SSPY vs. FBUF ETF Comparison

Comparison of Syntax Stratified LargeCap ETF (SSPY) to Fidelity Dynamic Buffered Equity ETF (FBUF)
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
FBUF

Fidelity Dynamic Buffered Equity ETF

FBUF Description FBUF seeks capital appreciation by investing in a large-cap equity portfolio of US and foreign stocks while utilizing a defensive options collar strategy. The fund aims to outperform the S&P 500 by picking stocks using a computer-aided, quantitative analysis of historical valuation, growth, and profitability, among other factors. The proprietary process seeks to find the optimal portfolio holdings, overweight stocks with positive characteristics, and manage benchmark relative risks. For the options strategy, the fund typically buys out-of-the-money put options on the S&P 500 Index and simultaneously sells out-of-the-money S&P 500 Index call options. Premium earned from writing calls is intended to offset the cost of buying puts, but this essentially caps the upside returns of the equity portfolio. For a continuous downside hedge, the adviser selects put options through a laddered approach that rolls monthly. The adviser diversifies the written call positions, which are rolled weekly, with different strike prices and expiration dates.

Grade (RS Rating)

Last Trade

$27.53

Average Daily Volume

5,177

Number of Holdings *

155

* may have additional holdings in another (foreign) market
Performance
Period SSPY FBUF
30 Days 4.23% 3.10%
60 Days 1.79% 4.70%
90 Days 3.72% 6.08%
12 Months 23.81%
123 Overlapping Holdings
Symbol Grade Weight in SSPY Weight in FBUF Overlap
AAPL C 0.5% 7.34% 0.5%
ABBV D 0.24% 0.91% 0.24%
ABT B 0.06% 0.63% 0.06%
ADBE C 0.16% 0.94% 0.16%
ADP B 0.21% 0.26% 0.21%
ALLE D 0.08% 0.38% 0.08%
AMAT F 0.18% 0.67% 0.18%
AME A 0.13% 0.09% 0.09%
AMGN D 0.24% 0.25% 0.24%
AMT D 0.06% 0.21% 0.06%
AMZN C 0.22% 3.84% 0.22%
ANET C 0.21% 0.06% 0.06%
AON A 0.04% 0.12% 0.04%
AVGO D 0.23% 1.62% 0.23%
AXP A 0.04% 0.43% 0.04%
BAC A 0.12% 1.18% 0.12%
BBWI D 0.19% 0.16% 0.16%
BDX F 0.05% 0.58% 0.05%
BIIB F 0.24% 0.21% 0.21%
BK A 0.11% 0.12% 0.11%
BMY B 0.25% 0.74% 0.25%
BRK.A B 0.5% 2.2% 0.5%
C A 0.13% 0.72% 0.13%
CAH B 0.19% 0.31% 0.19%
CAT B 0.14% 0.53% 0.14%
CI F 0.19% 0.63% 0.19%
CINF A 0.14% 0.07% 0.07%
CL D 0.41% 0.55% 0.41%
CLX B 0.41% 0.14% 0.14%
CMCSA B 0.52% 0.84% 0.52%
CME A 0.04% 0.44% 0.04%
CMG B 0.5% 0.47% 0.47%
COST B 0.71% 0.3% 0.3%
CRM B 0.35% 1.16% 0.35%
CSCO B 0.21% 0.8% 0.21%
CSX B 0.08% 0.49% 0.08%
CTAS B 0.18% 0.65% 0.18%
CVS D 0.69% 0.23% 0.23%
CVX A 0.76% 0.02% 0.02%
DIS B 0.21% 0.65% 0.21%
DVN F 0.16% 0.52% 0.16%
ECL D 0.05% 0.63% 0.05%
ED D 0.24% 0.1% 0.1%
EOG A 0.07% 0.48% 0.07%
F C 0.25% 0.33% 0.25%
FTNT C 0.17% 0.2% 0.17%
GE D 0.17% 0.48% 0.17%
GEN B 0.17% 0.13% 0.13%
GILD C 0.25% 0.74% 0.25%
GL B 0.2% 0.13% 0.13%
GOOG C 0.23% 1.89% 0.23%
GOOGL C 0.23% 2.04% 0.23%
GRMN B 0.33% 0.44% 0.33%
HD A 0.26% 1.32% 0.26%
HWM A 0.08% 0.38% 0.08%
IDXX F 0.1% 0.15% 0.1%
