Syntax Stratified LargeCap Index (the "index"). Under normal market conditions, the fund generally invests substantially all, and at least 95% of its total assets in the securities comprising the index. The index, which was created by Syntax, LLC, an affiliate of the fund's investment adviser, is the stratified-weight version of the widely used S&P 500® Index and holds the same constituents as the S&P 500.

Grade (RS Rating)

Last Trade

$82.04

Average Daily Volume

2,303

Number of Holdings ^*

500

* may have additional holdings in another (foreign) market

VLUE

iShares MSCI USA Value Factor

VLUE Description

The investment seeks to track the performance of MSCI USA Value Weighted Index that measures the performance of U.S. large- and mid-capitalization stocks with value characteristics and relatively lower valuations, before fees and expenses. The fund generally invests at least 90% of its assets in the securities of the underlying index or in depositary receipts representing securities in its underlying index. The MSCI USA Value Weighted Index (the "underlying index") is based on a traditional market capitalization-weighted parent index, the MSCI USA Index, which includes U.S. large- and mid- capitalization stocks.

Grade (RS Rating)

Last Trade

$114.13

Average Daily Volume

324,164

Number of Holdings ^*

148

* may have additional holdings in another (foreign) market

Performance

Period	SSPY	VLUE
30 Days	4.23%	4.45%
60 Days	1.79%	5.68%
90 Days	3.72%	7.63%
12 Months	23.81%	25.66%

