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BSEP vs USEP: Cap, Buffer & Days Left

As of Oct 9, 2026 USEP can fall 6.2% before its buffer engages and BSEP 1.4%. Net assets on Oct 9, 2026: $470m for Innovator U.S. Equity Buffer ETF - Sep and $239m for Innovator U.S. Equity Ultra Buffer ETF - Sep.

Both cost 0.79% a year; their one-year returns differ by 3.5 points; BSEP is 2.0 times larger.

BSEPUSEP
Expense ratio0.79%0.79%
Net assets$470m$239m
Total return, 1 year+13.2%+9.7%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer1.5%6.4%
1.4%
BSEP can fall this far before its buffer
6.2%
USEP can fall this far before its buffer
18.0%
BSEP can still gain
13.3%
USEP can still gain
BSEPBetween buffer and cap
Between buffer and capBSEP: reference +1.5% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 9, 2026.9 pts+18.3% more to the cap−9.0% floor0% period start+19.8% cap+1.5% gain capturedTODAY · SPY +1.5%Between buffer and capBSEP: reference +1.5% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 9, 2026.−9.0% floor0% start+19.8% cap9 pts of buffer+1.5% gain captured+18.3% more to the capTODAY · SPY +1.5%

BSEP: reference +1.5% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 9, 2026.

BSEP: reference +1.5% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 9, 2026.

USEPBetween buffer and cap
Between buffer and capUSEP: reference +1.5% since period start, fund +1.2%; buffer −5 to −35; cap +14.7%; Between buffer and cap. Figures to Oct 9, 2026.30 pts of buffer+13.2% more to the cap−35.0% floor−5.0% buffer start0% period start+14.7% capfirst 5 pts are yours to lose+1.5% gain capturedTODAY · SPY +1.5%Between buffer and capUSEP: reference +1.5% since period start, fund +1.2%; buffer −5 to −35; cap +14.7%; Between buffer and cap. Figures to Oct 9, 2026.30 pts of buffer−35.0% floor−5.0% buffer start0% start+14.7% capfirst 5 pts are yours to lose+1.5% gain captured+13.2% more to the capTODAY · SPY +1.5%

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.

ETFIQ Downside Cover Score · USEP 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 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 →

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

BSEP resets first, on Aug 31, 2027, 326 days from now; USEP runs to Aug 31, 2027, 326 days. BSEP can still gain 18.0% before its cap, USEP 13.3%. A fall from here reaches BSEP’s buffer after 1.4% 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 returnGap to the reference's price return
WindowBSEPUSEPBSEPUSEP
3 months+3.2%+2.3%+0.1 pts−0.9 pts
6 months+10.5%+7.4%−4.1 pts−7.2 pts
1 year+13.2%+9.7%−2.8 pts−6.3 pts
3 years+60.8%+43.8%−18.4 pts−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

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
USEP
Innovator U.S. Equity Ultra Buffer ETF - Sep · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 14.7%, over a period ending Aug 31, 2027
Issuer Innovator Innovator
Reference index SPY SPY
Buffer 9% 5% to 35%
Outcome period Aug 31, 2026 to Aug 31, 2027 Aug 31, 2026 to Aug 31, 2027
Days left 326 326
Starting cap +19.8% +14.7%
Can still gain 18.0% 13.3%
Fall before buffer 1.4% 6.2%
Protection left, index points 9.0% of 9.0% 30.0% of 30.0%
Index return this period +1.5% +1.5%
Fund return this period +1.4% +1.2%
State today Open Open
Expense ratio 0.79% 0.79%
Net assets $470m $239m

As of Oct 9, 2026. Source: ETFIQ.

BSEP in plain words

From its price on Oct 9, 2026, the fund can gain about 18.0% 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 1.5% 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. 326 days remained on Oct 9, 2026. On Aug 31, 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.

Questions people ask

Which has more room to gain, BSEP or USEP?
From their prices on Oct 9, 2026, BSEP can gain about 18.0% before its cap and USEP about 13.3%, so BSEP has more room left this period.
Which resets first, BSEP or USEP?
BSEP ends its outcome period on Aug 31, 2027 and USEP on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, BSEP or USEP?
BSEP and USEP both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.
Other comparisons
BSEP vs UOCTBSEP vs UJULBSEP vs BOCTBSEP vs DAPRUSEP vs ZSEPUSEP vs XAUGUSEP vs DAUGUSEP vs GAUG
SPY →BSEP on its own →USEP on its own →How every figure is computed →Standards and sources →
Where these figures came from
BSEP and USEP filings on SEC EDGAR ↗Innovator page for BSEP ↗Innovator page for USEP ↗

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.

Cite this page

ETFIQ, BSEP against USEP, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bsep-vs-usep

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.