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Data as of Oct 28, 2026.

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SPY vs SQBA: Differences, Returns & Fees

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SPY and SQBA are measured over different days, and SPY charges 0.09% to SQBA's 0.85%.

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Net assets on Oct 27, 2026: $814.8bn for SPDR S&P 500 ETF Trust and $3.1m for FT Vest U.S. Equity Quarterly 15 Buffer ETF.

SPY on its own →SQBA on its own →
At a glance
+13.6%
SPY total return, 1 year
+1.0%
SQBA total return, since launch, Aug 24, 2026
0.09%
SPY expense ratio
0.85%
SQBA expense ratio

Pair scorecard

SPY costs 0.76 points a year less; SPY is far larger, $814.8bn against $3.1m.

SPY vs SQBA: Differences, Returns & Fees
MeasureSPYSQBA
Return
Total return, 1 year+13.6%not published
Drawdown
Index fall to the buffer0.9%
Fund price fall to the buffer1.2%
Benchmark
What it tracksS&P 500 IndexSPY
The outcome period
Room to the cap1.4%
Buffer left, in index points15.0% of 15.0%
Days left in the period23
Period endsNov 20, 2026
Cost and size
Expense ratio0.09%0.85%
Net assets, as of Oct 27, 2026$814.8bn$3.1m
Holdings
Holdings in commonnot published
In the S&P 500, by weight100%
Top ten holdings, share of the fund38.1%

Method

Side by side

SPY SPDR S&P 500 ETF Trust SQBA FT Vest U.S. Equity Quarterly 15 Buffer ETF
Where it sits Stock ETF Buffer ETF
Issuer State Street First Trust
What it is Tracks the S&P 500 Defined outcome, 15% on SPY
Total return, 1 year +13.6% +1.0% (since launch, Aug 24, 2026)
Its benchmark over the same days +13.7% (VOO) +1.2% (SPY) (since launch, Aug 24, 2026)
Gap to its benchmark −0.1 pts vs VOO −0.2 pts vs SPY (since launch, Aug 24, 2026)
Expense ratio 0.09% 0.85%
Holdings 504 not read by ETFIQ
Net assets, as of Oct 27, 2026 $814.8bn $3.1m

SPY and SQBA on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

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About each fund
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%.

SQBA

From its price on Oct 28, 2026, the fund can gain about 1.4% more before it reaches its cap. The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.9% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 23 days remained on Oct 28, 2026. On Nov 20, 2026 the period ends and a new cap is set.

Questions people ask

Are SPY and SQBA in the same category?
SPY is a stock ETF and SQBA is a buffer ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which is cheaper, SPY or SQBA?
SPY is cheaper, by 0.76 percentage points a year. That is about $76 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
SPY vs TOCTDDTA vs SPYDDTJ vs SPYDDTF vs SPYIVV vs SQBASQBA vs VOOSPYM vs SQBADDTD vs SPY
Where to next
SPY on its own →SQBA on its own →Hold both: look the portfolio through →Rankings →SPY dividend history →SPY holdings →Standards and sources →
Sources and dates
SPY filings on SEC EDGAR ↗
State Street website ↗
SQBA filings on SEC EDGAR ↗
First Trust page for SQBA ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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ETFIQ, SPY against SQBA, data as of Oct 28, 2026. https://etfiq.com/compare/any/spy-vs-sqba

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