Top 25 Holdings of SPY by Weight (May 2026)

The top 25 holdings of SPY by weight tell you more about your portfolio than almost any other data point you can study. The SPDR S&P 500 ETF Trust — ticker SPY — is the world’s largest ETF by assets under management and the most actively traded fund on the planet. But owning SPY does not mean owning 500 companies equally. It means owning a market-cap-weighted portfolio where a small group of mega-cap companies moves the needle — and 475 others barely register.

In May 2026, the top 10 holdings alone account for roughly 39% of the entire fund. That means nearly 40 cents of every dollar you put into SPY is controlled by just 10 companies. Understanding who those companies are — and how they rank by portfolio weight — is not academic. It is essential context for every investor who owns this fund.

This guide ranks all 25 of SPY’s largest holdings from #25 to #1, explaining what each company does, why it holds its current weight, and what it means for your exposure. Whether you are a passive investor on autopilot or an active portfolio manager benchmarking against the index, this breakdown is for you.

What Is the SPDR S&P 500 ETF Trust (SPY)?

SPY was launched in January 1993 by State Street Global Advisors — making it the first ETF ever listed in the United States. It tracks the S&P 500 Index, a float-adjusted, market-cap-weighted benchmark maintained by S&P Dow Jones Indices representing approximately 500 of the largest U.S.-listed companies.

Because the index is market-cap weighted, larger companies receive a proportionally greater slice of the fund. A company worth $3 trillion commands a dramatically bigger allocation than one worth $30 billion. This has profound practical implications: when the biggest names surge, SPY surges. When they correct, SPY corrects — often sharply.

For a deeper foundation on the benchmark itself, read our in-depth guide on what the S&P 500 is and how it works.

Top 25 Holdings of SPY by Weight: The Full Countdown (#25 to #1)

Now let’s go through each holding in detail — starting from #25 and building to the most influential company in the fund. The further we climb, the more each name shapes your portfolio.

#25 — AbbVie (ABBV) | Weight: 0.57%

AbbVie rounds out the top 25 as one of the most durable names in biopharmaceuticals. The company built its empire on Humira, once the world’s best-selling drug. When Humira faced biosimilar competition, many analysts feared a cliff — but AbbVie had already built its next generation. Skyrizi and Rinvoq, its newer immunology treatments targeting conditions from psoriasis to rheumatoid arthritis, have ramped so strongly that they are on track to surpass Humira’s peak revenue combined.

AbbVie also generates steady income from its Botox franchise after acquiring Allergan. It’s a name that combines pharmaceutical innovation with consumer aesthetics — a rare pairing that insulates it from single-product risk. At 0.57% of SPY, it contributes stability to the fund’s healthcare weighting without drawing much attention. But its consistent dividend and cash flow make it a quiet cornerstone of any diversified index.

#24 — Lam Research (LRCX) | Weight: 0.59%

Lam Research is the picks-and-shovels bet on the entire semiconductor industry. The company manufactures the deposition and etch equipment used inside chip fabrication plants to build the physical layers of a semiconductor. Without Lam’s machines, there are no chips — not from NVIDIA, not from AMD, not from anyone.

As AI infrastructure spending drives a global surge in semiconductor fabrication capacity, Lam Research benefits directly. Every new fab built — whether by TSMC in Arizona, Samsung in Texas, or Intel domestically — requires Lam’s equipment. At 0.59%, it is one of SPY’s smaller holdings by weight, but it carries outsized thematic relevance. It is, in many ways, the unsung backbone of the AI trade hiding in plain sight.

#23 — Netflix (NFLX) | Weight: 0.59%

Netflix’s inclusion in SPY’s top 25 tells its own story of reinvention. A decade ago, it was a DVD rental company. Today it is a global content powerhouse with over 300 million paid subscribers worldwide. After a painful correction in 2022 caused by slowing subscriber growth, Netflix pivoted decisively — launching an advertising-supported tier, cracking down on password sharing, and expanding into live sports and gaming.

