Wealthy PotSPY vs SPYM: The Same S&P 500 for About a Fifth of the Fee
SPY and SPYM are both State Street funds that track the S&P 500, and they hold the same stocks in the same proportions: 99.8% overlap on our holdings match. The difference is the price of the wrapper. SPY costs 0.0945% a year. SPYM, which traded as SPLG until 31 October 2025, costs 0.02%. On $10,000 that is $9.45 a year against $2. Over the one, three and five years to 30 June 2026, SPYM's NAV return beat SPY's by 0.11 to 0.13 percentage points a year, a little more than the fee gap alone explains. For a long-term holder, SPYM is the better tool. SPY's remaining advantages are about trading rather than holding: it is a 1993 unit investment trust, more than four times SPYM's size, with a share price near $764 and listings on three foreign exchanges.
Table of Contents
The Short Answer
- Fees: SPY 0.0945%, SPYM 0.02%. SPY's prospectus says expenses are "currently being accrued at an annual rate of 0.0945%." SPYM's fee table prints 0.02% total. SPYM costs about a fifth as much.
- Overlap: 99.8%. Both portfolios at 30 June 2026 shared all 500 companies at matching weights. Even the top ten line up in the same order.
- Returns to 30 June 2026: SPYM ahead by 0.13, 0.12 and 0.11 points a year over one, three and five years, measured at NAV from State Street's own reports.
- SPYM used to be SPLG. The ticker changed on 31 October 2025. Nothing about the portfolio or the fee changed with it.
- SPY is a unit investment trust. By its own rules it cannot lend securities or use futures, and it holds dividends in a non-interest-bearing account until the quarterly payout. SPYM is an ordinary open-end ETF that can do both.
- Share price: about $764 for SPY, about $90 for SPYM (NAV on 1 October 2026). That matters only if your broker does not sell fractional shares.
- Do not hold both. They are the same index from the same company.
Same Portfolio, Checked Holding by Holding
Two funds tracking one index should look identical, and these do. Our Portfolio Overlap Checker matches the funds' SEC holdings reports security by security and adds up the smaller weight of every stock they share. For SPY and SPYM at 30 June 2026 the answer is 99.8%, with 500 shared companies.
One caveat on method. SPY is a unit investment trust and does not file the monthly portfolio report (Form N-PORT) that open-end funds file, so the tool uses S&P 500 weights from iShares' IVV filing to stand in for SPY. To check that the shortcut does not flatter the result, we compared each fund's own published top ten for the same date.
| Top holdings, 30 June 2026 | SPY (fact sheet) | SPYM (annual report) |
|---|---|---|
| NVIDIA | 7.50% | 7.5% |
| Apple | 6.57% | 6.6% |
| Microsoft | 4.29% | 4.3% |
| Amazon.com | 3.61% | 3.6% |
| Alphabet Class A | 3.24% | 3.2% |
| Broadcom | 2.77% | 2.8% |
| Alphabet Class C | 2.58% | 2.6% |
| Micron Technology | 2.01% | 2.0% |
| Meta Platforms Class A | 1.91% | 1.9% |
| Tesla | 1.83% | 1.8% |
Same ten companies, same order, same weights after rounding. There is no portfolio decision to make between these two funds. The whole comparison comes down to cost and plumbing.
SPY vs SPYM Side by Side
| SPY | SPYM | |
|---|---|---|
| Full name | State Street SPDR S&P 500 ETF Trust | State Street SPDR Portfolio S&P 500 ETF |
| Index | S&P 500 | S&P 500 (since 24 January 2020) |
| Expense ratio | 0.0945% | 0.02% |
| Annual cost on $10,000 | $9.45 | $2.00 |
| Legal form | Unit investment trust (New York) | Open-end fund, a series of SPDR Series Trust |
| Can lend securities | No, barred by its trust rules | Yes, up to 40% of net assets |
| Can use futures | No | Yes, to track the index and manage cash |
| Replication | Holds "as many of the Index Securities as is practicable" | Sampling strategy; may hold a subset or substantially all |
| Holdings | 505 (1 Oct 2026) | 506 (1 Oct 2026) |
| Assets under management | $817.6 billion (1 Oct 2026) | $173.9 billion (1 Oct 2026) |
| NAV per share | $763.78 (1 Oct 2026) | $89.89 (1 Oct 2026) |
| Inception | 22 January 1993 | 8 November 2005 |
| Exchange | NYSE Arca, plus Singapore, Tokyo and Australia | NYSE Arca |
| Distributions | Quarterly | Quarterly |
One fee footnote worth knowing. SPY's 0.0945% includes a voluntary trustee waiver that runs "until February 1, 2027", after which the prospectus says the trustee may discontinue it. We will recheck SPY's fee after that date.
