Data as of Nov 4, 2026.
BSEP vs SEPT: Cap, Buffer & Days Left
As of Nov 4, 2026 SEPT can fall 1.2% before its buffer engages and BSEP 0.6%.
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Net assets: $462m on Nov 4, 2026 for Innovator U.S. Equity Buffer ETF - Sep, and $37m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer10 ETF - Sep.
BSEP: reference −0.1% since period start, fund +0.5%; buffer 0 to −9; cap +19.8%; Buffer working. Data to Nov 4, 2026.
BSEP: reference −0.1% since period start, fund +0.5%; buffer 0 to −9; cap +19.8%; Buffer working. Data to Nov 4, 2026.SEPT: reference 0.0% since period start, fund +0.5%; buffer 0 to −10; cap +17.5%; Buffer working. Data to Nov 4, 2026.
SEPT: reference 0.0% since period start, fund +0.5%; buffer 0 to −10; cap +17.5%; Buffer working. Data to Nov 4, 2026.Pair scorecard
SEPT costs 0.05 points a year less; their one-year returns differ by 0.5 points; BSEP is 12.4 times larger.
Points (pts) are percentage points.
| Measure | BSEP | SEPT |
|---|---|---|
| Return | ||
| Total return, 1 year | +12.1% | +11.6% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.74% |
| Net assets, as of Nov 3, 2026 | $459m | $37m |
| Holdings | ||
| Holdings in common | not published | |
How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed
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 →
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | BSEP | SEPT | BSEP | SEPT |
| 3 months | +1.3% | +1.1% | +1.7 pts | +1.5 pts |
| 6 months | +5.0% | +4.6% | +0.5 pts | +0.2 pts |
| 1 year | +12.1% | +11.6% | −1.5 pts | −1.9 pts |
| 3 years | +59.6% | +57.4% | −16.8 pts | −19.1 pts |
| Since launchNot the same days: BSEP Sep 2019 · SEPT Sep 2023 | +125.0% | +54.0% | −38.7 pts | −16.0 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
Where each one stands today
BSEP resets first, on Aug 31, 2027, 300 days from now; SEPT runs to Aug 31, 2027, 300 days. BSEP can still gain 19.0% before its cap, SEPT 16.2%. A fall from here reaches BSEP’s buffer after 0.6% and SEPT’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.
BSEP
From its price on Nov 4, 2026, the fund can gain about 19.0% more before it reaches its cap. The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 8.9% of the 9.0% buffer still sits below today's SPY level. 300 days remained on Nov 4, 2026. On Aug 31, 2027 the period ends and a new cap is set.
SEPT
From its price on Nov 4, 2026, the fund can gain about 16.2% 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. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level.
Questions people ask
Links are sources, not endorsements. 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 number 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 number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, BSEP against SEPT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bsep-vs-sept
ETFIQ. (Nov 4, 2026). BSEP against SEPT. Retrieved from https://etfiq.com/compare/buffer/bsep-vs-sept
[BSEP against SEPT (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/bsep-vs-sept)
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