SPY Fund Description

The SPDR S&P 500 ETF tracks a market-cap-weighted index of US large- and midcap stocks selected by the S&P Committee.

SPY ETF.com Insight

SPY is the best-recognized, oldest and largest ETF—and the most liquid security in the world. The fund tracks the most popular US index, the S&P 500. Few realize that S&P'sSPY is the best-recognized, oldest and largest ETF index committee picks and chooses 500 securities to represent the US large-cap space—not necessarily the 500 largest in order of market cap. The outcome: SPY doesn't hold American Airlines or Twitter, but does hold midcaps for 9% of the portfolio. The fund has one of the lowest expense ratios in the segment, but costs more to hold than its main competitors, IVV and VOO. SPY's monster volumes make it the perfect vehicle for gaining quick exposure to the US large-cap space. (Insight updated 10/30/2014)

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

SPY
0.60% 2.94% 13.52% 16.01% 21.63% 15.64% 7.74%

SPY (NAV)
0.63% 2.98% 13.61% 16.05% 21.57% 15.65% 7.76%

S&P 500
0.64% 3.00% 13.76% 16.21% 21.74% 15.77% 7.85%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

SPY Top 10 Countries

SPY Top 10 Sectors

SPY Top 10 Holdings View All

SPY Summary Data

Issuer SSgA

A company that produces and manages ETFs.

Inception Date 01/22/93

The first date of a fund's operations, as documented by the issuer.

Legal Structure Unit Investment Trust

The organizational structure of the fund or ETN.

Expense Ratio 0.09%

The net total annual fee a fund holder pays to the issuer.

Assets Under Management $194.83 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

Average Daily $ Volume $24.53 B

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

(%) | The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 0.00%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

SPY Portfolio Data

Weighted Average Market Cap $134.17 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

Price / Earnings Ratio 19.26

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

Price / Book Ratio 2.82

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

Distribution Yield 1.78%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

Next Ex-Dividend Date 12/29/14

The date on which a security's price excludes an upcoming dividend.

Number of Holdings 503

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

SPY Index Data

Index Tracked S&P 500

This is the benchmark an ETF is desigend to track or replicate.

Index Weighting Methodology Market Cap

A set of rules that the underlying index provider follows to weight its constituent securities.

Index Selection Methodology Committee

A set of rules that the underlying index provider follows to select its constituent securities.

Segment Benchmark MSCI USA Large Cap

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to SPY

Top Competing ETFs VOO, IVV, MGC, IWL, VV

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

SPY ETF.com Efficiency Insight

SPY is the largest ETF on the market by AUM. As a UIT, SPY may not optimize its portfolio, lend securities or reinvest its dividends. Therefore, it holds the stock of all 500 index firms, earns no securities-lending income and experiences some dividend drag. This most likely explains why it lags the S&P 500 by a median 17 bps, despite charging 9 bps. (Insight updated 10/30/2014)


Total Return - 12/18/2014

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

SPY
0.60% 2.94% 13.52% 16.01% 21.63% 15.64% 7.74%

SPY (NAV)
0.63% 2.98% 13.61% 16.05% 21.57% 15.65% 7.76%

S&P 500
0.64% 3.00% 13.76% 16.21% 21.74% 15.77% 7.85%

MSCI USA Large Cap
0.58% 2.73% 13.02% 15.41% 20.83% 14.71% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

SPY Portfolio Management

Expense Ratio 0.09%

The net annual fee a fund holder pays to the issuer.

(12 Mo) | Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results." href="javascript:void(0)" class="term">Median Tracking Difference (12 Mo) -0.17%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

SPY Tax Exposures

Max LT/ST Capital Gains Rate 20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

Tax on Distributions Qualified dividends

IRS treatment of the majority of the fund's distributions.

Distributes K1 No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

SPY Fund Structure

Legal Structure Unit Investment Trust

The organizational structure of the fund or ETN.

OTC Derivative Use No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Securities Lending Active N/A

An indicator of whether or not a fund actively lends its portfolio holdings.

ETN Counterparty N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

ETN Counterparty Risk N/A

The risk of default by the ETN counterparty.

