US large-cap value · ETF deep dive
SPDR Portfolio S&P 500 Value ETF SPYV
A 4-basis-point way to tilt the S&P 500 toward its cheaper half — a relative-value screen, not a deep-value fund, so it still holds mega-caps like Apple that merely score less growthy than their peers.
Price & momentum chart & stats through 2026-08-28
Data summary: last close $63.55 on 2026-08-28, 1% below the 52-week high of $63.87, 17% above the 52-week low of $54.13; trading above its 200-day average of $59.29. Trailing returns: YTD +12%, 1-year +16%, 3-year +50%, 5-year +58%.
What it holds
Top 10 holdings
| Holding | Ticker | Weight |
|---|---|---|
| Apple | AAPL | 7.9% |
| Amazon.com | AMZN | 3.9% |
| ExxonMobil | XOM | 2.0% |
| Walmart | WMT | 1.7% |
| Intel | INTC | 1.6% |
| Tesla | TSLA | 1.4% |
| Costco Wholesale | COST | 1.4% |
| UnitedHealth Group | UNH | 1.3% |
| Bank of America | BAC | 1.3% |
| Procter & Gamble | PG | 1.2% |
Top-10 ≈ 24% of the fund (438 holdings total). Positions as of 2026-07-13, from the issuer fact sheet (source). Holdings drift daily; weights are a snapshot, not live.
Sector mix live, FMP
- Technology20.5%
- Financial Services15.8%
- Healthcare12.5%
- Industrials10.7%
- Consumer Cyclical10.5%
- Consumer Defensive8.8%
- Energy7.3%
- Utilities4.3%
What this fund is
SPYV tracks the S&P 500 Value Index. S&P scores every S&P 500 company on a value factor built from three ratios — book value / price, earnings / price, and sales / price. Names that skew value go into the Value index; growthy names go to Growth; genuinely mixed names get split across both.
Crucially it is cap-weighted within the value bucket, not equal-weight. So the biggest companies that screen as value still dominate — which is why Apple can be the #1 holding at ~8%. This is a relative-value screen (less growthy than the index), not a cheap-multiple or deep-value screen.
The style indices reconstitute annually, so a name's value/growth classification is sticky for a year even as its multiple moves.
The Synthos read
How the tracked themes this fund rides are reading right now — conviction-weighted net stance from independent expert voices in the Synthos knowledge base (management/officials laned out). Snapshot as of 2026-08-28.
| Tracked theme | Net stance (−100 to +100) | Recent drift | Reliability |
|---|---|---|---|
| US equities / S&P 500 SPYV is a slice of the S&P 500, so broad US-equity sentiment is the primary driver. | up +45 Bullish | +27, turned more bullish 74 claims | Full |
| Valuation & bubble risk The value tilt is a partial hedge against multiple compression — but only partial, since mega-cap 'value' names still carry index-level valuations. | down -20 Bearish | — 6 claims | Insufficient |
| Market structure / passive flows As a cap-weighted style fund, SPYV inherits the same passive-flow dynamics as the parent index. | up +10 Neutral / Mixed | +31, turned more bullish 21 claims | Provisional |
Reliability tiers: Full ≥ 25 claims in the current window, Provisional 10–24, Insufficient < 10 (read as directional only). Net stance is a rate-of-change signal about the theme, not a price target for this fund and not advice. Themes can be right while the fund’s structure works against you.
Cost & structure
Expense ratio 0.04% (issuer, cross-checks against FMP).
1940-Act open-end ETF (SPDR Portfolio series), NYSE Arca, inception 2000. One of the cheapest value ETFs on the market at 0.04%.
The S&P 500 Value / Growth style split reconstitutes annually (effective after the third Friday of December); S&P 500 membership is maintained on an ongoing basis.
Honest fit
The job it does
- A cheap, liquid core holding to tilt a portfolio toward the value factor without abandoning large-cap quality.
- Lower valuation and higher dividend character than the blended S&P 500 — a mild defensive lean.
- Pairs cleanly with a growth sleeve for a barbell around the index.
What it does not do
- Is not deep or pure value — it will hold expensive mega-caps (Apple as #1) that merely score less growthy.
- Is not equal-weight — a handful of giants still drive returns.
- Is not a small-cap or dividend strategy — it stays inside the S&P 500 large-cap universe.
What would change this read (falsifiers)
- A sustained growth/momentum regime (the 2020s mega-cap-tech tape) where value factor lags for years.
- Because it is cap-weighted, a de-rating of the mega-cap 'value' names (Apple, Amazon) would sink it despite the value label.
- If you want true cheapness, a fundamental or equal-weight value fund screens harder than this relative-style index.