DSPY vs IWB: Grades, Fees and Holdings Compared

Tema S&P 500 Historical Weight ETF Strategy

DSPYBNYSE Arca

iShares Russell 1000 ETF

IWBANYSE Arca

Overlap

77.7%by weight

Expense ratio

IWB −0.03pt a year

DSPY0.18%IWB0.15%

Avg volume · 30D

IWB 46.1×the volume

DSPY10.6KIWB491K

DSPY vs IWB Performance

Nov 7, 2025 – Nov 9, 2026

+16.2%DSPY+13.3%IWB

Expense ratio: DSPY 0.18%; IWB 0.15%, better
Fund size: DSPY $987M; IWB $46.6B
1Y total return: DSPY +16.2%, better; IWB +13.3%
Yield (12M): DSPY 0.94%, better; IWB 0.93%
Holdings: DSPY 504; IWB 1026
Avg volume (30D): DSPY 10.6K sh; IWB 491K sh, better
NAV per share: DSPY $64.15; IWB $402.52
52W range

ETF.net Grade

Pillar letters and Scores for DSPY, IWB, with each pillar’s weight
Pillar	DSPY	IWB
Cost30% weight	B57	B63Higher
Mission25% weight	Not scored	A100
Risk15% weight	B69Higher	C52
Tradability15% weight	D39	A96Higher
Holdings10% weight	A81Higher	A75
Durability5% weight	C53	A92Higher

Rank among US Large-Cap funds

How we build Categories ›

Same Category. DSPY and IWB are both graded against the same 29 US Large-Cap funds, so their Grades compare head to head.

US Large-Cap⁠

Category · 29 funds

See all 29 ›

IWB ranks 4th and DSPY 17th of 29 funds in the US Large-Cap Category.

Rank 1ASCHXSchwab U.S. Large-Cap ETFScore 83
Rank 2ABKLCBNY Mellon US Large Cap Core Equity ETFScore 82
Rank 3AEPSWisdomTree U.S. LargeCap FundScore 81
Rank 4AIWBiShares Russell 1000 ETFScore 78
Rank 4AVVVanguard Morningstar Large-Cap ETFScore 78
Rank 14BXMAGLarge Cap Ex-Mag 7 ETFScore 60
Rank 17BDSPYTema S&P 500 Historical Weight ETF StrategyScore 58
Rank 18CBLUCBluemonte Large Cap Core ETFScore 48

Our read on each fund

ETF.net Research

DSPYBTema S&P 500 Historical Weight ETF Strategy

IWBAiShares Russell 1000 ETF

In short

DSPY Most S&P 500 funds either ride today's market caps or flatten everyone to equal weight. DSPY splits the difference, holding the same roughly 500 names at their average weights since 1989, so the mega-caps shrink without disappearing.

IWB The Russell 1000 in one ticker: US large caps plus the mid-cap tier underneath them. IWB has tracked that index since 2000, making it the veteran of the group, though newer clones now chase the same benchmark for less.

Stated mandate

DSPY The Fund seeks long-term growth through a historical-weight interpretation of the S&P 500 Index.

IWB The fund seeks to track the Russell 1000 Index and provides broad exposure to U.S. large- and mid-cap stocks.

Why people hold it

DSPY The mechanism is the whole pitch: each S&P 500 member is sized at its long-run average weight since 1989, trimming today's top-heavy tilt without going all the way to equal weight.wboc.com
0.18% a year, a fraction of the typical active US equity fund and level with the cheap end of active core large-cap (FELC 0.18%, versus DYNF at 0.26%).
Full index breadth, about 500 stocks, with quarterly distributions. It re-slices the S&P 500 rather than trying to pick which names win.
On cost and portfolio construction it stands out as one of the stronger builds in a crowded active US equity field.

