What Is SPYV? State Street SPDR Portfolio S&P 500 Value ETF
Last updated September 2026
Short answer
SPYV is State Street SPDR Portfolio S&P 500 Value ETF, an ETF that tracks the S&P 500 Value Index at a 0.04% expense ratio. SPYV holds the companies within the S&P 500 that score as value on book value, earnings and sales relative to price. The most instructive fact about it is that the largest position is Apple at 7.3%. That is not an error; it is what happens when you screen a market whose largest companies have become so dominant that even a value screen cannot fully exclude them. Anyone expecting a portfolio of unloved banks and energy companies should look at the holdings before buying.
SPYV is issued by State Street SPDR and tracks the S&P 500 Value Index. It charges a 0.04% expense ratio, holds approximately $35.3B in assets under management, yields about 1.72%, and launched in 2000.
How the S&P splits its own index
S&P scores every company in the S&P 500 on three value factors and three growth factors, then assigns it to the value index, the growth index, or splits it across both in proportion. A company can therefore appear in SPYV and in its growth sibling simultaneously at partial weight.
This is why Apple sits at the top. Apple scores partly as value on some measures, so a slice of its enormous market capitalisation lands in the value index. A mechanical screen applied to a market this top-heavy will keep pulling the giants in, whatever label sits on the fund.
What the portfolio actually looks like
Apple at 7.3%, Amazon at 3.8%, Intel at 2.3%, Exxon Mobil at 2.0%, Walmart at 1.7% and Tesla at 1.6%. Technology is still 22% of the fund, with financials at 15%, healthcare at 12% and consumer discretionary at 11%.
That is a more balanced sector profile than the S&P 500 as a whole, where technology runs near 40%, and that rebalancing is the real service SPYV performs. Calling it a value fund sets an expectation of deep-value banks and energy; describing it as the less technology-concentrated half of the S&P 500 is more accurate.
The 1.72% yield reflects the same thing. It is well above a growth fund and well below a dedicated dividend fund.
SPYV against IUSV
These two are direct competitors and are easy to confuse. SPYV tracks the S&P 500 Value Index at 0.04%; IUSV tracks the S&P U.S. Value Index at the same 0.04%, drawing from a slightly broader universe than the 500.
Their holdings are nearly identical, led by Apple, Amazon, Intel, Exxon Mobil and Walmart in both. Fees match. On any reasonable analysis they are interchangeable, and the choice comes down to which your broker or plan offers and which you can buy without triggering a taxable event.
SPYV holdings: top 10
Approximate weights as of August 2026. Each ticker links to its individual stock guide in Walnut.
How do I invest in SPYV?
There are three common ways to get SPYV exposure. Buy shares (or fractional shares) of SPYV directly at any major broker that lists it. Hold it as a core position and layer more concentrated ideas on top. Or build it into a thematic portfolio in Walnut, so SPYV sits alongside other holdings that express the same thesis, with target weights you can rebalance toward. SPYV trades like a stock during market hours, so you buy it the same way you would any listed share.
New to buying funds? See how to buy an ETF, step by step.
Is SPYV a good buy?
Whether SPYV is a good buy depends less on any single call and more on your time horizon and what you already hold: it tracks the S&P 500 Value Index, so the real question is whether you want that exposure in your mix and at what weight. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is SPYV a buy?
The bottom line on SPYV
SPYV gives you the S&P 500 Value Index exposure in one ticker at a 0.04% expense ratio. Most investors use it as a core holding and layer more concentrated thematic portfolios on top.
More on SPYV
Whether SPYV is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is SPYV a buy?
SPYV yields 1.72% as of August 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see SPYV dividend: yield and schedule.
New to funds like SPYV? Start with what an ETF is, then how to buy an ETF, or browse the full guide to ETF investing.
Wondering how SPYV fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in SPYV with AI
Connect the broker you already use and ask Walnut's AI how SPYV fits what you actually hold: what it overlaps with, what it leaves you exposed to, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is SPYV?
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SPYV is the SPDR Portfolio S&P 500 Value ETF. It holds the companies within the S&P 500 that S&P scores as value on book value, earnings and sales relative to price. It charges 0.04%, holds about $35.3B, yields roughly 1.72%, and launched in 2000.
Why is Apple the largest holding in a value fund?
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Because S&P splits each company between its value and growth indices rather than assigning it wholly to one. Apple scores partly as value on some measures, so a slice of its very large market capitalisation lands here. In a market this top-heavy, a mechanical value screen still pulls in the giants.
What does SPYV hold?
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Apple at 7.3%, Amazon at 3.8%, Intel at 2.3%, Exxon Mobil at 2.0%, Walmart at 1.7% and Tesla at 1.6%. By sector: technology 22%, financials 15%, healthcare 12% and consumer discretionary 11%.
SPYV vs IUSV: is there any real difference?
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Very little. Both charge 0.04%, both track S&P value indices, and both are led by Apple, Amazon, Intel, Exxon Mobil and Walmart. IUSV draws from a slightly broader universe than the 500. They are effectively interchangeable, so pick on availability and on whether selling an existing position would trigger tax.
Is SPYV really a value fund?
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It is the value half of the S&P 500, which is not the same as a deep-value fund. Technology is still 22% of it. A more accurate description is the less technology-concentrated half of the S&P 500, which is genuinely useful but sets different expectations than the word value usually does.
Does SPYV pay a good dividend?
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About 1.72%, roughly double a growth fund and well below a dedicated dividend fund. Value screens select companies trading cheaply against fundamentals, and those companies tend to pay out more, so the yield is a by-product rather than the objective.
Does SPYV overlap with an S&P 500 fund?
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Completely, by construction. Every holding is already in the S&P 500. Adding SPYV to a broad fund does not introduce new companies; it reduces your effective weight in the growth half. That is a tilt, not diversification.
When does SPYV outperform?
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Generally when large-cap technology lags, since its main structural difference from the S&P 500 is holding less of it. It underperformed for much of the period when mega-cap technology led. That relationship is the most reliable thing to expect from it.
What is SPYV's expense ratio?
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SPYV has an expense ratio of 0.04% per year as of August 2026, charged by State Street SPDR and deducted from the fund's value rather than billed to you separately. On a $10,000 position that is roughly $4 a year. Fees compound over time, so on a long-term holding the expense ratio is one of the few return drivers you control. It is worth comparing against other funds that track the S&P 500 Value Index before you choose.
How do I compare SPYV to similar ETFs?
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Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. SPYV's figures are above; the full method is in Walnut's guide on how to compare ETFs.
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Walnut is informational, not investment advice. Holdings weights and fund statistics on this page are approximations stamped to August 2026; verify current figures against State Street SPDR's fund page or your broker before investing.