USMV vs. SSPY ETF Comparison

Comparison of iShares MSCI USA Minimum Volatility ETF (USMV) to Syntax Stratified LargeCap ETF (SSPY)

USMV

iShares MSCI USA Minimum Volatility ETF

USMV Description

The investment seeks the investment results of an index composed of U.S. equities that, in the aggregate, have lower volatility characteristics relative to the broader U.S. equity market. The fund generally invests at least 90% of its assets in securities of the underlying index or in depositary receipts representing securities in the underlying index. The underlying index follows a rules-based methodology to determine weights for securities in the index that seeks to minimize total risk of the MSCI USA Index. Components primarily include consumer staples, healthcare and information technology companies. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$93.46

Average Daily Volume

1,630,912

Number of Holdings ^*

170

* may have additional holdings in another (foreign) market

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

Performance

Period	USMV	SSPY
30 Days	1.70%	4.23%
60 Days	2.42%	1.79%
90 Days	4.02%	3.72%
12 Months	25.63%	23.81%

154 Overlapping Holdings

Symbol	Grade	Weight in USMV	Weight in SSPY	Overlap
AAPL	C	0.99%	0.5%	0.5%
ABBV	D	1.04%	0.24%	0.24%
ABT	B	0.09%	0.06%	0.06%
ACGL	D	0.68%	0.14%	0.14%
ACN	C	1.29%	0.13%	0.13%
ADI	D	0.23%	0.22%	0.22%
ADP	B	0.09%	0.21%	0.09%
AEE	A	0.24%	0.08%	0.08%
AEP	D	0.39%	0.24%	0.24%
AIZ	A	0.32%	0.2%	0.2%
AJG	B	1.27%	0.03%	0.03%
AKAM	D	0.39%	0.27%	0.27%
AMGN	D	0.59%	0.24%	0.24%
AMZN	C	0.14%	0.22%	0.14%
ANET	C	0.29%	0.21%	0.21%
AON	A	0.53%	0.04%	0.04%
APH	A	1.44%	0.19%	0.19%
ATO	A	0.06%	0.33%	0.06%
AVGO	D	1.19%	0.23%	0.23%
AZO	C	0.98%	0.14%	0.14%
BDX	F	0.56%	0.05%	0.05%
BMY	B	0.49%	0.25%	0.25%
BR	A	0.05%	0.11%	0.05%
BRK.A	B	1.55%	0.5%	0.5%
CB	C	1.47%	0.14%	0.14%
CBOE	B	0.85%	0.04%	0.04%
CDNS	B	0.18%	0.33%	0.18%
CDW	F	0.35%	0.13%	0.13%
CHD	B	0.4%	0.42%	0.4%
CI	F	0.21%	0.19%	0.19%
CL	D	0.41%	0.41%	0.41%
CMCSA	B	0.39%	0.52%	0.39%
CME	A	0.53%	0.04%	0.04%
CMS	C	0.19%	0.08%	0.08%
COR	B	0.67%	0.18%	0.18%
CPB	D	0.33%	0.2%	0.2%
CRM	B	0.05%	0.35%	0.05%
CRWD	B	0.19%	0.18%	0.18%
CSCO	B	1.47%	0.21%	0.21%
CTSH	B	0.76%	0.13%	0.13%
CTVA	C	0.38%	0.08%	0.08%
CVS	D	0.04%	0.69%	0.04%
CVX	A	0.34%	0.76%	0.34%
D	C	0.23%	0.24%	0.23%
DELL	C	0.12%	0.17%	0.12%
DGX	A	0.11%	0.16%	0.11%
DPZ	C	0.19%	0.52%	0.19%
DTE	C	0.2%	0.25%	0.2%
DUK	C	1.49%	0.07%	0.07%
EA	A	0.89%	0.49%	0.49%
ED	D	1.13%	0.24%	0.24%