126 Overlapping Holdings

Symbol	Grade	Weight in SSPY	Weight in VLUE	Overlap
ADM	D	0.37%	0.65%	0.37%
AIG	B	0.2%	0.5%	0.2%
AKAM	D	0.27%	0.14%	0.14%
AMAT	F	0.18%	2.37%	0.18%
APA	D	0.07%	0.15%	0.07%
APTV	D	0.4%	0.13%	0.13%
ATO	A	0.33%	0.23%	0.23%
BAC	A	0.12%	2.25%	0.12%
BBY	D	0.17%	0.38%	0.17%
BEN	C	0.09%	0.06%	0.06%
BG	F	0.37%	0.2%	0.2%
BK	A	0.11%	0.47%	0.11%
BLDR	D	0.19%	0.36%	0.19%
BMY	B	0.25%	1.55%	0.25%
C	A	0.13%	1.78%	0.13%
CAG	D	0.21%	0.23%	0.21%
CF	B	0.09%	0.16%	0.09%
CFG	B	0.06%	0.26%	0.06%
CI	F	0.19%	1.37%	0.19%
CMI	A	0.08%	0.6%	0.08%
CNC	D	0.26%	0.57%	0.26%
COF	B	0.7%	0.66%	0.66%
CPT	B	0.11%	0.13%	0.11%
CSCO	B	0.21%	6.43%	0.21%
CTRA	B	0.17%	0.35%	0.17%
CTSH	B	0.13%	1.1%	0.13%
CVS	D	0.69%	1.46%	0.69%
D	C	0.24%	0.47%	0.24%
DAL	C	0.28%	0.25%	0.25%
DELL	C	0.17%	0.84%	0.17%
DGX	A	0.16%	0.19%	0.16%
DHI	D	0.24%	1.4%	0.24%
DOW	F	0.07%	0.23%	0.07%
DVA	B	0.11%	0.08%	0.08%
EG	C	0.14%	0.17%	0.14%
ELV	F	0.24%	0.97%	0.24%
EMN	D	0.05%	0.1%	0.05%
EQT	B	0.18%	0.28%	0.18%
ES	D	0.07%	0.22%	0.07%
EVRG	A	0.08%	0.27%	0.08%
EXPE	B	0.12%	0.48%	0.12%
F	C	0.25%	1.68%	0.25%
FANG	D	0.07%	0.6%	0.07%
FDX	B	0.07%	1.18%	0.07%
FFIV	B	0.21%	0.37%	0.21%
FITB	A	0.06%	0.21%	0.06%
FOX	A	0.1%	0.18%	0.1%
FOXA	B	0.1%	0.33%	0.1%
FSLR	F	0.2%	0.38%	0.2%
GEN	B	0.17%	0.42%	0.17%
GILD	C	0.25%	1.29%	0.25%
GLW	B	0.19%	1.1%	0.19%
GM	B	0.25%	3.6%	0.25%
GPN	B	0.04%	0.21%	0.04%
GS	A	0.25%	1.43%	0.25%
HBAN	A	0.06%	0.17%	0.06%
HIG	B	0.14%	0.22%	0.14%
HII	D	0.08%	0.09%	0.08%
HPE	B	0.19%	1.4%	0.19%
HPQ	B	0.35%	1.19%	0.35%
HST	C	0.11%	0.23%	0.11%
IBM	C	0.34%	3.86%	0.34%
INTC	D	0.16%	3.65%	0.16%
IP	B	0.06%	0.19%	0.06%
JBL	B	0.38%	0.31%	0.31%
JCI	C	0.08%	0.61%	0.08%
JNPR	F	0.2%	0.33%	0.2%
KEY	B	0.06%	0.13%	0.06%
KHC	F	0.21%	0.74%	0.21%
KR	B	0.74%	0.75%	0.74%
L	A	0.49%	0.13%	0.13%
LDOS	C	0.13%	0.19%	0.13%
LEN	D	0.25%	1.49%	0.25%
LH	C	0.16%	0.24%	0.16%
LHX	C	0.08%	0.53%	0.08%
LKQ	D	0.14%	0.24%	0.14%
LUV	C	0.25%	0.12%	0.12%
LYB	F	0.07%	0.22%	0.07%
MAA	B	0.1%	0.19%	0.1%
MET	A	0.21%	0.46%	0.21%
MO	A	0.35%	1.45%	0.35%
MOS	F	0.08%	0.17%	0.08%
MRO	B	0.07%	0.44%	0.07%
MTB	A	0.06%	0.31%	0.06%
NTAP	C	0.17%	0.52%	0.17%
NUE	C	0.26%	0.45%	0.26%
NXPI	D	0.23%	1.12%	0.23%
ON	D	0.23%	0.67%	0.23%
PARA	C	0.2%	0.27%	0.2%
PCAR	B	0.13%	0.76%	0.13%
PCG	A	0.08%	0.63%	0.08%
PFE	D	0.24%	2.07%	0.24%
PHM	D	0.25%	0.94%	0.25%
PPL	B	0.08%	0.32%	0.08%
PRU	A	0.2%	0.45%	0.2%
QRVO	F	0.21%	0.18%	0.18%
RF	A	0.06%	0.2%	0.06%
RTX	C	0.08%	1.77%	0.08%
SJM	D	0.21%	0.22%	0.21%
SNA	A	0.25%	0.23%	0.23%
SOLV	C	0.05%	0.14%	0.05%
SPG	B	0.07%	1.26%	0.07%
STLD	B	0.27%	0.27%	0.27%
STT	A	0.12%	0.26%	0.12%
SW	A	0.07%	0.13%	0.07%
SWK	D	0.27%	0.1%	0.1%
SWKS	F	0.21%	0.46%	0.21%
SYF	B	0.69%	0.24%	0.24%
T	A	0.33%	6.04%	0.33%
TAP	C	0.25%	0.38%	0.25%
TEL	B	0.19%	1.02%	0.19%
TFC	A	0.06%	0.54%	0.06%
TSN	B	0.36%	0.44%	0.36%
TXT	D	0.16%	0.24%	0.16%
UHS	D	0.32%	0.18%	0.18%
URI	B	0.14%	0.77%	0.14%
USB	A	0.06%	0.48%	0.06%
VLO	C	0.5%	0.78%	0.5%
VST	B	0.41%	0.45%	0.41%
VTRS	A	0.24%	0.45%	0.24%
VZ	C	0.33%	2.91%	0.33%
WAB	B	0.13%	0.32%	0.13%
WBA	F	0.64%	0.22%	0.22%
WBD	C	0.19%	0.7%	0.19%
WFC	A	0.13%	1.92%	0.13%
WY	D	0.17%	0.55%	0.17%

