At a glance
SPYM charges 0.01% a year, below the 0.06% average of the 8 funds most like it (the 2nd cheapest of 9). It has $153.92B in assets, the 4th largest of that group; it paid 1.03% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +11.5% with distributions reinvested (S&P 500: +11.5%), 7th of those 9 funds; over three years it returned +22.0% a year. At its worst it fell 24.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low. Its ten largest positions make up 36.4% of the fund, out of 504 in all.
The short version
SPDR Portfolio S&P 500 ETF (SPYM) is a State Street index fund that tracks the S&P 500, about 500 large US companies led by NVIDIA, Apple and Microsoft. Its standout is cost: a net expense ratio (annual fee) of 0.01%, after a fee waiver, per its October 30, 2026 prospectus, versus 0.03% for IVV and VOO and 0.0945% for the far larger SPY. Holdings and returns otherwise closely match those funds.
Price history
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SPYM +11.5% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SPYM official prospectus, to Dec 31, 2025 | — | +17.85% | — | +14.39% | +14.81% | — |
| SPYM price data to Nov 2, 2026 | +11.2% | +11.5% | +22.0% | +11.8% | — | +16.6% |
- Over the year to Nov 2, 2026, SPYM returned +11.5%, 7th of 9 among similar funds.
- Its 5-year annualized return was +11.8%.
- Its worst full calendar year was 2022 (-18.1%); its best was 2021 (+28.8%).
- The deepest fall in its price history was 24.5% (Jan 3, 2022 to Oct 12, 2022), recovered by Dec 13, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.2% | — |
| 2025 | +17.8% | +17.85% |
| 2024 | +25.0% | +24.97% |
| 2023 | +26.2% | +26.26% |
| 2022 | -18.1% | -18.13% |
| 2021 | +28.8% | +28.67% |
| 2020 | — | +18.48% |
| 2019 | — | +32.06% |
| 2018 | — | -4.71% |
| 2017 | — | +21.61% |
| 2016 | — | +12.02% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Not in the price data, which starts Jun 2, 2020 |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.5% over that stretch · deepest drop along the way 24.5%, back to its old high 14 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6700 | |
| 2025 | $0.9100 | +3.4% |
| 2024 | $0.8800 | +10.0% |
| 2023 | $0.8000 | +5.3% |
| 2022 | $0.7600 | +10.1% |
| 2021 | $0.6900 |
What's inside
As of Jun 30, 2026, the fund held 504 securities; the ten largest made up 36.38% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 7.51% | |
| Apple Inc | 6.59% | |
| Microsoft Corp | 4.29% | |
| Amazon.com Inc | 3.62% | |
| Alphabet Inc | 3.25% | |
| Broadcom Inc | 2.77% | |
| Alphabet Inc | 2.59% | |
| Micron Technology Inc | 2.02% | |
| Meta Platforms Inc | 1.92% | |
| Tesla Inc | 1.83% | |
| Eli Lilly & Co | 1.47% | |
| Advanced Micro Devices Inc | 1.47% | |
| Berkshire Hathaway Inc | 1.42% | |
| JPMorgan Chase & Co | 1.36% | |
| Intel Corp | 1.02% |
By country
United States 96.93%Ireland 2%Switzerland 0.27%Bermuda 0.16%Netherlands 0.13%By asset type
Stocks 99.87%By sector
Sectors of the companies held, for the 90.8% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $17.92B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.49%, +5.26%, -0.96%.
How it works
The fund aims to match the S&P 500 Index, compiled by S&P Dow Jones Indices. To join, a company generally needs a US exchange listing, a total market value of at least $18 billion, at least $9 billion of publicly tradable shares, active trading, and positive earnings over the past four quarters and in the latest quarter. The index held 503 stocks as of July 31, 2026.
Stocks are weighted by float-adjusted market value, which counts only shares the public can trade, so bigger companies make up more of the fund. As of June 30, 2026, the 10 largest positions accounted for 36% of assets, led by NVIDIA (7.5%), Apple (6.6%) and Microsoft (4.3%), and technology was the largest sector at about 35%. The index is rebalanced every quarter, and portfolio turnover (the share of holdings replaced in a year) was 3%.
The adviser, SSGA Funds Management, may hold a representative sample of index stocks or nearly all of them; as of June 30, 2026, it had 504 holdings, close to the full index. It may use S&P 500 futures (contracts to trade at a set future price) to manage cash coming in and out. Because a few giants dominate, the fund can at times become "non-diversified" under federal fund law, with more riding on fewer companies.
What it really costs
- SPYM charges 0.01% a year, versus an average of 0.06% for the similar funds below (2nd of 9, cheapest first).
