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Funds resources
DSPY
S&P 500 Historical Weight ETF Strategy
Own the S&P 500—With Less Concentration Risk.
Why Invest in DSPY?
Full Exposure, Less Concentration
The top 10 stocks in the S&P 500 exceed 40% of the index, reflecting near-record concentration. DSPY reweights to historical averages, retaining a tilt toward index leaders while lowering concentration risk.
Ned Davis Research, January 2026
Avoid Equal-Weight Pitfalls
Equal-weight strategies often stray far from their cap-weighted benchmarks. DSPY offers a more balanced alternative, reducing S&P 500 concentration without the dilution of equal weighting.
Cost and Tax Efficient
DSPY is priced 75% below its Lipper peer group and is designed to minimize unnecessary turnover and capital gains.
Bloomberg, April 2025
Fund Overview
Fund Details
As of April 20, 2026
Ticker
DSPY
CUSIP
87975E826
Inception Date
04/01/25
Total Expense Ratio
0.18%
AUM
$825,503,535
Shares Outstanding
13,449,057
# of Holdings
506
Primary Exchange
NYSE
Fund Summary
The Tema S&P 500 Historical Weight ETF Strategy (DSPY) offers S&P 500 exposure reweighted using historical averages to reduce concentration risk.
Introducing DSPY
Portfolio Breakdown
Top 10 Holdings
As of April 20, 2026
Company
% of Nav
NVIDIA CORP
4.28%
APPLE INC
3.29%
AMAZON.COM INC
2.23%
BROADCOM INC
2.11%
MICROSOFT CORP
2.08%
META PLATFORMS INC
1.69%
TESLA INC
1.46%
ALPHABET INC
1.37%
JPMORGAN CHASE & CO.
1.33%
BERKSHIRE HATHAWAY INC
1.27%
Country Breakdown
United States
95.90%Ireland
2.43%Cash & Cash Equivalents
0.50%Switzerland
0.47%Others
0.70%Industry Breakdown
Information Technology
27.26%Financials
14.79%Industrials
11.45%Health Care
10.77%Consumer Discretionary
9.39%Communication Services
7.38%Consumer Staples
6.28%Energy
4.17%Utilities
2.89%Materials
2.53%Real Estate
2.50%Cash & Cash Equivalents
0.50%ETF Characteristics
As of April 20, 2026
Returns on Equity
18.30%
Weighted Average Market Cap
754,545
M
Price-to-Earnings (P/E)
21.3
Price-to-Book Value (P/BV)
3.7
Price-to-Sales (P/S)
2.6
Risk Statistics
As of March 31, 2026
Versus
BETA
RSP
0.95
S&P 500
0.90
Nasdaq 100
0.73
MSCI-EAFE
0.81
MSCI Emg. Mkts.
0.65
Standard Deviation
17.30%
- Performance
- Distributions
- Premium / Discount
Prices & Performance
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As of
Mar 31, 2026
- Mar 31, 2026
- Mar 31, 2026
DSPY
3 months
1 Year
3 Years
5 Years
Since inception
NAV
-1.89%
-1.89%
16.34%
16.34%
16.34%
16.34%
Market Price
-2.03%
-2.03%
16.29%
16.29%
16.29%
16.29%
The Tema US 500 Historical Weight Index (DSPYTR) is the benchmark for the Tema S&P 500 Historical Weight ETF. The DSPYTR Index is designed to track the historical weighted version of the S&P 500. The DSPYTR Index is calculated by S&P Global, Inc. More information on DSPYTR Index can be found by visiting the Index webpage.
Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods of less than one year are not annualized.
The market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates current NAV per share, and do not represent the returns you would receive if you traded shares at other times. NAVs are calculated using prices as of 4:00 PM Eastern Time. The first trading date is typically several days after the fund inception date. Therefore, NAV is used to calculate market returns prior to the first trade date because there is no bid/ask spread until the fund starts trading.