IWB One holding covers the Russell 1000, broad exposure to US large- and mid-cap stocks, so the megacap names and the tier below them arrive together.ishares.com
Trading since May 2000 and still actively traded, which is what keeps bid-ask spreads thin for everyday buyers.
Follows its index very closely, one of the tightest index-following records in its large-cap peer group.
A multi-billion-dollar iShares fund with a quarterly distribution schedule and no exotic structure: a plain 1940 Act ETF.

Worth knowing

DSPY Launched in 2025, so the live record is short next to decades-old core index funds, and there is limited history to judge the weighting rule through a full cycle.
Volume is light next to the giant S&P 500 funds, so spreads and limit orders matter more than they would in a mega-cap tracker.
By design it holds different weights than the cap-weighted S&P 500, so its results separate from the benchmark most people mean when they say 'the S&P 500'.stockanalysis.com

IWB At 0.15% a year it sits above the peer median. VONE tracks the same Russell 1000 for 0.06%, and SCHX and VV run large-cap core mandates at 0.03%.
All equity, all US. There are no bonds or overseas names inside to soften a domestic large-cap drawdown.

Full DSPY profile⁠

Full IWB profile⁠

DSPY vs IWB Holdings

How DSPY and IWB differ

Overlap by weight

77.7%

Shared holdings make up 98.8% of DSPY and 92.4% of IWB.

Level by level

Holdings497 in both77.7%
Sector11 Sectors89.0%
Asset classStocks100%
Countryby domicile99.7%

Sector

Sector weights in DSPY and IWB, widest gap first
Sector	Gap	DSPY	IWB
Technology	IWB +8.7 points	27.8%	36.5%
Financials	DSPY +3.1 points	15.3%	12.2%
Health Care	DSPY +2.6 points	13.0%	10.4%
Communication	IWB +2.1 points	6.1%	8.2%
Consumer Staples	DSPY +1.9 points	6.7%	4.8%
Industrials	DSPY +1.4 points	9.9%	8.5%
Utilities	DSPY +0.7 points	2.8%	2.1%
Real Estate	DSPY +0.5 points	2.6%	2.1%
Energy	DSPY +0.5 points	4.5%	4.0%
Materials	DSPY +0.4 points	2.2%	1.8%
Consumer Discretionary	IWB +0.2 points	9.2%	9.4%

Country, concentration and asset class

Country by domicile

Country weights in DSPY and IWB, widest gap first
Country	Gap	DSPY	IWB
United States	IWB +0.1 points	99.3%	99.4%
Switzerland	DSPY +0.1 points	0.4%	0.3%
China	DSPY +0.1 points	0.1%	0.0%
United Kingdom	Same weight	0.1%	0.1%
Canada	IWB +0.1 points	0.0%	0.1%
Brazil	IWB +0.1 points	0.0%	0.1%
Mexico	Same weight	0.1%	0.1%
Ireland	DSPY +0.1 points	0.1%	0.0%
Other countries (3)	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

DSPY21.1%
IWB34.7%

Securities held

DSPY503
IWB1,022

Asset class

DSPY: Stocks
IWB: Stocks

Holdings

Only in DSPY6
In both497
Only in IWB525

Only in DSPY

6 securities, 0.5% of DSPY by weight

Seagate Technology Holdings PLC0.22%
Nxp Semiconductors NV0.13%
Te Connectivity PLC0.12%
Erie Indemnity Co0.01%
Skydance Corp<0.01%
Skydance Corp<0.01%

