AUGM vs USEP: Cap, Buffer & Days Left
As of Oct 9, 2026 USEP can fall 6.2% before its buffer engages and AUGM 1.5%, and AUGM resets 11 days sooner. Net assets on Oct 9, 2026: $66m for FT Vest U.S. Equity Max Buffer ETF - August and $239m for Innovator U.S. Equity Ultra Buffer ETF - Sep.
USEP costs 0.06 points a year less; their one-year returns differ by 4.0 points; USEP is 3.6 times larger.
| AUGM | USEP | |
|---|---|---|
| Expense ratio | 0.85% | 0.79% |
| Net assets | $66m | $239m |
| Total return, 1 year | +5.7% | +9.7% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 1.7% | 6.4% |
AUGM: reference +1.7% since period start, fund +0.7%; buffer Floor; cap +8.0%; Full floor. Figures to Oct 9, 2026.
Figures to Oct 9, 2026.
USEP: reference +1.5% since period start, fund +1.2%; buffer −5 to −35; cap +14.7%; Between buffer and cap. Figures to Oct 9, 2026.
USEP: reference +1.5% since period start, fund +1.2%; buffer −5 to −35; cap +14.7%; Between buffer and cap. Figures to Oct 9, 2026.
These are two different products. AUGM is a floor fund, which caps how far a holder can fall. USEP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
AUGM resets first, on Aug 20, 2027, 315 days from now; USEP runs to Aug 31, 2027, 326 days. AUGM can still gain 6.4% before its cap, USEP 13.3%. A fall from here reaches AUGM’s buffer after 1.5% and USEP’s after 6.2%. Both track SPY, so what separates them is where each is in its own period.
Performance, window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | AUGM | USEP | AUGM | USEP |
| 3 months | +1.3% | +2.3% | −1.9 pts | −0.9 pts |
| 6 months | +3.8% | +7.4% | −10.8 pts | −7.2 pts |
| 1 year | +5.7% | +9.7% | −10.3 pts | −6.3 pts |
| 3 years | not published | +43.8% | not published | −35.3 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
As of Oct 9, 2026. Source: ETFIQ.
AUGM in plain words
From its price on Oct 9, 2026, the fund can gain about 6.4% more before it reaches its cap. The fund's price can fall 1.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.7% 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. 315 days remained on Oct 9, 2026. On Aug 20, 2027 the period ends and a new cap is set.
USEP in plain words
From its price on Oct 9, 2026, the fund can gain about 13.3% more before it reaches its cap. The fund's price can fall 6.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.4% 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. 326 days remained on Oct 9, 2026. On Aug 31, 2027 the period ends and a new cap is set.
Questions people ask
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every figure is an ETFIQ calculation with distributions reinvested.
ETFIQ, AUGM against USEP, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/augm-vs-usep
ETFIQ. (Oct 9, 2026). AUGM against USEP. Retrieved from https://etfiq.com/compare/buffer/augm-vs-usep
[AUGM against USEP (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/augm-vs-usep)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.