SPY ETF guide. Cost, yield and top holdings in one place.
SPY tracks the S&P 500 Index and holds about 500 of the largest U.S. companies. See what it costs to hold each year, what it pays, what sits inside and how it has returned.
One ticker.
What SPY is, in plain words.
SPY tracks the S&P 500 Index and holds about 500 of the largest U.S. companies. The fund is managed by State Street, trades on NYSE Arca in U.S. dollars and launched on Jan 22, 1993. On Nov 6, 2026 it held $777.9B in net assets and its expense ratio was 0.095%. SPY is the oldest and most heavily traded U.S. ETF.
Investors search for SPY ETF because they want a clear answer to four practical questions. What does it cost to hold each year, what does it pay, what is actually inside, and how does it fit in a Roth IRA, a traditional IRA or 401(k), or a taxable account. This guide answers each one with dated figures from the issuer, and marks anything the issuer page does not publish as Not captured.
Key takeaways
- What it is. SPY tracks the S&P 500 Index and holds about 500 of the largest U.S. companies.
- Cost. Expense ratio 0.095%, about $9 a year on $10,000.
- Income. Trailing yield 0.96%, paid quarterly.
- Risk. Calendar year returns ran from -18.1% to +26.3%.
It suits you if
- You want low cost exposure to U.S. companies in one fund.
- You want a core stock holding you can buy and keep.
- You are comfortable with technology having the largest weight.
Look elsewhere if
- You want Europe, Asia and emerging markets in the same fund.
- You want to avoid technology concentration.
- You need high income today.
What SPY holds.
The 10 largest stock positions inside SPY, as of Nov 6, 2026. Pick a number to see how much of the fund they make up.
The ten largest holdings and the sector split are shown below from the issuer page. The weights are concentrated in a small number of very large companies, so a handful of names can move the whole fund on a single day.
SPY yield and distributions.
SPY pays distributions in Mar, Jun, Sep, Dec, which makes it a quarterly payer. The issuer page showed a SEC yield of 0.96% dated Sep 30, 2026. The most recent payment in the log was $1.8888 per share with an ex-date of Sep 18, 2026.
A yield is a snapshot, not a promise. The payment moves each period with the dividends and interest the fund receives, and some years include capital gains or return of capital that do not repeat. Read the year by year table below before building a plan around a single quarter. If you reinvest distributions, the payment still counts as income for tax purposes in a taxable account.
Recent distributions per share
Total distribution per share is shown on each bar. A tinted bar includes a reinvested year end amount.
Income estimate at the current yield
Uses the 0.96% yield dated Sep 30, 2026. Actual payments move each period.
Every payment, and the year by year record.
The ex-date is the cut-off, so you must hold shares before it to receive that payment. Amounts are per share in U.S. dollars from the issuer page.
Payment log
| Ex-date | Payable | Cash | Total |
|---|---|---|---|
| Sep 18, 2026 | Oct 30, 2026 | $1.88880 | $1.88880 |
| Jun 18, 2026 | Jul 31, 2026 | $1.90350 | $1.90350 |
| Mar 20, 2026 | Apr 30, 2026 | $1.79700 | $1.79700 |
| Dec 19, 2025 | Jan 30, 2026 | $1.99340 | $1.99340 |
| Sep 19, 2025 | Oct 31, 2025 | $1.83110 | $1.83110 |
| Jun 20, 2025 | Jul 31, 2025 | $1.76110 | $1.76110 |
| Mar 21, 2025 | Apr 30, 2025 | $1.69550 | $1.69550 |
| Dec 20, 2024 | Jan 31, 2025 | $1.96550 | $1.96550 |
The issuer reports the tax character of each payout after year end. Use the Form 1099-DIV from your broker for your own return.
What SPY costs to hold each year.
The expense ratio of 0.095% means the fund keeps about $9 a year for every $10,000 you hold. That cost is taken out of the fund price in small daily amounts, so you never see a bill, but it lowers your return every year. Over ten years on a flat $10,000 the expense ratio adds up to roughly $94, before any growth.
Two other costs sit outside the expense ratio. Trading commissions depend on your brokerage, and most large U.S. brokerages now charge nothing to buy ETFs. The bid and ask spread is a small cost you pay each time you trade, and for the largest funds it is usually tiny.
