SSPY vs. PHEQ ETF Comparison

Comparison of Syntax Stratified LargeCap ETF (SSPY) to Parametric Hedged Equity ETF (PHEQ)

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

PHEQ

Parametric Hedged Equity ETF

PHEQ Description

The fund seeks to provide capital appreciation by investing its net assets in equity securities of certain U.S. large capitalization companies that are constituents of the Solactive GBS US 500 at the time of purchase.

Grade (RS Rating)

Last Trade

$29.49

Average Daily Volume

19,326

Number of Holdings ^*

203

* may have additional holdings in another (foreign) market

Performance

Period	SSPY	PHEQ
30 Days	4.23%	1.99%
60 Days	1.79%	3.02%
90 Days	3.72%	3.86%
12 Months	23.81%	16.61%

147 Overlapping Holdings

Symbol	Grade	Weight in SSPY	Weight in PHEQ	Overlap
AAPL	C	0.5%	6.85%	0.5%
ABBV	D	0.24%	0.85%	0.24%
ABNB	C	0.12%	0.15%	0.12%
ABT	B	0.06%	0.6%	0.06%
ADBE	C	0.16%	0.48%	0.16%
AEE	A	0.08%	0.3%	0.08%
AKAM	D	0.27%	0.16%	0.16%
ALGN	D	0.1%	0.06%	0.06%
AMCR	D	0.13%	0.21%	0.13%
AMD	F	0.14%	0.51%	0.14%
AME	A	0.13%	0.28%	0.13%
AMGN	D	0.24%	0.45%	0.24%
AMZN	C	0.22%	4.1%	0.22%
APTV	D	0.4%	0.14%	0.14%
ARE	D	0.11%	0.21%	0.11%
AVB	B	0.1%	0.35%	0.1%
AVGO	D	0.23%	1.71%	0.23%
AXP	A	0.04%	0.57%	0.04%
BA	F	0.16%	0.32%	0.16%
BAC	A	0.12%	0.98%	0.12%
BKNG	A	0.11%	0.39%	0.11%
BLDR	D	0.19%	0.08%	0.08%
BMY	B	0.25%	0.48%	0.25%
BRK.A	B	0.5%	1.42%	0.5%
BRO	B	0.04%	0.31%	0.04%
CAG	D	0.21%	0.17%	0.17%
CAT	B	0.14%	0.55%	0.14%
CE	F	0.07%	0.05%	0.05%
CFG	B	0.06%	0.26%	0.06%
CMS	C	0.08%	0.31%	0.08%
CNP	B	0.26%	0.28%	0.26%
COR	B	0.18%	0.3%	0.18%
COST	B	0.71%	1.07%	0.71%
CPB	D	0.2%	0.18%	0.18%
CRM	B	0.35%	0.63%	0.35%
CRWD	B	0.18%	0.17%	0.17%
CSCO	B	0.21%	0.79%	0.21%
CTAS	B	0.18%	0.42%	0.18%
CVX	A	0.76%	0.84%	0.76%
DAL	C	0.28%	0.39%	0.28%
DE	A	0.13%	0.44%	0.13%
DELL	C	0.17%	0.14%	0.14%
DIS	B	0.21%	0.57%	0.21%
DOC	D	0.11%	0.29%	0.11%
DOV	A	0.17%	0.33%	0.17%
DRI	B	0.51%	0.3%	0.3%
DTE	C	0.25%	0.31%	0.25%
DVN	F	0.16%	0.17%	0.16%
ENPH	F	0.26%	0.03%	0.03%
EQR	B	0.1%	0.32%	0.1%
ESS	B	0.1%	0.19%	0.1%
ETR	B	0.25%	0.4%	0.25%
EXPD	D	0.09%	0.23%	0.09%
EXR	D	0.11%	0.32%	0.11%
FANG	D	0.07%	0.24%	0.07%
FE	C	0.24%	0.24%	0.24%
GLW	B	0.19%	0.25%	0.19%