The results have been striking. Revenue and operating margins have expanded significantly, and the ad-supported tier has attracted tens of millions of users who were previously outside the platform’s reach. Netflix now sits comfortably profitable, generating substantial free cash flow that funds both content production and share buybacks. At 0.59% of SPY, it is a consumer discretionary holding that reflects how entertainment consumption has permanently shifted to streaming.

#22 — Mastercard (MA) | Weight: 0.63%

Mastercard is one of the most elegant business models in the S&P 500. It does not lend money, carry credit risk, or hold deposits. It operates a payment network — essentially a toll road between banks, merchants, and consumers — and collects a small fee on every transaction that crosses it. With global card spending measured in the tens of trillions annually, those small fees add up to enormous profit margins.

Mastercard shares the payments duopoly with Visa (ranked #18), and the two companies are sometimes described as running the world’s most profitable business in tandem. The global shift away from cash, the rise of e-commerce, and the expansion of financial services in emerging markets all act as structural tailwinds. For SPY investors, Mastercard’s 0.63% weight provides quiet, compounding exposure to one of the most resilient revenue models in the index. See also our breakdown of the top 25 holdings of VOO by weight where both Visa and Mastercard appear in identical positions.

#21 — Caterpillar (CAT) | Weight: 0.68%

Caterpillar is SPY’s industrial anchor — the company that builds the machines that build the world. Its yellow excavators, bulldozers, mining trucks, and power generation equipment are deployed on every continent in construction, mining, oil and gas, and infrastructure projects. When global spending on infrastructure rises — roads, bridges, data centres, power grids — Caterpillar’s order books fill up.

What makes Caterpillar particularly compelling is its financial services segment, which provides equipment financing to customers worldwide and adds a layer of recurring revenue to what might otherwise seem like a purely cyclical industrial play. At 0.68% of SPY, it is a meaningful bridge between the tech-heavy top of the fund and the real-world economic activity that underpins it all.

#20 — Costco Wholesale (COST) | Weight: 0.70%

Costco has built one of the most loyal customer bases of any retailer in history, on the back of a membership model that generates billions in near-pure-profit subscription revenue each year before a single item is sold. Members pay an annual fee for the right to shop at Costco’s warehouse stores, and renewal rates consistently exceed 90% — a remarkable figure for any subscription business.

Costco’s strategy is deliberately counter-intuitive: it sells a curated selection of products at razor-thin margins, relying entirely on membership fees for its profit. This creates extraordinary value for members and extraordinary loyalty for the brand. The company has expanded successfully in Canada, the United Kingdom, Japan, South Korea, and Australia. At 0.70% of SPY, it is a consumer staples stalwart whose earnings tend to hold up well even during economic downturns.

#19 — Intel (INTC) | Weight: 0.84%

Intel’s 0.84% weight in SPY comes with more complexity than almost any other name on this list. For decades, Intel was the undisputed king of semiconductor manufacturing — every PC and data centre server ran on Intel processors. But a series of manufacturing missteps allowed TSMC, AMD, and eventually ARM-based chip designs to erode its dominance sharply.

The Intel of 2026 is a company in active transformation. Its CEO is executing an aggressive “IDM 2.0” strategy: rebuilding Intel’s internal fabrication capabilities while simultaneously opening its fabs to external customers through Intel Foundry Services, competing directly with TSMC. Progress has been uneven, but the potential turnaround represents one of the more intriguing deep-value narratives in the index. For SPY holders, Intel adds semiconductor exposure with a contrarian flavour — lower growth expectations but meaningful upside if its foundry strategy succeeds.

#18 — Visa (V) | Weight: 0.85%

Visa operates the world’s largest retail electronic payments network, connecting over 14,500 financial institutions, 80+ million merchant locations, and billions of cardholders across more than 200 countries and territories. Like Mastercard, Visa earns transaction fees without taking on credit risk — it simply processes the flow of money between parties.