Only in IWB

525 securities, 7.4% of IWB by weight

Spotify Technology0.14%
Snowflake0.14%
Cloudflare Class A0.13%
Space Exploration Technologies Cor0.12%
Cheniere Energy0.09%
Anglogold Ashanti PLC0.07%
Strategy Inc Class A0.07%
Natera0.06%
Nu Holdings Class A0.06%
Revolution Medicines0.05%
Sunbelt Rentals Holdings Inc0.05%
Roblox Class A0.05%
Rocket Lab Corp0.04%
Astera Labs0.04%
Okta Class A0.04%
Royalty Pharma PLC Class A0.04%
Restaurants Brands International0.04%
Technipfmc PLC0.04%
Insmed0.04%
Atlassian Corp Class A0.04%
Mongodb Class A0.04%
Markel Group0.04%
Ati0.04%
Zoom Communications Class A0.03%
Lpl Financial Holdings0.03%
Us Foods Holding0.03%
United Therapeutics0.03%
Liberty Media Series C0.03%
Tenet Healthcare Corp0.03%
Royal Gold0.03%
Reliance Steel & Aluminum0.03%
Roku Class A0.03%
Alnylam Pharmaceuticals0.03%
Zscaler0.03%
Sofi Technologies0.03%
Coupang Class A0.03%
Xpo0.03%
Credo Technology Group Holding Ltd0.03%
Roivant Sciences Ltd0.03%
Brookfield Asset Management Voting0.03%
Entegris Inc0.03%
Guardant Health0.03%
Affirm Holdings Class A0.03%
Heico Class A0.03%
Woodward0.03%
Unity Software0.03%
Sharkninja0.03%
Itt Inc0.03%
First Citizens Bancshares Class A0.03%
Ftai Aviation0.03%

Weight gaps

The 100 widest of 497 Holdings in both funds.

