Innovator U.S. Equity Buffer ETF
$54.82+0.03 (+0.05%)
- 0.79%
- $470M
- +15.0%
- 0.00%
- 0.1M sh
- $54.79
- low $46.94high $54.99
The ETF.net BSEP Grade
B
Score 57 out of 100
- 18 of 77
Score 57 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.C40 out of 100Rank 34 of 77Mission
Whether the fund did what it promised, tested against its stated mandate.A97 out of 100Rank 3 of 7Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C53 out of 100Rank 35 of 76Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B68 out of 100Rank 19 of 77Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A90 out of 100Rank 3 of 44Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A77 out of 100Rank 19 of 77
Our read on BSEP
BInnovator's September-reset buffer fund: it tracks SPY, absorbs the first 9% of a decline, and trades that cushion for a cap reset every fall. Downside padding with a ceiling, on a schedule you can mark on a calendar.
The fund seeks to track the return of SPDR S&P 500 ETF Trust, subject to a predetermined cap, while protecting investors against the first 9% of losses during the outcome period. It resets approximately annually.
Why people hold it
- Absorbs the first 9% of an SPY decline over each roughly one-year outcome period, a cushion written into the fund's documents rather than left to a manager's call.
- The terms are mechanical and public: SPY as the reference, a 9% buffer, a cap set at each September reset, the period running through the end of August.
- The 0.79% fee lands right at the median for buffer funds, so the defined-outcome wrapper isn't costing a premium versus the pack.
- Running since 2019, with years of completed reset cycles behind it across both rising and falling markets.
Worth knowing
- Cheaper buffered exposure exists. Innovator's own laddered BUFB charges 0.10% and spreads money across staggered outcome periods instead of one annual window.
- Trading is thin next to the category's larger funds, so spreads can widen. Limit orders are the usual defense.
- No distributions: the payoff is built around price movement inside the cap and buffer. Buying mid-period also means a different cap and remaining cushion than a fresh start.
BSEP Holdings
- Stocks
- 504
- 41%
- NVDA
Sectors
- Technology40.5%
- Financials11.3%
- Communication9.6%
- Health Care9.2%
- Consumer Discretionary8.8%
- Industrials7.3%
- Consumer Staples4.4%
- Energy3.5%
- Utilities1.9%
- Materials1.7%
- Real Estate1.7%
Geography
- United States97.66%
- Ireland1.22%
- United Kingdom0.38%
- Switzerland0.28%
- Singapore0.25%
- Netherlands0.11%
- Bermuda0.07%
- Canada0.01%
BSEP Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
BSEP$11,501
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | BSEP |
|---|---|
| Year to date | +11.2% |
| 1 month | +1.6% |
| 3 months | +3.2% |
| 1 year | +15.0% |
| 3 years | +17.2% |
| 5 years | +11.7% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | BSEP |
|---|---|---|
| 2026 YTD | +11.2% | |
| 2025 | +14.8% | |
| 2024 | +17.0% | |
| 2023 | +20.9% | |
| 2022 | −9.2% | |
| 2021 | +14.6% | |
| 2020 | +12.4% |
BSEP in the news
Filings Digest
AllianzIM launches OCTI and resets October buffer terms
BSEP Dividends
- 0.00%
No distributions in the last 12 months.
Distribution history
BSEP Risk
- 8.2%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 1.42
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −15.0%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.65
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
BSEP Cost
0.79%
BSEP0.79%
- The middle half of S&P 500 Buffer 9-12% funds
- Median 0.79%
33 of the 77 S&P 500 Buffer 9-12% funds charge less.
Other funds in S&P 500 Buffer 9-12%
- BTENJiShares Trust - iShares Large Cap 10% Target Buffer Jun ETFExpense ratio 0.53%1 year return —
- BAPRPPGIM Rock ETF Trust - PGIM S&P 500 Buffer 12 ETF - AprilExpense ratio 0.50%1 year return +16.4%
- BEALTInnovator U.S. Equity 5 to 15 Buffer ETFExpense ratio 0.69%1 year return +8.5%
- BPJUNInnovator U.S. Equity Power Buffer ETF - JuneExpense ratio 0.79%1 year return +9.1%
- BSIXPAllianzIM U.S. Equity 6 Month Buffer10 Mar/Sep ETFExpense ratio 0.74%1 year return +14.3%