The numbers behind Visa are staggering. The company handles hundreds of billions of transactions per year and processes tens of trillions of dollars in payment volume annually. Its brand is one of the most recognized and trusted in the world. Visa’s moat is network effects at the most literal level: the more merchants accept Visa, the more valuable it is to cardholders, and vice versa. This flywheel has spun for decades and shows no sign of slowing. At 0.85% of SPY, it is a reliable, high-margin contributor to the fund’s financial sector weighting.

#17 — Johnson & Johnson (JNJ) | Weight: 0.86%

Johnson & Johnson is one of the most recognizable names in global healthcare, with a history stretching back over 135 years. The company operates across pharmaceutical drugs and MedTech — surgical robotics, orthopaedic implants, vision care, and cardiovascular devices. After spinning off its consumer health division into a separate company (Kenvue) in 2023, J&J is now a more focused, higher-margin healthcare business.

J&J’s pharmaceutical pipeline is anchored by treatments in oncology, immunology, and neuroscience. Its MedTech segment benefits from an ageing global population that needs more joint replacements, cardiac procedures, and surgical interventions. J&J is also one of the longest-running dividend growers in U.S. corporate history — a Dividend King with over 60 consecutive years of dividend increases. At 0.86% of SPY, it is a stabilizing force in the fund’s healthcare allocation.

#16 — Walmart (WMT) | Weight: 0.90%

Walmart is the largest company in the world by revenue — a physical retail empire that operates thousands of stores across the United States and internationally, serving over 230 million customer visits per week. But the Walmart of 2026 is not just a traditional bricks-and-mortar retailer. It has invested heavily in e-commerce, supply chain automation, and its own advertising business (Walmart Connect), transforming itself into a genuine omnichannel competitor.

What makes Walmart a particularly resilient S&P 500 holding is its defensive consumer staples nature. When economic conditions tighten, consumers trade down to Walmart from more expensive retailers — a dynamic that has historically made WMT a relative outperformer during recessions. Its growing Sam’s Club membership business also adds a Costco-like subscription revenue layer. At 0.90% of SPY, Walmart provides meaningful consumer staples ballast against the fund’s tech-heavy upper half.

#15 — Exxon Mobil (XOM) | Weight: 0.98%

Exxon Mobil is the largest integrated energy company in the United States and one of the most profitable corporations in S&P 500 history. The company explores for, produces, refines, and markets oil and natural gas, with operations spanning six continents. Its 2023 acquisition of Pioneer Natural Resources dramatically expanded its footprint in the prolific Permian Basin.

Exxon’s near-1% weight in SPY serves an important portfolio function: it is the fund’s primary inflation hedge. When oil prices rise — typically during periods of geopolitical tension, supply disruptions, or strong global demand — Exxon’s earnings surge, providing a natural counterweight to the technology holdings that often suffer during inflationary environments. For passive SPY investors, this exposure is automatic and built-in. Exxon is also a reliable dividend payer, with a track record of maintaining and growing its dividend even through oil price downturns.

#14 — Advanced Micro Devices (AMD) | Weight: 1.09%

Advanced Micro Devices has executed one of the most remarkable corporate turnarounds in semiconductor history. Under CEO Lisa Su, the company transformed from a struggling CPU maker into a legitimate challenger to both Intel (in processors) and NVIDIA (in AI GPUs). Its EPYC server CPUs have taken meaningful market share from Intel in data centres, and its Instinct MI300X GPU is the most credible commercial alternative to NVIDIA’s H100 for AI training workloads.

AMD’s 1.09% weight in SPY reflects the market’s recognition that this is no longer a niche competitor — it is a major player in the infrastructure powering the AI economy. Hyperscalers like Microsoft, Meta, and Google have all deployed AMD’s AI chips alongside NVIDIA’s, providing validation that the AI accelerator market is not a winner-take-all game. For SPY investors, AMD adds a second lever of exposure to the AI semiconductor theme at a point in the index where concentration risk starts to moderate.

