Innovator Equity Defined Protection ETF - 1 Yr September (ZSEP) 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 ZSEP. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to ZSEP
ZSEP 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 July Buffer ETF | 0.25% | — | Oct 2025 | ZSEP vs JULB | |
| Aptus April Buffer ETF | 0.25% | — | Oct 2025 | ZSEP vs APRB | |
| Aptus October Buffer ETF | 0.25% | — | Oct 2025 | ZSEP vs OCTB | |
| Aptus January Buffer ETF | 0.25% | — | Oct 2025 | ZSEP vs JANB | |
| Fidelity Dynamic Buffered Equity ETF | 0.48% | — | Apr 2024 | ZSEP vs FBUF |
Best Risk-Adjusted Alternatives to ZSEP
ZSEP has a PortfoliosLab risk / return rank of 94. There are 62 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 | ZSEP vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 98 | 21.00M | Apr 2025 | ZSEP vs CPSP | |
| iShares Large Cap Max Buffer Mar ETF | 98 | — | Mar 2025 | ZSEP vs MMAX | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | 98 | — | Apr 2025 | ZSEP vs ZAPR | |
| Calamos Russell 2000 Structured Alt Protection ETF... | 98 | 13.20M | Apr 2025 | ZSEP vs CPRA |
Top Performing ZSEP Alternatives (YTD)
ZSEP is at 3.46% YTD. There are 213 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 | ZSEP vs NVDO | |
| ProShares Nasdaq-100 Dynamic Daily Buffer ETF | 13.84% | 2.87M | Jun 2025 | ZSEP vs QB | |
| Innovator U.S. Small Cap Power Buffer ETF - Februa... | 13.73% | — | Jan 2025 | ZSEP vs KFEB | |
| Innovator Russell 2000 Power Buffer ETF - April | 13.09% | 214.27M | Mar 2020 | ZSEP vs KAPR | |
| Innovator U.S. Equity Buffer ETF - April | 11.91% | 403.09M | Mar 2019 | ZSEP vs BAPR |
Lowest Volatility Alternatives to ZSEP
ZSEP has 2.38% 1-year volatility. There are 44 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 | ZSEP vs PMAP | |
| FT Vest U.S. Equity Max Buffer ETF - April | 1.33% | — | Apr 2025 | ZSEP vs APXM | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 1.40% | 21.00M | Apr 2025 | ZSEP vs CPSP | |
| PGIM S&P 500 Max Buffer ETF - May | 1.40% | — | Apr 2025 | ZSEP vs PMMY | |
| iShares Large Cap Max Buffer Mar ETF | 1.44% | — | Mar 2025 | ZSEP vs MMAX |
Lowest Drawdown Alternatives to ZSEP
ZSEP has a 1-year max drawdown of -1.45%. There are 37 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 | ZSEP vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | -0.37% | 21.00M | Apr 2025 | ZSEP vs CPSP | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | -0.40% | — | Apr 2025 | ZSEP vs ZAPR | |
| iShares Large Cap Max Buffer Mar ETF | -0.46% | — | Mar 2025 | ZSEP vs MMAX | |
| Calamos S&P 500 Structured Alt Protection ETF - Ma... | -0.49% | 56.60M | May 2024 | ZSEP 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 | ZSEP vs BALT | |
| Innovator Laddered Allocation Power Buffer ETF | Defined Outcome | 89 | 6.26% | 923.55M | Oct 2016 | ZSEP vs BUFF | |
| Innovator Equity Managed Floor ETF | Options Trading | 50 | 4.20% | 2.11B | Nov 2022 | ZSEP vs SFLR | |
| Innovator Deepwater Frontier Tech ETF | Technology Equities | 42 | 11.39% | 200.31M | Jul 2018 | ZSEP vs LOUP | |
| Innovator U.S. Equity Accelerated Plus ETF | Leveraged Equities | 98 | 12.47% | 22.69M | Apr 2021 | ZSEP vs XTAP | |
| Innovator U.S. Equity Power Buffer ETF - January | Defined Outcome | 84 | 6.02% | 1.44B | Jan 2019 | ZSEP vs PJAN | |
| Innovator U.S. Equity Power Buffer ETF - July | Defined Outcome | 87 | 5.43% | 1.25B | Aug 2018 | ZSEP vs PJUL | |
| Innovator Nasdaq-100 Managed Floor ETF | Nasdaq-100, Options Trading | 40 | 1.93% | 524.31M | Jan 2024 | ZSEP vs QFLR | |
| Innovator U.S. Equity Power Buffer ETF October | Defined Outcome | 82 | 6.44% | 963.46M | Sep 2018 | ZSEP vs POCT | |
| Innovator Growth Accelerated Plus ETF - April | Leveraged Equities | 97 | 13.57% | 20.37M | Apr 2021 | ZSEP vs QTAP |
Often Compared With ZSEP
Investors most often compare ZSEP with DMAX, ZJUN, ZJAN. These 20 comparison targets span 3 categories, based on PortfoliosLab usage data.
Compare ZSEP with Any Fund or Stock
Compare ZSEP with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair ZSEP with funds that move differently
Innovator Equity Defined Protection ETF - 1 Yr September alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to ZSEP.
Explore ZSEP Diversifiers