At a glance
SSPY charges 0.45% a year, above the 0.22% average of the 8 funds most like it (the most expensive of 9). It has $127.1M in assets, the 8th largest of that group; it paid 1.19% of its price in distributions over the past 12 months, annual. Over the past year it returned +16.1% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds; over three years it returned +20.1% a year. At its worst it fell 36.6% in the 2020 crash (S&P 500: 33.7%) and 19.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 14 months after the lows. Its ten largest positions make up 8.6% of the fund, out of 506 in all.
The short version
Stratified LargeCap Index ETF (SSPY), from Exchange Traded Concepts, holds the same companies as the S&P 500. It tracks the Syntax Stratified LargeCap Index, which spreads money evenly across groups of businesses that share similar risks instead of weighting by company size. As of June 30, 2026, its largest holding, Capital One, was only about 1.1% of assets. Its 0.45% expense ratio is roughly double the 0.22% average of similar funds.
Price history
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SSPY +16.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SSPY official prospectus, to Dec 31, 2025 | — | +12.96% | — | +11.22% | +12.13% | — |
| SSPY price data to Oct 27, 2026 | +15.8% | +16.1% | +20.1% | +10.0% | — | +14.1% |
- Over the year to Oct 27, 2026, SSPY returned +16.1%, 2nd of 9 among similar funds.
- Its 5-year annualized return was +10.0%.
- In the 2020 COVID crash it fell 36.6% and regained its old high 7.6 months after the low.
- Its worst full calendar year was 2022 (-9.2%); its best was 2021 (+28.8%).
- The deepest fall in its price history was 36.7% (Feb 12, 2020 to Mar 23, 2020), recovered by Nov 9, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.8% | — |
| 2025 | +12.9% | +13.14% |
| 2024 | +13.4% | +13.14% |
| 2023 | +13.7% | +13.67% |
| 2022 | -9.2% | -9.02% |
| 2021 | +28.8% | +28.76% |
| 2020 | +12.2% | +12.18% |
| 2019 | +26.7% | +28.93% |
| 2018 | — | -6.57% |
| 2017 | — | +19.73% |
| 2016 | — | +14.11% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.6% over that stretch · deepest drop along the way 36.6%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.1% over that stretch · deepest drop along the way 19.6%, back to its old high 14.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.2000 | -54.4% |
| 2024 | $2.6295 | +110.4% |
| 2023 | $1.2500 | +15.7% |
| 2022 | $1.0800 | +38.5% |
| 2021 | $0.7800 | -14.3% |
| 2020 | $0.9100 | +15.2% |
| 2019 | $0.7900 |
What's inside
As of Jun 30, 2026, the fund held 506 securities; the ten largest made up 8.63% of assets.
| Holding | Weight | |
|---|---|---|
| CAPITAL ONE FINANCIAL CORP | 1.13% | |
| INTERNATIONAL BUSINESS MACHINES CORP | 1.09% | |
| SYNCHRONY FINANCIAL | 1.07% | |
| MICROSOFT CORP | 0.99% | |
| SYSCO CORP | 0.82% | |
| COSTCO WHOLESALE CORP | 0.74% | |
| WALMART INC | 0.73% | |
| TJX COMPANIES INC (THE) | 0.69% | |
| ROSS STORES INC | 0.69% | |
| META PLATFORMS INC | 0.69% | |
| KROGER COMPANY (THE) | 0.67% | |
| TAKE-TWO INTERACTIVE SOFTWARE INC | 0.61% | |
| CHIPOTLE MEXICAN GRILL INC | 0.55% | |
| LOEWS CORP | 0.54% | |
| YUM! BRANDS INC | 0.54% |
By country
United States 94.77%Ireland 1.76%Switzerland 0.81%Bermuda 0.55%Jersey 0.48%By asset type
Stocks 99.26%By sector
Sectors of the companies held, for the 69.5% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.82%, +2.30%, +1.56%.
How it works
The fund tracks the Syntax Stratified LargeCap Index, built by Syntax LLC. The index uses every stock in the S&P 500 but ignores company size when setting weights. Instead, it groups companies by "Related Business Risks": firms that sell similar products or share suppliers, customers or competitors. Syntax sorts them with its own classification system, which runs from sector down to individual business activities.
At each rebalance, each of eight sectors (Consumer Products & Services, Energy, Financials, Food, Industrials, Information, Information Tools and Healthcare) starts at 12.5%. Each sector's share is split equally among its sub-sectors, then equally among industries, and so on down to single companies. Groups vary in size, so a company in a small group can get far more weight than one in a crowded group. As of June 30, 2026, the fund held 506 stocks. Capital One, IBM and Synchrony Financial were each about 1.1%, and the top 10 holdings made up 8.63% of assets.