#13 — Micron Technology (MU) | Weight: 1.19%

Micron Technology is the United States’ only large-scale manufacturer of DRAM and NAND memory chips — the storage and working memory that every computing device depends on. Memory chips are arguably the most critical and cyclical component in the semiconductor industry, with prices swinging dramatically based on supply and demand dynamics.

The AI era has transformed Micron’s outlook. High-Bandwidth Memory (HBM) chips — Micron’s next-generation memory architecture — are a critical component of the GPU packages powering AI training. NVIDIA’s H100 and H200 GPUs require HBM3e chips, and Micron is one of only three companies in the world that can supply them. This positions Micron at the intersection of memory manufacturing and the AI infrastructure build-out — a combination that has driven meaningful appreciation in its SPY weighting. At 1.19%, it is one of the fund’s more volatility-prone holdings, but also one of its highest-potential semiconductor plays.

#12 — Eli Lilly (LLY) | Weight: 1.24%

Eli Lilly’s rise within the S&P 500 is the defining pharmaceutical story of the mid-2020s. The company’s GLP-1 receptor agonist drugs — Mounjaro for type 2 diabetes and Zepbound for obesity — have generated demand so extraordinary that Lilly has struggled to manufacture enough supply to meet it. The global obesity epidemic, affecting over a billion people worldwide, has made these drugs among the most anticipated in pharmaceutical history.

Beyond GLP-1, Lilly has a rich pipeline in Alzheimer’s disease (donanemab), cancer, immunology, and cardiovascular disease. The company has become one of the most valuable pharmaceutical companies globally, and its weight in SPY has climbed accordingly. At 1.24%, Eli Lilly is SPY’s largest pharmaceutical holding and a reminder that the most significant investment themes are not always found in Silicon Valley. Sometimes they emerge from a laboratory in Indianapolis.

#11 — JPMorgan Chase (JPM) | Weight: 1.34%

JPMorgan Chase is the largest bank in the United States by total assets and one of the most globally systemically important financial institutions on earth. Under CEO Jamie Dimon’s long tenure, the bank has built dominant franchises across retail banking, investment banking, asset management, credit cards, and commercial lending — essentially every major dimension of the financial services industry.

JPMorgan’s performance tends to be closely tied to the interest rate environment and the health of the broader economy. Rising rates generally expand its net interest income, while a strong economy reduces loan defaults and supports investment banking revenues. At 1.34% of SPY, it is the fund’s flagship financial sector holding and a barometer of the U.S. economy’s health. Its consistent profitability, fortress balance sheet, and growing dividend make it a cornerstone of SPY’s non-tech exposure.

#10 — Berkshire Hathaway (BRK.B) | Weight: 1.36%

Berkshire Hathaway occupies a unique position in SPY’s top holdings — it is less a single company and more a diversified conglomerate run like an investment fund. Warren Buffett built Berkshire over six decades into an empire spanning insurance (GEICO, General Re), railroads (BNSF), utilities (Berkshire Hathaway Energy), manufacturing, retail, and a massive publicly traded equities portfolio including large positions in Apple, Bank of America, Coca-Cola, and American Express.

Berkshire’s greatest attribute for SPY investors is its countercyclical stability. The company hoards cash during bull markets — at times holding over $150 billion in Treasury bills — and deploys it aggressively during downturns when assets are available at distressed prices. This approach has delivered market-beating long-term returns while cushioning losses during crashes. At 1.36% of SPY, BRK.B is the fund’s most distinguished non-tech holding and one of the clearest examples of how SPY’s diversification operates below the headline Magnificent Seven narrative.

