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Tema ETFs has launched the S&P 500 Historical Weight ETF Strategy (DSPY) on NYSE Arca, marking the first S&P 500 concentration innovation since 2003. The ETF aims to address high concentration risks in the S&P 500, where the top 10 holdings currently represent ~39% of the index.
DSPY adjusts company weightings to match the S&P 500's average concentration levels since 1989, with the top 10 holdings seeking to represent 22% of total exposure. The ETF features an expense ratio of 0.18% and uses a rules-based approach that reduces both S&P 500 concentration and S&P 500 Equal Weight tracking error.
The strategy assigns weights based on historical average rankings rather than individual companies, considering the index's changing constituents over time. The DSPY Total Return (DSPYTR) Index, calculated by S&P Global Inc., serves as the ETF's benchmark.
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