GOOG	C	0.23%	1.9%	0.23%
GOOGL	C	0.23%	2.28%	0.23%
HAL	C	0.34%	0.16%	0.16%
HBAN	A	0.06%	0.31%	0.06%
HD	A	0.26%	1.15%	0.26%
HIG	B	0.14%	0.33%	0.14%
HUBB	B	0.26%	0.13%	0.13%
HWM	A	0.08%	0.36%	0.08%
IBM	C	0.34%	0.56%	0.34%
IFF	D	0.05%	0.16%	0.05%
ISRG	A	0.12%	0.58%	0.12%
JBHT	C	0.08%	0.24%	0.08%
JNJ	D	0.24%	1.04%	0.24%
JPM	A	0.13%	1.73%	0.13%
K	A	0.18%	0.34%	0.18%
KKR	A	0.09%	0.46%	0.09%
KLAC	D	0.17%	0.34%	0.17%
KMB	D	0.42%	0.33%	0.33%
KO	D	0.25%	0.77%	0.25%
L	A	0.49%	0.24%	0.24%
LH	C	0.16%	0.31%	0.16%
LIN	D	0.04%	0.67%	0.04%
LLY	F	0.23%	1.39%	0.23%
LMT	D	0.09%	0.58%	0.09%
LNT	A	0.08%	0.33%	0.08%
LOW	D	0.26%	0.57%	0.26%
LULU	C	0.31%	0.21%	0.21%
LYB	F	0.07%	0.22%	0.07%
MA	C	0.04%	1.14%	0.04%
MAA	B	0.1%	0.27%	0.1%
MDT	D	0.06%	0.51%	0.06%
META	D	0.47%	2.66%	0.47%
MGM	D	0.07%	0.13%	0.07%
MMM	D	0.17%	0.44%	0.17%
MOH	F	0.25%	0.14%	0.14%
MRK	F	0.24%	0.69%	0.24%
MRNA	F	0.24%	0.01%	0.01%
MRO	B	0.07%	0.24%	0.07%
MS	A	0.26%	0.39%	0.26%
MSFT	F	0.32%	6.55%	0.32%
MU	D	0.15%	0.31%	0.15%
NDAQ	A	0.04%	0.24%	0.04%
NDSN	B	0.03%	0.14%	0.03%
NEM	D	0.25%	0.23%	0.23%
NFLX	A	0.22%	0.8%	0.22%
NOW	A	0.22%	0.61%	0.22%
NVDA	C	0.13%	7.12%	0.13%
ON	D	0.23%	0.14%	0.14%
ORCL	B	0.34%	0.73%	0.34%
OTIS	C	0.08%	0.33%	0.08%
PANW	C	0.16%	0.3%	0.16%
PEP	F	0.18%	0.72%	0.18%
PFG	D	0.21%	0.2%	0.2%
PG	A	0.42%	1.09%	0.42%
PHM	D	0.25%	0.3%	0.25%
PLTR	B	0.23%	0.36%	0.23%
PPG	F	0.07%	0.18%	0.07%
PPL	B	0.08%	0.34%	0.08%
PRU	A	0.2%	0.37%	0.2%
PYPL	B	0.06%	0.28%	0.06%
QCOM	F	0.22%	0.33%	0.22%
REGN	F	0.22%	0.21%	0.21%
RMD	C	0.09%	0.24%	0.09%
ROST	C	0.72%	0.32%	0.32%
RSG	A	0.18%	0.34%	0.18%
SCHW	B	0.25%	0.35%	0.25%
STLD	B	0.27%	0.11%	0.11%
SYF	B	0.69%	0.27%	0.27%
T	A	0.33%	0.68%	0.33%
TMO	F	0.14%	0.59%	0.14%
TMUS	B	0.33%	0.51%	0.33%
TRGP	B	0.24%	0.46%	0.24%
TRV	B	0.14%	0.39%	0.14%
TSLA	B	0.28%	1.91%	0.28%
TXN	C	0.23%	0.59%	0.23%
UBER	D	0.11%	0.29%	0.11%
ULTA	F	0.17%	0.23%	0.17%
UNH	C	0.26%	1.37%	0.26%
UNP	C	0.08%	0.52%	0.08%
URI	B	0.14%	0.24%	0.14%
V	A	0.04%	1.28%	0.04%
VRTX	F	0.23%	0.36%	0.23%
WBD	C	0.19%	0.18%	0.18%
WFC	A	0.13%	0.67%	0.13%
WM	A	0.18%	0.44%	0.18%
WMT	A	0.73%	0.96%	0.73%
WRB	A	0.14%	0.21%	0.14%
XOM	B	0.77%	1.4%	0.77%
YUM	B	0.51%	0.33%	0.33%
ZBH	C	0.12%	0.14%	0.12%

