Which has more room to gain, SEPP or ZSEP?

From their prices on Nov 4, 2026, SEPP can gain about 14.7% before its cap and ZSEP about 8.1%, so SEPP has more room left this period.

Which resets first, SEPP or ZSEP?

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

Which is cheaper, SEPP or ZSEP?

SEPP charges 0.50% a year and ZSEP charges 0.79%, so SEPP is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

SEPP vs ZSEP: Cap, Buffer & Days Left

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As of Nov 4, 2026 SEPP can fall 1.1% before its buffer engages and ZSEP 0.8%.

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Net assets on Nov 4, 2026: $91m for PGIM S&P 500 Buffer 12 ETF - September and $263m for Innovator Equity Defined Protection ETF - 1 Yr September.

SEPP on its own →ZSEP on its own →

At a glance

1.1%

SEPP can fall this far before its buffer

0.8%

ZSEP can fall this far before its buffer

14.7%

SEPP can still gain

8.1%

ZSEP can still gain

SEPP Buffer working

SEPP: reference 0.0% since period start, fund +0.6%; buffer 0 to −12; cap +15.9%; Buffer working. Data to Nov 4, 2026.

ZSEP Buffer working

ZSEP: reference −0.1% since period start, fund +0.6%; buffer Floor; cap +8.9%; Buffer working. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

SEPP costs 0.29 points a year less; their one-year returns differ by 5.4 points; ZSEP is 2.9 times larger.

Points (pts) are percentage points.

SEPP vs ZSEP: Cap, Buffer & Days Left
Measure	SEPP	ZSEP
Return
Measure	SEPP	ZSEP
Total return, 1 year	+10.9%	+5.5%
Benchmark
Measure	SEPP	ZSEP
What it tracks	SPY	SPY
Cost and size
Measure	SEPP	ZSEP
Expense ratio	0.50%	0.79%
Net assets	$91m	$263m
Holdings
Measure	SEPP	ZSEP
Holdings in common	not published

Method

Window by window

Window by window: SEPP vs ZSEP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	SEPP	ZSEP	SEPP	ZSEP
3 months	+1.1%	+1.0%	+1.5 pts	+1.4 pts
6 months	+4.3%	+2.5%	−0.2 pts	−2.0 pts
1 year	+10.9%	+5.5%	−2.7 pts	−8.1 pts
Since launchNot the same days: SEPP May 2024 · ZSEP Sep 2024	+32.7%	+14.1%	−12.0 pts	−24.8 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

SEPP PGIM S&P 500 Buffer 12 ETF - September · Absorbs the first 12% of loss on SPY and caps the gain at 15.9%, over a period ending Aug 31, 2027 ZSEP Innovator Equity Defined Protection ETF - 1 Yr September · Absorbs the whole loss on SPY and caps the gain at 8.9%, over a period ending Aug 31, 2027

Issuer PGIM Innovator

Reference index SPY SPY

Buffer 12% 100%

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

Days left 300 300

Starting cap +15.9% +8.9%

Can still gain 14.7% 8.1%

Fall before buffer 1.1% 0.8%

Protection left, index points 12.0% of 12.0% 99.9% of 100.0%

Index return this period 0.0% −0.1%

Fund return this period +0.6% +0.6%

State today Buffer working Buffer working

Expense ratio 0.50% 0.79%

Net assets $91m $263m

As of Nov 4, 2026. Source: ETFIQ.

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

Where each one stands today

SEPP resets first, on Aug 31, 2027, 300 days from now; ZSEP runs to Aug 31, 2027, 300 days. SEPP can still gain 14.7% before its cap, ZSEP 8.1%. A fall from here reaches SEPP’s buffer after 1.1% and ZSEP’s after 0.8%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

SEPP

From its price on Nov 4, 2026, the fund can gain about 14.7% more before it reaches its cap. The fund's price can fall 1.1% 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: 12.0% of the 12.0% 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.

ZSEP

From its price on Nov 4, 2026, the fund can gain about 8.1% more before it reaches its cap. The fund's price can fall 0.8% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 99.9% of the 100.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, SEPP or ZSEP?: From their prices on Nov 4, 2026, SEPP can gain about 14.7% before its cap and ZSEP about 8.1%, so SEPP has more room left this period.
Which resets first, SEPP or ZSEP?: SEPP ends its outcome period on Aug 31, 2027 and ZSEP on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, SEPP or ZSEP?: SEPP charges 0.50% a year and ZSEP charges 0.79%, so SEPP is cheaper. Fees come from each fund's prospectus.

Other comparisons

SEPP vs USEP SEPP vs FAUG SEPP vs XAUG SEPP vs SEPW ZSEP vs CPST ZSEP vs DDTS ZSEP vs DLAG ZSEP vs DDFS

Where to next

SPDR S&P 500 ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →SEPP on its own →ZSEP on its own →Method →Standards and sources →

Sources and dates

SEPP filings on SEC EDGAR ↗

PGIM website ↗

ZSEP filings on SEC EDGAR ↗

Innovator page for ZSEP ↗

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, SEPP against ZSEP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/sepp-vs-zsep

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