Holding weights in DSPY and IWB, widest gap first
Holding	Gap	DSPY	IWB
Apple IncAAPL	IWB +3.78 points	3.50%	7.28%
Microsoft CorpMSFT	IWB +3.09 points	2.70%	5.79%
NVIDIA CorpNVDA	IWB +2.78 points	3.62%	6.40%
Amazon.com IncAMZN	IWB +1.57 points	2.13%	3.70%
Alphabet IncGOOGL	IWB +1.39 points	1.05%	2.44%
Alphabet IncGOOG	IWB +1.13 points	0.85%	1.98%
Broadcom IncAVGO	IWB +0.47 points	1.54%	2.01%
Meta Platforms IncMETA	IWB +0.33 points	1.64%	1.97%
Walmart IncWMT	DSPY +0.31 points	1.12%	0.81%
Chevron CorpCVX	DSPY +0.29 points	0.87%	0.58%
Mastercard IncMA	DSPY +0.28 points	1.06%	0.78%
Procter & Gamble Co/ThePG	DSPY +0.27 points	0.84%	0.57%
AbbVie IncABBV	DSPY +0.26 points	1.02%	0.76%
Palantir Technologies IncPLTR	DSPY +0.24 points	0.76%	0.52%
Coca-Cola Co/TheKO	DSPY +0.23 points	0.78%	0.55%
Bank of America CorpBAC	DSPY +0.24 points	0.71%	0.47%
Merck & Co IncMRK	DSPY +0.23 points	0.76%	0.53%
UnitedHealth Group IncUNH	DSPY +0.22 points	0.74%	0.52%
Johnson & JohnsonJNJ	DSPY +0.21 points	1.19%	0.98%
Cisco Systems IncCSCO	DSPY +0.20 points	0.75%	0.55%
Costco Wholesale CorpCOST	DSPY +0.20 points	0.89%	0.69%
Ge AerospaceGE	DSPY +0.20 points	0.69%	0.49%
Goldman Sachs Group Inc/TheGS	DSPY +0.19 points	0.56%	0.37%
Wells Fargo & CoWFC	DSPY +0.20 points	0.57%	0.37%
Intel CorpINTC	DSPY +0.18 points	0.56%	0.38%
Visa IncV	DSPY +0.18 points	1.23%	1.05%
Home Depot Inc/TheHD	DSPY +0.18 points	0.68%	0.50%
Rtx CorpRTX	DSPY +0.17 points	0.55%	0.38%
Caterpillar IncCAT	DSPY +0.17 points	0.54%	0.37%
Thermo Fisher Scientific IncTMO	DSPY +0.16 points	0.54%	0.38%
Morgan StanleyMS	DSPY +0.16 points	0.46%	0.30%
Applied Materials IncAMAT	DSPY +0.15 points	0.54%	0.39%
Exxonmobil Holdings CorpXOM	DSPY +0.16 points	1.16%	1.00%
Philip Morris International IncPM	DSPY +0.16 points	0.61%	0.45%
Palo Alto Networks IncPANW	DSPY +0.15 points	0.52%	0.37%
Simon Property Group IncSPG	DSPY +0.15 points	0.26%	0.11%
Linde PLCLIN	DSPY +0.15 points	0.50%	0.35%
Lam Research CorpLRCX	DSPY +0.14 points	0.51%	0.37%
International Business Machines CorpIBM	DSPY +0.14 points	0.48%	0.34%
Mcdonald's CorpMCD	DSPY +0.14 points	0.43%	0.29%
Crowdstrike Holdings IncCRWD	DSPY +0.14 points	0.46%	0.32%
Abbott LaboratoriesABT	DSPY +0.14 points	0.42%	0.28%
Pepsico IncPEP	DSPY +0.14 points	0.42%	0.28%
Texas Instruments IncTXN	DSPY +0.14 points	0.51%	0.37%
Walt Disney Co/TheDIS	DSPY +0.13 points	0.43%	0.30%
Netflix IncNFLX	DSPY +0.13 points	0.52%	0.39%
Citigroup IncC	DSPY +0.14 points	0.43%	0.29%
Ge Vernova IncGEV	DSPY +0.12 points	0.43%	0.31%
Amgen IncAMGN	DSPY +0.11 points	0.48%	0.37%
Oracle CorpORCL	DSPY +0.12 points	0.42%	0.30%
Salesforce IncCRM	DSPY +0.12 points	0.37%	0.25%
Arista Networks IncANET	DSPY +0.12 points	0.38%	0.26%
Kla CorpKLAC	DSPY +0.11 points	0.38%	0.27%
Verizon Communications IncVZ	DSPY +0.11 points	0.39%	0.28%
Amphenol CorpAPH	DSPY +0.11 points	0.38%	0.27%
Chubb LtdCB	DSPY +0.11 points	0.30%	0.19%
Qualcomm IncQCOM	DSPY +0.11 points	0.37%	0.26%
Marriott International Inc/MdMAR	DSPY +0.10 points	0.23%	0.13%
AT&T IncT	DSPY +0.10 points	0.31%	0.21%
Uber Technologies IncUBER	DSPY +0.09 points	0.29%	0.20%
Accenture PLCACN	DSPY +0.09 points	0.33%	0.23%
Westinghouse Air Brake Technologies CorpWAB	DSPY +0.10 points	0.17%	0.07%
S&P Global IncSPGI	DSPY +0.10 points	0.30%	0.20%
American Express CoAXP	DSPY +0.09 points	0.34%	0.25%
Gilead Sciences IncGILD	DSPY +0.09 points	0.40%	0.31%
Nextera Energy IncNEE	DSPY +0.09 points	0.36%	0.27%
Progressive Corp/ThePGR	DSPY +0.09 points	0.29%	0.20%
Newmont CorpNEM	DSPY +0.09 points	0.28%	0.19%
Intuitive Surgical IncISRG	DSPY +0.09 points	0.32%	0.23%
Trane Technologies PLCTT	DSPY +0.09 points	0.21%	0.13%
Charles Schwab Corp/TheSCHW	DSPY +0.08 points	0.30%	0.22%
Analog Devices IncADI	DSPY +0.08 points	0.34%	0.26%
Deere & CoDE	DSPY +0.09 points	0.33%	0.24%
Tjx Cos Inc/TheTJX	DSPY +0.08 points	0.30%	0.22%
Hca Healthcare IncHCA	DSPY +0.08 points	0.19%	0.11%
Quanta Services IncPWR	DSPY +0.08 points	0.20%	0.12%
Howmet Aerospace IncHWM	DSPY +0.08 points	0.20%	0.12%
Pfizer IncPFE	DSPY +0.08 points	0.33%	0.25%
Union Pacific CorpUNP	DSPY +0.08 points	0.33%	0.25%
Boeing Co/TheBA	DSPY +0.08 points	0.27%	0.19%
Valero Energy CorpVLO	DSPY +0.07 points	0.22%	0.15%
Sandisk CorpSNDK	DSPY +0.08 points	0.26%	0.18%
Idexx Laboratories IncIDXX	DSPY +0.07 points	0.15%	0.08%
Applovin CorpAPP	DSPY +0.07 points	0.21%	0.14%
Kinder Morgan IncKMI	DSPY +0.07 points	0.16%	0.09%
Marvell Technology IncMRVL	DSPY +0.07 points	0.25%	0.18%
Capital One Financial CorpCOF	DSPY +0.07 points	0.25%	0.18%
Iron Mountain IncIRM	DSPY +0.07 points	0.12%	0.05%
Marsh & Mclennan Cos IncMRSH	DSPY +0.06 points	0.21%	0.15%
Danaher CorpDHR	DSPY +0.07 points	0.28%	0.21%
Booking Holdings IncBKNG	DSPY +0.07 points	0.25%	0.18%
Tesla IncTSLA	IWB +0.07 points	1.47%	1.54%
Eaton Corp PLCETN	DSPY +0.06 points	0.26%	0.20%
ConocophillipsCOP	DSPY +0.07 points	0.31%	0.24%
Lennar CorpLEN	DSPY +0.06 points	0.09%	0.03%
Servicenow IncNOW	DSPY +0.07 points	0.22%	0.15%
Twilio IncTWLO	DSPY +0.07 points	0.11%	0.04%
Moderna IncMRNA	DSPY +0.06 points	0.20%	0.14%
Adobe IncADBE	DSPY +0.06 points	0.20%	0.14%
Vertex Pharmaceuticals IncVRTX	DSPY +0.07 points	0.27%	0.20%