SPLG Is Now SPYM
If you searched for SPLG, you are in the right place. A State Street supplement dated 21 October 2025 announced that, effective 31 October 2025, "the SPDR Portfolio S&P 500 ETF's exchange ticker symbol will change" from SPLG to SPYM, and the fund's name gained a "State Street" prefix. The fund's annual report for the year to June 2026 confirms the name change "did not result in any changes to the Fund's Investment Objective, Principal Investment Strategies or Principal Risks." Same fund, same index, same 0.02% fee.
Most comparison content written before November 2025 still says SPLG. If you hold SPLG in an old account, your broker now shows it as SPYM. Our SPYM vs VOO page covers how the fund stacks up against Vanguard's S&P 500 ETF.
One thing the new ticker does not change: SPYM's long-term record is not a pure S&P 500 record. Its annual report explains that the fund tracked the Russell 1000 until 15 November 2017, then an SSGA large-cap index, and only switched to the S&P 500 on 24 January 2020. Any ten-year comparison with SPY mixes in years when SPYM followed a different index. That is why the returns below lean on one, three and five years.
What the Fee Gap Has Cost
| Annualized NAV return to 30 June 2026 | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| SPY | 22.15% | 20.46% | 13.26% | 15.35% |
| SPYM | 22.28% | 20.58% | 13.37% | 15.50%* |
| S&P 500 | 22.32 | 20.61 | 13.41 | 15.51 |
| SPYM minus SPY | +0.13 | +0.12 | +0.11 | not like-for-like |
| SPY behind the index | 0.17 | 0.15 | 0.15 | 0.16 |
| SPYM behind the index | 0.04 | 0.03 | 0.04 |
The fee gap is 0.0745 points. The measured return gap is 0.11 to 0.13 points. So SPY gives up roughly 4 to 6 basis points a year more than its higher fee would predict. Neither issuer publishes an attribution, and we will not invent one, but the prospectus points to the likely suspects: SPY sits on uninvested dividend cash between payouts and cannot earn lending income, while SPYM can lend and can use futures to stay fully invested.
Here is what that gap meant in dollars over the cleanest window.
| Hypothetical $10,000 held for 5 years | Ending value |
|---|---|
| At SPY's 5-year NAV return (13.26%) | $18,637 |
| At SPYM's 5-year NAV return (13.37%) | $18,728 |
| Difference | about $91 |
Ninety dollars per $10,000 over five years is small. It also scales: on a $500,000 position the fee difference alone is about $373 a year, before the extra tracking gap. You can model your own balance with the compound interest calculator.
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
Why SPY Is Built Differently
SPY launched on 22 January 1993 as the first US-listed ETF, and it still uses the legal form that was available then. Its prospectus describes it as "a unit investment trust created under the laws of the State of New York and registered under the Investment Company Act of 1940." That form comes with a fixed rulebook. The same document says the trust is "not authorized to ... lend its portfolio securities or other assets ... or invest in derivative instruments, including, without limitation, futures contracts, options or swaps."
Three practical consequences:
- Dividends wait in cash. Dividends the trust receives are "credited by the Trustee to a non-interest-bearing account" and held "without interest until distributed." Any benefit from that cash goes to reduce the trustee's fee, not to you. On SPY's audited balance sheet at 30 September 2025, cash was $1.76 billion, about 0.26% of net assets. That is one date, not an average.
- No reinvestment inside the trust. "No dividend reinvestment service is provided by the Trust." Your broker may reinvest for you, but it happens at market prices after the payout, which lands on the last business day of the month after each quarterly ex-date.
- No lending revenue. SPYM may lend up to 40% of its net assets and keep part of the fee. SPY cannot lend at all.
SPYM is part of SPDR Series Trust, which its filing describes as "an open-end management investment company." It follows the S&P 500 with a sampling strategy that can hold substantially all of the index, and it may use futures to manage cash flows. That flexibility is the modern default, and it is a large part of why newer S&P 500 funds charge less and track closer.
Where SPY still earns its place. Its units also trade in Singapore, Tokyo and on the Australian Securities Exchange, it has the longest record of any US ETF, and at $817.6 billion it is more than four times SPYM's size. Traders often cite its options market and trading volume too, but we could not find a primary-source figure for its options market or consolidated trading volume, so we quote none. If you trade in and out during the day or use options on the fund, check the spread and option chain for each ticker in your own broker. If you buy and hold, those advantages do not reach you, and the fee does. For a deeper look at the trust structure, see IVV vs SPY.
Which One Fits You
Buying and holding in an IRA, Roth IRA or taxable account: SPYM. Same stocks, same issuer, 0.02% instead of 0.0945%, and a measured return edge of about a tenth of a point a year. Its roughly $90 share price is also easier to buy in whole shares if your broker does not do fractions.
Trading actively or using options: SPY may still be the tool. That is a trading decision, not an investing one, so compare live spreads and option liquidity yourself before choosing.
Already own SPY in a taxable account with large gains? Selling to switch realizes those gains. The fee difference is 0.0745 points a year, so the tax bill could take years to earn back. A common middle path is to keep the SPY you have and send new money to SPYM. Check your 2026 tax bracket first. Inside an IRA or 401(k) there is no tax on the switch, so it is simply a sale and a purchase.