The index rebalances quarterly and adds or drops companies when the S&P 500 does. The adviser generally buys every index stock in proportion to its index weight. It may use a sample instead, and it may put up to 20% of assets in securities outside the index. Portfolio turnover was 29%. The fund uses no leverage or options, and it can be concentrated in an industry if the index is.
What it really costs
- SSPY charges 0.45% a year, versus an average of 0.22% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SSPY | $46 | $144 | $252 | $567 |
In a retirement portfolio
It holds S&P 500 companies but shifts weight away from the largest firms, so it can offset the concentration of a fund weighted by company size.
SSPY could balance out a standard S&P 500 fund, where a few giant companies drive results. It launched in January 2019, so it has no 2008 record. In the 2020 COVID crash it fell 36.6% in about five weeks, then got back to its prior high by November 9, 2020, about 7.6 months later. In the 2022 bear market it fell 19.6% and needed 14.4 months, until December 13, 2023, to recover. Its worst calendar year in the prospectus was 2022, down 9.02%. Anyone selling shares for spending money during those stretches would have locked in losses. The yield was 1.19% as of October 27, 2026, paid once a year, so it isn't an income fund. In the SEC's standard example, $10,000 invested would cost $567 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 companies with less reliance on mega-cap tech; Microsoft was under 1% of assets as of June 30, 2026.
- People pairing a size-weighted S&P 500 fund with a different method that gives each of eight sectors a 12.5% starting weight.
- Long-term holders who value smaller recent price swings: one-year volatility was 10.7% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: its 0.45% expense ratio ranked 9th of 9 similar funds, and EUSA and GSEW charge 0.09%.
- Anyone who needs regular income: the yield was 1.19% as of October 27, 2026, and it pays only once a year.
- Investors who prefer large funds: SSPY had about $127 million (June 30, 2026), versus about $96.5 billion for RSP (July 31, 2026).
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SSPY this fund | — | 0.45% | $127.1M | +16.1% | +20.1% |
| RSP Invesco S&P 500® Equal Weight ETF | 70% | 0.2% | $96.47B | +18.9% | +18.3% |
| SIZE iShares MSCI USA Size Factor ETF | 60% | 0.15% | $428.8M | +12.2% | +19.6% |
| EUSA iShares MSCI USA Equal Weighted ETF | 60% | 0.09% | $1.93B | +12.3% | +19.6% |
| GSEW Goldman Sachs Equal Weight U.S. Large Cap E… | 59% | 0.09% | $2.08B | +13.5% | +21.4% |
| CFO VictoryShares US 500 Enhanced Volatility Wt… | 58% | 0.37% | $412.4M | +11.2% | +14.9% |
| CFA VictoryShares US 500 Volatility Wtd ETF | 58% | 0.35% | $533.5M | +11.2% | +17.3% |
| JHML John Hancock Multifactor Large Cap ETF | 53% | 0.29% | $1.17B | +14.6% | +22.9% |
Questions investors ask
How is SSPY different from an S&P 500 index fund?
It holds the same companies but weights them differently. A typical S&P 500 fund weights by company size, so the biggest firms carry the most weight. SSPY's index gives each of eight sectors 12.5%, then splits that equally down through smaller business groups. As of June 30, 2026, its largest holdings were Capital One, IBM and Synchrony Financial at about 1.1% each, and the top 10 made up just 8.63% of assets.
What's the difference between SSPY and RSP?
Both hold S&P 500 companies, but they weight them differently. RSP, the Invesco S&P 500 Equal Weight ETF, gives every company the same weight. SSPY gives equal weight to groups of businesses with related risks, so companies in small groups get more. About 70% of their holdings overlap. RSP charges 0.20% versus 0.45% for SSPY. RSP returned 18.3% over one year and 19.4% a year over three years as of October 30, 2026. SSPY returned 16.1% and 20.1% as of October 27, 2026.
Does SSPY pay dividends?
Yes, but only once a year. SSPY paid $1.20 per share over the 12 months to October 27, 2026, a yield of 1.19%. That is modest because the fund holds a broad mix of large US companies rather than focusing on high-dividend stocks. Investors who want monthly or quarterly income would need other holdings, or would have to sell shares to raise cash.
How has SSPY performed over the long term?
According to its prospectus, SSPY returned 12.96% over one year and 11.22% a year over five years, as of December 31, 2025. Its worst calendar year was 2022, at minus 9.02%. Its strongest quarter (up 20.48%) and weakest quarter (down 25.31%) both came in 2020. Based on share prices, it returned 15.8% in 2026 through October 27.
Is SSPY good for retirement?
It may suit a retirement portfolio as a diversifier next to a standard S&P 500 fund, not as an income source. It spreads money across 506 stocks, and no holding was above about 1.1% as of June 30, 2026. It is still entirely stocks, though. It fell 36.7% in early 2020 and 19.6% in 2022, and it took 14.4 months to recover from the 2022 drop. Its 0.45% fee is also higher than every similar fund it was compared with.