Large-Cap S&P 500 ETFs
SPY, VOO, and IVV are the three largest ETFs tracking the S&P 500 large-cap U.S. equity index. All three track the same benchmark but differ in legal structure and expense ratio. These profiles cite issuer-published facts with verification dates.
What These ETFs Have in Common
SPY, VOO, and IVV all seek to track the S&P 500 Index, a market-capitalization-weighted index of approximately 500 large U.S. publicly traded companies maintained by S&P Dow Jones Indices. Their performance over any given period is driven primarily by the same underlying stocks. The main differences are structural and cost-related rather than benchmark-level.
Side-by-Side Comparison
| Fund | Issuer | Structure | Expense ratio | Inception | Source / As of |
|---|---|---|---|---|---|
| SPY | State Street Global Advisors | Unit investment trust | 0.0945% | Jan 22, 1993 | State Street, Sep 6/3 2026 |
| VOO | Vanguard | Open-end ETF / ETF share class | 0.03% | Sep 7, 2010 | Vanguard, Apr 28 2026 |
| IVV | BlackRock / iShares | Open-end ETF | 0.03% | May 15, 2000 | BlackRock, 2026 |
Why Structure Matters: UIT vs. Open-End ETF
SPY is registered as a unit investment trust (UIT) under the Investment Company Act of 1940. A UIT cannot reinvest dividends as they arrive; it must accumulate dividend cash until a periodic distribution. This creates a small cash drag relative to the index benchmark during the accumulation period. A UIT also cannot lend securities or hold derivatives.
VOO and IVV are open-end ETFs. They can reinvest dividends continuously as they arrive from underlying holdings, avoiding the cash drag effect. They may also engage in securities lending and use derivatives for cash management. These structural advantages are modest but compound over a long holding period.
Fund Profiles
- SPY: SPDR S&P 500 ETF Trust, the first U.S.-listed ETF, launched January 22, 1993; 0.0945% expense ratio as of September 2026.
- VOO: Vanguard S&P 500 ETF, launched September 7, 2010; 0.03% expense ratio as of April 28, 2026; ~$1.05T net assets as of August 31, 2026.
- IVV: iShares Core S&P 500 ETF, launched May 15, 2000; 0.03% expense ratio; >$860B AUM as of late July 2026.
Related
- Broad Market ETFs, funds extending beyond the S&P 500 to the full U.S. equity market.
- ETF Profiles and Data Hub, all ETF profiles on Swoopr Investment.
- ETF Investing and Fund Analysis Hub, how ETFs work, creation/redemption, expense ratios, tracking error.
- ETF Cost Comparison Tool, side-by-side expense ratio and cost modeling.