EG	C	0.43%	0.14%	0.14%
ELV	F	0.52%	0.24%	0.24%
EOG	A	0.17%	0.07%	0.07%
ERIE	D	0.42%	0.2%	0.2%
FANG	D	0.55%	0.07%	0.07%
FFIV	B	0.55%	0.21%	0.21%
FI	A	0.69%	0.06%	0.06%
FICO	B	0.59%	0.05%	0.05%
FSLR	F	0.06%	0.2%	0.06%
GD	F	0.05%	0.16%	0.05%
GDDY	A	1.0%	0.27%	0.27%
GEN	B	0.35%	0.17%	0.17%
GILD	C	0.94%	0.25%	0.25%
GIS	D	0.66%	0.21%	0.21%
GLW	B	0.31%	0.19%	0.19%
GOOG	C	0.16%	0.23%	0.16%
GRMN	B	0.33%	0.33%	0.33%
HD	A	0.3%	0.26%	0.26%
HIG	B	0.12%	0.14%	0.12%
HOLX	D	0.16%	0.1%	0.1%
HON	B	0.25%	0.17%	0.17%
HRL	D	0.21%	0.36%	0.21%
HSY	F	0.3%	0.18%	0.18%
HUM	C	0.4%	0.26%	0.26%
IBM	C	1.66%	0.34%	0.34%
ICE	C	0.28%	0.04%	0.04%
INCY	C	0.53%	0.25%	0.25%
IT	C	0.35%	0.13%	0.13%
JNJ	D	1.18%	0.24%	0.24%
JNPR	F	0.45%	0.2%	0.2%
K	A	0.8%	0.18%	0.18%
KDP	D	0.59%	0.24%	0.24%
KEYS	A	0.55%	0.21%	0.21%
KHC	F	0.38%	0.21%	0.21%
KMB	D	0.21%	0.42%	0.21%
KO	D	0.1%	0.25%	0.1%
KR	B	0.61%	0.74%	0.61%
L	A	0.28%	0.49%	0.28%
LIN	D	0.16%	0.04%	0.04%
LLY	F	1.25%	0.23%	0.23%
LMT	D	0.82%	0.09%	0.09%
LNT	A	0.1%	0.08%	0.08%
MA	C	0.7%	0.04%	0.04%
MCD	D	1.25%	0.5%	0.5%
MCK	B	1.35%	0.18%	0.18%
MDLZ	F	0.44%	0.18%	0.18%
MDT	D	0.13%	0.06%	0.06%
MMC	B	1.11%	0.04%	0.04%
MOH	F	0.18%	0.25%	0.18%
MPC	D	0.54%	0.49%	0.49%
MRK	F	1.01%	0.24%	0.24%
MSFT	F	1.34%	0.32%	0.32%
MSI	B	1.81%	0.49%	0.49%
NEM	D	0.46%	0.25%	0.25%
NOC	D	1.43%	0.09%	0.09%
NOW	A	0.75%	0.22%	0.22%
NTAP	C	0.22%	0.17%	0.17%
NVDA	C	0.67%	0.13%	0.13%
ORCL	B	1.31%	0.34%	0.34%
ORLY	B	0.68%	0.14%	0.14%
OTIS	C	0.07%	0.08%	0.07%
OXY	D	0.12%	0.07%	0.07%
PEP	F	1.01%	0.18%	0.18%
PFE	D	0.2%	0.24%	0.2%
PG	A	1.23%	0.42%	0.42%
PGR	A	1.67%	0.19%	0.19%
PKG	A	0.2%	0.06%	0.06%
PSX	C	0.06%	0.51%	0.06%
PTC	A	0.52%	0.17%	0.17%
REGN	F	0.59%	0.22%	0.22%
ROL	B	0.36%	0.18%	0.18%
ROP	B	1.3%	0.03%	0.03%
RSG	A	1.55%	0.18%	0.18%
RTX	C	0.09%	0.08%	0.08%
SNPS	B	0.18%	0.34%	0.18%
SO	D	1.35%	0.08%	0.08%
STX	D	0.16%	0.17%	0.16%
T	A	0.74%	0.33%	0.33%
TDY	B	0.57%	0.03%	0.03%
TEL	B	0.07%	0.19%	0.07%
TJX	A	0.45%	0.72%	0.45%
TMUS	B	1.95%	0.33%	0.33%
TRV	B	1.15%	0.14%	0.14%
TSN	B	0.71%	0.36%	0.36%
TXN	C	1.39%	0.23%	0.23%
UBER	D	0.45%	0.11%	0.11%
ULTA	F	0.04%	0.17%	0.04%
UNH	C	1.34%	0.26%	0.26%
V	A	0.9%	0.04%	0.04%
VLO	C	0.05%	0.5%	0.05%
VRSK	A	0.42%	0.04%	0.04%
VRSN	F	0.64%	0.27%	0.27%
VRTX	F	0.69%	0.23%	0.23%
VZ	C	1.35%	0.33%	0.33%
WEC	A	0.78%	0.07%	0.07%
WM	A	1.44%	0.18%	0.18%
WMB	A	0.31%	0.25%	0.25%
WMT	A	1.78%	0.73%	0.73%
WRB	A	0.31%	0.14%	0.14%
WTW	B	0.38%	0.03%	0.03%
XEL	A	0.46%	0.08%	0.08%
XOM	B	0.45%	0.77%	0.45%
YUM	B	0.5%	0.51%	0.5%

