Data as of .
GAUG vs USEP: which one stands where?
As of Sep 21, 2026 USEP can fall 5.6% before its buffer engages and GAUG 1.6%, and GAUG resets 11 days sooner.
ETFIQ Downside Cover Score: GAUG scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
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
Where each one stands today
GAUG resets first, on Aug 20, 2027, 333 days from now; USEP runs to Aug 31, 2027, 344 days. GAUG can still gain 12.1% before its cap, USEP 13.9%. A fall from here reaches GAUG’s buffer after 1.6% and USEP’s after 5.6%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| GAUG | USEP | GAUG | USEP | |
| 3 months | +1.7% | +1.7% | −0.5 pts | −0.6 pts |
| 6 months | +9.0% | +8.8% | −9.0 pts | −9.2 pts |
| 1 year | +9.3% | +8.8% | −7.3 pts | −7.8 pts |
| 3 years | +39.6% | +40.6% | −38.8 pts | −37.8 pts |
| GAUG FT Vest U.S. Equity Moderate Buffer ETF - August Absorbs the first 15% of loss on SPY and caps the gain at 13.8%, over a period ending Aug 20, 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 | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | 15% | 5% to 35% |
| Outcome period | Aug 24, 2026 to Aug 20, 2027 | Aug 31, 2026 to Aug 31, 2027 |
| Days left | 333 | 344 |
| Starting cap | +13.8% | +14.7% |
| Can still gain | 12.1% | 13.9% |
| Fall before buffer | 1.6% | 5.6% |
| Protection left, index points | 15.0% of 15.0% | 30.0% of 30.0% |
| Index return this period | +1.1% | +0.9% |
| Fund return this period | +0.7% | +0.6% |
| State today | Open | Open |
| Expense ratio | 0.85% | 0.79% |
| Net assets | $416m | $176m |
GAUG in plain words
From its price on Sep 21, 2026, the fund can gain about 12.1% more before it reaches its cap. The fund's price can fall 1.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.0% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 333 days remained on Sep 21, 2026. On Aug 20, 2027 the period ends and a new cap is set.
USEP in plain words
From its price on Sep 21, 2026, the fund can gain about 13.9% 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 figure. In index terms, SPY can fall 5.8% 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. 344 days remained on Sep 21, 2026. On Aug 31, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, GAUG or USEP?
- From their prices on Sep 21, 2026, GAUG can gain about 12.1% before its cap and USEP about 13.9%, so USEP has more room left this period.
- Which resets first, GAUG or USEP?
- GAUG ends its outcome period on Aug 20, 2027 and USEP on Aug 31, 2027. A new cap is set the day after each.
- Which is cheaper, GAUG or USEP?
- GAUG charges 0.85% a year and USEP charges 0.79%, so USEP is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, GAUG against USEP, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/gaug-vs-usep Free to use with attribution; the underlying files are at Open data.