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Sounds interesting indeed.
You wonder why still take SPYG. I do see some reasons.
One could choose SPYG because it was launched in 2000 (while SPLG was only launched 5 years later), allowing for a longer backtest period.
But since it’s exactly tracking the SPX itself, SPLG wouldn’t need that.
Or, another reason: as SPYG focuses on the higher expected earnings companies, one could hope it grows faster to the entry point for the SPY investment for switching to the “classic ITM”.
However, I appreciate bringing this up, I didn’t know this and indeed nice: for investors preferring “smaller numbers” it feels like a good alternative which doesn’t take on the risks of deviation from the ironclad “classic ITM deviation” that SPY’s more selective nature carries.
A “safer start into ITM” to say so. Appreciated !