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BSEP vs SEPW: which one stands where?

As of Oct 2, 2026 SEPW can fall 1.2% before its buffer engages and BSEP 0.6%. Innovator U.S. Equity Buffer ETF - Sep and AllianzIM U.S. Equity Buffer20 ETF - Sep.

SEPW costs 0.05 points a year less; their one-year returns differ by 4.1 points; BSEP is 3.6 times larger.

BSEPSEPW
Expense ratio0.79%0.74%
Net assets$466m$131m
Total return, 1 year+12.4%+8.3%
What it tracksSPYSPY
Holdings in commonnot published
0.6%
BSEP can fall this far before its buffer
1.2%
SEPW can fall this far before its buffer
19.1%
BSEP can still gain
11.1%
SEPW can still gain
BSEPBetween buffer and cap
Between buffer and capBSEP: reference +0.3% since period start, fund +0.5%; buffer 0 to −9; cap +19.8%; Between buffer and cap.9 pts of buffer+19.4% more to the cap−9.0% floor0% period start+19.8% capTODAY · SPY +0.3%Between buffer and capBSEP: reference +0.3% since period start, fund +0.5%; buffer 0 to −9; cap +19.8%; Between buffer and cap.9 pts+19.4% to cap−9.0% floor0% start+19.8% capTODAY · SPY +0.3%

BSEP: reference +0.3% since period start, fund +0.5%; buffer 0 to −9; cap +19.8%; Between buffer and cap.

SEPWBetween buffer and cap
Between buffer and capSEPW: reference +0.3% since period start, fund +0.4%; buffer 0 to −20; cap +12.3%; Between buffer and cap.20 pts of buffer+12% more to the cap−20.0% floor0% period start+12.3% capTODAY · SPY +0.3%Between buffer and capSEPW: reference +0.3% since period start, fund +0.4%; buffer 0 to −20; cap +12.3%; Between buffer and cap.20 pts of buffer−20.0% floor0% start+12.3% capTODAY · SPY +0.3%

SEPW: reference +0.3% since period start, fund +0.4%; buffer 0 to −20; cap +12.3%; Between buffer and cap.

ETFIQ Downside Cover Score · SEPW scores higherIf the market falls into a bear market from here, how much does the buffer absorb?
0.2, the lowest in this set99.8, the highest

A percentile among the 294 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, 333 days from now; SEPW runs to Aug 31, 2027, 333 days. BSEP can still gain 19.1% before its cap, SEPW 11.1%. A fall from here reaches BSEP’s buffer after 0.6% 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

Total returnGap to the reference
WindowBSEPSEPWBSEPSEPW
3 months+3.1%+1.9%−0.5 pts−1.7 pts
6 months+12.4%+7.2%−5.5 pts−10.8 pts
1 year+12.4%+8.3%−3.9 pts−7.9 pts
3 years+63.4%+40.0%−25.9 pts−49.3 pts

BSEP and SEPW over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

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 333 333
Starting cap +19.8% +12.3%
Can still gain 19.1% 11.1%
Fall before buffer 0.6% 1.2%
Protection left, index points 9.0% of 9.0% 20.0% of 20.0%
Index return this period +0.3% +0.3%
Fund return this period +0.5% +0.4%
State today Open Open
Expense ratio 0.79% 0.74%
Net assets $466m $131m

BSEP and SEPW on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BSEP in plain words

From its price on Oct 2, 2026, the fund can gain about 19.1% 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 figure. In index terms, SPY can fall 0.3% 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. 333 days remained on Oct 2, 2026. On Aug 31, 2027 the period ends and a new cap is set.

SEPW in plain words

From its price on Oct 2, 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.

Questions people ask

Which has more room to gain, BSEP or SEPW?
From their prices on Oct 2, 2026, BSEP can gain about 19.1% 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
BSEP vs GAUGBSEP vs GJANBSEP vs PAPRBSEP vs PAUGSEPW vs USEPSEPW vs XAUGSEPW vs ZSEPSEPW vs CPST
SPY →BSEP on its own →SEPW on its own →How every figure is computed →Standards and sources →
Where these figures came from
BSEP filings on SEC EDGAR ↗Innovator page for BSEP ↗SEPW filings on SEC EDGAR ↗AllianzIM page for SEPW ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BSEP against SEPW, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/bsep-vs-sepw

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.