All 505 DSPY holdings⁠All 1,023 IWB holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DSPY vs IWB Cost

Overpaying DSPY vs IWB

$612

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DSPY 0.18%
$3,749
IWB 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

DSPY 0.18%
IWB 0.15%
Overpaying

Year by year

Year	DSPY	IWB	Overpaying
10	$328	$274	$54
20	$1,281	$1,071	$210
30	$3,749	$3,137	$612

Expense ratio

0.18%DSPY
0.15%IWB, cheaper

IWB0.15%DSPY0.18%

0.00%1.25%

Middle half of US Large-Cap funds
Median 0.20%

IWB 11th cheapest of 29 funds

DSPY 13th cheapest of 29 funds

DSPY vs IWB Dividends

Last 12 months to Nov 9, 2026

Yield (12M): DSPY 0.94%, better; IWB 0.93%
Payout (12M): DSPY $0.62; IWB $3.81
Last payment: DSPY $0.19; IWB $1.01
Ex-dividend: DSPY Sep 29, 2026; IWB Sep 15, 2026
Paid on: DSPY Oct 1, 2026; IWB Sep 18, 2026
Frequency: DSPY Quarterly; IWB Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DSPYQuarterly · 6 paymentsAll DSPY payments⁠

IWBQuarterly · 39 paymentsAll IWB payments⁠

DSPY vs IWB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DSPY 10.4%since May 2025IWB 12.5%
Return per unit of riskSharpe ratio, 3 years: DSPY 1.69since May 2025IWB 1.39
Worst fallMax drawdown, 5 years: DSPY −12.2%since Apr 2025IWB −25.2%
Market sensitivityBeta, 5 years: DSPY 0.82IWB 1.01; Market = 1

DSPY and IWB in the news

All news⁠

Category Review
Broad U.S. large-cap funds kept pace with the S&P 500 this year. The top 50 did not.
Updated Oct 16, 2026IWB

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DSPY vs IWB

In short

Stated mandate

Why people hold it

Worth knowing

How DSPY and IWB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DSPY

Only in IWB

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Broad U.S. large-cap funds kept pace with the S&P 500 this year. The top 50 did not.

How DSPY and IWB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DSPY

Only in IWB

Weight gaps