At a glance
GSPY charges 0.5% a year, above the 0.07% average of the 8 funds most like it (the most expensive of 9). It has $715.5M in assets, the 9th largest of that group; it paid 2.25% 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%), the best of those 9 funds; over three years it returned +25.0% a year. At its worst it fell 23.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low. Its ten largest positions make up 38.1% of the fund, out of 501 in all.
The short version
Gotham Enhanced 500 ETF (GSPY) is an actively managed fund that picks from the stocks in the S&P 500. Its sub-adviser, Gotham Asset Management, gives more weight to companies it judges undervalued. The net expense ratio is 0.50%, far above the 0.03% that index funds such as VOO and IVV charge. It also trades heavily: portfolio turnover was 135%.
Price history
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GSPY +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 | |
|---|---|---|---|---|---|---|
| GSPY official prospectus, to Dec 31, 2025 | — | +18.14% | — | +14.29% | — | — |
| GSPY price data to Oct 27, 2026 | +15.7% | +16.1% | +25.0% | +13.2% | — | +14.8% |
- Over the year to Oct 27, 2026, GSPY returned +16.1%, 1st of 9 among similar funds.
- Its 5-year annualized return was +13.2%.
- Its worst full calendar year was 2022 (-17.1%); its best was 2023 (+26.0%).
- The deepest fall in its price history was 23.3% (Jan 4, 2022 to Sep 30, 2022), recovered by Dec 1, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.7% | — |
| 2025 | +18.3% | +18.14% |
| 2024 | +23.6% | +23.67% |
| 2023 | +26.0% | +25.79% |
| 2022 | -17.1% | -16.96% |
| 2021 | — | +27.56% |
| 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 | Lost 22.9% over that stretch · deepest drop along the way 23.3%, back to its old high 14 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.9600 | +255.6% |
| 2024 | $0.2700 | -3.6% |
| 2023 | $0.2800 | +7.7% |
| 2022 | $0.2600 |
What's inside
As of Jun 30, 2026, the fund held 501 securities; the ten largest made up 38.15% of assets. It also reported 3.98% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Apple Inc | 7.22% | |
| NVIDIA Corp | 6.72% | |
| Microsoft Corp | 4.87% | |
| Alphabet Inc | 4.83% | |
| Amazon.com Inc | 4.49% | |
| Micron Technology Inc | 2.87% | |
| Meta Platforms Inc | 2.51% | |
| Broadcom Inc | 1.72% | |
| Berkshire Hathaway Inc | 1.57% | |
| Advanced Micro Devices Inc | 1.35% | |
| Tesla Inc | 1.34% | |
| JPMorgan Chase & Co | 1.28% | |
| Sandisk Corp | 1.24% | |
| Cisco Systems Inc | 1.17% | |
| Caterpillar Inc | 1.17% |
By country
United States 98.09%Ireland 1.14%Netherlands 0.26%Switzerland 0.16%United Kingdom 0.13%By asset type
Stocks 99.87%By sector
Sectors of the companies held, for the 89.7% 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 withdrew a net $1.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.87%, +5.66%, -1.27%.
How it works
GSPY is not an index fund. It starts with the S&P 500, a list of about 500 large US companies. Gotham Asset Management, the fund's sub-adviser (the firm that runs the portfolio day to day), then decides how much of each stock to hold. Gotham uses a systematic, rule-based valuation method. Its analysts study each company's recurring earnings, cash flows, capital efficiency, debt and valuation. They update that work as earnings releases and annual and quarterly reports come out. The results go into a central database that compares companies with one another.
Each stock's weight blends its weight in the S&P 500 with Gotham's view of its value. Cheaper-looking companies get more weight and pricier ones less. Gotham can leave out companies that don't fit its method or that it thinks have questionable financial reporting. The fund is generally rebalanced daily.
The result still looks a lot like the S&P 500. As of June 30, 2026, it held 501 stocks and no derivatives. By holdings, it overlapped about 74% with VOO, IVV and SPY. The largest positions were Apple (7.2%), NVIDIA (6.7%), Microsoft (4.9%), Alphabet (4.8%) and Amazon (4.5%), but Micron, at 2.9%, ranked above Meta. All that trading produced 135% turnover, which can raise trading costs and short-term capital gains.
