The three largest ETFs follow the same index

SPDR S&P 500 ETF Trust (ticker: SPY) är världens största börshandlade fond. Faktum är att de tre största ETFerna alla  följer S&P 500-indexet.

The SPDR S&P 500 ETF Trust (ticker: SPY) is the world’s largest exchange-traded fund. In fact, the three largest ETFs all track the S&P 500 index.

This ETF manages nearly $400 billion in assets (AUM) and trades daily for nearly $38 billion. But the SPY is on the verge of being deposed in terms of AUM. Not by another ETF, but by an index fund run by Fidelity Investments.

The Fidelity S&P 500 index fund now manages $389 billion, just $3 billion behind SPY. This is impressive – as it has grown 6X in the last decade.

This shows the power of being an issuer and having the distribution platform to increase your assets.

Both funds mentioned have been the posters of passive fund management that have attracted many clients over the past decade or so, retail as well as institutional. It looks like the trend will not change anytime soon and hence the consistent performance of SP500 stocks with large caps and also true the other way around. An investment food loop.

From an investor’s perspective, is there a meaningful difference in which S&P index ETF to choose?

Yes, above all – the cost ratio (although the ones mentioned here are extremely cheap). SPY is the most widely used for active trading, and Fidelity’s product is an index fund (not ETF). The others may have a slightly higher spread, but negligible (if at all noticeable) to be honest.


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