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SPY

$938.70-0.5%S&P 50049/100
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SPDR S&P 500 ETF Trust · State Street

Data as at 29 March 2026

TL;DR

The first ETF ever created, launched in January 1993. Tracks the same 500 US companies as IVV but is US-domiciled, creating different tax treatment for Australian investors.

MER (Annual Fee)
0.09%
#4 lowest in S&P 500
1Y Return
+8.0%
3Y Return (p.a.)
+16.8%
Dividend Yield
-
Non-distributing
AUM
$1,850M
Assets under management
Avg Daily Turnover
$622K
Avg shares × unit price
Unit Price
$938.70
As at 29 March 2026
Provider
State Street
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Strategy

Managed by State Street and listed on NYSE Arca since January 1993. The ASX-listed version provides AUD-denominated access but the fund itself remains US-domiciled.

Top Holdings

Apple
7.1%
Microsoft
6.5%
NVIDIA
6.2%
Amazon
3.8%
Meta
2.4%
Alphabet
2.3%
Berkshire Hathaway
1.7%
Tesla
1.4%
Broadcom
1.3%
JPMorgan
1.2%
Key Fact

SPY's US-listed version typically sees over US$30 billion traded daily — more than the entire daily turnover of the ASX. It remains the world's most liquid financial instrument by dollar volume on many trading days.

Suited for

Traders and institutions that need the highest global liquidity. For long-term retail buy-and-hold investors, IVV is typically more practical due to its Australian domicile and lower tax complexity.

Risks

US domicile means Australian investors may face US estate tax on holdings above US$60,000. A W-8BEN form is required to access the 15% treaty dividend withholding tax rate rather than the default 30%.

SPY Comparisons

ETFCheck Score49/100
Fees (40%)87
Fund Size (25%)58
Liquidity (20%)0
Yield (15%)0
How scores are calculated →
Other S&P 500 ETFs
IVV
0.04% MER
89
IHVV
0.10% MER
73
USX
0.07% MER
73
VTS
0.03% MER
61View all S&P 500 ETFs →

Frequently Asked Questions - SPY

Why is SPY less popular than IVV on the ASX despite being the world's most traded ETF?+
SPY dominates US exchange trading volumes but its ASX-listed version sees significantly lower liquidity than IVV, resulting in wider bid-ask spreads for Australian investors. At 0.09% MER - more than double IVV's 0.04% - SPY offers no cost advantage on the ASX. Australian investors are better served by IVV for cheaper, more liquid S&P 500 exposure unless they specifically need SPY for portfolio reasons or cross-listing flexibility.
Does SPY on the ASX behave differently to SPY traded on US exchanges?+
The ASX-listed SPY is a CHESS Depositary Interest (CDI) representing ownership of the US-listed SPY units, so it tracks the same S&P 500 index. However, ASX trading hours differ from US markets, meaning the CDI price can diverge from the live US NAV during Australian trading. Liquidity is also materially thinner on the ASX, so large orders may experience slippage that wouldn't occur on the NYSE Arca.
How does SPY's unit trust structure affect Australian investors compared to IVV?+
SPY operates as a US unit investment trust (UIT), an older structure that cannot reinvest dividends between distribution dates - cash accumulates and creates a slight performance drag versus IVV. This structure also prevents SPY from lending securities or holding non-index securities. For Australian SMSF trustees and long-term holders, this structural inefficiency compounds over time, which partly explains SPY's marginally lower 1-year return of 19.2% compared to IVV's 19.6%.
What are the US estate tax implications of holding ASX-listed SPY in an Australian portfolio?+
Because ASX-listed SPY is a CDI over a US-domiciled fund, Australian investors with holdings exceeding US$60,000 may be exposed to US estate tax of up to 40% on death. This is a critical consideration for SMSF trustees with significant allocations. IVV, being domiciled and registered in Australia, avoids this issue entirely, making it structurally superior for estate planning purposes despite both funds tracking the identical S&P 500 index.