Innovator U.S. Equity Ultra Buffer ETF - September (USEP) 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 USEP. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to USEP
USEP charges 0.79% annually. There are 89 ETFs in the Defined Outcome category with lower expense ratios, going as low as 0.25%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Aptus October Buffer ETF | 0.25% | — | Oct 2025 | USEP vs OCTB | |
| Aptus January Buffer ETF | 0.25% | — | Oct 2025 | USEP vs JANB | |
| Aptus April Buffer ETF | 0.25% | — | Oct 2025 | USEP vs APRB | |
| Aptus July Buffer ETF | 0.25% | — | Oct 2025 | USEP vs JULB | |
| Fidelity Dynamic Buffered Equity ETF | 0.48% | — | Apr 2024 | USEP vs FBUF |
Best Risk-Adjusted Alternatives to USEP
USEP has a PortfoliosLab risk / return rank of 85. There are 99 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 | USEP vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 98 | 19.60M | Apr 2025 | USEP vs CPSP | |
| iShares Large Cap Max Buffer Mar ETF | 98 | — | Mar 2025 | USEP vs MMAX | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | 98 | — | Apr 2025 | USEP vs ZAPR | |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - A... | 98 | 133.76M | Mar 2021 | USEP vs XBAP |
Top Performing USEP Alternatives (YTD)
USEP is at 4.54% YTD. There are 151 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 | USEP vs NVDO | |
| Innovator U.S. Small Cap Power Buffer ETF - Februa... | 13.02% | — | Jan 2025 | USEP vs KFEB | |
| FT Vest Emerging Markets Buffer ETF - March | 12.46% | — | Mar 2025 | USEP vs TMAR | |
| Innovator Russell 2000 Power Buffer ETF - April | 12.34% | 216.78M | Mar 2020 | USEP vs KAPR | |
| FT Cboe Vest Nasdaq-100 Buffer ETF - March | 11.40% | 563.55M | Mar 2021 | USEP vs QMAR |
Lowest Volatility Alternatives to USEP
USEP has 5.38% 1-year volatility. There are 109 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 | USEP vs PMAP | |
| FT Vest U.S. Equity Max Buffer ETF - April | 1.22% | — | Apr 2025 | USEP vs APXM | |
| PGIM S&P 500 Max Buffer ETF - May | 1.30% | — | Apr 2025 | USEP vs PMMY | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 1.36% | 19.60M | Apr 2025 | USEP vs CPSP | |
| iShares Large Cap Max Buffer Mar ETF | 1.43% | — | Mar 2025 | USEP vs MMAX |
Lowest Drawdown Alternatives to USEP
USEP has a 1-year max drawdown of -4.03%. There are 109 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 | USEP vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | -0.37% | 19.60M | Apr 2025 | USEP vs CPSP | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | -0.40% | — | Apr 2025 | USEP vs ZAPR | |
| iShares Large Cap Max Buffer Mar ETF | -0.46% | — | Mar 2025 | USEP vs MMAX | |
| Calamos S&P 500 Structured Alt Protection ETF - Ma... | -0.49% | 56.30M | May 2024 | USEP vs CPSM |
Other ETFs from Innovator
The 10 most viewed Innovator ETFs shown here include BALT, FFTY, BUFF 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 | 94 | 2.21% | 2.53B | Jun 2021 | USEP vs BALT | |
| Innovator IBD 50 ETF | Large Cap Growth Equities | 30 | 20.94% | 89.40M | Apr 2015 | USEP vs FFTY | |
| Innovator Laddered Allocation Power Buffer ETF | Defined Outcome | 85 | 4.91% | 869.51M | Oct 2016 | USEP vs BUFF | |
| Innovator Equity Managed Floor ETF | Options Trading | 49 | 3.43% | 2.04B | Nov 2022 | USEP vs SFLR | |
| Innovator Deepwater Frontier Tech ETF | Technology Equities | 60 | 21.99% | 214.23M | Jul 2018 | USEP vs LOUP | |
| Innovator U.S. Equity Power Buffer ETF - January | Defined Outcome | 77 | 4.57% | 1.48B | Jan 2019 | USEP vs PJAN | |
| Innovator U.S. Equity Buffer ETF - April | Defined Outcome | 96 | 10.04% | 404.13M | Mar 2019 | USEP vs BAPR | |
| Innovator U.S. Equity Power Buffer ETF - July | Defined Outcome | 90 | 4.80% | 997.06M | Aug 2018 | USEP vs PJUL | |
| Innovator Nasdaq-100 Managed Floor ETF | Nasdaq-100, Options Trading | 54 | 3.27% | 524.53M | Jan 2024 | USEP vs QFLR | |
| Innovator U.S. Equity Power Buffer ETF October | Defined Outcome | 74 | 4.83% | 969.70M | Sep 2018 | USEP vs POCT |
Often Compared With USEP
Investors most often compare USEP with ACIO, BUFP, DMAX. These 20 comparison targets span 5 categories, based on PortfoliosLab usage data.
Compare USEP with Any Fund or Stock
Compare USEP with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair USEP with funds that move differently
Innovator U.S. Equity Ultra Buffer ETF - September alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to USEP.
Explore USEP Diversifiers