SSPY vs USPX: Grades, Fees and Holdings Compared

Stratified LargeCap Index ETF

SSPYCNYSE Arca

Franklin U.S. Equity Index ETF

USPXANYSE Arca

Overlap

40.4%by weight

Expense ratio

USPX −0.42pt a year

SSPY0.45%USPX0.03%

Avg volume · 30D

USPX 42.8×the volume

SSPY1.57KUSPX67.3K

5Y return · a year

USPX +2.1pt

SSPY+9.9%USPX+12.0%

SSPY vs USPX Performance

Oct 29, 2021 – Oct 30, 2026

+60.2%SSPY+76.3%USPX

Expense ratio: SSPY 0.45%; USPX 0.03%, better
Fund size: SSPY $133M; USPX $2.04B
1Y total return: SSPY +19.1%, better; USPX +11.2%
Yield (12M): SSPY 1.19%, better; USPX 1.04%
Holdings: SSPY 504; USPX 470
Avg volume (30D): SSPY 1.57K sh; USPX 67.3K sh, better
NAV per share: SSPY $101.77; USPX $66.00
52W range

ETF.net Grade

Pillar letters and Scores for SSPY, USPX, with each pillar’s weight
Pillar	SSPY	USPX
Cost30% weight	F1	A84Higher
Mission25% weight	A74	A98Higher
Risk15% weight	B69Higher	C41
Tradability15% weight	F24	C50Higher
Holdings10% weight	A87Higher	B61
Durability5% weight	C40	B61Higher

Rank among S&P 500 funds

How we build Categories ›

Same Category. SSPY and USPX are both graded against the same 14 S&P 500 funds, so their Grades compare head to head.

S&P 500⁠

Category · 14 funds

See all 14 ›

USPX ranks 4th and SSPY 13th of 14 funds in the S&P 500 Category.

Rank 1ASPYMState Street SPDR Portfolio S&P 500 ETFScore 82
Rank 2AIVViShares Core S&P 500 ETFScore 79
Rank 3AVOOVanguard S&P 500 ETFScore 74
Rank 4AUSPXFranklin U.S. Equity Index ETFScore 72
Rank 5ASPYState Street SPDR S&P 500 ETFScore 70
Rank 12CDLCUDimensional US Large Company ETFScore 50
Rank 13CSSPYStratified LargeCap Index ETFScore 43
Rank 14CEGLEGlobal X S&P 500 U.S. Revenue Leaders ETFScore 40

Our read on each fund

ETF.net Research

SSPYCStratified LargeCap Index ETF

USPXAFranklin U.S. Equity Index ETF

In short

SSPY The contrarian on the S&P 500 shelf. SSPY tracks Syntax's Stratified LargeCap Index instead of the standard cap-weighted benchmark its rivals follow, and has been running that alternative rulebook since the end of 2014.

USPX The odd one out in the S&P 500 aisle. Franklin's fund tracks a Morningstar large-cap benchmark instead, for three basis points. Same big-US-stocks job, different scorecard, and a fee that undercuts most of the peer group.

Stated mandate

SSPY The Fund seeks to track, before expenses, the total return of companies included in the Syntax Stratified LargeCap Index.

USPX The fund seeks to provide U.S. equity exposure through an index-based strategy.

Why people hold it

SSPY Same US large-cap universe as the shelf giants (VOO, IVV, SPY), different rulebook: it follows the Syntax Stratified LargeCap Index rather than the plain cap-weighted benchmark.
Plain-vanilla plumbing: a diversified US equity portfolio in a standard 1940 Act ETF wrapper, with no structural quirks flagged in our review.
Launched at the end of 2014, so the strategy carries a decade-plus live record instead of a backtest.

USPX 0.03% a year, a fraction of the roughly 0.15% typical in its peer group and level with the fee on VOO and IVV.
Sticks close to its Morningstar US Target Market Exposure Index, one of the tighter index-following records among the S&P 500 wrappers it sits beside.
Rules-based cap-weighted US equity, roughly 190 names, no factor tilts or manager picks. Pays quarterly.
Running since 2016 and now a multi-billion-dollar fund, with Franklin Templeton behind it.

