Data as of Nov 4, 2026.
SEPT vs USEP: Cap, Buffer & Days Left
As of Nov 4, 2026 USEP can fall 5.6% before its buffer engages and SEPT 1.2%.
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Net assets: $37m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer10 ETF - Sep, and $245m on Nov 4, 2026 for Innovator U.S. Equity Ultra Buffer ETF - Sep.
SEPT: reference 0.0% since period start, fund +0.5%; buffer 0 to −10; cap +17.5%; Buffer working. Data to Nov 4, 2026.
SEPT: reference 0.0% since period start, fund +0.5%; buffer 0 to −10; cap +17.5%; Buffer working. Data to Nov 4, 2026.USEP: reference −0.1% since period start, fund +0.5%; buffer −5 to −35; cap +14.7%; In the unprotected slice. Data to Nov 4, 2026.
USEP: reference −0.1% since period start, fund +0.5%; buffer −5 to −35; cap +14.7%; In the unprotected slice. Data to Nov 4, 2026.Pair scorecard
SEPT costs 0.05 points a year less; their one-year returns differ by 2.6 points; USEP is 6.6 times larger.
Points (pts) are percentage points.
| Measure | SEPT | USEP |
|---|---|---|
| Return | ||
| Total return, 1 year | +11.6% | +9.0% |
| Drawdown | ||
| Index fall to the buffer | 0.0% | 4.9% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.74% | 0.79% |
| Net assets, as of Nov 3, 2026 | $37m | $243m |
| Holdings | ||
| Holdings in common | not published | |
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
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 →
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | SEPT | USEP | SEPT | USEP |
| 3 months | +1.1% | +1.0% | +1.5 pts | +1.4 pts |
| 6 months | +4.6% | +3.7% | +0.2 pts | −0.8 pts |
| 1 year | +11.6% | +9.0% | −1.9 pts | −4.6 pts |
| 3 years | +57.4% | +43.2% | −19.1 pts | −33.2 pts |
| Since launchNot the same days: SEPT Sep 2023 · USEP Sep 2019 | +54.0% | +72.9% | −16.0 pts | −90.9 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
As of Nov 4, 2026. Source: ETFIQ.
USEP has fallen through its protection. The index is 0.1% below where the buffer stops, and that part of the loss is the holder’s.
Where each one stands today
SEPT resets first, on Aug 31, 2027, 300 days from now; USEP runs to Aug 31, 2027, 300 days. SEPT can still gain 16.2% before its cap, USEP 14.0%. A fall from here reaches SEPT’s buffer after 1.2% and USEP’s after 5.6%. Both track SPY, so what separates them is where each is in its own period.
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. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% 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.
USEP
From its price on Nov 4, 2026, the fund can gain about 14.0% 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 number. In index terms, SPY can fall 4.9% 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.
Questions people ask
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, SEPT against USEP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/sept-vs-usep
ETFIQ. (Nov 4, 2026). SEPT against USEP. Retrieved from https://etfiq.com/compare/buffer/sept-vs-usep
[SEPT against USEP (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/sept-vs-usep)
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