SPDR S&P 500 ETF Trust
Issued by SPDR / State Street Global Advisors
What SPY Is
The world's largest ETF — the S&P 500 in one ticker
SPY is the first U.S.-listed ETF and the largest in the world with over $620B in assets. It tracks the S&P 500 — the 503 largest U.S. companies by market cap — and has been the benchmark for U.S. equity performance since 1993. Used by everyone from first-time retirement savers to hedge funds as an intraday trading vehicle, SPY's extreme liquidity ($25B+ traded daily) makes it one of the most efficient investment instruments ever created.
What It Tracks
S&P 500 Index — the 503 largest U.S. publicly listed companies by market cap, spanning all 11 sectors. Market-cap weighted, rebalanced quarterly. Companies must be profitable, U.S.-listed, and meet minimum liquidity requirements for inclusion.
Why Own SPY
SPY is the simplest expression of 'own U.S. equities.' The S&P 500 has returned approximately 10.5% annually since 1957, outperforming the vast majority of actively managed funds over long horizons. At 0.0945% expense ratio with exceptional liquidity, SPY is the benchmark against which all other equity strategies are measured.
The Case For and Against
Strengths
- $620B+ AUM — extreme liquidity with some of the tightest bid-ask spreads in financial markets
- 33-year track record through multiple market cycles including dot-com, 2008, and COVID crashes
- Instant diversification across 503 companies spanning 11 sectors
- The benchmark — owning SPY means you capture the full market return, not trying to beat it
Trade-offs
- Top 10 holdings account for ~30% of the fund — meaningful mega-cap concentration
- Slightly more expensive than VOO and IVV (both 0.03%) which track the same index
- No exposure to small/mid-cap stocks or international markets
- By definition, will never outperform the index — you are the index
Who It Suits
Any investor wanting simple, low-cost, highly liquid exposure to U.S. equities. The default core portfolio holding and the benchmark against which all other equity strategies are judged.
Performance
| Period | Return | Annualised | Window started | Price then |
|---|---|---|---|---|
| 1 Month | -5.4% | — | 2026-10-07 | $777.22 |
| 3 Months | -4.9% | — | 2026-08-07 | $773.26 |
| 6 Months | -0.3% | — | 2026-05-08 | $737.62 |
| YTD | +7.8% | — | 2025-12-31 | $681.92 |
| 1 Year | +9.7% | — | 2025-11-06 | $670.31 |
| 2 Years | +24.4% | +11.5% | 2024-11-06 | $591.04 |
| 5 Years | +56.9% | +9.4% | 2021-11-05 | $468.53 |
| Since Inception | +1573.5% | +8.7% | 1993-01-29 | $43.94 |
Price returns only, computed from 8502 daily closes — before commissions, spreads and tax, and excluding any distributions, so a fund that pays income has earned more than these figures show. Annualised figures appear only for windows longer than about 13 months. These are not the fund's official NAV-based returns — see the issuer's fact sheet for those.
Trading & Market Data
SPY is trading inside its 52-week range. A high reading is not a sell signal and a low one is not a bargain — it only says where the last year's prices sit relative to today.
What the Expense Ratio Costs
SPY charges 0.09% a year. Deducted daily from net asset value, never billed separately, so it is easy to miss. On a flat $10,000 position — holding the price steady to isolate the fee from the returns — it compounds to:
An illustration, not a projection: in reality the fee is charged against a balance that moves, so the dollar cost rises with a fund that grows and falls with one that shrinks. It also excludes bid-ask spread, brokerage commission and — for funds structured as commodity pools or partnerships — any additional filing complexity.
Asset Allocation
Top Holdings (10 shown)
Holdings data sourced from Yahoo Finance. Weights change over time — verify current holdings on the issuer's official fund page.
Sector Weights
Related Broad Market ETFs
SPY — Common Questions
What is the difference between SPY, VOO, and IVV?
All three track the S&P 500 index. The key differences are expense ratio (SPY: 0.0945%, VOO: 0.03%, IVV: 0.03%) and daily trading volume. SPY has far higher trading volume ($25B+/day vs $5–10B for VOO/IVV), making it preferable for active traders and institutions who need to enter or exit large positions quickly. For long-term buy-and-hold investors, VOO or IVV save a few basis points annually with essentially the same exposure.
Has the S&P 500 always outperformed active managers?
Over long periods (15+ years), approximately 85–90% of U.S. large-cap active managers underperform the S&P 500 after fees. The compounding advantage of a low expense ratio becomes decisive over decades — a 1% annual fee drag on $10,000 over 30 years at 8% returns costs you roughly $12,000 in missed growth.
What does SPY actually track?
SPDR S&P 500 ETF Trust is a broad market ETF from SPDR / State Street Global Advisors. Its largest disclosed position is Apple Inc at 7.70% of the fund, and its heaviest sector exposure is Technology at 38.23%.
How much does SPY charge?
0.09% per year, deducted from net asset value rather than billed to you. On $10,000 held for ten years with a flat price that is about $90.
How has SPY performed?
Over the past year the price rose 9.7%, and since 1993-01-29 it is +1573.5%. Its worst peak-to-trough fall on record is -56.5%, between Oct 9, 2007 and Mar 9, 2009. Those are price returns as of 2026-11-06 and exclude distributions.
How large is SPY?
About $796.9B in assets, trading roughly 42.63M shares a day over the last three months. Size and volume matter mainly for how cheaply you can get in and out: a thinly traded fund costs more in spread than its expense ratio suggests.
Is SPY right for me?
That depends on what the rest of your portfolio already holds, not on this fund's recent returns. Nothing on this page is a recommendation — check the issuer's prospectus and, if it matters to your taxes or retirement, a licensed adviser.
Disclaimer: This page is for informational and educational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. ETF data is sourced from Yahoo Finance and public fund documents and may change — always verify current data on the issuer's official website before investing. All investments involve risk.
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