BSEP vs SEPP: Cap, Buffer & Days Left
As of Oct 13, 2026 SEPP can fall 1.7% before its buffer engages and BSEP 1.4%. Net assets on Oct 13, 2026: $470m for Innovator U.S. Equity Buffer ETF - Sep and $33m for PGIM S&P 500 Buffer 12 ETF - September.
SEPP costs 0.29 points a year less; their one-year returns differ by 1.6 points; BSEP is 14.3 times larger.
Points (pts) are percentage points.
| BSEP | SEPP | |
|---|---|---|
| Expense ratio | 0.79% | 0.50% |
| Net assets | $470m | $33m |
| Total return, 1 year | +14.0% | +12.4% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
BSEP: reference +1.4% since period start, fund +1.3%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 13, 2026.
BSEP: reference +1.4% since period start, fund +1.3%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 13, 2026.
SEPP: reference +1.4% since period start, fund +1.2%; buffer 0 to −12; cap +15.9%; Between buffer and cap. Figures to Oct 13, 2026.
SEPP: reference +1.4% since period start, fund +1.2%; buffer 0 to −12; cap +15.9%; Between buffer and cap. Figures to Oct 13, 2026.
A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it → How it is computed →
Where each one stands today
BSEP resets first, on Aug 31, 2027, 322 days from now; SEPP runs to Aug 31, 2027, 322 days. BSEP can still gain 18.1% before its cap, SEPP 13.9%. A fall from here reaches BSEP’s buffer after 1.4% and SEPP’s after 1.7%. 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 | BSEP | SEPP | BSEP | SEPP |
| 3 months | +3.3% | +2.7% | −0.2 pts | −0.8 pts |
| 6 months | +8.9% | +7.5% | −3.1 pts | −4.5 pts |
| 1 year | +14.0% | +12.4% | −3.3 pts | −4.9 pts |
| 3 years | +61.8% | not published | −18.5 pts | not published |
| Since launch Not the same days: BSEP Sep 2019 · SEPP May 2024 | +126.8% | +33.6% | −40.8 pts | −13.3 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →
On the same fields
As of Oct 13, 2026. Source: ETFIQ.
About BSEP
From its price on Oct 13, 2026, the fund can gain about 18.1% 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 figure. In index terms, SPY can fall 1.4% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 322 days remained on Oct 13, 2026. On Aug 31, 2027 the period ends and a new cap is set.
About SEPP
From its price on Oct 13, 2026, the fund can gain about 13.9% more before it reaches its cap. The fund's price can fall 1.7% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level.
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
It is a place in a set, not a rating or a recommendation.
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.
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ETFIQ, BSEP against SEPP, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/bsep-vs-sepp
ETFIQ. (Oct 13, 2026). BSEP against SEPP. Retrieved from https://etfiq.com/compare/buffer/bsep-vs-sepp
[BSEP against SEPP (ETFIQ, Oct 13, 2026)](https://etfiq.com/compare/buffer/bsep-vs-sepp)
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