Worth knowing

SSPY The differentiation costs money: 0.45% a year, versus a 0.15% median for this peer group and 0.02% to 0.09% at the largest S&P 500 trackers.
Thinly traded and small next to the giants on this shelf, which typically shows up as wider bid-ask spreads at the moment you trade.
Income arrives on an annual or semiannual schedule, not quarterly.

USPX Different index, different constituent rules. Holdings and returns can drift from the S&P 500 trackers most people compare it to.
Moderately traded rather than a volume monster like SPY, which can mean wider bid-ask spreads than the biggest names in the category.
Fewer names than the 500-stock benchmarks next door, and cap weighting keeps the largest US companies in the driver's seat.

Full SSPY profile⁠

Full USPX profile⁠

SSPY vs USPX Holdings

How SSPY and USPX differ

Overlap by weight

40.4%

Shared holdings make up 95.4% of USPX and 81.4% of SSPY.

Level by level

Holdings405 in both40.4%
Countryby domicile99.4%
Asset classEquity100%

Sector

No Sector split for SSPY.

Country, concentration and asset class

Country by domicile

Country weights in SSPY and USPX, widest gap first
Country	More in SSPYMore in USPX	SSPY	USPX
United States	USPX +0.4 points	99.0%	99.4%
Switzerland	SSPY +0.2 points	0.5%	0.3%
Mexico	SSPY +0.1 points	0.2%	0.1%
China	SSPY +0.1 points	0.2%	0.1%
United Kingdom	SSPY +0.1 points	0.1%	0.0%
Brazil	USPX +0.1 points	0.0%	0.1%
Ireland	SSPY +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

SSPY9.2%
USPX37.0%

Securities held

SSPY503
USPX468

Asset class

SSPY: Equity
USPX: Equity

Holdings

Only in SSPY98
In both405
Only in USPX63

Only in SSPY

98 securities, 17.8% of SSPY by weight

Universal Health Services B0.51%
Domino's Pizza Inc0.50%
Kenvue Inc.0.48%
Accenture PLC A0.45%
Clorox Co0.44%
Moderna Inc0.42%
Elevance Health, Inc.0.41%
Brown-Forman Corp-Class B0.40%
J.m. Smucker Co0.39%
Hormel Foods Corp0.38%
Aptiv PLC0.37%
Reddit, Inc.0.37%
Ralph Lauren Corp A0.36%
Mccormick & Co0.34%
Hasbro Inc0.33%
Slb Limited0.32%
Deckers Outdoor0.31%
Aes Corp0.31%
Viatris Inc0.31%
Skydance Corp-B0.30%
Tapestry, Inc0.30%
Bunge Global SA0.30%
Stanley Black & Decker0.29%
Godaddy Inc A0.29%
Gartner Inc0.28%
Smith (A.o.) Corp0.28%
Best Buy Co Inc0.28%
Tko Group Holdings Inc0.27%
Echostar Corp-A0.26%
Nxp Semiconductor NV0.25%
Akamai Technologies Inc0.25%
Eaton Corporation PLC0.23%
Skyworks Solutions Inc0.23%
Pentair PLC0.22%
Assurant Inc0.21%
Erie Indemnity Co A0.21%
Idex Corp0.20%
Henry Schein Inc0.20%
Williams-Sonoma Inc0.19%
Globe Life Inc.0.19%
Davita Inc0.18%
Charles River Laboratories International Inc.0.17%
Revvity Inc0.17%
Everest Group Ltd0.15%
Chubb Ltd0.15%
Ball Corp0.14%
Casey's General Stores Inc0.14%
Zebra Technologies Corporation0.14%
Host Hotels & Resorts Inc0.13%
Crh PLC0.13%

