Data as of .
BSEP vs SEPW: which one stands where?
As of Sep 21, 2026 SEPW can fall 1.2% before its buffer engages and BSEP 0.9%, and BSEP resets 1 days sooner.
ETFIQ Downside Cover Score: SEPW scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
Where each one stands today
BSEP resets first, on Aug 31, 2027, 344 days from now; SEPW runs to Aug 31, 2027, 345 days. BSEP can still gain 18.6% before its cap, SEPW 11.1%. A fall from here reaches BSEP’s buffer after 0.9% and SEPW’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| BSEP | SEPW | BSEP | SEPW | |
| 3 months | +2.5% | +1.6% | +0.3 pts | −0.7 pts |
| 6 months | +12.6% | +7.5% | −5.5 pts | −10.6 pts |
| 1 year | +12.3% | +8.2% | −4.3 pts | −8.3 pts |
| 3 years | +56.2% | +35.9% | −22.2 pts | −42.5 pts |
| BSEP Innovator U.S. Equity Buffer ETF - Sep Absorbs the first 9% of loss on SPY and caps the gain at 19.8%, over a period ending Aug 31, 2027 | SEPW AllianzIM U.S. Equity Buffer20 ETF - Sep Absorbs the first 20% of loss on SPY and caps the gain at 12.3%, over a period ending Aug 31, 2027 | |
|---|---|---|
| Issuer | Innovator | AllianzIM |
| Reference index | SPY | SPY |
| Buffer | 9% | 20% |
| Outcome period | Aug 31, 2026 to Aug 31, 2027 | Sep 1, 2026 to Aug 31, 2027 |
| Days left | 344 | 345 |
| Starting cap | +19.8% | +12.3% |
| Can still gain | 18.6% | 11.1% |
| Fall before buffer | 0.9% | 1.2% |
| Protection left, index points | 9.0% of 9.0% | 20.0% of 20.0% |
| Index return this period | +0.9% | +0.9% |
| Fund return this period | +0.9% | +0.5% |
| State today | Open | Open |
| Expense ratio | 0.79% | 0.74% |
| Net assets | $409m | $123m |
BSEP in plain words
From its price on Sep 21, 2026, the fund can gain about 18.6% 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 figure. In index terms, SPY can fall 0.9% 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. 344 days remained on Sep 21, 2026. On Aug 31, 2027 the period ends and a new cap is set.
SEPW in plain words
From its price on Sep 21, 2026, the fund can gain about 11.1% 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 figure. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 345 days remained on Sep 21, 2026.
Questions people ask
- Which has more room to gain, BSEP or SEPW?
- From their prices on Sep 21, 2026, BSEP can gain about 18.6% before its cap and SEPW about 11.1%, so BSEP has more room left this period.
- Which resets first, BSEP or SEPW?
- BSEP ends its outcome period on Aug 31, 2027 and SEPW on Aug 31, 2027. A new cap is set the day after each.
- Which is cheaper, BSEP or SEPW?
- BSEP charges 0.79% a year and SEPW charges 0.74%, so SEPW is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, BSEP against SEPW, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/bsep-vs-sepw Free to use with attribution; the underlying files are at Open data.