{"url":"https://etfiq.com/compare/buffer/sepp-vs-usep","section":"compare","title":"SEPP vs USEP: Cap, Buffer & Days Left | ETFIQ","description":"As of Nov 4, 2026 SEPP can gain 14.7% before its cap and USEP 14.0%. Each can fall 1.1% and 5.6% before its buffer engages, on SPY.","as_of":"Nov 4, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which has more room to gain, SEPP or USEP?","acceptedAnswer":{"@type":"Answer","text":"From their prices on Nov 4, 2026, SEPP can gain about 14.7% before its cap and USEP about 14.0%, so SEPP has more room left this period."}},{"@type":"Question","name":"Which resets first, SEPP or USEP?","acceptedAnswer":{"@type":"Answer","text":"SEPP ends its outcome period on Aug 31, 2027 and USEP on Aug 31, 2027. A new cap is set the day after each."}},{"@type":"Question","name":"Which is cheaper, SEPP or USEP?","acceptedAnswer":{"@type":"Answer","text":"SEPP charges 0.50% a year and USEP charges 0.79%, so SEPP is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Buffer ETFs","item":"https://etfiq.com/buffer/"},{"@type":"ListItem","position":3,"name":"Compare ETFs","item":"https://etfiq.com/compare/"},{"@type":"ListItem","position":4,"name":"SEPP vs USEP","item":"https://etfiq.com/compare/buffer/sepp-vs-usep"}]},{"@type":"WebPage","name":"SEPP vs USEP: Cap, Buffer & Days Left","description":"As of Nov 4, 2026 SEPP can gain 14.7% before its cap and USEP 14.0%. Each can fall 1.1% and 5.6% before its buffer engages, on SPY.","url":"https://etfiq.com/compare/buffer/sepp-vs-usep","dateModified":"2026-11-04","abstract":"As of Nov 4, 2026 USEP can fall 5.6% before its buffer engages and SEPP 1.1%.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of SEPP and USEP","description":"As of Nov 4, 2026 SEPP can gain 14.7% before its cap and USEP 14.0%. Each can fall 1.1% and 5.6% before its buffer engages, on SPY.","dateModified":"2026-11-04","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/buffer/sepp-vs-usep","license":"https://etfiq.com/license/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/funds.json"}],"variableMeasured":["Remaining cap","Fall before the buffer engages","Protection left in index points","Starting buffer","Outcome period","Reference index return","Fund return","Days remaining","Expense ratio"],"keywords":["exchange-traded funds","ETF","Buffer ETFs","fund data","SEC filings"]}],"characters":6723,"truncated":true,"content":"ETFIQ / Buffer ETFs / Compare ETFs / SEPP vs USEP \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Nov 4, 2026 .\n\n SEPP vs USEP: Cap, Buffer & Days Left\n\n As of Nov 4, 2026 USEP can fall 5.6% before its buffer engages and SEPP 1.1%.\n Copy this for sharing \n \n SEPP costs 0.29 points a year less; their one-year returns differ by 1.9 points; USEP is 2.7 times larger.\n SEPP and USEP at a glance. As of Nov 4, 2026. Source: ETFIQ. SEPP USEP \n Expense ratio 0.50% 0.79% \n Net assets $91m $245m \n Total return, 1 year +10.9% +9.0% \n What it tracks SPY SPY \n Holdings in common not published \n \n Net","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, SEPP against USEP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/sepp-vs-usep","a":{"ticker":"SEPP","name":"PGIM S&P 500 Buffer 12 ETF - September","issuer":"PGIM","desk":"buffer","as_of":"2026-11-04","verdict":"Since Sep 1, 2026, SEPP returned 0.6%, against SPY's 0.0% price return. 12.0% of its 12.0% buffer is left.","url":"https://etfiq.com/funds/sepp","key_facts":[{"label":"Can still gain from today\u2019s fund price","value":"14.7%","as_of":"2026-11-04","source":null},{"label":"Fall before the buffer from today\u2019s fund price","value":"1.1%","as_of":"2026-11-04","source":null},{"label":"Protection left, index points","value":"12.0%","as_of":"2026-11-04","source":null},{"label":"Days to reset","value":"300","as_of":"2026-11-04","source":null},{"label":"Net assets","value":"$91m","as_of":"2026-11-04","source":"issuer page, as of Nov 4, 2026"},{"label":"Expense ratio","value":"0.50%","as_of":"2026-11-04","source":"issuer data, Nov 4, 2026"}]},"b":{"ticker":"USEP","name":"Innovator U.S. Equity Ultra Buffer ETF - Sep","issuer":"Innovator","desk":"buffer","as_of":"2026-11-04","verdict":"Since Aug 31, 2026, USEP returned 0.5%, against SPY's \u22120.1% price return. It can gain 14.0% more before its cap.","url":"https://etfiq.com/funds/usep","key_facts":[{"label":"Can still gain from today\u2019s fund price","value":"14.0%","as_of":"2026-11-04","source":null},{"label":"Fall before the buffer from today\u2019s fund price","value":"5.6%","as_of":"2026-11-04","source":null},{"label":"Protection left, index points","value":"30.0%","as_of":"2026-11-04","source":null},{"label":"Days to reset","value":"300","as_of":"2026-11-04","source":null},{"label":"Net assets","value":"$245m","as_of":"2026-11-04","source":"issuer page, as of Nov 4, 2026"},{"label":"Expense ratio","value":"0.79%","as_of":"2026-11-04","source":"issuer page, Nov 4, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/buffer/sepp-vs-usep"}