DSPY surpasses $1 billion AUM, led by strong 2026 performance
Tema ETFs' S&P 500 Historical Weight ETF Strategy (DSPY) surpassed $1 billion in AUM on June 30, 2026, 15 months after launch. The fund gained 13.4% through June 30, 2026, outperforming the S&P 500 and S&P 500 Equal Weight Index. DSPY reduces top-10 concentration to 22% and has outperformed the equal-weight index over 5, 10, 15, and 20-year periods.
*this image is generated using AI for illustrative purposes only.
Tema ETFs announced that its S&P 500 Historical Weight ETF Strategy (DSPY) surpassed $1 billion in assets under management (AUM) on June 30, 2026, only 15 months after its launch. Launched on April 1, 2025, with $1 million in seed capital, DSPY is the first passive innovation on the S&P 500 Equal Weight Index and is priced 10% below its leading equal-weight alternative. The fund's rapid growth highlights investor demand for strategies that mitigate concentration risk within the S&P 500.
DSPY delivered strong performance in 2026, gaining 13.4% through June 30. This return outperformed both the cap-weighted S&P 500 Index, which rose 10.2%, and the S&P 500 Equal Weight Index, which increased 12.1% over the same period. The fund's portfolio is constructed using the historical average weight of each position in the S&P 500 since 1989, maintaining more than 80% overlap with the index while avoiding the significant tracking error often associated with equal-weight strategies.
A key differentiator for DSPY is its reduced concentration profile. The fund lowered the top-10 concentration to 22%, compared to 38% in the cap-weighted S&P 500. This addresses the risk of market concentration, which remains near record highs. The S&P 500 Historical Weight Index that DSPY aims to track has outperformed the S&P 500 Equal Weight Index over the past 5, 10, 15, and 20 years.
Index Performance Summary
| Total Return (as of 06/30/26) | S&P 500 Index (SPX) | S&P 500 Equal Weight Index (SPW) | S&P 500 Historical Weight Index (DSPYTR) |
|---|---|---|---|
| Last 20 Years | 763.80% | 589.08% | 724.16% |
| Last 15 Years | 646.88% | 460.84% | 611.45% |
| Last 10 Years | 322.09% | 220.13% | 301.56% |
| Last 5 Years | 87.39% | 54.66% | 84.64% |
DSPY Standard Performance
| Total Return (as of 06/30/26) | 1 Year | Annualized Since Inception (from 04/01/25) |
|---|---|---|
| 23.83% | 26.77% |
Maurits Pot, Founder and CEO of Tema ETFs, stated that DSPY was launched to help advisors address concentration risk without abandoning the S&P 500. He noted that with an IPO pipeline of unprecedented scale poised to increase concentration further, DSPY allows investors to stay aligned with the S&P 500 while cutting their concentration risk nearly in half.
How will the continued influx of mega-cap IPOs impact the tracking error between DSPY and the traditional cap-weighted S&P 500?
Will DSPY's reduced concentration profile protect investors during a market rotation away from the current top-performing tech giants?
Does the 10% lower pricing structure create sufficient margin pressure to compel competitors to launch similar historical weight strategies?
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