SSPY Overweight 374 Positions Relative to VLUE

Symbol	Grade	Weight
XOM	B	0.77%
CVX	A	0.76%
SYY	B	0.75%
WMT	A	0.73%
ROST	C	0.72%
TJX	A	0.72%
COST	B	0.71%
DFS	B	0.69%
CMCSA	B	0.52%
DPZ	C	0.52%
PSX	C	0.51%
DRI	B	0.51%
YUM	B	0.51%
EL	F	0.5%
CMG	B	0.5%
AAPL	C	0.5%
MCD	D	0.5%
BRK.A	B	0.5%
EA	A	0.49%
MPC	D	0.49%
TTWO	A	0.49%
MSI	B	0.49%
SBUX	A	0.48%
CHTR	C	0.47%
MTCH	D	0.47%
META	D	0.47%
KMB	D	0.42%
KVUE	A	0.42%
PG	A	0.42%
BWA	D	0.42%
CHD	B	0.42%
CL	D	0.41%
CLX	B	0.41%
J	F	0.4%
PWR	A	0.4%
CEG	D	0.38%
HRL	D	0.36%
SLB	C	0.35%
PM	B	0.35%
BKR	B	0.35%
CRM	B	0.35%
IPG	D	0.34%
OMC	C	0.34%
HAL	C	0.34%
ORCL	B	0.34%
SNPS	B	0.34%
TMUS	B	0.33%
GRMN	B	0.33%
TPR	B	0.33%
NI	A	0.33%
NRG	B	0.33%
HCA	F	0.33%
NKE	D	0.33%
CDNS	B	0.33%
AES	F	0.32%
AWK	D	0.32%
RL	B	0.32%
MSFT	F	0.32%
LULU	C	0.31%
FCX	D	0.3%
EXC	C	0.3%
DECK	A	0.3%
TSLA	B	0.28%
UAL	A	0.28%
GDDY	A	0.27%
EQIX	A	0.27%
VRSN	F	0.27%
CNP	B	0.26%
HUBB	B	0.26%
ENPH	F	0.26%
PEG	A	0.26%
LOW	D	0.26%
HAS	D	0.26%
HD	A	0.26%
MS	A	0.26%
UNH	C	0.26%
NVR	D	0.26%
HUM	C	0.26%
DLR	B	0.26%
ETN	A	0.26%
WMB	A	0.25%
NEM	D	0.25%
KO	D	0.25%
DTE	C	0.25%
CTLT	B	0.25%
MOH	F	0.25%
EIX	B	0.25%
STZ	D	0.25%
ZTS	D	0.25%
KMI	A	0.25%
MNST	C	0.25%
ETR	B	0.25%
INCY	C	0.25%
RJF	A	0.25%
SCHW	B	0.25%
MRNA	F	0.24%
AMGN	D	0.24%
JNJ	D	0.24%
AEP	D	0.24%
MRK	F	0.24%
TRGP	B	0.24%
OKE	A	0.24%
FE	C	0.24%
ED	D	0.24%
KDP	D	0.24%
BIIB	F	0.24%
NEE	D	0.24%
ABBV	D	0.24%
AVGO	D	0.23%
PLTR	B	0.23%
CPRT	A	0.23%
GOOGL	C	0.23%
GOOG	C	0.23%
TXN	C	0.23%
LLY	F	0.23%
VRTX	F	0.23%
PAYC	B	0.22%
REGN	F	0.22%
TYL	B	0.22%
NFLX	A	0.22%
LW	C	0.22%
EBAY	D	0.22%
AMZN	C	0.22%
DAY	B	0.22%
QCOM	F	0.22%
NOW	A	0.22%
ADI	D	0.22%
MPWR	F	0.22%
KEYS	A	0.21%
ANET	C	0.21%
