# ZSEP (Innovator Equity Defined Protection ETF - 1 Yr September)

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

As of Sep 11, 2026, ZSEP's buffer is absorbing losses, with 99.6% of 100.0% points still beneath SPY.

## Key facts

- ZSEP, can still gain: 8.9%, as of Sep 11, 2026.
- ZSEP, fall before the buffer: 0.0%, as of Sep 11, 2026.
- ZSEP, protection left, index points: 99.6%, as of Sep 11, 2026.
- ZSEP, days to reset: 354, as of Sep 11, 2026.
- ZSEP, net assets: $202m (issuer page, as of Sep 11, 2026).
- ZSEP, expense ratio: 0.79% (issuer page, Sep 11, 2026).

## ZSEP over each window to Sep 11, 2026

| Window | Total return | SPY | Gap to SPY |
| --- | --- | --- | --- |
| 3 months | +1.4% | +3.3% | −1.9 pts |
| 6 months | +4.1% | +16.0% | −11.9 pts |
| 1 year | +5.3% | +17.5% | −12.3 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | SPY | ETFIQ |
| Buffer | 100% | ETFIQ |
| Outcome period | Aug 31, 2026 to Aug 31, 2027 | ETFIQ |
| Starting cap | +8.9% | ETFIQ |
| SPY return since period start | −0.4% | ETFIQ |
| Fund return since period start | −0.1% | ETFIQ |
| Net assets | $202m | issuer page, as of Sep 11, 2026 |
| Band state today | Buffer working | ETFIQ |
| Can still gain | 8.9% | issuer, fund price |
| Fall before buffer | 0.0% | issuer, fund price |
| Fall to the buffer in index terms | 0.0% | ETFIQ |
| Protection left in index points | 99.6% of 100.0% | ETFIQ |
| Days left in period | 354 | ETFIQ |
| Expense ratio | 0.79% | issuer page, Sep 11, 2026 |

## Questions

### How much can ZSEP still gain?

About 8.9% 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 +8.9%.

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

0.0% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms SPY can fall 0.0% from that level before the buffer begins. Losses until that point are the holder's.

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

99.6% of the 100.0% 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 ZSEP 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 ZSEP cost?

The prospectus expense ratio is 0.79% a year.


## Cite this page

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

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