SSPY Overweight 353 Positions Relative to PHEQ

Symbol	Grade	Weight
SYY	B	0.75%
KR	B	0.74%
TJX	A	0.72%
COF	B	0.7%
CVS	D	0.69%
DFS	B	0.69%
WBA	F	0.64%
CMCSA	B	0.52%
DPZ	C	0.52%
PSX	C	0.51%
VLO	C	0.5%
EL	F	0.5%
CMG	B	0.5%
MCD	D	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%
KVUE	A	0.42%
BWA	D	0.42%
CHD	B	0.42%
VST	B	0.41%
CL	D	0.41%
CLX	B	0.41%
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%
PM	B	0.35%
BKR	B	0.35%
MO	A	0.35%
IPG	D	0.34%
OMC	C	0.34%
SNPS	B	0.34%
ATO	A	0.33%
GRMN	B	0.33%
TPR	B	0.33%
NI	A	0.33%
VZ	C	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%
UHS	D	0.32%
RL	B	0.32%
FCX	D	0.3%
EXC	C	0.3%
DECK	A	0.3%
UAL	A	0.28%
SWK	D	0.27%
GDDY	A	0.27%
EQIX	A	0.27%
VRSN	F	0.27%
NUE	C	0.26%
PEG	A	0.26%
HAS	D	0.26%
CNC	D	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%
F	C	0.25%
GILD	C	0.25%
CTLT	B	0.25%
EIX	B	0.25%
STZ	D	0.25%
ZTS	D	0.25%
SNA	A	0.25%
LUV	C	0.25%
KMI	A	0.25%
MNST	C	0.25%
TAP	C	0.25%
INCY	C	0.25%
RJF	A	0.25%
GS	A	0.25%
DHI	D	0.24%
AEP	D	0.24%
D	C	0.24%
OKE	A	0.24%
VTRS	A	0.24%
ED	D	0.24%
PFE	D	0.24%
KDP	D	0.24%
BIIB	F	0.24%
NEE	D	0.24%
ELV	F	0.24%
CPRT	A	0.23%
NXPI	D	0.23%
PAYC	B	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%
ANET	C	0.21%
AOS	F	0.21%
MKC	D	0.21%
KHC	F	0.21%
QRVO	F	0.21%
SWKS	F	0.21%
SJM	D	0.21%
GIS	D	0.21%
MET	A	0.21%
PAYX	C	0.21%
ADP	B	0.21%
ALL	A	0.2%
GL	B	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%
INTU	C	0.2%
AIZ	A	0.2%
ERIE	D	0.2%
HSIC	B	0.2%
FSLR	F	0.2%
MHK	D	0.19%
CI	F	0.19%
APH	A	0.19%
XYL	D	0.19%
CAH	B	0.19%
TEL	B	0.19%
PGR	A	0.19%
HPE	B	0.19%
MAS	D	0.19%
PNR	A	0.19%
BBWI	D	0.19%
HSY	F	0.18%
AMAT	F	0.18%
GEV	B	0.18%
EQT	B	0.18%
MDLZ	F	0.18%
ROL	B	0.18%
MCK	B	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%
FTNT	C	0.17%
NTAP	C	0.17%
GEN	B	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%
PTC	A	0.17%
VMC	B	0.17%
STX	D	0.17%
WDC	D	0.17%
INTC	D	0.16%
GD	F	0.16%
TXT	D	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%
MCHP	D	0.14%
AZO	C	0.14%
IQV	D	0.14%
CINF	A	0.14%
ORLY	B	0.14%
CRL	C	0.14%
CB	C	0.14%
ACGL	D	0.14%
KMX	B	0.14%
EG	C	0.14%
LKQ	D	0.14%
BALL	D	0.13%
FAST	B	0.13%
PCAR	B	0.13%
CDW	F	0.13%
POOL	C	0.13%
ACN	C	0.13%
EPAM	C	0.13%
CTSH	B	0.13%
ZBRA	B	0.13%
C	A	0.13%
WAB	B	0.13%
IT	C	0.13%
LDOS	C	0.13%
STT	A	0.12%
HLT	A	0.12%
MAR	B	0.12%
SYK	C	0.12%
STE	F	0.12%
EXPE	B	0.12%
GWW	B	0.12%
TSCO	D	0.12%
VTR	C	0.11%
WELL	A	0.11%
DVA	B	0.11%
PSA	D	0.11%
CPT	B	0.11%
BR	A	0.11%
BXP	D	0.11%
HST	C	0.11%
BK	A	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%
RVTY	F	0.1%
INVH	D	0.1%
GEHC	F	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%
NOC	D	0.09%
UPS	C	0.09%
AXON	A	0.09%
RCL	A	0.09%
CCL	B	0.09%
CHRW	C	0.09%
CF	B	0.09%
NCLH	B	0.09%
LYV	A	0.09%
IVZ	B	0.09%
ALLE	D	0.08%
PCG	A	0.08%
SO	D	0.08%
SRE	A	0.08%
XEL	A	0.08%
EVRG	A	0.08%
CARR	D	0.08%
TDG	D	0.08%
JCI	C	0.08%
PH	A	0.08%
CMI	A	0.08%
NSC	B	0.08%
GNRC	B	0.08%
WYNN	D	0.08%
ODFL	B	0.08%
RTX	C	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%
CSX	B	0.08%
CTVA	C	0.08%
O	D	0.07%
SPG	B	0.07%
SW	A	0.07%
OXY	D	0.07%
CZR	F	0.07%
COP	C	0.07%
EOG	A	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%
ES	D	0.07%
TT	A	0.07%
DUK	C	0.07%
TFC	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%
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%
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%
ECL	D	0.05%
SOLV	C	0.05%
BAX	D	0.05%
APD	A	0.05%
BDX	F	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%
AON	A	0.04%
MMC	B	0.04%
EFX	F	0.04%
CBRE	B	0.04%
CSGP	D	0.04%
VRSK	A	0.04%
SPGI	C	0.04%
GPN	B	0.04%
FDS	B	0.04%
MCO	B	0.04%
CBOE	B	0.04%
MSCI	C	0.04%
ICE	C	0.04%
CPAY	A	0.04%
MKTX	D	0.04%
CME	A	0.04%
ROP	B	0.03%
VLTO	D	0.03%
ROK	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 56 Positions Relative to PHEQ