Only in USPX

63 securities, 4.4% of USPX by weight

Space Exploration Techn-C0.41%
Linde PLC0.36%
Accenture Plc-Cl A0.24%
Eaton Corp PLC0.22%
Chubb Ltd0.20%
Medtronic PLC0.19%
Snowflake Inc0.16%
Elevance Health Inc0.14%
Johnson Controls Internat0.14%
Cloudflare Inc - Class A0.14%
Slb Ltd0.12%
Royal Caribbean Cruises L0.12%
Mercadolibre Inc0.12%
Cheniere Energy Inc0.10%
Nxp Semiconductors NV0.09%
Crh PLC0.09%
Becton Dickinson and Co0.08%
Strategy Inc0.07%
Astera Labs Inc0.06%
Block Inc0.06%
Carnival Corp Ltd0.06%
Sunbelt Rentals Holdings0.05%
Willis Towers Watson PLC0.05%
Rocket Lab Corp0.04%
Roblox Corp -Class A0.04%
Mongodb Inc0.04%
Fiserv Inc0.04%
Royalty Pharma Plc- Class A0.04%
Insmed Inc0.04%
Entegris Inc0.04%
Credo Technology Group Ho0.04%
Zscaler Inc0.04%
Smurfit Westrock PLC0.04%
Alnylam Pharmaceuticals I0.04%
Zoom Communications Inc0.03%
Lpl Financial Holdings In0.03%
Net Current Assets0.03%
Markel Group Inc0.03%
Sofi Technologies Inc0.03%
Liberty Media Corp-C0.03%
Heico Corp-Class A0.03%
First Citizens Bcshs -Cl0.03%
Coupang Inc0.03%
Coreweave Inc-Cl A0.03%
East West Bancorp Inc0.03%
Southern Copper Corp0.03%
Lyondellbasell Indu-Cl A0.03%
SS&C Technologies Holding0.03%
Burlington Stores Inc0.02%
Wp Carey Inc0.02%

Weight gaps

The 100 widest of 405 Holdings in both funds.

