Fund Evaluator:
Sphere 500 Climate Institutional (SPFEX)
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Best Performing in Large Blend Over the Last Year
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Fund Details
Sphere 500 Climate Institutional Overview
Sphere 500 Climate Institutional (SPFEX) is a passively managed U.S. Equity Large Blend fund. Reflection Asset Management launched the fund in 2025.
The investment seeks to track the performance of the Sphere 500 Fossil Free Index (the "index"). The index is designed to reflect the performance of large companies listed on U.S. exchanges while excluding companies with climate-related risks. The fund invests at least 80% of its net assets in securities issued by companies that do not derive any revenue from the sale of fossil fuels, hold fossil fuel related assets or reserves, use fossil fuels for power generation, or produce fossil fuel-related equipment.
About Sphere 500 Climate Institutional (SPFEX)
There are 1 members of the management team with an average tenure of 4.91 years: Jason Britton (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Sphere 500 Fossil Free TR USD index with a weighting of 100%. Sphere 500 Climate Institutional has 356 securities in its portfolio. The top 10 holdings constitute 42.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is considered to have an ESG focus with its investment selection and management.
Sphere 500 Climate Institutional is part of the Equity global asset class and is within the U.S. Equity fund group. Sphere 500 Climate Institutional has 0.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.2%. There is 0.7% 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). Sphere 500 Climate Institutional has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $18 million in total assets, which is below the $6 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.
SPFEX 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 Sphere 500 Climate Institutional expense ratio is below average compared to funds in the Large Blend category. Sphere 500 Climate Institutional has an expense ratio of 0.30%, which is 63% lower than its category average, making the fund expense ratio grade a A. 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. Sphere 500 Climate Institutional has a portfolio turnover rate of 49%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.
Recently, in the month of August 2026, Sphere 500 Climate Institutional returned 3.0%, which earned it a grade of A, as the Large Blend category had an average return of 2.1%. 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 funds in that category.
Sphere 500 Climate Institutional has a trailing yield of 0.00%, which is below the 0.55% 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.
Sphere 500 Climate Institutional Grades
Year to date, the fund has returned 12.8%, 1.2 percentage points better than the category, which translates into a grade of B. The fund has returned 19.8% over the past year (grade of B) and 21.4% over the past three years (grade of A).
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SPFEX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SPFEX Return (NAV) | 3.0% | 1.1% | 19.8% | 21.4% | na | na |
| SPFEX Grade | A | D | B | A | na | na |
| +/- Category | 0.8% | -1.2% | 2.2% | 2.6% | na | na |
| Large Blend Avg | 2.1% | 2.3% | 17.6% | 18.8% | 11.0% | 13.9% |
| SPFEX Tax Cost Ratio | na | na | na | na | na | na |
SPFEX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SPFEX Return (NAV) | 12.8% | 17.9% | 25.0% | 29.4% | -20.1% | na | na | na | na | na | na |
| SPFEX Grade | B | B | B | A | F | na | na | na | na | na | na |
| +/- Category | 1.2% | 2.0% | 2.9% | 5.7% | -2.8% | na | na | na | na | na | na |
| Large Blend Avg | 11.6% | 15.8% | 22.1% | 23.7% | -17.3% | 26.5% | 17.5% | 29.8% | -5.9% | 21.3% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 14.1% |
| Total Risk Index: | 1.16 - Above Average |
| Category Risk Index: | 1.07 - High |
| Category Risk Grade: | F (89% Rank) |
| Beta: | 1.08 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | -- |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $86 Mil |
| Fund Total Assets: | $ 19 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 49% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 4.9 years | |||
| Average Tenure: 4.9 years | |||
| Managers (Year): Britton Jason (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 356 |
| % in Top 10 Holdings: | 42.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.7% |
Portfolio Allocation |
|
| Domestic Stock: | 99.2% |
| Foreign Stock: | 0.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Fund Family: | Reflection Asset Management |
| Phone Number: | 844-277-4373 |
| Website: |
| Status: | Open |
| Inception Date: | September 16, 2025 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.10% |
Expenses and Fees | |
| Expense Ratio (%): | 0.30% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.81% |
| Share Class: | Sphere 500 Climate R6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
