IVV invests in companies listed in the US, tracking the S&P; 500 Index. The companies are large caps and diversified across industries. The fund is hedged back to AUD.
The S&P; 500 Index tracks the largest 500 companies listed in the US NASDAQ and New York Stock Exchange (NYSE). It tracks a diversified range of companies across industries. It is generally considered the best gauge of the US stock market.