The S&P 500 is the benchmark index of 500 leading U.S. large-cap stocks. Among the U.S.-listed ETFs that track this index, four dominate by assets — and each was born under different circumstances.

• SPY (SPDR S&P 500 ETF) — Listed in 1993 as the first ETF in the United States. Run by State Street (SPDR). It is the most actively traded ETF in the world, and once you include the options market, it ranks first by a wide margin in liquidity.
• IVV (iShares Core S&P 500) — BlackRock's (iShares) low-cost challenger, launched in 2000.
• VOO (Vanguard S&P 500) — Released by Vanguard in 2010. It became a symbol of the low-cost, long-term investing culture and pulled in massive inflows, and is now the largest S&P 500 ETF by assets under management.
• SPYM (SPDR Portfolio S&P 500) — State Street's low-cost line. It traded for years under the SPLG ticker before being rebranded to SPYM. With the lowest expense ratio and the lowest share price, it has caught the eye of small-ticket investors.

Since all four track the same index, their index returns are essentially identical. The differences come down to expense ratio, asset size, liquidity, product structure, and share price.

2. Head-to-head: key metrics

Data as of early July 2026. (AUM, share price, and dividend yield change constantly — check each ticker page for the latest figures.)

* Based on data collected in early July 2026. The 1-year return is price-only (excludes distributions), so the small differences across the four reflect ex-dividend timing and the like; long-term total returns diverge only by the fee differential.

Three points stand out. First, VOO is now the #1 by AUM. For years "the world's largest ETF = SPY" was a given, but the shift toward low-cost investing has reshuffled the ranking. Second, SPY's expense ratio (0.09%) is 3x VOO/IVV and more than 4x SPYM. Third, with a single share priced around $88, SPYM is the easiest entry point for small, recurring buys. Detailed numbers live on each product page — SPY · VOO · IVV · SPYM.

What makes SPY different — the unit investment trust (UIT) structure

SPY dates back to 1993, so by today's standards it uses a legacy legal structure — a unit investment trust. That structure requires SPY to hold incoming dividends in cash until the pay date (no internal reinvestment) and bars it from earning extra return through securities lending. The open-end funds — VOO, IVV, and SPYM — can reinvest dividends before distribution and earn securities-lending revenue, which gives them a very slight edge in bull markets. For long-term holding, the consensus view is that the structurally lower-cost trio is the more rational choice.

0.09% vs. 0.02% — at first glance "it's not even 0.1%, what's the big deal?" But expense ratios are deducted every year, on a compound basis, regardless of whether the market is up or down. Run a simple model with a 100M KRW investment and an assumed 7% annual return (including reinvested dividends):

Over 30 years, the gap between SPY and SPYM is roughly 15M KRW. Same index, same return — and a fee differential alone is worth a mid-size car. Unless you're an active trader or swing trader who genuinely needs SPY's options and liquidity, there's little reason to absorb a higher fee on a long-term investment.

* Simplified simulation assuming a fixed 7% per year and ignoring costs beyond the expense ratio. Actual returns may differ.

Dividends — all four pay quarterly

All four ETFs pay quarterly dividends, with ex-dividend dates landing in March, June, September, and December (actual pay dates typically fall a few weeks after the ex-date and vary by product). Yields hover around 1% and are broadly similar. Because index gains are the main driver for S&P 500 ETFs — not dividends — investors looking for an income-focused portfolio should consult our monthly dividend portfolio design guide and our 12-dividend-ETF comparison.

Taxes — common rules for direct U.S. investing

• Dividends: 15% U.S. withholding at source before payout. No additional Korean tax at source, but if your total financial income exceeds 20M KRW in a year, it falls under Korea's comprehensive financial income tax.
• Capital gains: Annual gains and losses are netted; the 2.5M KRW basic exemption is deducted, and the remainder is taxed at 22% (including local income tax) as a separate capital gains tax. Filing is due the following May.
• Profit and loss are calculated using the settlement-date won/dollar rate for each buy and sell, so FX moves affect your tax base too.

Worked examples and tax-saving strategies (loss netting, using the 2.5M KRW exemption, gifting, etc.) are covered in detail in the complete guide to U.S. stock taxes, H2 2026.

🇰🇷 5. Buying it via a Korea-listed product

Domestic asset managers — TIGER, KODEX, ACE, RISE, and others — also list S&P 500-tracking ETFs on the Korea Exchange. The choice between direct U.S. investing and a Korea-listed wrapper generally comes down to the following considerations.

In particular, buying a Korea-listed S&P 500 ETF inside pension savings, IRP, or ISA unlocks tax-deferred and reduced-rate treatment, so for long-term recurring investors the typical playbook is to max out these tax-advantaged accounts first. Account-specific pros and cons are mapped in the ISA · pension savings · IRP U.S. ETF investing guide, and the head-to-head among the four Korean issuers is in our Korea-listed S&P 500 ETF comparison.

For Korea-listed products, you need to compare them on the total expense ratio (TER) — which bundles other costs on top of the stated management fee. Use the calculator below to see how fee differences among Korea-listed S&P 500 ETFs compound over time.

The bottom line in one sentence: "For trading, SPY; for long-term investing, any of VOO, IVV, or SPYM; for small budgets, SPYM." The differences among the low-cost trio are essentially a matter of taste, and whichever you pick, the spirit of S&P 500 investing stays the same — cheap, patient, and consistent.