#9 — Tesla (TSLA) | Weight: 1.78%

Tesla is among the most polarizing names in the S&P 500 and certainly in SPY’s top 25. The company commercialized electric vehicles at scale, built a global Supercharger charging network, and established manufacturing gigafactories on three continents. Its Model Y has been one of the best-selling vehicles globally, and its software-driven approach to vehicle development — with over-the-air updates — redefined consumer expectations for the automotive industry.

Yet Tesla’s valuation has never been purely about selling cars. Investors have long assigned it optionality value on autonomous driving (Full Self-Driving), humanoid robotics (Optimus), and its AI compute infrastructure (Dojo). The reality of these businesses and timelines remains a subject of intense debate. What is not debatable is the volatility: Tesla is one of the most heavily traded and frequently shorted large-cap stocks in the world. At 1.78% of SPY, it injects a meaningful dose of drama — and opportunity — into an otherwise methodically weighted fund.

#8 — Meta Platforms (META) | Weight: 2.12%

Meta Platforms controls the world’s most-used social media applications. Facebook, Instagram, and WhatsApp collectively serve approximately three billion daily active users — a reach that no other media company in history has come close to matching. This audience is the foundation of Meta’s advertising business, which generates tens of billions in revenue annually by delivering hyper-targeted ads to virtually every demographic on earth.

After a brutal 2022 — when the company’s metaverse pivot spooked investors and the stock fell over 70% — Meta executed one of the fastest corporate turnarounds in recent memory. CEO Mark Zuckerberg declared 2023 a “year of efficiency,” cutting tens of thousands of employees and refocusing the company on AI and advertising infrastructure. The results have been extraordinary: margins expanded dramatically, free cash flow surged, and the stock recovered to new all-time highs. Meta’s Llama open-source AI models are now among the most widely deployed in the world, cementing its position not just as a social media giant but as a serious AI research institution. At 2.12% of SPY, Meta is a holding that rewards investors who looked past short-term noise.

#7 — Alphabet Class C (GOOG) | Weight: 2.93%

Alphabet’s Class C shares (GOOG) carry no voting rights but are otherwise economically identical to Class A shares (GOOGL). Both classes appear in SPY independently, which means Alphabet’s total economic exposure within the fund is the sum of both positions — approximately 6.60% combined, making it effectively the second-largest single-company exposure in SPY after NVIDIA.

The Class C / Class A split exists because Alphabet’s founders structured the company to maintain voting control through a separate Class B share held internally, while issuing non-voting Class C shares to employees and the public without diluting that control. For SPY investors, the distinction is largely irrelevant — what matters is that nearly 6.6 cents of every dollar in SPY is tied to the performance of Google Search, YouTube, Google Cloud, Waymo, and DeepMind.

#6 — Broadcom (AVGO) | Weight: 3.19%

Broadcom is the quiet giant of the AI infrastructure story. While NVIDIA dominates headlines with its data centre GPUs, Broadcom is building the custom AI chips — known as XPUs or Application-Specific Integrated Circuits (ASICs) — that Google, Meta, Apple, and ByteDance use to run their proprietary AI workloads. These chips, designed in partnership with each hyperscaler, are often more efficient for specific tasks than general-purpose GPU alternatives.

Broadcom is also indispensable for the networking layer of AI data centres. Its Ethernet networking chips connect thousands of GPU servers together, enabling the parallelized computation that large-scale AI training requires. And beyond semiconductors, Broadcom’s acquisition of VMware in 2023 added one of the largest enterprise software portfolios in the industry — giving it a recurring revenue base that complements its cyclical chip business. At 3.19% of SPY, Broadcom is the most significant AI infrastructure holding that most casual investors have never heard of.

#5 — Alphabet Class A (GOOGL) | Weight: 3.67%

Alphabet’s Class A shares grant limited voting rights and represent the primary publicly traded vehicle for owning the world’s most dominant internet company. Google Search processes an estimated 8.5 billion queries per day, making it the single largest gateway through which the world accesses information. YouTube is the world’s second-largest search engine and the dominant long-form video platform. Google Cloud is the third-largest cloud infrastructure provider globally.

