ETF Watch: Second Fund Crosses $100B Asset Mark

Following in SPY’s wake, iShares’ IVV becomes the second ETF to cross $100 billion in assets.
Reviewed by: Staff
Edited by: Staff

Nearly 17 years into its existence, the SPDR S&P 500 ETF’s (SPY) lesser-known and cheaper twin has finally cracked the $100 billion mark in assets under management. The iShares Core S&P 500 ETF (IVV) crossed the milestone almost a decade after SPY did. It is only the second fund to do so.

Of course, SPY is the first-ever ETF and started trading in 1993, before IVV’s issuer even existed, so one-to-one comparisons may be unfair. SPY still dwarfs IVV, weighing in at nearly $241 billion, well over twice IVV’s AUM.

SPY’s continued dominance is a bit illogical and seems to be largely attributable to its first-to-market status. Sure, its liquidity can’t be beaten, with an average daily volume of $15 billion, but IVV’s no slacker, at an ADV of more than $700 million—it’s among the most liquid funds in the entire universe of U.S.-listed ETFs. More importantly to many—especially buy-and-hold investors—IVV is less than half of the cost of SPY, coming in at an expense ratio of 0.04% to SPY’s 0.09%.

At An Advantage?

One could even argue that IVV’s status as a 1940 Act fund gives it an advantage in that it can engage in securities lending, use derivatives and reinvest its dividends. But that also means the fund can introduce a certain amount of risk, unlike SPY, which is a unit investment trust and therefore has less latitude. Really though, when it comes to performance differences between the two funds, the results are a wash.

IVV was boosted to its current asset level in part by $808 million in inflows from the start of the month through Wednesday. By way of comparison, SPY saw inflows of more than $5 billion during the same period.

Notably, the Vanguard S&P 500 ETF (VOO), which is structured similarly to IVV and costs 0.05%, is a distant third in this race, with “just” $64 billion in AUM.    

Contact Heather Bell at [email protected]. is the single source for ETF intelligence. We provide real-time ETF news and analysis to educate investors and drive financial knowledge in the space. Our personalized and accurate information, alongside industry-leading financial tools, are depended upon to develop winning investment and financial decisions. At, we strive to serve both the individual investor as well as the professional financial advisor to educate and grow the ETF community.