Fund Closure Risk Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Portfolio Disclosure Daily

The frequency of an issuer's disclosure of all fund holdings.

SPY ETF.com Tradability Insight

SPY is the most liquid ETF in the world. Over 100M shares change hands on most days, equivalent to over $20B. SPY trades at 1 cent spreads all day long. It boasts the most active options market for any ETF. The fund is easy for market makers to hedge, so large trades sail through. Investors of all stripes should have no trouble trading SPY at fair value. (Insight updated 10/30/2014)

Average Spread

Premium/Discount

Volume

SPY ETF.com/ Block LiquidityAs of 12/19/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of SPY. SPY is rated a 5 out of 5.

SPY Tradability

Avg. Daily Share Volume 122,314,096

It is the daily number of shares traded, averaged over the past 45 trading days.

Average Daily $ Volume $24.53 B

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

Median Daily Share Volume 103,968,354

Median number of shares traded over the past 45 trading days.

(%) | The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 0.00%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

($) | The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars." href="javascript:void(0)" class="term">Average Spread ($) $0.01

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

(12 Mo) | The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period." href="javascript:void(0)" class="term">Max. Premium / Discount (12 Mo) 0.14% / -0.08%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

Impediment to Creations None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

Market Hours Overlap 100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

(Shares) | The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund." href="javascript:void(0)" class="term">Creation Unit Size (Shares) 50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

(45 Day Average) | The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots." href="javascript:void(0)" class="term">Creation Unit/Day (45 Day Average) 2,079.37

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

(%) | The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit." href="javascript:void(0)" class="term">Creation Unit Cost (%) 0.03%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

Underlying Volume / Unit 0.01%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

Open Interest on ETF Options 23,158,435

The total number of net outstanding options contracts for an ETF.

ETF.com Implied Liquidity 5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

SPY ETF.com Fit Insight

SPY delivers solid coverage of US large-cap stocks. Despite extending into the midcaps, the fund has only minor sector deviations from our benchmark. The midcap exposure adds slightly to its market risk (beta of 1.01) and introduces a mild size tilt to the portfolio. Overall, it's a very good, if slightly skewed, representation of the US large-cap space. (Insight updated 10/30/2014)

SPY Sector/Industry BreakdownView All

Sector SPY Segment Benchmark
Technology 18.46% 17.80%

Financials 16.36% 16.65%

Consumer Cyclicals 12.53% 13.06%

Industrials 12.66% 13.02%

Healthcare 13.80% 12.96%

Consumer Non-Cyclicals 10.35% 10.14%

Energy 8.77% 8.45%

Utilities 2.63% 3.18%

Basic Materials 1.84% 2.33%

SPY Geographic Exposure

Countries SPY Segment Benchmark
United States 99.86% 99.83%

Singapore 0.14% 0.13%

United Kingdom -- 0.04%

Regions SPY Segment Benchmark
North America 99.86% 99.83%

Asia-Pacific 0.14% 0.13%

Europe -- 0.04%

Developed /
Emerging Split
100.00% / 0% 100.00% / 0%

SPY Performance Statistics

Beta 1.01

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

Up Beta 1.00

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

Down Beta 1.02

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

Downside Standard Deviation 0.03%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

Segment Benchmark MSCI USA Large Cap

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

SPY Benchmark Comparison

SPY
503 Holdings
Segment Benchmark
299 Constituents
Shared Holdings
276 (Count)
 
87.27% (Weight)
SPYSegment Benchmark
Market Cap | The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio." href="javascript:void(0)" class="term">Weighted Average
Market Cap
$147.34 B$134.17 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

Size Split

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

Large (>12.9B)100%92%
Mid (>2.7B)0%8%
Small (>600M)0%0%
Micro (<600M)0%0%
Price / Book Ratio2.892.82

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

Dividend Yield1.90%1.87%

The weighted average of the current yield on the portfolio’s holdings.

Holdings | The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper." href="javascript:void(0)" class="term">Number Of
Holdings
299503

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

ConcentrationLowLow

The level of return contribution attributable to the average portfolio constituent.