At a glance
DSPY charges 0.18% a year, above the 0.06% average of the 8 funds most like it (the 8th cheapest of 9). It has $888.1M in assets, the 8th largest of that group; it paid 0.93% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +15.3% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds. Its ten largest positions make up 22.8% of the fund, out of 505 in all.
The short version
Tema S&P 500 Historical Weight ETF Strategy (DSPY) is an actively managed ETF. It holds the stocks in the S&P 500 but sizes each one by the average weight its rank in the index has held since December 1989, not by company size alone. The trade-off is cost: it charges 0.18% a year, against 0.03% for Vanguard S&P 500 ETF (VOO) and iShares Core S&P 500 ETF (IVV).
Price history
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DSPY +15.3% 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 | |
|---|---|---|---|---|---|---|
| DSPY price data to Oct 27, 2026 | +15.4% | +15.3% | — | — | — | +22.0% |
- Over the year to Oct 27, 2026, DSPY returned +15.3%, 1st of 9 among similar funds.
- The deepest fall in its price history was 12.2% (Apr 2, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +15.4% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4300 |
What's inside
As of May 31, 2026, the fund held 505 securities; the ten largest made up 22.77% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 4.21% | |
| Apple Inc | 3.54% | |
| Amazon.com Inc | 2.29% | |
| Broadcom Inc | 2.22% | |
| Micron Technology Inc | 2.12% | |
| Microsoft Corp | 2.11% | |
| Advanced Micro Devices Inc | 1.79% | |
| Tesla Inc | 1.53% | |
| Meta Platforms Inc | 1.50% | |
| Alphabet Inc | 1.46% | |
| Eli Lilly & Co | 1.33% | |
| Berkshire Hathaway Inc | 1.21% | |
| JPMorgan Chase & Co | 1.18% | |
| Alphabet Inc | 1.15% | |
| Cisco Systems Inc | 1.07% |
By country
United States 97.16%Ireland 1.23%Switzerland 0.43%United Kingdom 0.18%Netherlands 0.16%By asset type
Stocks 99.29%Other 0%By sector
Sectors of the companies held, for the 88.5% 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 May 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to May 31, 2026, investors added a net $14.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -4.93%, +8.87%, +4.87%.
How it works
DSPY is actively managed, but it follows set rules. Its adviser, Tema ETF LLC, starts with the S&P 500, an index of about 500 leading US companies that covers roughly 80% of the US stock market's value. The regular index weights each company by its market value, counting only shares available to trade. DSPY instead ranks the stocks from position 1 to position 500. Each position then gets the average weight that slot has held, measured monthly since December 29, 1989.
In other words, the company in first place gets the long-run average weight of the index's top spot, whichever company sits there. As of May 31, 2026, the fund held 505 stocks. The largest were NVIDIA at about 4.2%, Apple at 3.5% and Amazon at 2.3%, and the top 10 positions made up about 22.8% of the fund. Technology was the biggest sector at 28.7%.
The fund resets its weights when the S&P 500 rebalances, which is expected quarterly, after the close on the third Friday of each quarter's last month. Tidal Investments LLC handles the trading. At least 80% of assets must be in S&P 500 stocks, and the fund may lend out shares to earn extra income. The prospectus warns that the weights depend on data and estimates that could contain errors.
What it really costs
- DSPY charges 0.18% a year, versus an average of 0.06% for the similar funds below (8th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $18 in the first year and $— over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DSPY | $18 | $58 | $— | $— |
In a retirement portfolio
It owns the whole S&P 500 with a different weighting rule, so it could fill the same broad US stock role as a standard S&P 500 fund.
DSPY offers broad US stock exposure, but its record is short. It launched April 1, 2025, so it has no history through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market, and it hasn't completed a full calendar year. Its deepest drop was 12.2%, from April 2 to April 8, 2025, and it had recovered by May 12, 2025. Anyone selling shares in a deep market slump would likely take losses close to the market's. The yield was 0.93% as of October 27, 2026, paid quarterly, so this is not an income fund. Under the SEC's standard example, costs come to $18 on $10,000 in the first year, versus a 0.03% expense ratio for VOO. 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 every S&P 500 stock but prefer weights based on each rank's long-run average since 1989 rather than pure market value.
- Long-term holders willing to pay 0.18% a year, about $18 per $10,000 in year one, for an alternative way of weighting the S&P 500.
- People who want a low-turnover stock fund (1% turnover) that pays quarterly dividends and holds NVIDIA, Apple, Amazon and Microsoft.
Look elsewhere if
- Cost-focused investors: VOO and IVV charge 0.03% and SPYM 0.02%, versus 0.18% here, with 83% of holdings overlapping.
- Anyone who wants a long track record; DSPY launched April 1, 2025, and hasn't been through a full bear market.
- Income seekers or anyone wanting less technology: the yield was 0.93% as of October 27, 2026, and tech was 28.7% of the fund.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DSPY this fund | — | 0.18% | $888.1M | +15.3% | — |
| SPY SPDR S&P 500 ETF Trust | 83% | 0.0945% | $781.19B | +11.5% | +21.9% |
| SPYM SPDR Portfolio S&P 500 ETF | 83% | 0.02% | $153.92B | +11.5% | +22.0% |
| IVV iShares Core S&P 500 ETF | 83% | 0.03% | $888.13B | +11.5% | +22.0% |
| VOO Vanguard S&P 500 ETF | 83% | 0.03% | $1.67T | +12.4% | +23.6% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 82% | 0.2% | $2.74B | +12.6% | +24.8% |
| USPX Franklin U.S. Equity Index ETF | 82% | 0.03% | $1.98B | +12.9% | +24.9% |
| SPXE ProShares S&P 500 Ex-Energy ETF | 80% | 0.09% | $86.6M | +12.3% | +25.0% |
Questions investors ask
What is DSPY ETF?
DSPY is the Tema S&P 500 Historical Weight ETF Strategy, an actively managed ETF from Tema ETF LLC that launched April 1, 2025. It owns S&P 500 stocks but weights them by rank. Each of the 500 positions gets the average weight that slot has held since December 29, 1989. As of May 31, 2026, its biggest holdings were NVIDIA, Apple, Amazon and Broadcom, and its net assets were about $888 million.
DSPY vs VOO: what's the difference?
Both hold S&P 500 stocks, and their holdings overlap by about 83%. VOO weights companies by market value. DSPY weights them by the historical average weight of each rank. VOO costs 0.03% a year, against 0.18% for DSPY, and it is far larger and older. Over one year, DSPY returned 15.3% through October 27, 2026, while VOO returned 12.4% through October 30, 2026. That is a single, short period.
What is the DSPY expense ratio?
DSPY's expense ratio is 0.18% a year, according to its prospectus filed June 29, 2026, and it is all management fee. The SEC's standard example assumes $10,000 invested with a 5% yearly return. On that basis, costs would be about $18 after one year and $58 after three. The average for similar funds is 0.06%, and DSPY ranks 8th of 9 on cost.
Does DSPY pay dividends?
Yes. DSPY pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.62 per share, a yield of 0.93%. That income comes from the dividends of the S&P 500 companies it owns, so the payments can vary from quarter to quarter. With a yield under 1%, the fund is built mainly for growth rather than income.
Is DSPY good for retirement?
It could serve as a core US stock holding, but its history is short. DSPY launched April 1, 2025, so it hasn't been through the 2008, 2020 or 2022 downturns. Its deepest drop so far was 12.2% in April 2025, and it had recovered by May 12, 2025. It costs more than VOO or IVV, and its 0.93% yield is modest. Whether it fits depends on the whole portfolio.