DIS	B	0.21%
PFG	D	0.21%
AOS	F	0.21%
MKC	D	0.21%
GIS	D	0.21%
PAYX	C	0.21%
ADP	B	0.21%
ALL	A	0.2%
GL	B	0.2%
IEX	B	0.2%
IR	B	0.2%
AFL	B	0.2%
CPB	D	0.2%
INTU	C	0.2%
AIZ	A	0.2%
ERIE	D	0.2%
HSIC	B	0.2%
MHK	D	0.19%
APH	A	0.19%
XYL	D	0.19%
CAH	B	0.19%
PGR	A	0.19%
MAS	D	0.19%
PNR	A	0.19%
BBWI	D	0.19%
PEP	F	0.18%
HSY	F	0.18%
RSG	A	0.18%
CTAS	B	0.18%
CRWD	B	0.18%
GEV	B	0.18%
WM	A	0.18%
MDLZ	F	0.18%
ROL	B	0.18%
MCK	B	0.18%
COR	B	0.18%
K	A	0.18%
HON	B	0.17%
TGT	F	0.17%
ADSK	A	0.17%
TER	D	0.17%
MMM	D	0.17%
ANSS	B	0.17%
DG	F	0.17%
FTNT	C	0.17%
DOV	A	0.17%
ITW	B	0.17%
GE	D	0.17%
MLM	B	0.17%
DLTR	F	0.17%
PTC	A	0.17%
VMC	B	0.17%
KLAC	D	0.17%
STX	D	0.17%
ULTA	F	0.17%
WDC	D	0.17%
PANW	C	0.16%
ADBE	C	0.16%
DVN	F	0.16%
GD	F	0.16%
BA	F	0.16%
TECH	D	0.15%
SMCI	F	0.15%
A	D	0.15%
GPC	D	0.15%
WAT	B	0.15%
MTD	D	0.15%
MU	D	0.15%
WRB	A	0.14%
MCHP	D	0.14%
AZO	C	0.14%
CAT	B	0.14%
IQV	D	0.14%
TMO	F	0.14%
TRV	B	0.14%
CINF	A	0.14%
ORLY	B	0.14%
CRL	C	0.14%
CB	C	0.14%
ACGL	D	0.14%
AMD	F	0.14%
KMX	B	0.14%
BALL	D	0.13%
FAST	B	0.13%
JPM	A	0.13%
CDW	F	0.13%
AMCR	D	0.13%
AME	A	0.13%
POOL	C	0.13%
DE	A	0.13%
ACN	C	0.13%
EPAM	C	0.13%
ZBRA	B	0.13%
IT	C	0.13%
NVDA	C	0.13%
HLT	A	0.12%
MAR	B	0.12%
ABNB	C	0.12%
SYK	C	0.12%
STE	F	0.12%
ISRG	A	0.12%
ZBH	C	0.12%
GWW	B	0.12%
TSCO	D	0.12%
ARE	D	0.11%
VTR	C	0.11%
WELL	A	0.11%
EXR	D	0.11%
PSA	D	0.11%
BR	A	0.11%
DOC	D	0.11%
BXP	D	0.11%
BKNG	A	0.11%
UBER	D	0.11%
DXCM	D	0.1%
PODD	C	0.1%
HOLX	D	0.1%
DHR	F	0.1%
NWSA	B	0.1%
IDXX	F	0.1%
NWS	B	0.1%
ESS	B	0.1%
RVTY	F	0.1%
ALGN	D	0.1%
INVH	D	0.1%
GEHC	F	0.1%
AVB	B	0.1%
EQR	B	0.1%
UDR	B	0.1%
TROW	B	0.09%
FMC	D	0.09%
LMT	D	0.09%
NOC	D	0.09%
UPS	C	0.09%
EXPD	D	0.09%
AXON	A	0.09%
RCL	A	0.09%
