Data as of .
SEPU vs USEP: which one stands where?
As of Sep 21, 2026 USEP can fall 5.6% before its buffer engages and SEPU 1.4%, and USEP resets 1 days sooner.
ETFIQ Downside Cover Score: SEPU 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
USEP resets first, on Aug 31, 2027, 344 days from now; SEPU runs to Aug 31, 2027, 345 days. A fall from here reaches SEPU’s buffer after 1.4% 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 | ||
|---|---|---|---|---|
| SEPU | USEP | SEPU | USEP | |
| 3 months | +1.5% | +1.7% | −0.8 pts | −0.6 pts |
| 6 months | +12.9% | +8.8% | −5.1 pts | −9.2 pts |
| 1 year | +11.6% | +8.8% | −5.0 pts | −7.8 pts |
| 3 years | not published | +40.6% | not published | −37.8 pts |
| SEPU AllianzIM U.S. Equity Buffer15 Uncapped ETF - Sep Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Aug 31, 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 | AllianzIM | Innovator |
| Reference index | SPY | SPY |
| Buffer | 15% | 5% to 35% |
| Outcome period | Sep 1, 2026 to Aug 31, 2027 | Aug 31, 2026 to Aug 31, 2027 |
| Days left | 345 | 344 |
| Starting cap | uncapped | +14.7% |
| Can still gain | uncapped | 13.9% |
| Fall before buffer | 1.4% | 5.6% |
| Protection left, index points | 15.0% of 15.0% | 30.0% of 30.0% |
| Index return this period | +0.9% | +0.9% |
| Fund return this period | +0.7% | +0.6% |
| State today | Uncapped | Open |
| Expense ratio | 0.74% | 0.79% |
| Net assets | $162m | $176m |
SEPU in plain words
This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 1.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.9% 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. 345 days remained on Sep 21, 2026. On Aug 31, 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.
Questions people ask
- Which resets first, SEPU or USEP?
- SEPU ends its outcome period on Aug 31, 2027 and USEP on Aug 31, 2027. A new cap is set the day after each.
- Which is cheaper, SEPU or USEP?
- SEPU charges 0.74% a year and USEP charges 0.79%, so SEPU 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, SEPU against USEP, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/sepu-vs-usep Free to use with attribution; the underlying files are at Open data.