Do not own both. With 99.8% overlap you would hold the same portfolio twice and pay a blended fee higher than SPYM's alone.
Comparing other S&P 500 funds? Vanguard's version is in SPY vs VOO and SPYM vs VOO, the iShares one in IVV vs SPY, and Fidelity's mutual fund in FXAIX vs SPY. If you are weighing the S&P 500 against the whole US market, see SPY vs VTI.
Sources & Methodology
Every figure on this page comes from an SEC filing or from State Street's own published fund data.
- SPDR S&P 500 ETF Trust, Form 485BPOS filed 26 January 2026: the unit investment trust description, investment restrictions, dividend account and timetable, the 0.0945% expense accrual and waiver date, the cross-listings, and the audited balance sheet at 30 September 2025.
- SPY Fact Sheet as of 30 June 2026: NAV and index returns and the top ten holdings.
- SPYM Summary Prospectus, 31 October 2025 as revised 3 February 2026: the 0.02% fee table, sampling strategy, futures use and benchmark history.
- SPDR Series Trust supplement dated 21 October 2025: the SPLG to SPYM ticker change effective 31 October 2025.
- SPDR Series Trust, Form 485BPOS filed 24 October 2025: open-end status and the 40% securities lending limit.
- SPDR Series Trust, Form N-CSR for the year ended 30 June 2026: SPYM's annual shareholder report with returns, net assets, holdings and top ten.
- State Street SPY fund page and SPYM fund page: assets, NAV per share and holdings as of 1 October 2026.
- SPYM Form N-PORT and IVV Form N-PORT, both for 30 June 2026: the holdings behind the overlap figure.
How the overlap was computed. Our Portfolio Overlap Checker sums the smaller of the two weights for every security both funds hold, using each fund's N-PORT filing. SPY files no N-PORT, so IVV's S&P 500 holdings stand in for it; we checked that against SPY's own top ten above.
What we could not verify. State Street's pages load bid-ask spreads and trading volume by script, and we found no primary source for options activity on either fund, so the page makes no liquidity claims in numbers. We did not extract SPYM's securities lending income in dollars. Neither issuer explains how much of SPY's extra tracking gap comes from cash, lending or replication, and neither do we.
This article is for general education and is not investment, tax or legal advice. Past performance does not guarantee future results, and all investing carries the risk of loss. Fund data changes daily; figures were checked against the sources above on 4 October 2026. Verify current figures with the issuer before acting.
FAQ: SPY vs SPYM
Is SPYM the same as SPLG?
Yes. State Street changed the ticker from SPLG to SPYM effective 31 October 2025 and added "State Street" to the fund's name. Its annual report says the change did not alter the objective, strategy or risks, and the fee stayed at 0.02%.
Is SPYM or SPY better for long-term investors?
SPYM. It holds the same S&P 500 stocks at 0.02% a year against SPY's 0.0945%, and its NAV return beat SPY's by 0.11 to 0.13 points a year over one, three and five years to 30 June 2026.
Why is SPY more expensive than SPYM?
SPY's prospectus breaks its 0.0945% into a trustee's fee of 0.0492%, an S&P license fee of 0.0301%, marketing of 0.0132% and other expenses of 0.0020%. SPYM's fee table shows a 0.02% management fee and 0.00% other expenses. SPY also cannot offset costs with securities lending.
How much do SPY and SPYM overlap?
99.8% at 30 June 2026 on our holdings match, with all 500 companies shared. Both track the S&P 500, so the overlap is effectively complete.
Should I own both SPY and SPYM?
No. They are the same index from the same issuer. Owning both duplicates your position and raises your average fee above SPYM's alone.
Should I sell SPY to buy SPYM?
In an IRA or 401(k), switching has no tax cost. In a taxable account, selling SPY at a gain triggers capital gains tax that a 0.0745-point fee saving may take years to recover. Many investors keep existing SPY and direct new money to SPYM.
What does SPY still offer over SPYM?
It is the oldest US ETF, it is the larger of the two by far at $817.6 billion against $173.9 billion on 1 October 2026, and it trades on foreign exchanges as well as NYSE Arca. Those features matter for frequent trading, not for buy-and-hold.
Can SPYM's ten-year return be compared with SPY's?
Not cleanly. SPYM tracked the Russell 1000 and then an SSGA index before switching to the S&P 500 on 24 January 2020, so its ten-year record mixes indexes. The one, three and five-year figures are the fair comparison.
Cite This Page
Journalists, educators and bloggers are welcome to cite this comparison. Please link back so readers can reach the underlying filings.
"SPY vs SPYM: The Same S&P 500 for About a Fifth of the Fee." Wealthy Pot, 2026. https://wealthypot.com/spy-vs-spym/
Related comparisons: SPYM vs VOO · SPY vs VOO · IVV vs SPY · FXAIX vs SPY · SPY vs VTI · All ETF comparisons