USMV Overweight 16 Positions Relative to SSPY

Symbol	Grade	Weight
WCN	A	1.56%
FCNCA	A	0.88%
WDAY	B	0.43%
BAH	F	0.39%
AFG	A	0.35%
MKL	A	0.34%
NBIX	C	0.32%
FWONK	B	0.31%
HUBS	A	0.24%
AZPN	A	0.23%
ALNY	D	0.22%
BMRN	D	0.22%
TW	A	0.2%
MELI	D	0.18%
UTHR	C	0.14%
KNX	B	0.06%

USMV Underweight 346 Positions Relative to SSPY

Symbol	Grade	Weight
SYY	B	-0.75%
ROST	C	-0.72%
COST	B	-0.71%
COF	B	-0.7%
SYF	B	-0.69%
DFS	B	-0.69%
WBA	F	-0.64%
DRI	B	-0.51%
EL	F	-0.5%
CMG	B	-0.5%
TTWO	A	-0.49%
SBUX	A	-0.48%
CHTR	C	-0.47%
MTCH	D	-0.47%
META	D	-0.47%
KVUE	A	-0.42%
BWA	D	-0.42%
VST	B	-0.41%
CLX	B	-0.41%
APTV	D	-0.4%
J	F	-0.4%
PWR	A	-0.4%
JBL	B	-0.38%
CEG	D	-0.38%
ADM	D	-0.37%
BG	F	-0.37%
SLB	C	-0.35%
HPQ	B	-0.35%
PM	B	-0.35%
BKR	B	-0.35%
MO	A	-0.35%
IPG	D	-0.34%
OMC	C	-0.34%
HAL	C	-0.34%
TPR	B	-0.33%
NI	A	-0.33%
NRG	B	-0.33%
HCA	F	-0.33%
NKE	D	-0.33%
AES	F	-0.32%
AWK	D	-0.32%
UHS	D	-0.32%
RL	B	-0.32%
LULU	C	-0.31%
FCX	D	-0.3%
EXC	C	-0.3%
DECK	A	-0.3%
TSLA	B	-0.28%
DAL	C	-0.28%
UAL	A	-0.28%
SWK	D	-0.27%
EQIX	A	-0.27%
STLD	B	-0.27%
CNP	B	-0.26%
HUBB	B	-0.26%
ENPH	F	-0.26%
NUE	C	-0.26%
PEG	A	-0.26%
LOW	D	-0.26%
HAS	D	-0.26%
CNC	D	-0.26%
MS	A	-0.26%
NVR	D	-0.26%
DLR	B	-0.26%
ETN	A	-0.26%
LEN	D	-0.25%
GM	B	-0.25%
F	C	-0.25%
CTLT	B	-0.25%
EIX	B	-0.25%
STZ	D	-0.25%
ZTS	D	-0.25%
SNA	A	-0.25%
PHM	D	-0.25%
LUV	C	-0.25%
KMI	A	-0.25%
MNST	C	-0.25%
ETR	B	-0.25%
TAP	C	-0.25%
RJF	A	-0.25%
GS	A	-0.25%
SCHW	B	-0.25%
MRNA	F	-0.24%
DHI	D	-0.24%
TRGP	B	-0.24%
OKE	A	-0.24%
FE	C	-0.24%
VTRS	A	-0.24%
BIIB	F	-0.24%
NEE	D	-0.24%
PLTR	B	-0.23%
CPRT	A	-0.23%
ON	D	-0.23%
GOOGL	C	-0.23%
NXPI	D	-0.23%
PAYC	B	-0.22%
TYL	B	-0.22%
NFLX	A	-0.22%
LW	C	-0.22%
EBAY	D	-0.22%
DAY	B	-0.22%
QCOM	F	-0.22%
MPWR	F	-0.22%
DIS	B	-0.21%
PFG	D	-0.21%
AOS	F	-0.21%
MKC	D	-0.21%
QRVO	F	-0.21%
SWKS	F	-0.21%
SJM	D	-0.21%
MET	A	-0.21%
CAG	D	-0.21%
PAYX	C	-0.21%
ALL	A	-0.2%
GL	B	-0.2%
AIG	B	-0.2%
IEX	B	-0.2%
IR	B	-0.2%
AFL	B	-0.2%
PARA	C	-0.2%
PRU	A	-0.2%
INTU	C	-0.2%
HSIC	B	-0.2%
MHK	D	-0.19%
XYL	D	-0.19%
CAH	B	-0.19%
HPE	B	-0.19%
MAS	D	-0.19%
WBD	C	-0.19%
PNR	A	-0.19%
BLDR	D	-0.19%
BBWI	D	-0.19%
CTAS	B	-0.18%
AMAT	F	-0.18%
GEV	B	-0.18%
EQT	B	-0.18%
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%
BBY	D	-0.17%
WY	D	-0.17%
CTRA	B	-0.17%
GE	D	-0.17%
MLM	B	-0.17%
DLTR	F	-0.17%
VMC	B	-0.17%
KLAC	D	-0.17%
WDC	D	-0.17%
