Which has more room to gain, BSEP or ZSEP?

From their prices on Oct 13, 2026, BSEP can gain about 18.1% before its cap and ZSEP about 8.0%, so BSEP has more room left this period.

Which resets first, BSEP or ZSEP?

BSEP ends its outcome period on Aug 31, 2027 and ZSEP on Aug 31, 2027. A new cap is set the day after each.

Which is cheaper, BSEP or ZSEP?

BSEP and ZSEP both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

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BSEP vs ZSEP: Cap, Buffer & Days Left

As of Oct 13, 2026 BSEP can fall 1.4% before its buffer engages and ZSEP 0.8%. Net assets on Oct 13, 2026: $470m for Innovator U.S. Equity Buffer ETF - Sep and $238m for Innovator Equity Defined Protection ETF - 1 Yr September.

Both cost 0.79% a year; their one-year returns differ by 8.2 points; BSEP is 2.0 times larger.

Points (pts) are percentage points.

BSEP vs ZSEP: Cap, Buffer & Days Left
	BSEP	ZSEP
Expense ratio	0.79%	0.79%
Net assets	$470m	$238m
Total return, 1 year	+14.0%	+5.8%
What it tracks	SPY	SPY
Holdings in common	not published

1.4%

BSEP can fall this far before its buffer

0.8%

ZSEP can fall this far before its buffer

18.1%

BSEP can still gain

8.0%

ZSEP can still gain

BSEPBetween buffer and cap

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.

ZSEPFull floor

ZSEP: reference +1.4% since period start, fund +0.7%; buffer Floor; cap +8.9%; Full floor. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

These are two different products. ZSEP is a floor fund, which caps how far a holder can fall. BSEP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

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, 322 days from now; ZSEP runs to Aug 31, 2027, 322 days. BSEP can still gain 18.1% before its cap, ZSEP 8.0%. A fall from here reaches BSEP’s buffer after 1.4% and ZSEP’s after 0.8%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BSEP vs ZSEP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BSEP	ZSEP	BSEP	ZSEP
3 months	+3.3%	+1.4%	−0.2 pts	−2.1 pts
6 months	+8.9%	+3.4%	−3.1 pts	−8.6 pts
1 year	+14.0%	+5.8%	−3.3 pts	−11.6 pts
3 years	+61.8%	not published	−18.5 pts	not published
Since launch Not the same days: BSEP Sep 2019 · ZSEP Sep 2024	+126.8%	+14.1%	−40.8 pts	−26.8 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

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

ZSEP

Innovator Equity Defined Protection ETF - 1 Yr September · Absorbs the whole loss on SPY and caps the gain at 8.9%, over a period ending Aug 31, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 9% 100%

Outcome period Aug 31, 2026 to Aug 31, 2027 Aug 31, 2026 to Aug 31, 2027

Days left 322 322

Starting cap +19.8% +8.9%

Can still gain 18.1% 8.0%

Fall before buffer 1.4% 0.8%

Protection left, index points 9.0% of 9.0% 100.0% of 100.0%

Index return this period +1.4% +1.4%

Fund return this period +1.3% +0.7%

State today Open Open

Expense ratio 0.79% 0.79%

Net assets $470m $238m

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 ZSEP

From its price on Oct 13, 2026, the fund can gain about 8.0% more before it reaches its cap. The fund's price can fall 0.8% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BSEP or ZSEP?: From their prices on Oct 13, 2026, BSEP can gain about 18.1% before its cap and ZSEP about 8.0%, so BSEP has more room left this period.
Which resets first, BSEP or ZSEP?: BSEP ends its outcome period on Aug 31, 2027 and ZSEP on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, BSEP or ZSEP?: BSEP and ZSEP both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

BSEP vs SEPW BSEP vs GJAN BSEP vs DAUG BSEP vs DJAN ZSEP vs FAUG ZSEP vs DAUG ZSEP vs GAUG ZSEP vs PSEP

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BSEP on its own →ZSEP on its own →How every figure is computed →Standards and sources →

Where these figures came from

BSEP and ZSEP filings on SEC EDGAR ↗Innovator page for BSEP ↗Innovator page for ZSEP ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

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 pageCitation, APA and Markdown

ETFIQ, BSEP against ZSEP, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/bsep-vs-zsep

Open data

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