SPY的市场份额增长势头不如VOO啊 SPY has over $390 billion in assets, about $90 billion more than any other ETF, but has been losing market share among advisers and retail investors to the iShares Core S&P 500 ETF (IVV) and the Vanguard S&P 500 ETF (VOO), which both charge 3 bps. Yet SPY maintains dominance in liquidity, consistently accounting for over 90% of S&P 500 ETFs' trading volume. In 2020, SPY traded $7.7 trillion worth of shares, about 10x the $765 billion in combined volume in IVV and VOO. ETF liquidity functions as a moat for sponsors with heavily traded funds because it's much harder to obtain than assets.