Tema's Historical-Weight S&P 500 ETF (DSPY) Tops $1 Billion in 15 Months
The tl;dr
Tema's S&P 500 Historical Weight ETF (DSPY) has passed $1 billion in assets just 15 months after launching, one of the faster starts for a new fund this cycle. Instead of the standard index's market-cap weighting, DSPY sizes holdings by the S&P 500's average weights since 1989, cutting its top-10 stocks to about 21.6% of the fund versus roughly 38% in the regular index. The pitch: keep broad S&P 500 exposure while dialing back the bet on a handful of megacap tech names.
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30-day · delayedKey points
- The Tema S&P 500 Historical Weight ETF (ticker DSPY) crossed $1 billion in assets under management on June 30, up from $1 million in seed capital when it launched on the NYSE Arca on April 1, 2025.
- Rather than weighting companies by market value like the standard S&P 500, DSPY sizes each holding by the index's average weight since 1989, trimming the top 10 stocks from about 38% of a cap-weighted portfolio to roughly 21.6%.
- The fund keeps an 83.7% overlap with the regular S&P 500, so investors retain broad large-cap exposure while reducing their concentration in a small cluster of megacap technology stocks.
- DSPY returned 13.4% in 2026 through June 30, ahead of the S&P 500's 10.2% and the equal-weight version's 12.1%, and is priced about 10% below leading equal-weight alternatives.
- Founder and CEO Maurits Pot said the fund was built to help advisers address record-high index concentration 'without walking away from the S&P 500'; Tema is backed by Index Ventures, Accel Partners and Zinal Growth.
By the numbers
Tema’s S&P 500 Historical Weight ETF (DSPY) has crossed $1 billion in assets under management, reaching the milestone on June 30, just 15 months after launching with $1 million in seed capital on April 1, 2025. It is a fast climb for a young fund, and it lands squarely on a theme that has nagged at investors all year: how top-heavy the S&P 500 has become.
The fund’s twist is in how it weights its holdings. The standard S&P 500 weights companies by market value, which is why a small group of megacap technology names has come to dominate the index. DSPY instead sizes each position by the S&P 500’s average weight since 1989. That pulls the top 10 stocks down to about 21.6% of the fund, versus roughly 38% in the cap-weighted index, while still keeping an 83.7% overlap with the benchmark, so it is far from a bet against big tech.
Performance has helped the pitch. DSPY returned 13.4% in 2026 through June 30, ahead of both the headline S&P 500 at 10.2% and the equal-weight version at 12.1%, and it undercuts leading equal-weight rivals on fees by about 10%. Founder and CEO Maurits Pot framed it as a way for advisers to trim concentration risk “without walking away from the S&P 500.” Whether the outperformance holds if megacap leadership resumes is the open question, but the inflows show the concentration worry is real.
A handful of giant technology stocks now dominate the S&P 500 more than at almost any point in its history, so the money rushing into concentration-aware products like DSPY shows that investor anxiety about being over-exposed to a few names is turning into real allocation decisions.
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Topics
- etf
- s&p 500
- tema etfs
- dspy
- concentration risk
- passive investing
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