{"url":"https://etfiq.com/compare/buffer/sepu-vs-zsep","section":"compare","title":"SEPU vs ZSEP: Cap, Buffer & Days Left | ETFIQ","description":"As of Nov 4, 2026 SEPU can fall 0.6% and ZSEP 0.8% before its buffer engages, on SPY. Both end their outcome period on Aug 31, 2027.","as_of":"Nov 4, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which resets first, SEPU or ZSEP?","acceptedAnswer":{"@type":"Answer","text":"SEPU ends its outcome period on Aug 31, 2027 and ZSEP on Aug 31, 2027. New terms are set the day after each."}},{"@type":"Question","name":"Which is cheaper, SEPU or ZSEP?","acceptedAnswer":{"@type":"Answer","text":"SEPU charges 0.74% a year and ZSEP charges 0.79%, so SEPU 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":"SEPU vs ZSEP","item":"https://etfiq.com/compare/buffer/sepu-vs-zsep"}]},{"@type":"WebPage","name":"SEPU vs ZSEP: Cap, Buffer & Days Left","description":"As of Nov 4, 2026 SEPU can fall 0.6% and ZSEP 0.8% before its buffer engages, on SPY. Both end their outcome period on Aug 31, 2027.","url":"https://etfiq.com/compare/buffer/sepu-vs-zsep","dateModified":"2026-11-04","abstract":"As of Nov 4, 2026 ZSEP can fall 0.8% before its buffer engages and SEPU 0.6%.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of SEPU and ZSEP","description":"As of Nov 4, 2026 SEPU can fall 0.6% and ZSEP 0.8% before its buffer engages, on SPY. Both end their outcome period on Aug 31, 2027.","dateModified":"2026-11-04","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/buffer/sepu-vs-zsep","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":6045,"truncated":true,"content":"ETFIQ / Buffer ETFs / Compare ETFs / SEPU vs ZSEP \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Nov 4, 2026 .\n\n SEPU vs ZSEP: Cap, Buffer & Days Left\n\n As of Nov 4, 2026 ZSEP can fall 0.8% before its buffer engages and SEPU 0.6%.\n Copy this for sharing \n \n SEPU costs 0.05 points a year less; their one-year returns differ by 4.4 points; ZSEP is 1.6 times larger.\n SEPU and ZSEP at a glance. As of Nov 4, 2026. Source: ETFIQ. SEPU ZSEP \n Expense ratio 0.74% 0.79% \n Net assets, as of Nov 3, 2026 $164m $262m \n Total return, 1 year +9.9% +5.5% \n What it tracks SPY SPY \n Holdings in common no","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, SEPU against ZSEP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/sepu-vs-zsep","a":{"ticker":"SEPU","name":"AllianzIM U.S. Equity Buffer15 Uncapped ETF - Sep","issuer":"AllianzIM","desk":"buffer","as_of":"2026-11-04","verdict":"Since Sep 1, 2026, SEPU lost 0.2%, against SPY's 0.0% price return. 15.0% of its 15.0% buffer is left.","url":"https://etfiq.com/funds/sepu","key_facts":[{"label":"Can still gain from today\u2019s fund price","value":"uncapped","as_of":"2026-11-04","source":null},{"label":"Fall before the buffer from today\u2019s fund price","value":"0.6%","as_of":"2026-11-04","source":null},{"label":"Protection left, index points","value":"15.0%","as_of":"2026-11-04","source":null},{"label":"Days to reset","value":"300","as_of":"2026-11-04","source":null},{"label":"Net assets","value":"$164m","as_of":"2026-11-03","source":"issuer page, as of Nov 3, 2026"},{"label":"Expense ratio","value":"0.74%","as_of":"2026-11-04","source":"issuer page, Nov 4, 2026"}]},"b":{"ticker":"ZSEP","name":"Innovator Equity Defined Protection ETF - 1 Yr September","issuer":"Innovator","desk":"buffer","as_of":"2026-11-04","verdict":"Since Aug 31, 2026, ZSEP returned 0.6%, against SPY's \u22120.1% price return. 99.9% of its 100.0% buffer is left.","url":"https://etfiq.com/funds/zsep","key_facts":[{"label":"Can still gain from today\u2019s fund price","value":"8.1%","as_of":"2026-11-04","source":null},{"label":"Fall before the buffer from today\u2019s fund price","value":"0.8%","as_of":"2026-11-04","source":null},{"label":"Protection left, index points","value":"99.9%","as_of":"2026-11-04","source":null},{"label":"Days to reset","value":"300","as_of":"2026-11-04","source":null},{"label":"Net assets","value":"$263m","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/sepu-vs-zsep"}