Symbol	Grade	Weight
APO	B	-0.3%
LRCX	F	-0.29%
MRVL	B	-0.25%
MELI	D	-0.25%
LII	A	-0.25%
ARES	A	-0.25%
MKL	A	-0.23%
LNG	B	-0.22%
HEI	B	-0.22%
SSNC	B	-0.21%
MSTR	C	-0.2%
SPOT	B	-0.19%
TTD	B	-0.18%
ZM	B	-0.18%
CSL	C	-0.18%
HEI	B	-0.14%
HUBS	A	-0.14%
WDAY	B	-0.13%
DASH	A	-0.13%
DDOG	A	-0.13%
ALNY	D	-0.13%
FCNCA	A	-0.13%
SQ	B	-0.12%
RBLX	C	-0.12%
BAH	F	-0.12%
COIN	C	-0.12%
TW	A	-0.11%
IBKR	A	-0.11%
VRT	B	-0.1%
VEEV	C	-0.1%
SUI	D	-0.1%
DOX	D	-0.09%
TRU	D	-0.09%
ZS	C	-0.08%
NET	B	-0.07%
SCCO	F	-0.07%
AGR	B	-0.07%
YUMC	C	-0.07%
DKNG	B	-0.07%
SNOW	C	-0.06%
AVTR	F	-0.06%
TEAM	A	-0.06%
SNAP	C	-0.05%
LPLA	A	-0.05%
OWL	A	-0.05%
ILMN	D	-0.05%
OKTA	C	-0.04%
WLK	D	-0.04%
BSY	D	-0.04%
RPRX	D	-0.04%
CPNG	D	-0.03%
PINS	D	-0.03%
SIRI	C	-0.03%
RKT	F	-0.03%
WSM	B	-0.02%
WMG	C	-0.02%