ETF Evaluator:
Stratified LargeCap Index ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Large Value Over the Last Year
| 72.4% | iShares MSCI USA Value Factor ETF (VLUE) |
| 39.0% | SEI QiM U.S. Lrg Cap Value Actv ETF (SEIV) |
| 34.8% | LSV Disciplined Value ETF (LSVD) |
| 34.7% | iShares Core Dividend ETF (DIVB) |
| 34.4% | Avantis US Large Cap Value ETF (AVLV) |
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Risk
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ETF Details
Stratified LargeCap Index ETF Overview
Stratified LargeCap Index ETF (SSPY) is a passively managed U.S. Equity Large Value exchange-traded fund (ETF). Syntax launched the ETF in 2019.
The investment seeks to provide investment results that, before expenses, correspond generally to the total return performance of publicly traded equity securities of companies comprising the Syntax Stratified LargeCap Index (the "index").
Under normal market conditions, the fund 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 broad-based S&P 500 Index and holds the same constituents as the S&P 500 Index.
About Stratified LargeCap Index ETF (SSPY)
There are 4 members of the management team with an average tenure of 1.86 years: Andrew Serowik (2024), Gabriel Tan (2024), Todd Alberico (2024) and Brian Cooper (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Syntax Stratified LargeCap TR USD index with a weighting of 100%. Stratified LargeCap Index ETF has 507 securities in its portfolio. The top 10 holdings constitute 8.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Stratified LargeCap Index ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Stratified LargeCap Index ETF has 1.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.2% There is 1.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Stratified LargeCap Index ETF has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $128 million in total assets, which is below the $5 billion average for the Large Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SSPY Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Stratified LargeCap Index ETF expense ratio is average compared to funds in the Large Value category. Stratified LargeCap Index ETF has an expense ratio of 0.45%, which is 21% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Stratified LargeCap Index ETF has a portfolio turnover rate of 29%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 40% for the Large Value category.
Recently, in the month of July 2026, Stratified LargeCap Index ETF returned 1.1%, which earned it a grade of D, as the Large Value category had an average return of 2.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Stratified LargeCap Index ETF has a trailing yield of 1.22%, which is below the 1.70% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Stratified LargeCap Index ETF Grades
Year to date, the ETF has returned 13.1%, 1.3 percentage points worse than the category, which translates into a grade of D. The fund has returned 20.1% over the past year (grade of D), 14.1% over the past three years (grade of D) and 10.0% per year over the past five years (grade of D).
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SSPY Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SSPY Return (NAV) | 1.1% | 5.1% | 20.1% | 14.1% | 10.0% | na |
| SSPY Return (Price) | 1.2% | 5.2% | 20.3% | 14.2% | 10.0% | na |
| NAV +/- Price Return | -0.071% | -0.110% | -0.224% | -0.079% | -0.038% | na |
| Large Value Avg | 2.4% | 5.9% | 24.1% | 16.3% | 11.3% | 12.1% |
| SSPY Grade (NAV) | D | D | D | D | D | na |
| +/- Category (NAV) | -1.2% | -0.8% | -4.0% | -2.2% | -1.3% | na |
| SSPY Tax-Cost Ratio | na | na | 0.6% | 0.9% | 0.8% | na |
SSPY Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SSPY Return (NAV) | 13.1% | 13.0% | 13.1% | 13.7% | -9.0% | 28.8% | 12.2% | na | na | na | na |
| SSPY Return (Price) | 13.2% | 12.9% | 13.4% | 13.7% | -9.2% | 28.8% | 12.2% | na | na | na | na |
| NAV +/- Price Ret | 0.004% | -0.005% | 0.018% | 0.003% | 0.016% | 0.002% | 0.003% | na | na | na | na |
| Large Value Avg | 14.4% | 14.8% | 15.5% | 13.1% | -6.5% | 26.7% | 5.4% | 27.4% | -6.6% | 17.7% | 15.7% |
| SSPY Grade (NAV) | D | D | D | C | D | B | A | na | na | na | na |
| +/- Category | -1.3% | -1.9% | -2.3% | 0.6% | -2.5% | 2.1% | 6.8% | na | na | na | na |
| Risk Measures | |
| Beta: | 0.78 |
| R-Squared: | 69% |
| Standard Deviation: | 12.3% |
| Category Risk Index: | 1.01 |
| Category Risk Rating: | Average |
| Total Risk Index: | 1.00 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 1.2% |
| Total Assets: | $ 129 Mil |
| Share Class Assets: | $ 129 Mil |
| Turnover: | 29.0% |
| Expense Ratio: | 0.45% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 1.9 years | |||
| Average Tenure: 1.9 years | |||
| Managers (Year): Serowik Andrew (2024), Tan Gabriel (2024), Alberico Todd (2024), Cooper Brian (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 507 |
| % in Top 10 Holdings: | 8.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.1% |
Portfolio Allocation |
|
| Domestic Stock: | 98.2% |
| Foreign Stock: | 1.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Syntax |
| Phone Number: | 866-972-4492 |
| Website: | |
| Inception Date: | January 2, 2019 |
Expenses and Fees
| Expense Ratio (%): | 0.45% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.37% |
