Data as of Oct 28, 2026.
SPY vs USEP: Differences, Returns & Fees
Over the year to Oct 28, 2026, SPY returned +13.6% to USEP's +8.5%, and SPY charges 0.09% to USEP's 0.79%.
askIQ about this page
askIQ about SPY and USEP
Net assets: $814.8bn on Oct 27, 2026 for SPDR S&P 500 ETF Trust, and $245m on Oct 28, 2026 for Innovator U.S. Equity Ultra Buffer ETF - Sep.
Pair scorecard
SPY costs 0.70 points a year less; their one-year returns differ by 5.1 points; SPY is far larger, $814.8bn against $242m.
| Measure | SPY | USEP |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.6% | +8.5% |
| Drawdown | ||
| Index fall to the buffer | 5.6% | |
| Fund price fall to the buffer | 5.9% | |
| Benchmark | ||
| What it tracks | S&P 500 Index | SPY |
| The outcome period | ||
| Room to the cap | 13.6% | |
| Buffer left, in index points | 30.0% of 30.0% | |
| Days left in the period | 307 | |
| Period ends | Aug 31, 2027 | |
| Cost and size | ||
| Expense ratio | 0.09% | 0.79% |
| Net assets, as of Oct 27, 2026 | $814.8bn | $242m |
| 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
SPY and USEP on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
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%.
USEP
From its price on Oct 28, 2026, the fund can gain about 13.6% more before it reaches its cap. The fund's price can fall 5.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 5.6% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% 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.
Questions people ask
- Are SPY and USEP in the same category?
- SPY is a stock ETF and USEP is a buffer ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, SPY or USEP?
- In the year to Oct 28, 2026, with distributions reinvested, SPY returned +13.6% and USEP +8.5%.
- Which is cheaper, SPY or USEP?
- SPY is cheaper, by 0.70 percentage points a year. That is about $70 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
Cite this pageCitation, APA and Markdown
ETFIQ, SPY against USEP, data as of Oct 28, 2026. https://etfiq.com/compare/any/spy-vs-usep
ETFIQ. (Oct 28, 2026). SPY against USEP. Retrieved from https://etfiq.com/compare/any/spy-vs-usep
[SPY against USEP (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/spy-vs-usep)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.