Holding weights in SSPY and USPX, widest gap first
Holding	More in SSPYMore in USPX	SSPY	USPX
NVIDIA CorpNVDA	USPX +7.19 points	0.11%	7.30%
Apple IncAAPL	USPX +7.18 points	0.53%	7.71%
Microsoft CorpMSFT	USPX +4.87 points	1.08%	5.95%
Amazon.com IncAMZN	USPX +3.42 points	0.21%	3.63%
Alphabet Inc-Cl AGOOGL	USPX +2.32 points	0.19%	2.51%
Broadcom IncAVGO	USPX +2.01 points	0.32%	2.33%
Alphabet Inc CGOOG	USPX +1.83 points	0.19%	2.02%
Meta Platforms Inc-Class AMETA	USPX +1.66 points	0.43%	2.09%
Micron Technology IncMU	USPX +1.43 points	0.10%	1.53%
Eli Lilly & CoLLY	USPX +1.40 points	0.33%	1.73%
Tesla IncTSLA	USPX +1.31 points	0.42%	1.73%
Jp Morgan Chase & CoJPM	USPX +1.25 points	0.12%	1.37%
Advanced Micro DevicesAMD	USPX +1.14 points	0.12%	1.26%
Visa Inc-Class A SharesV	USPX +1.03 points	0.05%	1.08%
Berkshire Hathaway BBRK.B	USPX +0.99 points	0.54%	1.53%
Synchrony FinancialSYF	SSPY +0.98 points	1.02%	0.04%
Capital One Financial CorpCOF	SSPY +0.82 points	1.01%	0.19%
Kroger CoKR	SSPY +0.79 points	0.85%	0.06%
Mastercard Inc AMA	USPX +0.74 points	0.05%	0.79%
Johnson & JohnsonJNJ	USPX +0.73 points	0.28%	1.01%
Intl Business Machines CorpIBM	SSPY +0.69 points	1.07%	0.38%
Sysco CorpSYY	SSPY +0.69 points	0.75%	0.06%
Ross Stores IncROST	SSPY +0.65 points	0.76%	0.11%
Exxonmobil Holdings CorpXOM	USPX +0.61 points	0.56%	1.17%
Tjx Companies IncTJX	SSPY +0.61 points	0.85%	0.24%
AbbVie IncABBV	USPX +0.50 points	0.30%	0.80%
Darden Restaurants IncDRI	SSPY +0.49 points	0.53%	0.04%
Yum! Brands IncYUM	SSPY +0.48 points	0.55%	0.07%
Loews CorpL	SSPY +0.48 points	0.51%	0.03%
Cisco Systems IncCSCO	USPX +0.47 points	0.16%	0.63%
Palantir Technologies Inc-APLTR	USPX +0.46 points	0.16%	0.62%
Hca Healthcare IncHCA	SSPY +0.46 points	0.56%	0.10%
Kinder Morgan IncKMI	SSPY +0.45 points	0.55%	0.10%
Church & Dwight Co IncCHD	SSPY +0.45 points	0.49%	0.04%
Estee Lauder Cos. AEL	SSPY +0.44 points	0.48%	0.04%
Targa Resources CorpTRGP	SSPY +0.43 points	0.54%	0.10%
Motorola Solutions IncMSI	SSPY +0.41 points	0.53%	0.12%
Oneok IncOKE	SSPY +0.41 points	0.50%	0.09%
Bank of America CorpBAC	USPX +0.40 points	0.10%	0.50%
Kimberly-Clark CorpKMB	SSPY +0.38 points	0.48%	0.10%
Tyson Foods Inc ATSN	SSPY +0.38 points	0.40%	0.02%
The Williams Companies IncWMB	SSPY +0.37 points	0.51%	0.14%
Constellation Brands Inc-ASTZ	SSPY +0.37 points	0.40%	0.03%
Chipotle Mexican Grill IncCMG	SSPY +0.38 points	0.44%	0.06%
Intel CorpINTC	USPX +0.37 points	0.10%	0.47%
Centene CorpCNC	SSPY +0.37 points	0.42%	0.05%
Charter Communications Inc ACHTR	SSPY +0.37 points	0.38%	0.01%
Starbucks CorpSBUX	SSPY +0.36 points	0.54%	0.18%
General ElectricGE	USPX +0.36 points	0.12%	0.48%
Colgate-Palmolive CoCL	SSPY +0.34 points	0.46%	0.12%
Palo Alto Networks Inc.PANW	USPX +0.33 points	0.12%	0.45%
Humana IncHUM	SSPY +0.33 points	0.41%	0.08%
The Kraft Heinz CompanyKHC	SSPY +0.34 points	0.37%	0.03%
Caterpillar IncCAT	USPX +0.33 points	0.10%	0.43%
Nisource IncNI	SSPY +0.33 points	0.36%	0.03%
Rtx CorpRTX	USPX +0.33 points	0.08%	0.41%
General Mills IncGIS	SSPY +0.32 points	0.35%	0.03%
Home Depot IncHD	USPX +0.32 points	0.18%	0.50%
Lululemon Athletica IncLULU	SSPY +0.32 points	0.34%	0.02%
Comcast Corp ACMCSA	SSPY +0.32 points	0.45%	0.13%
Applied Materials IncAMAT	USPX +0.31 points	0.16%	0.47%
Lam Research CorpLRCX	USPX +0.32 points	0.14%	0.46%
Atmos Energy CorpATO	SSPY +0.31 points	0.35%	0.04%
Omnicom GroupOMC	SSPY +0.31 points	0.34%	0.03%
American Water Works Co IncAWK	SSPY +0.31 points	0.35%	0.04%
Coca-Cola Co/TheKO	USPX +0.30 points	0.26%	0.56%
Halliburton CoHAL	SSPY +0.29 points	0.34%	0.05%
Merck & Co. Inc.MRK	USPX +0.29 points	0.27%	0.56%
Archer-Daniels-Midland CoADM	SSPY +0.28 points	0.33%	0.05%
Masco CorpMAS	SSPY +0.27 points	0.29%	0.02%
Wells Fargo & CoWFC	USPX +0.27 points	0.12%	0.39%
Garmin LtdGRMN	SSPY +0.26 points	0.33%	0.07%
Jabil IncJBL	SSPY +0.26 points	0.30%	0.04%
General Motors CompanyGM	SSPY +0.26 points	0.38%	0.12%
Ford Motor CoF	SSPY +0.26 points	0.33%	0.07%
Ulta Beauty, IncULTA	SSPY +0.26 points	0.30%	0.04%
Hp IncHPQ	SSPY +0.26 points	0.30%	0.04%
Biogen IncBIIB	SSPY +0.26 points	0.31%	0.05%
Thermo Fisher Scientific IncTMO	USPX +0.25 points	0.15%	0.40%
Labcorp Holdings Inc.LH	SSPY +0.26 points	0.30%	0.04%
Crowdstrike Holdings Inc - ACRWD	USPX +0.25 points	0.13%	0.38%
Southwest Airlines CoLUV	SSPY +0.25 points	0.28%	0.03%
Exelon CorpEXC	SSPY +0.25 points	0.32%	0.07%
Oracle CorpORCL	USPX +0.25 points	0.09%	0.34%
Nike Inc BNKE	SSPY +0.25 points	0.32%	0.07%
Verisign IncVRSN	SSPY +0.24 points	0.28%	0.04%
Lennar Corp ALEN	SSPY +0.24 points	0.27%	0.03%
Zoetis IncZTS	SSPY +0.24 points	0.29%	0.05%
Ge Vernova IncGEV	USPX +0.23 points	0.12%	0.35%
Edison IntlEIX	SSPY +0.24 points	0.27%	0.03%
Mcdonald's CorpMCD	SSPY +0.23 points	0.51%	0.28%
Nrg EnergyNRG	SSPY +0.23 points	0.26%	0.03%
Centerpoint Energy IncCNP	SSPY +0.23 points	0.27%	0.04%
Incyte Corporation.INCY	SSPY +0.23 points	0.26%	0.03%
Pulte Group IncPHM	SSPY +0.22 points	0.26%	0.04%
Baker Hughes CompanyBKR	SSPY +0.23 points	0.31%	0.08%
Quest DiagnosticsDGX	SSPY +0.22 points	0.27%	0.05%
Nvr IncNVR	SSPY +0.22 points	0.24%	0.02%
Twilio Inc-ATWLO	SSPY +0.22 points	0.26%	0.04%
Altria Group IncMO	SSPY +0.22 points	0.42%	0.20%

