Liberty One's Spectrum ETF returned 6.4%, 8.9 percentage points behind an S&P 500 fund
The Liberty One Spectrum ETF returned 6.4% with dividends reinvested from the October 1, 2025 close to September 30, 2026, 8.9 percentage points behind SPY, a fund that holds the S&P 500.
Key takeaways
The Liberty One Spectrum ETF, SPCT, an actively managed fund of large US companies that pay dividends, returned 6.4% with dividends reinvested from the Wednesday, October 1, 2025 close to Wednesday, September 30, 2026. SPY, a fund that holds the S&P 500, returned 15.3% with dividends reinvested over those same closes, 8.9 percentage points more. The share price rose 5.3%, from $25.18 to $26.51; the total return counts the dividends as reinvested.
With dividends reinvested over those same closes, NOBL, ProShares' equal-weight S&P 500 Dividend Aristocrats fund, returned 7.4%. DGRW, WisdomTree's US quality dividend growth fund, returned 10.5%. SCHD, Schwab's fund tracking the Dow Jones U.S. Dividend 100, returned 22.3%.
SPCT returned 6.4%, last of these five funds
The fund listed on Nasdaq on Tuesday, September 30, 2025. Its aim is a rising share price and income from dividends.
The net expense ratio is 0.85%, the yearly fee after a waiver. The adviser has agreed to cover costs above that cap through at least Tuesday, December 1, 2026. The fund's board can end that agreement on 60 days' written notice.
Through Saturday, January 31, 2026, costs before the waiver were running at a yearly rate of 2.31% of assets, and the adviser's net fee was zero.
The fund has paid eleven times since November, 28 cents a share in all. January, February, May, August and November each paid less than a penny. March, June and September carried about two-thirds of the cash.
The named index is a smaller-company market
The fund's page names the S&P 1000 Value Index as the index used for comparison. S&P Dow Jones describes the S&P 1000 as a benchmark for the mid- and small-company part of the US stock market, the S&P MidCap 400 combined with the S&P SmallCap 600. The value index measures the members of that index classified as value stocks.
The prospectus says the fund invests mainly in dividend-paying large US stocks. The fund page says the emphasis is equal weight on each position and each sector.
Apple is the largest position, at 3.6%, in a portfolio of 53 stocks. Amazon, Caterpillar, Eli Lilly and Broadcom follow. The ten largest are 29% of the fund.
From the start of operations on Monday, September 29, 2025 through Saturday, January 31, 2026, the semi-annual report shows a 6.27% return on net asset value, the value of one share of what the fund owns. The S&P 1000 Value Index returned 7.67% in that period. The S&P 500 index returned 4.58%.
On net asset value through January 31, the fund trailed the index on its page and led the S&P 500.
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Frequently asked questions
How did the Liberty One Spectrum ETF do in its first year?
It returned 6.4% with dividends reinvested from the October 1, 2025 close to September 30, 2026, 8.9 percentage points behind SPY's 15.3%.
What does SPCT cost to own?
The net expense ratio is 0.85% after a fee waiver that the adviser has agreed to keep through at least December 1, 2026, though the board can end it on 60 days' written notice.
What index does the fund compare itself to?
Its page names the S&P 1000 Value Index, which measures the value stocks in a mid- and small-company index, even though the prospectus says the fund invests mainly in dividend-paying large US stocks.
How much has the fund paid in dividends?
It has paid eleven times since November, 28 cents a share in all, and about two-thirds of that came in March, June and September.