The AI transition has injected existential questions into Alphabet’s future — and extraordinary opportunity. AI-powered search experiences, Gemini’s integration across the Google product suite, and DeepMind’s breakthroughs in protein folding and scientific AI all position Alphabet as a primary actor in the AI era. At the same time, regulatory pressure across the EU and U.S. creates headline risk. For SPY investors, Alphabet’s 3.67% weighting (plus GOOG’s 2.93%) means the fund has enormous implicit exposure to how this story resolves.

#4 — Amazon (AMZN) | Weight: 4.25%

Amazon is two world-class businesses sharing one stock ticker. The first is the world’s largest e-commerce marketplace, with hundreds of millions of customers in North America and internationally, a logistics network that rivals the post office, and a Prime membership program boasting over 200 million subscribers. The second is Amazon Web Services (AWS) — the world’s largest cloud computing platform, responsible for the majority of Amazon’s total operating profit.

AWS hosts the infrastructure for a staggering proportion of the global internet, from startups to government agencies to Fortune 500 enterprises. As AI workloads migrate to the cloud, AWS is a primary beneficiary — offering GPU compute, AI model hosting (Amazon Bedrock), and purpose-built AI chips (Trainium, Inferentia) to customers who want alternatives to running their own hardware. Amazon’s advertising business has also quietly become one of the largest in the world, further diversifying its revenue. At 4.25% of SPY, Amazon is the fund’s fourth-largest weight and arguably its most diversified single-company exposure.

#3 — Microsoft (MSFT) | Weight: 4.87%

Microsoft’s reinvention under CEO Satya Nadella is one of the great corporate transformation stories of the modern era. A company that once looked like a slowly declining PC-era relic has become the world’s second-most-valuable corporation by market capitalization, built on the twin pillars of cloud computing (Azure) and artificial intelligence (its deep partnership with OpenAI).

Azure is the world’s second-largest cloud platform after AWS, growing rapidly and increasingly differentiated by AI services. Microsoft 365 Copilot embeds AI assistance into Word, Excel, Teams, and Outlook — the productivity tools used by over 400 million commercial users globally. GitHub Copilot is now the most widely used AI coding assistant in the world. Bing Chat, powered by OpenAI’s models, has reinvigorated what was once a moribund search engine. At 4.87% of SPY, Microsoft is the fund’s third-largest holding and its most diversified technology position — touching cloud, software, gaming, cybersecurity, and AI in one investment.

#2 — Apple (AAPL) | Weight: 6.68%

Apple is the most valuable consumer technology company in history and SPY’s second-largest holding at 6.68%. Its hardware ecosystem — iPhone, Mac, iPad, Apple Watch, AirPods, and Vision Pro — serves over two billion active devices globally. But increasingly, Apple’s investment thesis rests on its Services segment: the App Store, Apple Music, Apple TV+, iCloud, Apple Pay, and Apple Arcade collectively generate tens of billions in high-margin recurring revenue annually.

Apple’s competitive advantage is not any single product — it is the seamless integration between its hardware, software, and services that creates extraordinary customer lock-in. iPhone users who subscribe to Apple Music, store photos in iCloud, pay with Apple Pay, and watch Apple TV+ are deeply embedded in an ecosystem that is genuinely difficult to leave. Apple’s supply chain mastery, its custom silicon (the M-series and A-series chips designed in-house), and its global retail and distribution network are additional moats of the first order.

At 6.68% of SPY, Apple is the fund’s second-largest individual weight. Its performance is therefore a significant driver of what SPY investors experience in their portfolios each quarter. Understanding how Apple fits alongside its Magnificent Seven peers is essential context — and worth reading about alongside our breakdown of the top 25 holdings of QQQ by weight, where Apple holds a similarly prominent position.