CCL	B	0.09%
CHRW	C	0.09%
KKR	A	0.09%
NCLH	B	0.09%
LYV	A	0.09%
IVZ	B	0.09%
RMD	C	0.09%
ALLE	D	0.08%
CMS	C	0.08%
SO	D	0.08%
SRE	A	0.08%
XEL	A	0.08%
HWM	A	0.08%
LNT	A	0.08%
AEE	A	0.08%
CARR	D	0.08%
TDG	D	0.08%
PH	A	0.08%
UNP	C	0.08%
NSC	B	0.08%
OTIS	C	0.08%
GNRC	B	0.08%
WYNN	D	0.08%
ODFL	B	0.08%
BX	A	0.08%
NTRS	A	0.08%
BLK	C	0.08%
LVS	C	0.08%
AMP	A	0.08%
JBHT	C	0.08%
CSX	B	0.08%
CTVA	C	0.08%
O	D	0.07%
PPG	F	0.07%
OXY	D	0.07%
CZR	F	0.07%
COP	C	0.07%
MGM	D	0.07%
EOG	A	0.07%
HES	B	0.07%
PNW	B	0.07%
WEC	A	0.07%
CE	F	0.07%
TT	A	0.07%
DUK	C	0.07%
FI	A	0.06%
PNC	B	0.06%
EW	C	0.06%
ABT	B	0.06%
MDT	D	0.06%
AVY	D	0.06%
PYPL	B	0.06%
BSX	B	0.06%
PKG	A	0.06%
REG	B	0.06%
KIM	A	0.06%
PLD	D	0.06%
AMT	D	0.06%
FRT	B	0.06%
SHW	A	0.06%
SBAC	D	0.06%
VICI	C	0.06%
CCI	D	0.06%
IRM	D	0.06%
FICO	B	0.05%
IFF	D	0.05%
ECL	D	0.05%
BAX	D	0.05%
APD	A	0.05%
BDX	F	0.05%
TFX	F	0.05%
WST	C	0.05%
DD	D	0.05%
ALB	C	0.05%
JKHY	D	0.05%
FIS	C	0.05%
AON	A	0.04%
MMC	B	0.04%
BRO	B	0.04%
EFX	F	0.04%
CBRE	B	0.04%
CSGP	D	0.04%
VRSK	A	0.04%
SPGI	C	0.04%
FDS	B	0.04%
MCO	B	0.04%
MA	C	0.04%
CBOE	B	0.04%
MSCI	C	0.04%
ICE	C	0.04%
V	A	0.04%
NDAQ	A	0.04%
CPAY	A	0.04%
AXP	A	0.04%
MKTX	D	0.04%
CME	A	0.04%
LIN	D	0.04%
ROP	B	0.03%
VLTO	D	0.03%
ROK	B	0.03%
NDSN	B	0.03%
TDY	B	0.03%
EMR	A	0.03%
TRMB	B	0.03%
FTV	C	0.03%
AJG	B	0.03%
WTW	B	0.03%

SSPY Underweight 22 Positions Relative to VLUE

Symbol	Grade	Weight
ZM	B	-0.47%
OC	A	-0.36%
TWLO	A	-0.34%
OVV	B	-0.33%
SSNC	B	-0.25%
UTHR	C	-0.23%
AZPN	A	-0.23%
EXE	B	-0.2%
RPRX	D	-0.19%
KNX	B	-0.19%
CNH	C	-0.17%
DINO	D	-0.16%
FCNCA	A	-0.12%
EQH	B	-0.12%
ACI	C	-0.12%
UHAL	D	-0.11%
FBIN	D	-0.11%
NLY	C	-0.11%
ALLY	C	-0.1%
FNF	B	-0.09%
WLK	D	-0.05%
BIO	D	-0.05%