All 503 SSPY holdings⁠All USPX holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SSPY vs USPX Cost

Overpaying SSPY vs USPX

$8,403

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

SSPY 0.45%
$9,041
USPX 0.03%
$638

Amount$10,000

Years30 years

Cost over time

SSPY 0.45%
USPX 0.03%
Overpaying

Year by year

Year	SSPY	USPX	Overpaying
10	$812	$55	$757
20	$3,128	$216	$2,912
30	$9,041	$638	$8,403

Expense ratio

0.45%SSPY
0.03%USPX, cheaper

USPX0.03%SSPY0.45%

0.02%0.45%

Middle half of S&P 500 funds
Median 0.09%

USPX 2nd cheapest of 14 funds

SSPY 14th cheapest of 14 funds

SSPY vs USPX Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SSPY 1.19%, better; USPX 1.04%
Payout (12M): SSPY $1.20; USPX $0.69
Last payment: SSPY $1.20; USPX $0.14
Ex-dividend: SSPY Dec 30, 2025; USPX Sep 18, 2026
Paid on: SSPY Dec 31, 2025; USPX Sep 25, 2026
Frequency: SSPY Annual; USPX Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SSPYAnnual · 8 paymentsAll SSPY payments⁠

USPXQuarterly · 28 paymentsAll USPX payments⁠

SSPY vs USPX Risk

Fall from peak · 5 years

SSPY
USPX

Risk facts

VolatilityStd dev, 3 years: SSPY 11.8%, betterUSPX 12.6%
Return per unit of riskSharpe ratio, 3 years: SSPY 1.21USPX 1.39, better
Worst fallMax drawdown, 5 years: SSPY −19.6%, betterUSPX −24.6%
Market sensitivityBeta, 5 years: SSPY 0.85USPX 0.93; Market = 1

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