#1 — NVIDIA (NVDA) | Weight: 8.00%

NVIDIA is the most important company in SPY right now, and its 8.00% weight is the largest individual holding the fund has ever seen for a semiconductor company. The story of NVIDIA’s rise to this position is inseparable from the story of artificial intelligence itself.

Jensen Huang founded NVIDIA in 1993 to build GPUs for video games. For two decades, that was its primary business. But the company had the foresight — and the technical discipline — to invest in CUDA, a software platform that allowed its GPUs to be programmed for general-purpose computing. When AI researchers discovered that GPUs were dramatically faster than CPUs for training neural networks, NVIDIA was ready. By the time ChatGPT launched in late 2022 and triggered a global race to build AI infrastructure, NVIDIA had an insurmountable technology and software lead.

Its H100 data centre GPU became the most sought-after piece of hardware in the world, with wait lists stretching months and prices on the secondary market reaching extraordinary premiums. Microsoft, Google, Amazon, Meta, and Oracle committed to spending hundreds of billions of dollars on AI infrastructure — and the majority of that spending flows directly through NVIDIA’s order books.

The Blackwell architecture (B100, B200, GB200) represents NVIDIA’s next leap — delivering significantly higher performance per chip for AI training and inference. Early reports suggest demand for Blackwell chips is outpacing supply, continuing the same pattern that defined the H100 era. NVIDIA’s software ecosystem — CUDA, cuDNN, TensorRT, and the broader NGC catalogue — creates switching costs so high that even well-funded competitors struggle to pry customers away.

At 8% of SPY, NVIDIA has moved from being a constituent that passive investors owned accidentally to being the single most influential position in the most-traded ETF on earth. Its fortunes shape SPY’s daily performance more than any other company. Understanding NVIDIA is not optional for anyone who owns SPY.

SPY vs VOO vs QQQ: How the Top Holdings Compare

With the full countdown complete, it is worth zooming out to see how SPY’s top holdings compare to those of its two most direct competitors.

Feature	SPY	VOO	QQQ
Index Tracked	S&P 500	S&P 500	Nasdaq-100
Number of Holdings	~500	~500	~100
Expense Ratio	0.0945%	0.03%	0.20%
#1 Holding	NVIDIA (8.00%)	NVIDIA (8.00%)	NVIDIA (~8-9%)
Tech Concentration	High	High	Very High
Sector Diversity	High (6+ sectors)	High (6+ sectors)	Low (tech-dominant)
Best For	Active traders	Long-term investors	Growth/tech focus

SPY and VOO hold identical portfolios — the same 500 companies at the same weights. The key difference is cost and use case: SPY’s higher expense ratio is the trade-off for unmatched liquidity and options depth. VOO is the superior choice for long-term accumulation. QQQ holds only 100 Nasdaq-listed stocks, resulting in far greater tech concentration than either S&P 500 fund.

For a direct comparison of portfolio compositions, our guides on the top 25 holdings of VOO by weight and the top 25 holdings of QQQ by weight walk through both funds with the same level of detail — worth reading side by side with this article.

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Frequently Asked Questions

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Conclusion

The top 25 holdings of SPY by weight are not just a list of company names. They are a map of the modern U.S. economy — weighted by the collective judgment of the market on where the most value resides. From AbbVie’s drug portfolio at #25 to NVIDIA’s AI dominance at #1, each name tells a story about which industries, technologies, and business models the world has decided to back with its capital.

For passive investors, this knowledge is empowering. You are not just buying a diversified fund and hoping for the best. You are buying a specific set of concentrated bets — on AI, on semiconductors, on cloud computing, on consumer technology — wrapped in the language of broad market diversification. The more clearly you see that, the better decisions you can make about how SPY fits into your overall portfolio.

For further reading, our dedicated breakdowns of the top 25 holdings of VOO by weight and the top 25 holdings of QQQ by weight give you the full picture of how the three most popular U.S. equity ETFs compare at the holding level.