Innovator U.S. Equity Buffer ETF - September (BSEP) belongs to the Defined Outcome category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with BSEP. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to BSEP
BSEP charges 0.79% annually. There are 94 ETFs in the Defined Outcome category with lower expense ratios, going as low as 0.25%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Aptus January Buffer ETF | 0.25% | — | Oct 2025 | BSEP vs JANB | |
| Aptus July Buffer ETF | 0.25% | — | Oct 2025 | BSEP vs JULB | |
| Aptus October Buffer ETF | 0.25% | — | Oct 2025 | BSEP vs OCTB | |
| Aptus April Buffer ETF | 0.25% | — | Oct 2025 | BSEP vs APRB | |
| Fidelity Dynamic Buffered Equity ETF | 0.48% | — | Apr 2024 | BSEP vs FBUF |
Best Risk-Adjusted Alternatives to BSEP
BSEP has a PortfoliosLab risk / return rank of 85. There are 137 ETFs in the Defined Outcome category with higher risk-adjusted ranks, going as high as 99.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | 99 | — | Mar 2025 | BSEP vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 98 | 21.00M | Apr 2025 | BSEP vs CPSP | |
| iShares Large Cap Max Buffer Mar ETF | 98 | — | Mar 2025 | BSEP vs MMAX | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | 98 | — | Apr 2025 | BSEP vs ZAPR | |
| Calamos Russell 2000 Structured Alt Protection ETF... | 98 | 13.20M | Apr 2025 | BSEP vs CPRA |
Top Performing BSEP Alternatives (YTD)
BSEP is at 8.26% YTD. There are 46 ETFs in the Defined Outcome category with higher YTD returns, going as high as 16.35%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Leverage Shares 2x Capped Accelerated NVDA Monthly... | 16.35% | — | Aug 2025 | BSEP vs NVDO | |
| ProShares Nasdaq-100 Dynamic Daily Buffer ETF | 13.84% | 2.87M | Jun 2025 | BSEP vs QB | |
| Innovator U.S. Small Cap Power Buffer ETF - Februa... | 13.73% | — | Jan 2025 | BSEP vs KFEB | |
| Innovator Russell 2000 Power Buffer ETF - April | 13.09% | 214.27M | Mar 2020 | BSEP vs KAPR | |
| FT Cboe Vest Nasdaq-100 Buffer ETF - March | 11.91% | 566.25M | Mar 2021 | BSEP vs QMAR |
Lowest Volatility Alternatives to BSEP
BSEP has 7.83% 1-year volatility. There are 214 ETFs in the Defined Outcome category with lower 1-year volatility, going as low as 1.18%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | 1.18% | — | Mar 2025 | BSEP vs PMAP | |
| FT Vest U.S. Equity Max Buffer ETF - April | 1.33% | — | Apr 2025 | BSEP vs APXM | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 1.40% | 21.00M | Apr 2025 | BSEP vs CPSP | |
| PGIM S&P 500 Max Buffer ETF - May | 1.40% | — | Apr 2025 | BSEP vs PMMY | |
| iShares Large Cap Max Buffer Mar ETF | 1.44% | — | Mar 2025 | BSEP vs MMAX |
Lowest Drawdown Alternatives to BSEP
BSEP has a 1-year max drawdown of -5.70%. There are 186 ETFs in the Defined Outcome category with shallower 1-year drawdowns, going as shallow as -0.35%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | -0.35% | — | Mar 2025 | BSEP vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | -0.37% | 21.00M | Apr 2025 | BSEP vs CPSP | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | -0.40% | — | Apr 2025 | BSEP vs ZAPR | |
| iShares Large Cap Max Buffer Mar ETF | -0.46% | — | Mar 2025 | BSEP vs MMAX | |
| Calamos S&P 500 Structured Alt Protection ETF - Ma... | -0.49% | 56.60M | May 2024 | BSEP vs CPSM |
Other ETFs from Innovator
The 10 most viewed Innovator ETFs shown here include BALT, BUFF, SFLR and span 5 categories. AUM among these funds goes as high as $3B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Innovator Defined Wealth Shield ETF | Defined Outcome | 96 | 2.78% | 2.72B | Jun 2021 | BSEP vs BALT | |
| Innovator Laddered Allocation Power Buffer ETF | Defined Outcome | 89 | 6.26% | 923.55M | Oct 2016 | BSEP vs BUFF | |
| Innovator Equity Managed Floor ETF | Options Trading | 50 | 4.20% | 2.11B | Nov 2022 | BSEP vs SFLR | |
| Innovator Deepwater Frontier Tech ETF | Technology Equities | 42 | 11.39% | 200.31M | Jul 2018 | BSEP vs LOUP | |
| Innovator U.S. Equity Accelerated Plus ETF | Leveraged Equities | 98 | 12.47% | 22.69M | Apr 2021 | BSEP vs XTAP | |
| Innovator U.S. Equity Power Buffer ETF - January | Defined Outcome | 84 | 6.02% | 1.44B | Jan 2019 | BSEP vs PJAN | |
| Innovator U.S. Equity Buffer ETF - April | Defined Outcome | 97 | 11.91% | 403.09M | Mar 2019 | BSEP vs BAPR | |
| Innovator U.S. Equity Power Buffer ETF October | Defined Outcome | 82 | 6.44% | 963.46M | Sep 2018 | BSEP vs POCT | |
| Innovator U.S. Equity Power Buffer ETF - July | Defined Outcome | 87 | 5.43% | 1.25B | Aug 2018 | BSEP vs PJUL | |
| Innovator Nasdaq-100 Managed Floor ETF | Nasdaq-100, Options Trading | 40 | 1.93% | 524.31M | Jan 2024 | BSEP vs QFLR |
Often Compared With BSEP
Investors most often compare BSEP with HELO, KBUF, VOO. These 20 comparison targets span 7 categories, based on PortfoliosLab usage data.
Compare BSEP with Any Fund or Stock
Compare BSEP with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair BSEP with funds that move differently
Innovator U.S. Equity Buffer ETF - September alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to BSEP.
Explore BSEP Diversifiers