S&P 500 exchange-traded funds (ETFs) track the performance of the S&P 500 index, the widely followed benchmark index that tracks the 500 largest publicly traded companies in the U.S. 2023 has been a volatile year for the S&P 500 with the index currently in a downward channel. The top ETFs that track the S&P 500 provide investors hoping for an upswing with cost-effective exposure to its broad range of U.S. equities. The ETFs are traded like stocks, have extremely low fees, and offer great liquidity.

Below, we outline four top S&P 500 ETFs, excluding inverse and leveraged ETFs, as well as funds with less than $50 million in assets under management (AUM). The first three funds provide straightforward exposure to the S&P 500, while the fourth fund targets stocks within the index that pay high dividends. All data is as of Oct. 20.

SPDR S&P 500 ETF Trust (SPY)

• Performance over one year: 17.56%
• Expense ratio: 0.09%
• Annual dividend yield: 1.52%
• Three-month average daily volume: 71,210,677
• AUM: $397.62 billion
• Inception date: Jan. 22, 1993
• Issuer: State Street Global Advisors

This ETF, the largest covering the S&P 500 index by AUM, aims to mirror the index’s performance by investing in the same stocks with the same weights as in the index. The fund’s ultralow expense ratio of just 0.09% and average penny spread make it suitable for a wide range of investment strategies.

iShares Core S&P 500 ETF (IVV)

• Performance over one year: 17.64%
• Expense ratio: 0.03%
• Annual dividend yield: 1.56%
• Three-month average daily volume: 3,760,016
• AUM: $347.98 billion
• Inception date: May 15, 2000
• Issuer: BlackRock

This fund tracks the performance of the S&P 500 index and comprises large-cap U.S. equities. Its investors gain exposure to some of the world's best-known companies, including Apple Inc., Microsoft Corporation, Amazon.com, Inc., and Exxon Mobil Corporation. Given the average daily dollar volume of more than $1.5 billion, there's ample liquidity for retail and institutional investors.

Vanguard 500 Index Fund (VOO)

• Performance over one year: 17.66%
• Expense ratio: 0.03%
• Annual dividend yield: 1.59%
• Three-month average daily volume: 3,969,607
• AUM: $327.16 billion
• Inception date: Sept. 7, 2010
• Issuer: Vanguard

Like the previous two funds, the VOO has an investment objective to provide returns that mirror the S&P 500 index by holding stocks that make up the underlying benchmark. VOO’s management fee of just 0.03% means investors pay $3 for every $10,000 invested over a 12-month period.

SPDR Portfolio S&P 500 High Dividend ETF (SPYD)

• Performance over one year: -2.19%
• Expense ratio: 0.07%
• Annual dividend yield: 5.14%
• Three-month average daily volume: 965,088
• AUM: $6.10 billion
• Inception date: Oct. 21, 2015
• Issuer: State Street Global Advisors

SPYD tracks the S&P 500 High Dividend Index, an equal-weighted benchmark comprising the 80 highest-yielding stocks selected from the S&P 500. The ETF’s basket of 82 holdings includes biopharmaceutical giant Amgen Inc., computer hardware maker Seagate Technology Holdings, and oil and gas giant Phillips 66. Penny spreads keep trading costs low and help to minimize slippage.

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As of the date this article was written, the author does not own any of the above ETFs.

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