Launched in 1993, SPDR S&P 500 ETF Trust (SPY) is the oldest and largest ETF in the world, with more than $500 billion in assets under management. It tracks the S&P 500, giving investors exposure to 500 of the biggest U.S. companies in a single trade. For decades, SPY has been a core building block of portfolios, often serving as the go-to index fund for both retail and institutional investors.
| Symbol | Company | % of Assets |
|---|---|---|
| NVDA | NVIDIA Corporation | 7.74% |
| MSFT | Microsoft Corporation | 6.87% |
| AAPL | Apple Inc. | 6.32% |
| AMZN | Amazon.com, Inc. | 3.94% |
| META | Meta Platforms, Inc. | 2.92% |
| AVGO | Broadcom Inc. | 2.55% |
| GOOGL | Alphabet Inc. (Class A) | 2.26% |
| GOOG | Alphabet Inc. (Class C) | 1.83% |
| TSLA | Tesla, Inc. | 1.71% |
| BRK-B | Berkshire Hathaway Inc. | 1.68% |
What makes SPY interesting is that while the index has stayed consistent, its top names have not. Companies like General Electric and ExxonMobil once dominated the list, but today the leaders are all tech-driven giants like Apple, Microsoft, and NVIDIA. The ETF’s evolution is a snapshot of how the U.S. economy has changed over the last 30 years.
As of September 2025, SPY’s top 10 holdings account for nearly 38% of the fund’s assets. Below, we break down those names, their performance, and why they carry such heavy weight inside this legendary ETF.
1. NVIDIA (NVDA)
- Sector: Technology: Semiconductors
- ETF Impact: Biggest single driver of SPY’s tech-heavy tilt.
- Notable Detail: Stock has risen more than 200% in the past two years, cementing its role in the AI boom.
NVIDIA has become the face of artificial intelligence, powering data centers, gaming, and machine learning. Its stock surge has made it SPY’s largest holding at 7.74%. For investors, SPY’s results are now heavily tied to NVIDIA’s ability to stay ahead in chips.
2. Microsoft (MSFT)
- Sector: Technology: Software & Cloud
- ETF Impact: Adds both stability and growth, balancing out more volatile names.
- Notable Detail: With a market cap of over $3 trillion, it is one of the most valuable companies in the world.
Microsoft, at 6.87%, is as steady as they come. Its Azure cloud platform keeps expanding, while AI features are now embedded across Office and Windows. Decades of reinvention explain why it’s been a top SPY weight for years.
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3. Apple (AAPL)
- Sector: Technology: Consumer Electronics
- ETF Impact: A cornerstone of SPY for over a decade.
- Notable Detail: Services revenue (iCloud, Music, App Store) now exceeds $100 billion annually.
Apple holds a 6.32% weight, still anchored by the iPhone but increasingly supported by services. Slower hardware cycles haven’t dislodged it from the top three. Its sticky ecosystem keeps customers locked in and investors confident.
4. Amazon (AMZN)
- Sector: Consumer Cyclical & Technology (Retail + Cloud)
- ETF Impact: Keeps SPY tied to both consumer spending and enterprise cloud trends.
- Notable Detail: AWS alone would rank among the world’s top tech firms by revenue.
Amazon makes up 3.94% of SPY. Its retail arm runs on thin margins, but AWS delivers massive cash flow. That combination makes it a uniquely important driver of both the economy and the ETF.
5. Meta (META)
- Sector: Communication Services
- ETF Impact: Reflects SPY’s exposure to digital advertising and social media.
- Notable Detail: Daily active users across its apps now top 3.2 billion.
Meta has staged an enormous comeback, rebounding from heavy spending on the metaverse. At 2.92% of SPY, it shows that advertising strength across Facebook, Instagram, and WhatsApp is still a powerful engine. AI-driven ad targeting has fueled its latest surge.
6. Broadcom (AVGO)
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- Sector: Technology: Semiconductors
- ETF Impact: Adds diversification within SPY’s chip exposure.
- Notable Detail: Its $69 billion VMware deal expanded it into enterprise software.
Broadcom, at 2.55%, may not be as well-known as NVIDIA, but its chips keep the internet running. From broadband to networking, it’s deeply embedded in infrastructure. Its steady growth has quietly pushed it into SPY’s top 10.
7/8. Alphabet (GOOGL & GOOG)
- Sector: Communication Services
- ETF Impact: Anchors SPY’s exposure to search and online video.
- Notable Detail: Combined, the two share classes make Alphabet more than 4% of the ETF.
Alphabet remains one of the world’s most dominant digital businesses. Search and YouTube deliver the bulk of profits, while Google Cloud is a growing contributor. Few companies are more embedded in everyday online life.
9. Tesla (TSLA)
- Sector: Consumer Cyclical – Automobiles
- ETF Impact: Adds growth and volatility, a rare automaker in the top 10.
- Notable Detail: Despite competition, Tesla still controls approximately 38% of the EV market as of August 2025
Tesla represents 1.71% of SPY, riding on its role as the EV pioneer. Growth has slowed compared to its early hyper years, but it’s still a major disruptor in autos and energy. For SPY, it injects some high-risk, high-reward potential.
10. Berkshire Hathaway (BRK-B)
- Sector: Financial Services: Diversified Holdings
- ETF Impact: A stabilizer in a portfolio otherwise dominated by tech.
- Notable Detail: Its $360+ billion stock portfolio includes a massive Apple stake.
At 1.68%, Berkshire is the one “old-school” business among the tech-heavy leaders. Its mix of insurance, railroads, utilities, and equity stakes provides ballast against market swings. Buffett’s conglomerate keeps SPY connected to the broader economy.
What the Top Holdings Say About SPY
The top 10 holdings tell a clear story: SPY is more concentrated in technology and growth stocks than ever before. Together, NVIDIA, Microsoft, and Apple alone make up more than 20% of the ETF. That concentration means SPY’s fate is heavily tied to just a handful of companies.
At the same time, the presence of Amazon, Meta, and Alphabet shows how dominant digital platforms have become. Berkshire Hathaway is the exception, a reminder that old-economy businesses still matter, but they no longer lead.
Since its 1993 launch, SPY has returned about 10% annually, making it one of the most reliable wealth builders in history. But the way it gets those returns has changed dramatically. The giants of today’s SPY are almost all tech-focused, replacing the industrial and energy leaders of the past.
That concentration is both a strength and a risk. Investors in SPY still own the whole market, but increasingly, their results ride on the performance of a small group of mega-cap tech stocks.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
