SPYG is a large-cap growth fund, holding roughly 300 companies selected from the well-known S&P 500 Index based on three growth factors: sales growth, the ratio of earnings change to price, and momentum. Eligible securities are those that meet certain liquidity and size requirements and have positive reported earnings in the most recent quarters. At times, given the limited number of holdings to reflect sector representation, securities meeting these criteria do not guarantee automatic index inclusion. The fund competes directly with iShares' IVW and Vanguard's VOOG, and its portfolio looks much like theirs. Compared with our neutral growth benchmark, SPYG makes sizable sector bets at times. Because it pulls from the S&P 500, SPYG also carries some midcap exposure that our narrower benchmark excludes. The Index is weighted by market-cap and rebalanced annually. Prior to October 16, 2017 the fund traded under name SPDR S&P 500 Growth ETF.