Which has more room to gain, PSEP or SEPT?

From their prices on Nov 4, 2026, PSEP can gain about 14.2% before its cap and SEPT about 16.2%, so SEPT has more room left this period.

Which resets first, PSEP or SEPT?

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

Which is cheaper, PSEP or SEPT?

PSEP charges 0.79% a year and SEPT charges 0.74%, so SEPT is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

PSEP vs SEPT: Cap, Buffer & Days Left

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As of Nov 4, 2026 SEPT can fall 1.2% before its buffer engages and PSEP 0.7%.

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Net assets: $1.2bn on Nov 4, 2026 for Innovator U.S. Equity Power Buffer ETF - Sep, and $37m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer10 ETF - Sep.

PSEP on its own →SEPT on its own →

At a glance

0.7%

PSEP can fall this far before its buffer

1.2%

SEPT can fall this far before its buffer

14.2%

PSEP can still gain

16.2%

SEPT can still gain

PSEP Buffer working

PSEP: reference −0.1% since period start, fund +0.6%; buffer 0 to −15; cap +15.0%; Buffer working. Data to Nov 4, 2026.

SEPT Buffer working

SEPT: reference 0.0% since period start, fund +0.5%; buffer 0 to −10; cap +17.5%; Buffer working. Data to Nov 4, 2026.

Pair scorecard

SEPT costs 0.05 points a year less; their one-year returns differ by 2.3 points; PSEP is far larger, $1.2bn against $37m.

Points (pts) are percentage points.

PSEP vs SEPT: Cap, Buffer & Days Left
Measure	PSEP	SEPT
Return
Measure	PSEP	SEPT
Total return, 1 year	+9.3%	+11.6%
Benchmark
Measure	PSEP	SEPT
What it tracks	SPY	SPY
Cost and size
Measure	PSEP	SEPT
Expense ratio	0.79%	0.74%
Net assets, as of Nov 3, 2026	$1.2bn	$37m
Holdings
Measure	PSEP	SEPT
Holdings in common	not published

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

IQ Buffer Score74.5PSEP30.8SEPT

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

PSEP 74.5

SEPT 30.8

0.3, the lowest in this set 99.7, the highest

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 →

Method

Window by window

Window by window: PSEP vs SEPT: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PSEP	SEPT	PSEP	SEPT
3 months	+1.0%	+1.1%	+1.4 pts	+1.5 pts
6 months	+3.7%	+4.6%	−0.8 pts	+0.2 pts
1 year	+9.3%	+11.6%	−4.2 pts	−1.9 pts
3 years	+43.5%	+57.4%	−32.9 pts	−19.1 pts
Since launchNot the same days: PSEP Sep 2019 · SEPT Sep 2023	+91.4%	+54.0%	−72.3 pts	−16.0 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

PSEP Innovator U.S. Equity Power Buffer ETF - Sep · Absorbs the first 15% of loss on SPY and caps the gain at 15.0%, over a period ending Aug 31, 2027 SEPT AllianzIM U.S. Equity Buffer10 ETF - Sep · Absorbs the first 10% of loss on SPY and caps the gain at 17.5%, over a period ending Aug 31, 2027

Issuer Innovator AllianzIM

Reference index SPY SPY

Buffer 15% 10%

Outcome period Aug 31, 2026 to Aug 31, 2027 Sep 1, 2026 to Aug 31, 2027

Days left 300 300

Starting cap +15.0% +17.5%

Can still gain 14.2% 16.2%

Fall before buffer 0.7% 1.2%

Protection left, index points 14.9% of 15.0% 10.0% of 10.0%

Index return this period −0.1% 0.0%

Fund return this period +0.6% +0.5%

State today Buffer working Buffer working

Expense ratio 0.79% 0.74%

Net assets, PSEP as of Nov 4, 2026 and SEPT as of Nov 3, 2026 $1.2bn $37m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

PSEP resets first, on Aug 31, 2027, 300 days from now; SEPT runs to Aug 31, 2027, 300 days. PSEP can still gain 14.2% before its cap, SEPT 16.2%. A fall from here reaches PSEP’s buffer after 0.7% and SEPT’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

PSEP

From its price on Nov 4, 2026, the fund can gain about 14.2% more before it reaches its cap. The fund's price can fall 0.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 14.9% of the 15.0% buffer still sits below today's SPY level. 300 days remained on Nov 4, 2026. On Aug 31, 2027 the period ends and a new cap is set.

SEPT

From its price on Nov 4, 2026, the fund can gain about 16.2% more before it reaches its cap. The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, PSEP or SEPT?: From their prices on Nov 4, 2026, PSEP can gain about 14.2% before its cap and SEPT about 16.2%, so SEPT has more room left this period.
Which resets first, PSEP or SEPT?: PSEP ends its outcome period on Aug 31, 2027 and SEPT on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, PSEP or SEPT?: PSEP charges 0.79% a year and SEPT charges 0.74%, so SEPT is cheaper. Fees come from each fund's prospectus.

Other comparisons

PSEP vs SEPP PSEP vs ZSEP PSEP vs UOCT PSEP vs CPST SEPT vs BSEP SEPT vs DAUG SEPT vs ZSEP SEPT vs USEP

Where to next

SPY →PSEP on its own →SEPT on its own →Method →Standards and sources →

Sources and dates

PSEP filings on SEC EDGAR ↗

Innovator page for PSEP ↗

SEPT filings on SEC EDGAR ↗

AllianzIM page for SEPT ↗

Links are sources, not endorsements. 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 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, PSEP against SEPT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/psep-vs-sept

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