Data as of Oct 28, 2026.
SEPT vs SPY: Differences, Returns & Fees
Over the year to Oct 28, 2026, SEPT returned +11.0% to SPY's +13.6%, and SPY charges 0.09% to SEPT's 0.74%.
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Net assets on Oct 27, 2026: $38m for AllianzIM U.S. Equity Buffer10 ETF - Sep and $814.8bn for SPDR S&P 500 ETF Trust.
Pair scorecard
SPY costs 0.65 points a year less; their one-year returns differ by 2.6 points; SPY is far larger, $814.8bn against $38m.
| Measure | SEPT | SPY |
|---|---|---|
| Return | ||
| Total return, 1 year | +11.0% | +13.6% |
| Drawdown | ||
| Index fall to the buffer | 0.7% | |
| Fund price fall to the buffer | 1.4% | |
| Benchmark | ||
| What it tracks | SPY | S&P 500 Index |
| The outcome period | ||
| Room to the cap | 16.0% | |
| Buffer left, in index points | 10.0% of 10.0% | |
| Days left in the period | 307 | |
| Period ends | Aug 31, 2027 | |
| Cost and size | ||
| Expense ratio | 0.74% | 0.09% |
| Net assets, as of Oct 27, 2026 | $38m | $814.8bn |
| Holdings | ||
| Holdings in common | not published | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 38.1% | |
Side by side
SEPT and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
SEPT
From its price on Oct 28, 2026, the fund can gain about 16.0% more before it reaches its cap. The fund's price can fall 1.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.7% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 307 days remained on Oct 28, 2026. On Aug 31, 2027 the period ends and a new cap is set.
SPY
SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.
Questions people ask
- Are SEPT and SPY in the same category?
- SEPT is a buffer ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, SEPT or SPY?
- In the year to Oct 28, 2026, with distributions reinvested, SEPT returned +11.0% and SPY +13.6%.
- Which is cheaper, SEPT or SPY?
- SPY is cheaper, by 0.65 percentage points a year. That is about $65 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, SEPT against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/sept-vs-spy
ETFIQ. (Oct 28, 2026). SEPT against SPY. Retrieved from https://etfiq.com/compare/any/sept-vs-spy
[SEPT against SPY (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/sept-vs-spy)
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