# USEP (Innovator U.S. Equity Ultra Buffer ETF - Sep)

Innovator · Buffer ETFs · data as of Sep 11, 2026

As of Sep 11, 2026, SPY is down 0.4% and USEP's protection has not yet begun.

## Key facts

- USEP, can still gain: 14.8%, as of Sep 11, 2026.
- USEP, fall before the buffer: 4.9%, as of Sep 11, 2026.
- USEP, protection left, index points: 30.0%, as of Sep 11, 2026.
- USEP, days to reset: 354, as of Sep 11, 2026.
- USEP, net assets: $169m (issuer page, as of Sep 11, 2026).
- USEP, expense ratio: 0.79% (issuer page, Sep 11, 2026).

## USEP over each window to Sep 11, 2026

| Window | Total return | SPY | Gap to SPY |
| --- | --- | --- | --- |
| 3 months | +2.2% | +3.3% | −1.1 pts |
| 6 months | +8.0% | +16.0% | −8.1 pts |
| 1 year | +9.2% | +17.5% | −8.3 pts |
| 3 years | +40.7% | +77.9% | −37.2 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | SPY | ETFIQ |
| Buffer | 5% to 35% | ETFIQ |
| Outcome period | Aug 31, 2026 to Aug 31, 2027 | ETFIQ |
| Starting cap | +14.7% | ETFIQ |
| SPY return since period start | −0.4% | ETFIQ |
| Fund return since period start | −0.1% | ETFIQ |
| Net assets | $169m | issuer page, as of Sep 11, 2026 |
| Band state today | Open | ETFIQ |
| Can still gain | 14.8% | issuer, fund price |
| Fall before buffer | 4.9% | issuer, fund price |
| Fall to the buffer in index terms | 4.7% | ETFIQ |
| Protection left in index points | 30.0% of 30.0% | ETFIQ |
| Days left in period | 354 | ETFIQ |
| Expense ratio | 0.79% | issuer page, Sep 11, 2026 |

## Questions

### How much can USEP still gain?

About 14.8% from its price on Sep 11, 2026, before it reaches its cap, by the issuer's published figure. The cap for the period was set at +14.7%.

### How far can USEP fall before the buffer helps?

4.9% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms SPY can fall 4.7% from that level before the buffer begins. Losses until that point are the holder's.

### How much of the USEP buffer is left?

30.0% of the 30.0% buffer sat below the SPY level on Sep 11, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.

### When does USEP reset?

The outcome period ends on Aug 31, 2027, 354 days from the data on Sep 11, 2026. A new cap is set the next day and the buffer starts again.

### What does USEP cost?

The prospectus expense ratio is 0.79% a year.


## Cite this page

ETFIQ, USEP, data as of Sep 11, 2026. https://etfiq.com/funds/usep
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/usep  ·  JSON: https://etfiq.com/funds/usep.json