Data as of Oct 28, 2026.
SPY vs ZSEP: Differences, Returns & Fees
Over the year to Oct 28, 2026, SPY returned +13.6% to ZSEP's +5.2%, and SPY charges 0.09% to ZSEP's 0.79%.
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Net assets: $814.8bn on Oct 27, 2026 for SPDR S&P 500 ETF Trust, and $262m on Oct 28, 2026 for Innovator Equity Defined Protection ETF - 1 Yr September.
Pair scorecard
SPY costs 0.70 points a year less; their one-year returns differ by 8.4 points; SPY is far larger, $814.8bn against $243m.
| Measure | SPY | ZSEP |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.6% | +5.2% |
| Drawdown | ||
| Index fall to the buffer | 0.6% | |
| Fund price fall to the buffer | 0.9% | |
| Benchmark | ||
| What it tracks | S&P 500 Index | SPY |
| The outcome period | ||
| Room to the cap | 7.9% | |
| Buffer left, in index points | 100.0% of 100.0% | |
| 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 | $243m |
| Holdings | ||
| Holdings in common | not published | |
| Top ten holdings, share of the fund | 38.1% | |
Side by side
SPY and ZSEP 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%.
ZSEP
From its price on Oct 28, 2026, the fund can gain about 7.9% more before it reaches its cap. The fund's price can fall 0.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.6% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% 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 ZSEP in the same category?
- SPY is a stock ETF and ZSEP 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 ZSEP?
- In the year to Oct 28, 2026, with distributions reinvested, SPY returned +13.6% and ZSEP +5.2%.
- Which is cheaper, SPY or ZSEP?
- 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.
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ETFIQ, SPY against ZSEP, data as of Oct 28, 2026. https://etfiq.com/compare/any/spy-vs-zsep
ETFIQ. (Oct 28, 2026). SPY against ZSEP. Retrieved from https://etfiq.com/compare/any/spy-vs-zsep
[SPY against ZSEP (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/spy-vs-zsep)
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