Key Highlights

  • SPY (ASX:SPY) holds 506 US companies in index proportions, with Nvidia, Apple and Microsoft the largest names.
  • IHVV (ASX:IHVV) holds the S&P 500 through a single underlying ETF with the US dollar hedged to AUD.
  • QUS (ASX:QUS) gives each of its 503 companies a similar weight, lifting technology's share down to 18.00%.
  • Fees are 0.09% for SPY, 0.10% for IHVV and 0.29% for QUS.

US large-cap stock exposure is available on the ASX through several products, but they differ in how they weight the companies and how they handle the US dollar. SPY (ASX:SPY) traded at $1,085.00 during the trading session on 30 October 2026, down 0.68%. IHVV (ASX:IHVV) traded at $66.99, down 1.06%, and QUS (ASX:QUS) traded at $57.37, up 1.00%. Each gives access to the largest US businesses, but the mix of names and the currency treatment vary.

SPY: Market-Value Weighted S&P 500

SPY holds 506 companies in roughly index proportions. The largest holdings are Nvidia at 8.31%, Apple at 7.27%, Microsoft at 5.71%, Amazon at 3.66% and Alphabet at 3.02%. The top ten make up 38.76% of the fund. Technology is 40.12% of sector weights, and US exposure is 99.53%. Fund size is $411.40 million and the annual yield is 0.82%.

IHVV: Hedged S&P 500 Through One Underlying ETF

IHVV's stock exposure is the iShares Core S&P 500 ETF, which makes up 100.31% of the fund, so its holdings mirror the index. Technology is 40.12%, financial services 11.30% and communication services 9.93%. The currency hedge converts the US dollar exposure to Australian dollars. Fund size is $4.28 billion, fees are 0.10% and the annual yield is 3.99%.

QUS: Equal-Weighted S&P 500

QUS holds 503 companies with similar weights, so the largest individual holding, Moderna, is only 0.29%. Technology is 18.00%, industrials 15.23% and financial services 13.52%. Utilities (5.91%) and real estate (5.81%) carry much more weight than in the cap-weighted funds. Fund size is $1.47 billion, fees are 0.29% and the annual yield is 2.54%.

Comparing the Stock Mix

SPY and IHVV share the same underlying stock mix, so the difference between them is the currency treatment and the fee. QUS draws on the same universe of companies but produces a very different portfolio: the stocks that dominate the cap-weighted funds become one part of a broader group, and the smaller names gain weight.

Fund Facts Compared

IHVV: admitted 18 December 2014, benchmark S&P 500 Hedged NR AUD, fees 0.10%; SPY: admitted 13 October 2014, benchmark S&P 500 TR AUD, fees 0.09%; QUS: admitted 19 December 2014, benchmark S&P 500 Equal Weighted TR USD, fees 0.29%.

Which Stock Exposure Fits

SPY and IHVV give the index's own stock mix, with IHVV removing the US dollar element. QUS offers a more even spread across the same universe of 500-plus companies. The three products therefore differ less in which companies they hold and more in how much weight each one receives.