What it really costs
- GSPY charges 0.5% a year, versus an average of 0.07% for the similar funds below (9th of 9, cheapest first).
- Of that, 0.65% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.15% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $796 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GSPY | $51 | $193 | $347 | $796 |
In a retirement portfolio
It owns nearly the whole S&P 500 and moved almost in step with the market (a one-year beta of 0.99), though its cost is high for a core fund.
GSPY could serve as a broad US stock holding with a value tilt. It launched in December 2020, so it has no record from the 2008 crisis or the 2020 COVID crash. In the 2022 bear market it fell 23.3% between January 4 and September 30, 2022. It took 14 months to recover, getting back to its peak on December 1, 2023. Its worst calendar year was 2022, at −16.96%. Selling shares to cover spending during a drop like that would lock in losses. The yield was 2.25% over the 12 months to October 27, 2026, paid once a year. Cost is the main drawback: 0.50% a year, against 0.03% for VOO and IVV. 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 exposure with a systematic value tilt and accept a 0.50% expense ratio for the active approach.
- Those who believe Gotham's fundamentals-based weighting can beat index funds. It led its peer group over one year to late October 2026.
- Investors holding it in IRAs or other tax-advantaged accounts, where 135% turnover and possible short-term gains matter less.
Look elsewhere if
- Cost-focused investors. VOO and IVV charge 0.03%, against GSPY's 0.50%, and hold many of the same stocks.
- People who want regular income. GSPY pays its distribution once a year, not monthly or quarterly.
- Investors who want a long track record. GSPY launched in December 2020 and has no history from the 2008 or 2020 crashes.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GSPY this fund | — | 0.5% | $715.5M | +16.1% | +25.0% |
| SPY SPDR S&P 500 ETF Trust | 74% | 0.0945% | $781.19B | +11.5% | +21.9% |
| SPYM SPDR Portfolio S&P 500 ETF | 74% | 0.02% | $153.92B | +11.5% | +22.0% |
| IVV iShares Core S&P 500 ETF | 74% | 0.03% | $888.13B | +11.5% | +22.0% |
| VOO Vanguard S&P 500 ETF | 74% | 0.03% | $1.67T | +12.4% | +23.6% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 73% | 0.2% | $2.74B | +12.6% | +24.8% |
| USPX Franklin U.S. Equity Index ETF | 73% | 0.03% | $1.98B | +12.9% | +24.9% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 72% | 0% | $5.47B | +13.4% | +25.4% |
Questions investors ask
Is GSPY an S&P 500 index fund?
No. GSPY is actively managed. It picks from S&P 500 stocks, but Gotham Asset Management sets each weight using its own valuation research. It blends a company's index weight with how cheap or expensive the company looks, and it can leave some companies out. As of June 30, 2026, it held 501 stocks and overlapped about 74% with VOO by holdings. So it tends to move with the index, but not exactly.
What's the difference between GSPY and VOO?
Mainly cost and approach. VOO, the Vanguard S&P 500 ETF, tracks the index and charges 0.03% a year. GSPY charges 0.50% and shifts weight toward the stocks Gotham judges undervalued. GSPY returned 16.1% over the year to October 27, 2026. VOO returned 12.4% over the year to October 30, 2026. GSPY is much smaller, with about $715 million in net assets as of June 30, 2026.
What is GSPY's expense ratio?
It is 0.50%, according to the prospectus filed January 26, 2026. That is a 0.65% management fee minus a 0.15% fee waiver. In the SEC's standard example, $10,000 earns 5% a year and is sold at the end of each period. Costs would be about $51 after one year, $347 after five years and $796 after ten. Similar S&P 500 funds charge about 0.07% on average.
Does GSPY pay dividends?
Yes, once a year. Over the 12 months to October 27, 2026, it paid $0.96 per share, a yield of 2.25%. A once-a-year payment may not suit someone who needs a monthly or quarterly check. The fund's goal is long-term growth, not income. Its heavy trading can also produce short-term capital gains, which are taxed in a regular brokerage account.
How did GSPY do in 2022?
It lost 16.96% in calendar 2022, its only losing calendar year since launch. From its peak on January 4, 2022, to its low on September 30, 2022, it fell 23.3%. It took 14 months to recover, reaching its old high on December 1, 2023. Its worst quarter was the one that ended June 30, 2022, at −15.42%. It then gained 25.79% in 2023.