INCY C 0.25% 0.34% 0.25%
INTU C 0.2% 0.12% 0.12%
ITW B 0.17% 0.14% 0.14%
JNJ D 0.24% 0.73% 0.24%
JPM A 0.13% 1.93% 0.13%
KLAC D 0.17% 0.61% 0.17%
KR B 0.74% 0.12% 0.12%
LDOS C 0.13% 0.31% 0.13%
LHX C 0.08% 0.21% 0.08%
LLY F 0.23% 0.76% 0.23%
LMT D 0.09% 0.71% 0.09%
MA C 0.04% 1.36% 0.04%
META D 0.47% 2.89% 0.47%
MGM D 0.07% 0.23% 0.07%
MMC B 0.04% 0.53% 0.04%
MMM D 0.17% 0.19% 0.17%
MRK F 0.24% 0.96% 0.24%
MSCI C 0.04% 0.26% 0.04%
MSFT F 0.32% 5.66% 0.32%
MSI B 0.49% 0.43% 0.43%
MU D 0.15% 0.5% 0.15%
NEE D 0.24% 0.82% 0.24%
NFLX A 0.22% 1.28% 0.22%
NOC D 0.09% 0.6% 0.09%
NOW A 0.22% 0.5% 0.22%
NRG B 0.33% 0.09% 0.09%
NSC B 0.08% 0.11% 0.08%
NUE C 0.26% 0.36% 0.26%
NVDA C 0.13% 7.37% 0.13%
ORCL B 0.34% 0.04% 0.04%
OXY D 0.07% 0.15% 0.07%
PCAR B 0.13% 0.37% 0.13%
PEP F 0.18% 0.19% 0.18%
PFE D 0.24% 0.41% 0.24%
PG A 0.42% 0.8% 0.42%
PGR A 0.19% 0.67% 0.19%
PM B 0.35% 0.94% 0.35%
PPG F 0.07% 0.34% 0.07%
PSA D 0.11% 0.17% 0.11%
PYPL B 0.06% 0.72% 0.06%
QCOM F 0.22% 0.85% 0.22%
QRVO F 0.21% 0.06% 0.06%
RSG A 0.18% 0.23% 0.18%
RTX C 0.08% 0.28% 0.08%
SCHW B 0.25% 0.79% 0.25%
SPG B 0.07% 0.44% 0.07%
SPGI C 0.04% 0.21% 0.04%
SYK C 0.12% 0.24% 0.12%
T A 0.33% 0.71% 0.33%
TJX A 0.72% 0.72% 0.72%
TMO F 0.14% 0.38% 0.14%
TMUS B 0.33% 0.28% 0.28%
TROW B 0.09% 0.28% 0.09%
TRV B 0.14% 0.26% 0.14%
TSLA B 0.28% 1.27% 0.28%
TT A 0.07% 0.68% 0.07%
TXT D 0.16% 0.5% 0.16%
UBER D 0.11% 0.24% 0.11%
UNH C 0.26% 0.57% 0.26%
UNP C 0.08% 0.75% 0.08%
V A 0.04% 0.65% 0.04%
VST B 0.41% 0.14% 0.14%
WFC A 0.13% 0.28% 0.13%
WM A 0.18% 0.41% 0.18%
WMT A 0.73% 0.82% 0.73%
XOM B 0.77% 1.56% 0.77%
ZBRA B 0.13% 0.52% 0.13%
SSPY Overweight 377 Positions Relative to FBUF
Symbol Grade Weight
SYY B 0.75%
ROST C 0.72%
COF B 0.7%
SYF B 0.69%
DFS B 0.69%
WBA F 0.64%
DPZ C 0.52%
PSX C 0.51%
DRI B 0.51%
YUM B 0.51%
VLO C 0.5%
EL F 0.5%
MCD D 0.5%
EA A 0.49%
MPC D 0.49%
TTWO A 0.49%
L A 0.49%
SBUX A 0.48%
CHTR C 0.47%
MTCH D 0.47%
KMB D 0.42%
KVUE A 0.42%
BWA D 0.42%
CHD B 0.42%
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%
TSN B 0.36%
HRL D 0.36%
SLB C 0.35%
HPQ B 0.35%
BKR B 0.35%
MO A 0.35%
IPG D 0.34%
IBM C 0.34%
OMC C 0.34%
HAL C 0.34%
SNPS B 0.34%
ATO A 0.33%
TPR B 0.33%
NI A 0.33%
VZ C 0.33%
HCA F 0.33%
NKE D 0.33%
CDNS B 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%
DAL C 0.28%
UAL A 0.28%
SWK D 0.27%
GDDY A 0.27%
EQIX A 0.27%
AKAM D 0.27%
VRSN F 0.27%
STLD B 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%
CNC D 0.26%
MS A 0.26%
NVR D 0.26%
HUM C 0.26%
DLR B 0.26%
ETN A 0.26%
LEN D 0.25%
GM B 0.25%
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%
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%
MRNA F 0.24%
DHI D 0.24%
AEP D 0.24%
D C 0.24%
TRGP B 0.24%
OKE A 0.24%
FE C 0.24%
VTRS A 0.24%
KDP D 0.24%
ELV F 0.24%
PLTR B 0.23%
CPRT A 0.23%
ON D 0.23%
TXN C 0.23%
VRTX F 0.23%
NXPI D 0.23%
PAYC B 0.22%
REGN F 0.22%
TYL B 0.22%
LW C 0.22%
EBAY D 0.22%
DAY B 0.22%
ADI D 0.22%
MPWR F 0.22%
FFIV B 0.21%
KEYS A 0.21%
