Tema's DSPY ETF Hits $1 Billion AUM in Just 15 Months
Event summary
- Tema ETFs' S&P 500 Historical Weight ETF (DSPY) surpassed $1 billion in assets under management (AUM) just 15 months after its April 2025 launch.
- DSPY gained +13.4% through June 30, 2026, outperforming both the cap-weighted S&P 500 Index (+10.2%) and the S&P 500 Equal Weight Index (+12.1%).
- The fund reduces top-10 concentration from 38% in the cap-weighted S&P 500 to 22%, while maintaining over 80% overlap with the index.
- DSPY is priced 10% below its leading equal-weight alternative.
The big picture
Tema ETFs' rapid AUM growth for DSPY highlights investor demand for strategies that mitigate concentration risk while maintaining close alignment with the S&P 500. This comes as market concentration reaches record highs, driven by a surge in mega-cap stocks and an unprecedented IPO pipeline. The fund's success underscores a broader trend toward innovative index-tracking solutions that balance risk and return in volatile markets.
What we're watching
- Performance Sustainability
- Whether DSPY can maintain its outperformance amid potential market shifts and increasing competition in the equal-weight ETF space.
- Institutional Adoption
- The pace at which institutional investors will continue to adopt DSPY, given its unique positioning and track record.
- Market Concentration
- How DSPY's strategy will evolve as market concentration trends change, particularly with the anticipated influx of new IPOs.