The article compares SPY and IVV, two ETFs tracking the S&P 500 with identical holdings and weights, and notes that SPY charges more. According to State Street's SPY page, its gross expense ratio is 0.0945%, while BlackRock's IVV prospectus lists a net expense ratio of 0.03%. The funds are structured differently: SPY is a unit investment trust that holds dividends in cash until paid out, while IVV is an open-end fund that can reinvest dividends and earn securities lending revenue. A March 17, 2026 SPY fact sheet lists NVIDIA (7.58%), Apple (6.66%) and Microsoft (4.91%) among its top holdings, reflecting concentration in megacap technology that both funds share. The article also notes SPY's deep trading liquidity, which matters to active traders and options users, and that switching outside tax-advantaged accounts may trigger capital gains tax.
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