Expense ratio cost at common amounts
| Amount held | Per month | Per year | Over 10 years, flat | Hypothetical 2.00% fund, per year |
|---|---|---|---|---|
| $1,000 | $0.08 | $0.94 | $9 | $20 |
| $5,000 | $0.39 | $4.72 | $47 | $100 |
| $10,000 | $0.79 | $9.45 | $94 | $200 |
| $25,000 | $1.97 | $23.62 | $236 | $500 |
| $50,000 | $3.94 | $47.25 | $472 | $1,000 |
| $100,000 | $7.88 | $94.50 | $945 | $2,000 |
| $250,000 | $19.69 | $236.25 | $2,362 | $5,000 |
Flat estimates at the current expense ratio with no growth and no change in fee. Trading commissions depend on your brokerage and are not included. The 2.00% fund is a hypothetical used for scale.
Where the cost shows up
- Not as a bill. The share price and returns are already lower by the expense ratio.
- Trading cost shows up as the bid and ask spread each time you buy or sell, and as a commission if your broker charges one.
- In a taxable account, dividends are reported on Form 1099-DIV and taxed in the year they are paid.
Expense ratio cost calculator
Flat estimate at an expense ratio of 0.095% with no growth and no change in fee. It shows scale only, not a forecast.
How SPY has returned.
Calendar year returns from the issuer ran from -18.11% in 2022 to +26.29% in 2023. Those figures are NAV total returns, which include fees and assume distributions are reinvested. A single weak year is normal for any stock heavy fund, and the point of the record is to show the range rather than to predict the next year.
Returns over longer periods hide the path. A fund can end a decade well ahead and still have lost a fifth of its value along the way. Check your own tolerance for a decline before you choose the weight, and remember that past performance does not guarantee future results.
Annualised NAV returns from the issuer, as of Sep 30, 2026. They include fees.
Past performance does not guarantee future results. Gaps are shown as Not captured because the issuer page did not publish that period.
Calendar year returns
NAV total return including reinvested distributions.
What $10,000 became, 2022 to 2025
Linking the calendar year returns above, with distributions reinvested.
An illustration of past figures, not a forecast. It ignores taxes and trading costs.
Growth of $10,000, year by year
SPY fund facts in one place.
Every figure comes from the issuer for the date shown. A line reads Not captured when it is not published on the pages we use.
Where the companies are.
Country exposure as published by the issuer.
Sector exposure
What the ride can look like.
SPY can lose value, and the calendar year record shows the range so far.
- Market risk. The fund falls when U.S. stocks fall.
- Concentration. A few very large technology companies carry a high share of the weight.
- Single country. Nothing outside the United States cushions a U.S. decline.
- Valuation risk. When prices rise faster than company earnings, later returns can be lower or negative.
- Distribution risk. Payments change each period and are not guaranteed.
How investors use SPY.
SPY is most often used as the core U.S. stock holding in a portfolio. An investor who owns it is choosing to tie a large share of the portfolio to the biggest U.S. companies, which is a choice about weights more than about the fund. Because the largest holdings are very large technology firms, the fund can behave differently from the broad economy.
Many investors pair it with an international fund and a bond fund, or use it alone as the stock part of a simple plan. Others prefer a total market fund that adds mid and small companies, which is a topic to check against your own situation.
Before buying SPY, check four things on the issuer page. First, confirm the expense ratio matches the figure on this page, since fees can change when an issuer cuts costs. Second, confirm the fund is eligible for the account you plan to use. Third, read the latest tax breakdown if you hold it in a taxable account. Fourth, look at the bid and ask spread on the day you trade, since a wide spread is a cost that the expense ratio does not show.
Several comparable funds exist, with expense ratios of VOO at 0.03%, IVV at 0.03%, VTI at 0.03%, ITOT at 0.03%, so weigh cost together with what each fund holds, how it pays and the account you use.
No single fund is right for everyone, and this guide describes the product rather than recommending it. The figures come from the issuer and are dated. Distribution amounts, yields and holdings change, and past returns do not predict future returns. For a decision with large amounts of money, read the prospectus and the shareholder reports, and consider speaking with a licensed adviser about your own situation.
SPY against similar funds.
