TheSPDR S&P 500 ETF Trust is a very liquidexchange-traded fund (ETF) which trades on theNYSE Arca under the symbolSPY (NYSE Arca: SPY). The ETF is designed to track theS&P 500 index by holding a portfolio comprising all 500 companies on the index.[1] It is a part of theSPDR family of ETFs and is managed byState Street Global Advisors.[2] The fund is the largest and oldest ETF in the USA. Legally, the fund is set up as aunit investment trust. It has anet expense ratio of 0.0945%, itsCUSIP is 78462F103, and itsISIN is US78462F1030.[2]
SPDR is an acronym for theStandard & Poor's Depositary Receipts, the former name of the SPDR S&P 500 ETF Trust. SPDR is a trademark of Standard and Poor's Financial Services LLC,[3] a subsidiary ofS&P Global. The SPDR prefix is also used by other funds in theSPDR family which the ETF is a part of.[4]
The Standard & Poor's Depositary Receipts were launched byBostonasset managerState Street Global Advisors (SSGA) on January 22, 1993, as the first ETF in theUnited States (preceded by the short-lived Index Participation Shares that launched in 1989); and are part of theSPDRs ETF chain.[5][6][7] Designed and developed byAmerican Stock Exchange executives Nathan Most and Steven Bloom,[8][9] the fund first traded on that market, but has since been listed elsewhere, including theNew York Stock Exchange.
In February 2024, SPY became the first ETF in history to reach $500 billion inassets under management.[10]
SPY is structured as aunit investment trust (UIT), aninvestment company that does not have aportfolio manager orboard of directors.[11] The trustee of the trust isState Street Global Advisors Trust Company and the sponsor is PDR Services LLC, a subsidiary ofIntercontinental Exchange.[12]
As a result of being structured as an UIT, it cannot exist in perpetuity and must have an expiry date. According to the trust's legal structure, there are 11millennials living in the United States upon whose lives the life of the trust is pegged. 8 of the 11 individuals chosen had some connection to the employees of the American Stock Exchange who first founded the ETF.[13] SPY will cease to exist on January 22, 2118, or 20 years after the last of the 11 individuals die, whichever comes first.[13]
Other ETFs that are based on the S&P 500 index include:
 | Parts of this article (those related to FY 2024) need to beupdated. Please help update this article to reflect recent events or newly available information.(June 2025) |
Returns of SPY byfiscal year perSEC EDGAR filings. Effective September 30, 1997, the end of the trust's fiscal year changed from December 31 to September 30. The 5-Year and 10-Year Average (Avg) Annual Return results are in the table below include reinvestment of distributions (typically dividends) from the trust.
| Year | 1-Year Return | Avg Annual Return 5-Year | Avg Annual Return 10-Year |
|---|---|---|---|
| 1993 | 9.78% | ||
| 1994 | 1.15% | ||
| 1995 | 37.23% | ||
| 1996 | 22.67% | ||
| 1997 | 29.38% | ||
| 1998 | 8.82% | ||
| 1999 | 27.54% | ||
| 2000 | 13.16% | ||
| 2001 | −26.60% | ||
| 2002 | −20.46% | ||
| 2003 | 24.13% | ||
| 2004 | 13.62% | ||
| 2005 | 12.11% | ||
| 2006 | 10.64% | ||
| 2007 | 16.31% | 15.29% | 6.45% |
| 2008 | −21.84% | 5.10% | 2.98% |
| 2009 | −6.90% | 0.98% | −0.21% |
| 2010 | 10.08% | 3.03% | −4.79% |
| 2011 | 1.01% | −1.22% | 2.74% |
| 2012 | 29.96% | 1.00% | 7.91% |
| 2013 | 19.09% | 9.87% | 7.46% |
| 2014 | 19.57% | 15.52% | 8.00% |
| 2015 | −0.64% | 13.18% | 6.70% |
| 2016 | 15.30% | 16.21% | 7.14% |
| 2017 | 18.44% | 14.07% | 7.33% |
| 2018 | 17.72% | 13.80% | 11.82% |
| 2019 | 4.11% | 10.70% | 13.09% |
| 2020 | 14.98% | 13.99% | 13.60% |
| 2021 | 29.79% | 16.72% | 16.48% |
| 2022 | −15.53% | 9.09% | 11.56% |
| 2023 | 21.45% | 9.77% | 11.77% |
| 2024 | 24.35% | - | - |
SPY follows afull replication strategy, meaning the fund holds all 500 stocks in the S&P 500 index in proportion to their weight in the index. This approach ensures that SPY closely tracks the performance of the S&P 500 with minimal tracking error. The fund is designed to provide returns that correspond closely to the performance of the S&P 500, though it may not exactly match the index due to expenses and slight differences in timing between the fund's holdings and index changes.
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