ETF Evaluator:
WEBs SPY Defined Volatility ETF ()
Follow This ETF
(as of Aug 25)
Best Performing in Large Blend Over the Last Year
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| 31.8% | Astoria US Equal Weight Quality KingsETF (ROE) |
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ETF Details
WEBs SPY Defined Volatility ETF Overview
WEBs SPY Defined Volatility ETF (DVSP) is a passively managed U.S. Equity Large Blend exchange-traded fund (ETF). WEBs Investments Inc. launched the ETF in 2024.
The investment seeks to provide investment results that, before fees and expenses, correspond to the performance of the Syntax Defined Volatility US Large Cap 500 Index.
The fund implements its investment objective by investing, under normal market conditions, at least 80% of its net assets in financial instruments that achieve the investment results of the index. The index is a rules-based strategy that seeks to track the performance of the SPDR® S&P 500® ETF, with investment exposure to the underlying ETF adjusted for a targeted annual volatility rate of 20%. The fund is non-diversified.
About WEBs SPY Defined Volatility ETF (DVSP)
There are 3 members of the management team with an average tenure of 1.22 years: Rafael Zayas (2024), Austin Wen (2024) and Devin Ryder (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Syntax Defined Vol US L Cap 500 TR USD index with a weighting of 100%. WEBs SPY Defined Volatility ETF has 4 securities in its portfolio. The top 10 holdings constitute 248.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
WEBs SPY Defined Volatility ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. WEBs SPY Defined Volatility ETF has 0.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 43.2% There is 0.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). WEBs SPY Defined Volatility ETF has 50.8% of the portfolio in cash.
Assets Under Management
The fund has $1 million in total assets, which is below the $13 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DVSP Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The WEBs SPY Defined Volatility ETF expense ratio is high compared to funds in the Large Blend category. WEBs SPY Defined Volatility ETF has an expense ratio of 0.89%, which is 115% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. WEBs SPY Defined Volatility ETF has a portfolio turnover rate of 28%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 158% for the Large Blend category.
Recently, in the month of July 2026, WEBs SPY Defined Volatility ETF returned -0.2%, which earned it a grade of C, as the Large Blend category had an average return of -0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
WEBs SPY Defined Volatility ETF has a trailing yield of 0.26%, which is below the 1.16% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
WEBs SPY Defined Volatility ETF Grades
Year to date, the ETF has returned 6.4%, 3.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 18.8% over the past year (grade of C).
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DVSP Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DVSP Return (NAV) | -0.2% | 5.1% | 18.8% | na | na | na |
| DVSP Return (Price) | -0.6% | 7.9% | 17.1% | na | na | na |
| NAV +/- Price Return | 0.401% | -2.805% | 1.669% | na | na | na |
| Large Blend Avg | -0.8% | 3.7% | 17.5% | 17.4% | 11.2% | 13.6% |
| DVSP Grade (NAV) | C | B | C | na | na | na |
| +/- Category (NAV) | 0.6% | 1.4% | 1.3% | na | na | na |
| DVSP Tax-Cost Ratio | na | na | 0.1% | na | na | na |
DVSP Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DVSP Return (NAV) | 6.4% | 15.5% | na | na | na | na | na | na | na | na | na |
| DVSP Return (Price) | 3.0% | 17.7% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.521% | 0.143% | na | na | na | na | na | na | na | na | na |
| Large Blend Avg | 9.5% | 15.3% | 21.9% | 22.9% | -17.1% | 26.9% | 18.3% | 29.6% | -5.1% | 21.5% | 11.4% |
| DVSP Grade (NAV) | F | C | na | na | na | na | na | na | na | na | na |
| +/- Category | -3.2% | 0.1% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.3% |
| Total Assets: | $ 1 Mil |
| Share Class Assets: | $ 1 Mil |
| Turnover: | 28.5% |
| Expense Ratio: | 0.89% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 1.6 years | |||
| Average Tenure: 1.2 years | |||
| Managers (Year): Zayas Rafael (2024), Wen Austin (2024), Ryder Devin (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 4 |
| % in Top 10 Holdings: | 248.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.2% |
Portfolio Allocation |
|
| Domestic Stock: | 43.2% |
| Foreign Stock: | 0.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 5.8% |
| Cash: | 50.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | WEBs Investments Inc. |
| Phone Number: | 844-855-9327 |
| Website: | https://www.syntaxindices.com/ |
| Inception Date: | December 16, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.89% (Rating: High) |
| Category Average Expense Ratio (%): | 0.41% |
