SPDR S&P 500 ETF (SPLG) Top 25 Holdings

The SPDR Portfolio S&P 500 ETF (SPLG) is a low-cost way to get exposure to the U.S. large-cap market. With an expense ratio of just 0.02%, it has become one of the most popular options for investors seeking straightforward, broad exposure without incurring high management fees. Like its peers, VOO and SPY, SPLG mirrors the S&P 500; however, the composition of its holdings reveals where the true weight lies.

As the chart below illustrates, a handful of companies wield significantly more influence than the rest.

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Investors are drawn to SPLG for its combination of accessibility and efficiency. It trades commission-free at most brokers, has billions in assets under management, and delivers nearly identical performance to the S&P 500 itself. For cost-conscious investors, SPLG often appears to be the best value in the index fund universe.

But it’s essential to understand what you’re actually purchasing. While SPLG includes all 500 S&P stocks, its performance is shaped heavily by a few giants. In fact, NVIDIA, Microsoft, and Apple alone make up more than 21% of the fund, which is why we’ll highlight these three names in detail after breaking down the top 25 holdings.

1. NVIDIA (NVDA) 7.83%

NVIDIA has transformed from a gaming GPU company into the backbone of AI computing. Its Blackwell architecture combines blistering performance with specialized AI acceleration, while its CUDA software ecosystem keeps developers tied to its platform. This combination of hardware and software gives NVIDIA a significant competitive advantage.

The company isn’t just selling chips, it’s selling a full-stack solution. With DGX Cloud, networking gear, and orchestration tools, NVIDIA is embedding itself deeply into the workflows of hyperscalers and enterprises. That makes its position in the AI value chain more durable than a typical hardware vendor.

For SPLG, NVIDIA’s weight matters because its stock has been one of the market’s most significant drivers. When NVIDIA rallies, SPLG rallies. At nearly 8% of the fund, no other single stock exerts more influence today.

2. Microsoft (MSFT) 6.68%

Microsoft is the most balanced of the mega-cap tech firms, with strongholds in productivity software, cloud, and now AI. Its subscription model ensures sticky, recurring revenue through Microsoft 365, while Azure keeps it competitive with Amazon in cloud infrastructure.

AI has become the growth accelerator. Copilot features within Office, Teams, and Windows are driving enterprise adoption, while Azure AI provides the flexibility enterprises need to build or purchase AI tools securely. This steady integration of AI into existing products makes Microsoft’s growth less speculative and more sustainable.

For SPLG, Microsoft is a stabilizer. It may not post the same eye-popping returns as NVIDIA, but its consistent growth, profitability, and shareholder returns (dividends + buybacks) make it one of the ETF’s most reliable anchors.

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3. Apple (AAPL) 6.64%

Apple’s story begins with its massive installed base of over 2 billion active devices worldwide. This hardware foundation feeds its growing Services ecosystem, from iCloud to Apple Music to Apple Pay, which now delivers higher-margin, recurring revenue.

Innovation keeps the flywheel spinning. Apple Silicon has boosted device performance and power efficiency, while Vision Pro shows the company is still willing to bet on entirely new categories. Even when unit growth slows, cross-sell and upgrade cycles drive reliable cash flow.

For SPLG, Apple is both a growth engine and a ballast. Its scale, profitability, and relentless buybacks keep it one of the most influential companies in the fund, and its 6.6% weight means its stock direction is nearly always reflected in SPLG’s performance.

How Concentrated is SPLG?

SPLG may market itself as “broad” exposure to the S&P 500, but its top 25 names account for nearly half the fund. That means performance is not evenly spread across all 500 stocks, but largely determined by the mega-cap tech giants at the top.

For investors, that’s both a strength and a risk. When the leaders rally, SPLG outperforms. But if mega-cap tech stumbles, SPLG’s diversification won’t offer much protection, as the weighting scheme places a significant emphasis on the very largest companies.

Key Insights

• Heavy reliance on mega-caps. The top 10 holdings make up nearly 38% of the ETF.
• Sector tilt to tech. Between NVIDIA, Microsoft, Apple, and other leaders, tech dominates performance.
• Diversification still exists. SPLG holds all S&P 500 stocks, giving investors exposure to every sector.
• Cost advantage. With an expense ratio of 0.02%, SPLG is one of the cheapest ways to own the market.

Why Half the Fund Rests on 25 Companies

SPLG remains one of the simplest and cheapest ways to capture the S&P 500. Its ultra-low fee ensures investors keep more of their returns, and its structure guarantees exposure to the biggest, most important U.S. companies.

However, investors should be aware of the trade-off: half of SPLG comprises 25 companies, while one-fifth is represented by just NVIDIA, Microsoft, and Apple. That concentration has worked as these companies have dominated, but it also raises the stakes if the leaders falter.

For most portfolios, SPLG remains an ideal core holding. It captures U.S. large-cap growth in a single, cost-effective package, while providing the staying power of the market’s most resilient companies.

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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!