Distributions
Record Date
Ex-Date
Payable Date
Total Distribution
Income
Jun 25, 2025
Jun 25, 2025
Jun 27, 2025
$0.1642168
$0.1642168
Sep 30, 2025
Sep 30, 2025
Oct 02, 2025
$0.06147151
$0.06147151
Dec 23, 2025
Dec 23, 2025
Dec 26, 2025
$0.19167533
$0.18949469
Mar 25, 2026
Mar 25, 2026
Mar 27, 2026
$0.06633292
$0.06633292
-0.06
-0.02
-0.04
0.01
-0.04
0
-0.02
0.05
-0.05
-0.05
-0.04
-0.02
0.04
0.11
0.08
0.11
0.01
0.05
0.14
-0.01
-0.02
Premium/Discount
Сhart
Table
Days Traded at Nav
Days Traded at Premium
Days Traded at Discount
2025/Q1
1
0
0
2025/Q2
3
32
27
2025/Q3
3
31
30
2025/Q4
4
37
23
2026/Q1
3
29
29
DSPY NAV / Market Price
NAV$61.38
Daily Change($0.09)
Market Price$61.35
Median Bid/Ask Spread (30 Day)0.13%
Market Price Change (1D)($0.11)
Premium/Discount-0.06%
As of: April 20, 2026
April-26
March-26
February-26
January-26
December-25
November-25
October-25
September-25
August-25
July-25
June-25
May-25
April-25
Using DSPY in a Portfolio
- Diversify S&P 500 exposure or replace S&P 500 Equal Weight exposure with a strategy that reduces both reliance on mega-cap stocks and tracking error compared to the S&P 500 Equal Weight.
- Complement large-cap growth equity strategies with a strategy that seeks to limit concentration risk.
- Replace high-fee, underperforming active strategies with an S&P 500 strategy that is based on over 35 years of historical data.
How to buy
*Neither Tema ETFs LLC nor undefined ETF are affiliated with these financial services firms. Their listing should not be viewed as a recommendation or endorsement.
Latest Research & Insights
Stay informed with our latest research, insights, and market analysis to make better investment decisions.
S&P 500 Concentration: The Equal Weight Fix That Isn’t
Explore the limitations of equal weighting in the S&P 500 and discover a more effective solution that balances concentration risk without excessive trading costs.
What’s in a Weighting Scheme?
Explore the impact of weighting schemes in index design, revealing how they shape risk, turnover, and investor experiences in the market.
The S&P 500 Has a Concentration Problem
Learn why the S&P 500's high concentration may signal broader market gains and explore strategies for balanced portfolio exposure beyond mega-cap stocks.
Subscribe for Updates
Risk Information
Carefully consider the Fund's investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund's prospectus or summary prospectus, which may be obtained by visiting www.temaetfs.com. Read the prospectus carefully before investing.
Investors in the Fund should be willing to accept a high degree of volatility in the price of the Fund's shares and the possibility of significant losses. An investment in the Fund involves a substantial degree of risk. Therefore, you should carefully consider the following risks before investing in the Fund.
Investing involves risk including possible loss of principal. There is no guarantee the adviser’s investment strategy will be successful.
Large-Capitalization Risk. Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. The securities of large-capitalization companies may also be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.
Calculation Methodology Risk. The Adviser relies on various sources of information to "weight-adjust" the S&P 500, including information that may be based on assumptions and estimates. Neither the Fund nor the Adviser can offer assurances that the calculation methodology or sources of information will provide accurate "weight-adjusted" S&P 500. Errors in the S&P 500 data, S&P 500 computations or the construction of the S&P 500 in accordance with its methodology, and errors in the process of "weight-adjusting" the S&P 500 may occur from time to time and may not be identified and corrected by the Index Provider or the Adviser for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.
"Standard & Poor’s," "S&P", and "S&P 500" are trademarks of Standard & Poor’s Financial Services, LLC and have been licensed for use by Tema ETFs LLC ("Tema"). Tema S&P 500® Historical Weight ETF Strategy is not sponsored, endorsed, sold, or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in Tema S&P 500® Historical Weight ETF Strategy .
Tema ETFs LLC serves as the investment adviser to Tema S&P 500 Historical Weight ETF Strategy (the “Fund”), and Tidal Investments LLC serves as a sub adviser to the Fund. The Fund is distributed by Vigilant Distributors, LLC, which is not affiliated with Tema ETFs LLC nor Tidal Investments LLC. Check the background of Vigilant Distributors, LLC on FINRA’s BrokerCheck. For inquiries: info@temaetfs.com