Methodology
5,000. The US market lists over 5,000 funds, with widely different characteristics. Six criteria eliminate the rest. This is how we get there.
About 5,100 ETFs listed in the US as of April 2026, per J.P. Morgan Research.
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Criterion 1 · Geography
We concentrate where capital is most productive: the United States.
Ten-year cumulative growth, in dollars, and the projected revenue growth for the coming decade.
Last ten years: cumulative growth
Next ten years: projected revenue growth
Broad regional indices, total return in US dollars, 2016 to 2026. Approximate, illustrative figures.
Projected revenue growth by region: J.P. Morgan Long-Term Capital Market Assumptions 2026 (October 2025 edition), 10-to-15-year horizon, compounded over ten years from the annual rates. Third-party estimate; it may not materialize.
Criterion 2 · Sectors
Each sector grows at its own pace.
The 11 sectors of the US economy, year by year, impacted differently in up years and down years. We monitor continuously.
2025
Approximate annual returns of S&P 500 sectors (Select Sector SPDRs), 2021 to 2025. Illustrative.
Criterion 3 · Risk profile
Same year, very different drawdowns.
The year 2022 across five funds. The right ETF depends on how much swing you can tolerate without losing sleep.
Total return for calendar year 2022, dividends reinvested. Approximate figures.
Criterion 4 · Managers
We prefer the largest houses in the world.
We consider each manager's experience and track record: scale and decades of operation mean stable funds and minimal operational risk.
Approximate ETF assets per manager, 2026. Illustrative.
Criterion 5 · Size and liquidity
Bigger funds cost less to trade.
Size drives the spread, the invisible cost of every buy and sell.
Approximate typical assets and spreads, 2026. Illustrative.
Criterion 6 · Costs
The same index can cost over four times more.
Three ETFs tracking the very same S&P 500. Over decades, compounded cost becomes wealth.
Expense ratios as of August 2026, for the same S&P 500 index. SPYM is the former SPLG, renamed in October 2025. Not an individual recommendation.
The outcome
An 80% core. Satellites with a defined role.
The core is our main strategy. The satellites, up to 5% each, have a defined role: specific market opportunities.
The dosage varies with your profile. Each family lands on its own point of the spectrum.
Illustrative structure. Each portfolio is defined case by case, from horizon and tolerance for swings.
Confidential · No commitment · Directly with a partner
The ETFs named here are real examples from the US investable universe, shown with public market data. Nothing on this page is an offer or an individual investment recommendation. Past performance does not guarantee future results. Projections are third-party estimates and may not materialize.