The time has come to sell the SPDR S&P 500 ( SPY), the granddaddy of all ETFs, even though it may be the most liquid and heavily traded security in the world. Two other ETFs track the same index as SPY: iShares S&P 500 ( IVV) and Vanguard S&P 500 ( VOO). Are they any different? Yes, they are. Assuming you want to be in the S&P 500, here are three reasons to avoid SPY. At 0.09%, SPY's expense ratio is 50% higher than VOO, which charges only 0.06%. Vanguard is rarely undersold on fees! VOO can be traded commission-free at Vanguard's brokerage arm, while IVV has no transaction fee for Fidelity customers. Currently, no major brokerage firm offers a fee-free trading program for SPY. The real kicker is dividend payments. Few investors realize it, but SPY can take more than a month to deliver your quarterly dividend check. IVV and VOO both manage to pay out dividends in a week or less. If you are a daytrader, the liquidity of SPY may outweigh these negatives, but for most investors VOO and IVV are better choices.