PFG D 0.21%
AOS F 0.21%
MKC D 0.21%
KHC F 0.21%
SWKS F 0.21%
SJM D 0.21%
GIS D 0.21%
MET A 0.21%
CAG D 0.21%
PAYX C 0.21%
ALL A 0.2%
AIG B 0.2%
IEX B 0.2%
IR B 0.2%
JNPR F 0.2%
AFL B 0.2%
PARA C 0.2%
CPB D 0.2%
PRU A 0.2%
AIZ A 0.2%
ERIE D 0.2%
HSIC B 0.2%
FSLR F 0.2%
MHK D 0.19%
APH A 0.19%
XYL D 0.19%
TEL B 0.19%
HPE B 0.19%
MAS D 0.19%
WBD C 0.19%
PNR A 0.19%
BLDR D 0.19%
GLW B 0.19%
HSY F 0.18%
CRWD B 0.18%
GEV B 0.18%
EQT B 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%
ANSS B 0.17%
DG F 0.17%
DOV A 0.17%
NTAP C 0.17%
BBY D 0.17%
WY D 0.17%
CTRA B 0.17%
MLM B 0.17%
DLTR F 0.17%
DELL C 0.17%
PTC A 0.17%
VMC B 0.17%
STX D 0.17%
ULTA F 0.17%
WDC D 0.17%
INTC D 0.16%
PANW C 0.16%
GD F 0.16%
BA F 0.16%
LH C 0.16%
DGX A 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%
WRB A 0.14%
MCHP D 0.14%
AZO C 0.14%
IQV D 0.14%
URI B 0.14%
ORLY B 0.14%
CRL C 0.14%
CB C 0.14%
HIG B 0.14%
ACGL D 0.14%
AMD F 0.14%
KMX B 0.14%
EG C 0.14%
LKQ D 0.14%
BALL D 0.13%
FAST B 0.13%
CDW F 0.13%
AMCR D 0.13%
POOL C 0.13%
DE A 0.13%
ACN C 0.13%
EPAM C 0.13%
CTSH B 0.13%
WAB B 0.13%
IT C 0.13%
STT A 0.12%
HLT A 0.12%
MAR B 0.12%
ABNB 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%
ARE D 0.11%
VTR C 0.11%
WELL A 0.11%
EXR D 0.11%
DVA B 0.11%
CPT B 0.11%
BR A 0.11%
DOC D 0.11%
BXP D 0.11%
BKNG A 0.11%
HST C 0.11%
DXCM D 0.1%
PODD C 0.1%
HOLX D 0.1%
DHR F 0.1%
NWSA B 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%
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%
CMS C 0.08%
PCG A 0.08%
SO D 0.08%
SRE A 0.08%
XEL A 0.08%
PPL B 0.08%
EVRG A 0.08%
LNT A 0.08%
AEE A 0.08%
CARR D 0.08%
TDG D 0.08%
JCI C 0.08%
PH A 0.08%
CMI A 0.08%
OTIS C 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%
LVS C 0.08%
AMP A 0.08%
MOS F 0.08%
JBHT C 0.08%
CTVA C 0.08%
O D 0.07%
LYB F 0.07%
SW A 0.07%
FANG D 0.07%
CZR F 0.07%
COP C 0.07%
MRO B 0.07%
DOW F 0.07%
APA D 0.07%
HES B 0.07%
PNW B 0.07%
FDX B 0.07%
WEC A 0.07%
CE F 0.07%
ES D 0.07%
DUK C 0.07%
TFC A 0.06%
CFG B 0.06%
HBAN A 0.06%
FI 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%
MDT D 0.06%
AVY D 0.06%
BSX B 0.06%
IP B 0.06%
PKG A 0.06%
REG B 0.06%
KIM A 0.06%
PLD 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%
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%
VRSK A 0.04%
GPN B 0.04%
FDS B 0.04%
MCO B 0.04%
CBOE B 0.04%
ICE C 0.04%
NDAQ A 0.04%
CPAY A 0.04%
MKTX D 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 32 Positions Relative to FBUF
Symbol Grade Weight
SQ B -0.6%
SEIC B -0.54%
ZM B -0.53%
DBX B -0.52%
CVNA B -0.52%
IGT F -0.46%
EXEL B -0.43%
ANF C -0.35%
TDC D -0.35%
ALRM C -0.34%
SKYW B -0.31%
MEDP D -0.28%
LRCX F -0.24%
GAP C -0.21%
TPH D -0.18%
SSNC B -0.18%
CACI D -0.17%
LNW D -0.16%
DASH A -0.11%
LPLA A -0.11%
UNM A -0.1%
TWLO A -0.09%
DOCU A -0.09%
LYFT C -0.08%
PLTK B -0.07%
CRUS D -0.07%
NBIX C -0.06%
VEEV C -0.04%
TNL A -0.04%
UTHR C -0.04%
TOL B -0.02%
PEGA A -0.02%
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