INTC	D	-0.16%
PANW	C	-0.16%
ADBE	C	-0.16%
DVN	F	-0.16%
BA	F	-0.16%
LH	C	-0.16%
TXT	D	-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%
MCHP	D	-0.14%
CAT	B	-0.14%
IQV	D	-0.14%
TMO	F	-0.14%
URI	B	-0.14%
CINF	A	-0.14%
CRL	C	-0.14%
AMD	F	-0.14%
KMX	B	-0.14%
LKQ	D	-0.14%
BALL	D	-0.13%
FAST	B	-0.13%
JPM	A	-0.13%
PCAR	B	-0.13%
AMCR	D	-0.13%
AME	A	-0.13%
POOL	C	-0.13%
DE	A	-0.13%
EPAM	C	-0.13%
WFC	A	-0.13%
ZBRA	B	-0.13%
C	A	-0.13%
WAB	B	-0.13%
LDOS	C	-0.13%
STT	A	-0.12%
HLT	A	-0.12%
MAR	B	-0.12%
ABNB	C	-0.12%
SYK	C	-0.12%
STE	F	-0.12%
EXPE	B	-0.12%
ISRG	A	-0.12%
ZBH	C	-0.12%
GWW	B	-0.12%
TSCO	D	-0.12%
BAC	A	-0.12%
ARE	D	-0.11%
VTR	C	-0.11%
WELL	A	-0.11%
EXR	D	-0.11%
DVA	B	-0.11%
PSA	D	-0.11%
CPT	B	-0.11%
DOC	D	-0.11%
BXP	D	-0.11%
BKNG	A	-0.11%
HST	C	-0.11%
BK	A	-0.11%
DXCM	D	-0.1%
PODD	C	-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%
MAA	B	-0.1%
INVH	D	-0.1%
GEHC	F	-0.1%
AVB	B	-0.1%
EQR	B	-0.1%
FOX	A	-0.1%
UDR	B	-0.1%
FOXA	B	-0.1%
TROW	B	-0.09%
FMC	D	-0.09%
BEN	C	-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%
CF	B	-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%
PCG	A	-0.08%
SRE	A	-0.08%
HWM	A	-0.08%
PPL	B	-0.08%
EVRG	A	-0.08%
CARR	D	-0.08%
TDG	D	-0.08%
JCI	C	-0.08%
PH	A	-0.08%
UNP	C	-0.08%
CMI	A	-0.08%
NSC	B	-0.08%
GNRC	B	-0.08%
WYNN	D	-0.08%
ODFL	B	-0.08%
HII	D	-0.08%
BX	A	-0.08%
NTRS	A	-0.08%
BLK	C	-0.08%
LHX	C	-0.08%
LVS	C	-0.08%
AMP	A	-0.08%
MOS	F	-0.08%
JBHT	C	-0.08%
CSX	B	-0.08%
O	D	-0.07%
SPG	B	-0.07%
LYB	F	-0.07%
SW	A	-0.07%
PPG	F	-0.07%
CZR	F	-0.07%
COP	C	-0.07%
MRO	B	-0.07%
MGM	D	-0.07%
DOW	F	-0.07%
APA	D	-0.07%
HES	B	-0.07%
PNW	B	-0.07%
FDX	B	-0.07%
CE	F	-0.07%
ES	D	-0.07%
TT	A	-0.07%
TFC	A	-0.06%
CFG	B	-0.06%
HBAN	A	-0.06%
USB	A	-0.06%
FITB	A	-0.06%
PNC	B	-0.06%
KEY	B	-0.06%
RF	A	-0.06%
MTB	A	-0.06%
EW	C	-0.06%
AVY	D	-0.06%
PYPL	B	-0.06%
BSX	B	-0.06%
IP	B	-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%
IFF	D	-0.05%
ECL	D	-0.05%
SOLV	C	-0.05%
BAX	D	-0.05%
APD	A	-0.05%
TFX	F	-0.05%
WST	C	-0.05%
EMN	D	-0.05%
DD	D	-0.05%
ALB	C	-0.05%
JKHY	D	-0.05%
FIS	C	-0.05%
BRO	B	-0.04%
EFX	F	-0.04%
CBRE	B	-0.04%
CSGP	D	-0.04%
SPGI	C	-0.04%
GPN	B	-0.04%
FDS	B	-0.04%
MCO	B	-0.04%
MSCI	C	-0.04%
NDAQ	A	-0.04%
CPAY	A	-0.04%
AXP	A	-0.04%
MKTX	D	-0.04%
VLTO	D	-0.03%
ROK	B	-0.03%
NDSN	B	-0.03%
EMR	A	-0.03%
TRMB	B	-0.03%
FTV	C	-0.03%