Which has more room to gain, EALT or SEPM?

From their prices on Nov 4, 2026, EALT can gain about 6.4% before its cap and SEPM about 6.8%, so SEPM has more room left this period.

Which resets first, EALT or SEPM?

EALT ends its outcome period on Dec 31, 2026 and SEPM on Sep 17, 2027. A new cap is set the day after each.

Which is cheaper, EALT or SEPM?

EALT charges 0.69% a year and SEPM charges 0.85%, so EALT is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

EALT vs SEPM: Cap, Buffer & Days Left

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As of Nov 4, 2026 EALT can fall 5.6% before its buffer engages and SEPM 1.4%, and EALT resets 260 days sooner.

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Net assets: $189m on Nov 4, 2026 for Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly, and $38m on Nov 3, 2026 for FT Vest U.S. Equity Max Buffer ETF - September.

EALT on its own →SEPM on its own →

At a glance

5.6%

EALT can fall this far before its buffer

1.4%

SEPM can fall this far before its buffer

6.4%

EALT can still gain

6.8%

SEPM can still gain

EALT Between buffer and cap

EALT: reference +0.5% since period start, fund +0.5%; buffer −5 to −15; cap +7.0%; Between buffer and cap. Data to Nov 4, 2026.

SEPM Full floor

SEPM: reference +0.7% since period start, fund +0.6%; buffer −0 to floor; cap +8.2%; Full floor. Data to Nov 4, 2026.

Pair scorecard

EALT costs 0.16 points a year less; their one-year returns differ by 1.4 points; EALT is 4.9 times larger.

Points (pts) are percentage points.

EALT vs SEPM: Cap, Buffer & Days Left
Measure	EALT	SEPM
Return
Measure	EALT	SEPM
Total return, 1 year	+5.0%	+6.4%
Drawdown
Measure	EALT	SEPM
Index fall to the buffer	5.5%	0.7%
Benchmark
Measure	EALT	SEPM
What it tracks	SPY	SPY
Cost and size
Measure	EALT	SEPM
Expense ratio	0.69%	0.85%
Net assets, as of Nov 3, 2026	$187m	$38m
Holdings
Measure	EALT	SEPM
Holdings in common	not published

Method

Window by window

Window by window: EALT vs SEPM: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	EALT	SEPM	EALT	SEPM
3 months	0.0%	+1.3%	+0.4 pts	+1.6 pts
6 months	+3.9%	+3.0%	−0.6 pts	−1.5 pts
1 year	+5.0%	+6.4%	−8.6 pts	−7.2 pts
3 years	+40.9%	–	−35.5 pts	–
Since launchNot the same days: EALT Oct 2023 · SEPM Sep 2024	+43.3%	+13.3%	−36.1 pts	−21.3 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

EALT Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly · Absorbs losses from 5.0% to 15.0% on SPY and caps the gain at 7.0%, over a period ending Dec 31, 2026 SEPM FT Vest U.S. Equity Max Buffer ETF - September · Absorbs losses from 0.0% to 100.0% on SPY and caps the gain at 8.2%, over a period ending Sep 17, 2027

Issuer Innovator First Trust

Reference index SPY SPY

Buffer 5% to 15% 0% to 100%

Outcome period Sep 30, 2026 to Dec 31, 2026 Sep 21, 2026 to Sep 17, 2027

Days left 57 317

Starting cap +7.0% +8.2%

Can still gain 6.4% 6.8%

Fall before buffer 5.6% 1.4%

Protection left, index points 10.0% of 10.0% 100.0% of 100.0%

Index return this period +0.5% +0.7%

Fund return this period +0.5% +0.6%

State today Open Open

Expense ratio 0.69% 0.85%

Net assets, EALT as of Nov 4, 2026 and SEPM as of Nov 3, 2026 $189m $38m

As of Nov 4, 2026. Source: ETFIQ.

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

They do not reset together. EALT has 57 days of its period left and SEPM has 317, so the two are not the same bet on the same months.

Where each one stands today

EALT resets first, on Dec 31, 2026, 57 days from now; SEPM runs to Sep 17, 2027, 317 days. EALT can still gain 6.4% before its cap, SEPM 6.8%. A fall from here reaches EALT’s buffer after 5.6% and SEPM’s after 1.4%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

EALT

From its price on Nov 4, 2026, the fund can gain about 6.4% more before it reaches its cap. The fund's price can fall 5.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 5.5% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.

SEPM

From its price on Nov 4, 2026, the fund can gain about 6.8% 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 number. In index terms, SPY can fall 0.7% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 317 days remained on Nov 4, 2026. On Sep 17, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, EALT or SEPM?: From their prices on Nov 4, 2026, EALT can gain about 6.4% before its cap and SEPM about 6.8%, so SEPM has more room left this period.
Which resets first, EALT or SEPM?: EALT ends its outcome period on Dec 31, 2026 and SEPM on Sep 17, 2027. A new cap is set the day after each.
Which is cheaper, EALT or SEPM?: EALT charges 0.69% a year and SEPM charges 0.85%, so EALT is cheaper. Fees come from each fund's prospectus.

Other comparisons

EALT vs DECM EALT vs AJAN EALT vs TJAN EALT vs QBSV SEPM vs FSEP SEPM vs TOCT SEPM vs PQV SEPM vs ZOCT

Where to next

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →EALT on its own →SEPM on its own →Method →Standards and sources →

Sources and dates

EALT filings on SEC EDGAR ↗

Innovator page for EALT ↗

SEPM filings on SEC EDGAR ↗

First Trust page for SEPM ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

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, EALT against SEPM, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ealt-vs-sepm

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