Which has more room to gain, EBUF or TSEP?

From their prices on Oct 1, 2026, EBUF can gain about 5.9% before its cap and TSEP about 27.3%, so TSEP has more room left this period.

Which resets first, EBUF or TSEP?

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

Which is cheaper, EBUF or TSEP?

EBUF charges 0.89% a year and TSEP charges 0.95%, so EBUF is cheaper. Fees come from each fund's prospectus.

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EBUF vs TSEP: which one stands where?

As of Oct 1, 2026 TSEP can fall 0.6% before its buffer engages and EBUF 0.0%, and EBUF resets 260 days sooner. Innovator Emerging Markets 10 Buffer ETF - Quarterly and FT Vest Emerging Markets Buffer ETF - September.

0.0%

EBUF can fall this far before its buffer

0.6%

TSEP can fall this far before its buffer

5.9%

EBUF can still gain

27.3%

TSEP can still gain

EBUFBetween buffer and cap

EBUF: reference 0.0% since period start, fund 0.0%; buffer 0 to −10; cap +5.9%; Between buffer and cap.

TSEPBuffer working

TSEP: reference −0.4% since period start, fund −0.4%; buffer 0 to −10; cap +27.7%; Buffer working.

ETFIQ Downside Cover Score · EBUF scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

EBUF 34.3

TSEP 24.1

0.2, the lowest in this set99.8, the highest

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 →

They do not reset together. EBUF has 92 days of its period left and TSEP has 352, so the two are not the same bet on the same months.

Where each one stands today

EBUF resets first, on Dec 31, 2026, 92 days from now; TSEP runs to Sep 17, 2027, 352 days. EBUF can still gain 5.9% before its cap, TSEP 27.3%. A fall from here reaches EBUF’s buffer after 0.0% and TSEP’s after 0.6%. Both track EEM, 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 return		Gap to the reference
Window	EBUF	TSEP	EBUF	TSEP
3 months	+1.0%	+3.8%	+0.5 pts	+3.3 pts
6 months	+6.7%	+10.8%	−10.6 pts	−6.4 pts
1 year	+12.8%	+15.7%	−14.7 pts	−11.8 pts

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

On the same fields

EBUF

Innovator Emerging Markets 10 Buffer ETF - Quarterly · Absorbs the first 10% of loss on EEM and caps the gain at 5.9%, over a period ending Dec 31, 2026

TSEP

FT Vest Emerging Markets Buffer ETF - September · Absorbs the first 10% of loss on EEM and caps the gain at 27.7%, over a period ending Sep 17, 2027

Issuer Innovator First Trust

Reference index EEM EEM

Buffer 10% 10%

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

Days left 92 352

Starting cap +5.9% +27.7%

Can still gain 5.9% 27.3%

Fall before buffer 0.0% 0.6%

Protection left, index points 10.0% of 10.0% 9.6% of 10.0%

Index return this period 0.0% −0.4%

Fund return this period 0.0% −0.4%

State today Open Buffer working

Expense ratio 0.89% 0.95%

Net assets $40m $17m

EBUF and TSEP on the same fields, as of Oct 1, 2026. Source: ETFIQ.

EBUF in plain words

From its price on Oct 1, 2026, the fund can gain about 5.9% more before it reaches its cap. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's EEM level. 92 days remained on Oct 1, 2026. On Dec 31, 2026 the period ends and a new cap is set.

TSEP in plain words

From its price on Oct 1, 2026, the fund can gain about 27.3% 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, EEM can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 9.6% of the 10.0% buffer still sits below today's EEM level. 352 days remained on Oct 1, 2026. On Sep 17, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, EBUF or TSEP?: From their prices on Oct 1, 2026, EBUF can gain about 5.9% before its cap and TSEP about 27.3%, so TSEP has more room left this period.
Which resets first, EBUF or TSEP?: EBUF ends its outcome period on Dec 31, 2026 and TSEP on Sep 17, 2027. A new cap is set the day after each.
Which is cheaper, EBUF or TSEP?: EBUF charges 0.89% a year and TSEP charges 0.95%, so EBUF is cheaper. Fees come from each fund's prospectus.

Other comparisons

EBUF vs EJAN EBUF vs EOCT EBUF vs TDEC TSEP vs EOCT

EEM →EBUF on its own →TSEP on its own →How every figure is computed →Standards and sources →

Where these figures came from

EBUF filings on SEC EDGAR ↗Innovator page for EBUF ↗TSEP filings on SEC EDGAR ↗First Trust page for TSEP ↗

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, EBUF against TSEP, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/ebuf-vs-tsep

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.