- Of that, 0.02% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.01% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $1 in the first year and $20 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPYM | $1 | $3 | $6 | $20 |
In a retirement portfolio
It offers low-cost, broad exposure to about 500 large US companies, the kind of fund a stock allocation is often built around.
SPYM could anchor the stock side of a portfolio, but it rises and falls with the market. In the 2022 downturn it dropped 24.5% from January 3 to October 12, 2022, then took about 14 months to recover, by December 13, 2023. Its worst calendar year from 2016 to 2025 was 2022, at -18.13%, and its worst quarter came in the early-2020 COVID crash, at -19.54%. Comparable 2008 figures aren't shown here. Drawing income during such a stretch means cashing out shares at lower prices.
Income is modest: the trailing 12-month yield, dividends over the past year as a share of price, was 1.03% as of November 2, 2026, paid quarterly. Costs are tiny: the SEC's standard example shows $20 in expenses on $10,000 over 10 years. Past results don't predict future returns, and a sound plan looks at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want the S&P 500 at a 0.01% net expense ratio, below 0.03% for IVV and VOO and 0.0945% for SPY.
- Long-term investors wanting one fund covering roughly 500 large US companies, with little trading inside it: portfolio turnover was 3%.
- Those who can ride out drops like the 24.5% fall in 2022, which took about 14 months from the October 2022 low to recover.
Look elsewhere if
- Investors seeking substantial income: the trailing yield was 1.03% as of November 2, 2026, paid quarterly.
- Anyone uneasy with concentration: technology was about 35% of assets and the top 10 holdings about 36% as of June 30, 2026.
- Investors wanting small and midsize companies, international stocks or bonds; this fund sticks to large US-listed stocks, which can lag smaller companies.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SPYM this fund | — | 0.01% | $153.92B | +11.5% | +22.0% |
| SPY SPDR S&P 500 ETF Trust | 100% | 0.0945% | $781.19B | +11.5% | +21.9% |
| IVV iShares Core S&P 500 ETF | 100% | 0.03% | $888.13B | +11.5% | +22.0% |
| VOO Vanguard S&P 500 ETF | 100% | 0.03% | $1.67T | +12.4% | +23.6% |
| USPX Franklin U.S. Equity Index ETF | 97% | 0.03% | $1.98B | +12.9% | +24.9% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 96% | 0.2% | $2.74B | +12.6% | +24.8% |
| VOTE TCW Transform 500 ETF | 92% | 0.05% | $1.10B | +13.5% | +25.2% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 92% | 0% | $5.47B | +13.4% | +25.4% |
Questions investors ask
What's the difference between SPYM and SPY?
Mostly cost and size. Both are SPDR funds that hold the S&P 500, and their holdings overlap 100%. SPYM's expense ratio was 0.01% in its October 30, 2026 prospectus, versus 0.0945% for SPY. SPY is much bigger, with $781 billion in net assets versus about $154 billion for SPYM as of June 30, 2026. Returns have tracked closely: both gained 11.5% over the year to November 2, 2026, and about 22% a year over three years.
Is SPYM good for retirement?
It can work as a core stock holding: it spreads money across about 500 large US companies for a net 0.01% a year. But it is almost entirely stocks, so it swings with the market. It fell 24.5% in the 2022 downturn and took about 14 months from the October 2022 low to recover. Its trailing yield was 1.03% as of November 2, 2026, so it provides little income. How it fits depends on the rest of the portfolio.
Does SPYM pay a dividend?
Yes, every quarter. The fund passes along dividends from the companies it holds, minus its expenses. Over the 12 months to November 2, 2026, it paid $0.91 per share, a trailing yield of 1.03%. That's a modest income stream. Investors who want more income from stocks often compare it with dividend-focused funds, which hold a different mix of companies.
What is SPYM's expense ratio?
SPYM's expense ratio, the yearly fee taken from fund assets, was 0.01% in its October 30, 2026 prospectus, after a 0.01% fee waiver on a 0.02% management fee. In the SEC's standard example, $10,000 earning 5% a year, with shares cashed out at the end of each period, would incur about $1 in costs after one year, $6 after five and $20 after 10. That compares with 0.03% for IVV and VOO and 0.0945% for SPY; similar funds averaged 0.06%.
How has SPYM performed over the last 10 years?
It returned an average of 14.81% a year over the 10 years to December 31, 2025, after expenses, and 14.39% a year over five years, according to its prospectus. Yearly results in that decade ranged from a 32.06% gain in 2019 to an 18.13% loss in 2022; 2018, down 4.71%, was the only other losing year. Year to date through November 2, 2026, it was up 11.2%. Past returns don't predict future ones.