IVV is the iShares S&P 500 ETF, the ASX-listed route to the 500 largest US companies at 0.04% p.a., one of the lowest management fees of any ETF on the ASX. It is Australian-domiciled, $13.4 billion in size, and one of the most widely held US-shares funds on the exchange.
Key findings (as at Q2 2026)
- IVV tracks the S&P 500, approximately 503 of the largest US companies, for 0.04% p.a., which works out to $4/yr per $10,000.
- IVV has been Australian-domiciled since 2018. The W-8BEN paperwork and US estate-tax considerations that apply to US-domiciled funds such as VTS do not apply to IVV.
- Trailing distribution yield is approximately 1.1%, paid quarterly, and US-sourced dividends carry no franking credits. Distributions vary and are not guaranteed; past performance is not a reliable indicator of future returns.
- IVV is unhedged: AUD returns reflect both US share prices and the AUD/USD exchange rate. iShares lists IHVV as the hedged version of the same index.
IVV is often the first fund Australians look at for dedicated US exposure, and the S&P 500 is the most followed sharemarket index in the world. This review covers what IVV actually holds, what it costs, the domicile detail that separates it from other US-market funds, and how it compares with the alternatives on the ASX.
At a glance
| IVV | |
|---|---|
| Full name | iShares S&P 500 ETF |
| Index tracked | S&P 500 |
| Holdings | ~503 |
| MER | 0.04% p.a. |
| Fund size (Q2 2026) | $13.4B |
| Domicile | Australia (since 2018) |
| Currency hedging | Unhedged (IHVV is the hedged version) |
| Distributions | Quarterly |
| Listed on ASX | 2007 |
What IVV holds
The S&P 500 covers approximately 503 of the largest companies listed in the United States, weighted by market capitalisation. The largest positions as at Q2 2026 were Nvidia (8.5%), Apple (6.88%), Microsoft (4.95%), Amazon (4.07%), Alphabet Class A (3.64%). Because the index is cap-weighted, the biggest technology companies carry the most weight, and the concentration of the index in a handful of mega-cap names is a real feature of the product; our Magnificent 7 concentration guide covers exactly how much of funds like IVV sits in those few companies. Holdings are sourced from each issuer's published disclosure documents, reviewed quarterly.
Under the hood, IVV gains its exposure by holding units of the US-listed iShares Core S&P 500 ETF rather than buying the 500 shares directly on the ASX fund's own register. That structure is visible in the fund's published holdings file and changes nothing about the exposure you receive; it is simply how BlackRock plumbs the ASX fund into its much larger US vehicle.
Fees: near the bottom of the ASX fee table
IVV charges 0.04% p.a., which works out to $4/yr per $10,000. On a $100,000 balance that is approximately $40 per year. Among broad-market ETFs on the ASX only a small group of funds are priced at this level, and it undercuts most global funds: VGS charges 0.18% p.a. for developed-market exposure that is approximately 70.2% US anyway. Model the long-run difference in the ETFLens Fee Analyser.
The domicile detail: why 2018 matters
IVV restructured from a US cross-listing to an Australian-domiciled fund in 2018. The practical consequences for Australian investors: no W-8BEN form is required, distributions are administered under the Australian AMIT regime with an annual AMMA statement, and the US estate-tax exposure that can apply to US-situated assets does not apply to holding IVV. Those considerations still apply to US-domiciled funds on the ASX such as VTS, which is a key structural difference between the two despite both offering US market exposure at very low fees.
Distributions and franking
IVV distributes quarterly, with a trailing distribution yield of approximately 1.1% as at Q2 2026. Past performance is not a reliable indicator of future returns, and distributions vary from period to period. The underlying dividends are paid by US companies, so they carry no franking credits; investors whose priority is franked income generally look at Australian-shares funds instead, covered in our franking credits guide.
Performance
As at Q2 2026, IVV's reported total returns were approximately 16.4% over one year, 17.2% p.a. over three years and 14.2% p.a. over five years. Past performance is not a reliable indicator of future returns. IVV is unhedged, so those AUD figures include the effect of the AUD/USD exchange rate on top of the S&P 500 itself: a falling Australian dollar lifts AUD returns and a rising one drags on them. iShares lists IHVV for the same index with the currency hedged.
How IVV compares with the alternatives
The common decision points, each covered in a full comparison:
- IVV vs VGS: pure US large caps versus approximately 1,252 companies across all developed markets. VGS is already approximately 70.2% US, so the two overlap heavily. See IVV vs VGS.
- IVV vs NDQ: the S&P 500 versus the Nasdaq-100's concentrated technology tilt, at very different fees (0.04% vs 0.48%). See IVV vs NDQ.
- IVV vs VTS: 500 large caps in an Australian-domiciled fund versus the entire US market (approximately 3,383 holdings) in a US-domiciled one, with the W-8BEN and estate-tax differences that come with it. See the S&P 500 funds guide.
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Check ETF Overlap Free →The bottom line
IVV delivers the world's most followed index at 0.04% p.a., inside an Australian-domiciled wrapper that removes the US paperwork, at a fund size ($13.4 billion) that keeps spreads tight. The factual trade-offs are concentration in US mega-caps, zero franking, and unhedged currency exposure unless you choose the IHVV variant. Whether a 100% US allocation fits a portfolio depends on what else it holds, which is a portfolio-level question rather than a product-level one.
See live IVV data: fees, holdings, sector weights and comparisons.
View IVV on ETFLens →General information only. Not financial advice. This article does not consider your personal financial situation, objectives or needs. Past performance is not a reliable indicator of future returns. MER and fund size data sourced from each issuer's published disclosure documents, reviewed quarterly. Index constituents change over time; always check the current PDS for the most recent fee and holdings information before investing. ETFLens does not hold an Australian Financial Services Licence. Always read the relevant PDS and consider seeking advice from a licensed financial adviser (AFS licence holder) before making any investment decisions.