The same fund type from other issuers. Open a comparison for holdings overlap and returns.
| Fund | Issuer | Expense ratio | Net assets | Trailing yield |
|---|---|---|---|---|
| SPY (this fund) | State Street | 0.095% | $777.9B | 0.96% |
| VOO | Vanguard | 0.03% | $1,032.3B | 1.02% |
| IVV | iShares | 0.03% | $873.6B | 0.95% |
| VTI | Vanguard | 0.03% | $689.2B | Not captured |
| ITOT | iShares | 0.03% | $96.2B | 0.96% |
SPY is part of the Broad Market ETFs category on this site, grouped here with VOO, IVV, VTI. Each comparison page lines up two funds on cost, holdings overlap, yield and returns, so you can see what separates them.
Where SPY fits.
Qualified withdrawals from a Roth IRA are tax free, so dividends and gains compound without a yearly tax bill and the expense ratio is the main drag you carry. SPY is an ordinary exchange traded fund, so most brokerages let you hold it in a Roth IRA.
Tax is deferred until you withdraw, and withdrawals are taxed as ordinary income. A 401(k) offers only the funds on its menu, so check whether SPY or a similar fund is in your plan.
Most of the distribution is dividends from U.S. companies. Dividends that meet the holding rules are taxed as qualified dividends at lower long term rates in a taxable account, and the rest is taxed as ordinary income. Your broker reports the amounts on Form 1099-DIV after year end, and those figures are what count on your return. ETFs also tend to pass out few capital gains because of how shares are created and redeemed.
General education, not tax advice. Rules change, so confirm with the issuer tax documents or an adviser.
Buying SPY in five steps.
- Pick the account. Roth IRA, traditional IRA, 401(k) or taxable. Most brokerages let IRAs hold ETFs like this one.
- Search the ticker. Type SPY in your brokerage and choose the U.S. listing, priced in U.S. dollars.
- Use a limit order. It sets the most you will pay and avoids surprises at the open.
- Check the cost. Most large U.S. brokerages charge no commission on ETFs, and some charge a small fee per trade.
- Set a routine. Add money on a schedule and decide whether to reinvest distributions.
Terms used on this page.
Where to go next from SPY.
Every SPY link in one place. Start with the category, then the head to head comparisons, then the guides for other funds and the tools.
CategoryBroad Market ETFsEvery fund in this category, with a comparison page for every pair.Open the category →SPY comparison pages 4
Guides for similar funds
More U.S. fund guides
Calculators for SPY investors
Other ETF categories
Guides and research
Common questions about SPY.
What is SPY?
SPY tracks the S&P 500 Index and holds about 500 of the largest U.S. companies. It is managed by State Street, trades on NYSE Arca in U.S. dollars and launched on Jan 22, 1993.
What is the expense ratio of SPY?
The expense ratio of SPY on the issuer page is 0.095%, or about $9 a year per $10,000 invested.
What is the SPY dividend yield?
The issuer page showed a SEC yield of 0.96% on Sep 30, 2026 for SPY. Yields change, so check the issuer page for the current figure.
How often does SPY pay a dividend?
SPY pays distributions in Mar, Jun, Sep, Dec. The latest payment in the log was $1.8888 per share.
What does SPY hold?
SPY holds 504 positions. Its largest positions are Apple, NVIDIA, Microsoft.
Can I hold SPY in a Roth IRA or 401(k)?
Yes for IRAs. SPY is an ordinary exchange traded fund, so most brokerages let you hold it in a Roth IRA or a traditional IRA. Whether it is available in a 401(k) depends on the funds your plan offers.
How has SPY performed?
Calendar year NAV returns ran from -18.11% in 2022 to +26.29% in 2023. Returns include fees. Past performance does not guarantee future results.
SPY or IVV, what is the difference?
The two funds do a similar job and differ in cost, issuer and holdings. SPY has an expense ratio of 0.095% and IVV has an expense ratio of 0.03%. Open the IVV vs SPY comparison for holdings overlap, yield and returns side by side.
How is SPY taxed in a taxable account?
Dividends are reported on Form 1099-DIV. Qualified dividends are taxed at long term rates and the rest as ordinary income. The split changes by year, so use the figures your broker reports.
Source, State Street fund page. All figures are dated as shown. This guide is for education and is not personal advice or an offer to sell.