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ISEP

GradeCNew York Stock Exchange Arca

Innovator Intl Developed Power Buffer ETF

Buffered · Innovator · Inception 2023-09-01

$35.12−0.32 (−0.90%)

As of Sep 23, 2026, 2:19 PM EDT

History starts Sep 1, 2023.
Intraday session: down, 38 prints from 35.44 to 35.12. Range 35.08 to 35.32. Use the arrow keys to read each point.$35.20$35.3010 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$97M
1Y return
+11.1%
Yield · Last 12 months
—
Holdings
6
Volume · 30D
0M sh
NAV per share
$35.06
52W range
low $31.27high $35.83

The ETF.net ISEP Grade

C

53/ 100

Rank 5 of 26 in Developed International Buffer 15%⁠

Confidence High

Six-pillar profile for ISEP. Scores out of 100: Cost 38, Risk 55, Mission 62, Tradability 76, Holdings not scored, Durability 71. Strongest: Tradability (76). Weakest: Cost (38). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 53 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 38
    Category rank22/26 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    BScore 62
    Category rank2/2 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 55
    Category rank8/23 · top 35%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 76
    Category rank2/26 · top 8%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 71
    Category rank9/26 · top 35%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on ISEP

ETF.net Research

CBuffers are everywhere on the S&P 500, far rarer overseas. ISEP wraps the big MSCI EAFE developed-markets fund and absorbs the first 15% of losses over a one-year outcome period that resets each September, with upside capped in return.

Stated mandate

The fund seeks defined-outcome exposure to the iShares MSCI EAFE ETF (EFA), providing upside participation up to a cap while protecting against the first 15% of losses during the annual outcome period.

Why people hold it

  1. 01The 15% buffer is written into the fund's own terms, not a hope: it covers the first slice of reference-fund losses across a defined one-year period that resets every September 1.
  2. 02Foreign-stock exposure, not another S&P 500 clone: the reference asset is the iShares MSCI EAFE ETF, the standard developed-markets basket outside the US.
  3. 03Fee of 0.85% sits right at the median for developed-market buffer funds and under the 0.90% charged by some funds tracking the same reference (YSEP, YDEC).
  4. 04One of the stronger builds in a crowded 17-fund buffer group, and part of a monthly series on the same reference, so start dates can be laddered across the calendar.

Worth knowing

  1. 01The trade for the buffer is a ceiling. The cap is reset each September from option prices at that moment, so how much upside you hand over changes period to period.
  2. 02Buying mid-period is a different deal than buying at the reset: how much buffer and cap remain depends on where the reference fund has moved since September 1.
  3. 03Trading is thin next to plain index funds, so spreads can be wider and patient limit orders matter more, especially in size.

ISEP Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
6
Top-10 weight
104%
Largest holding
EFA 08/31/2027 1.07 C97.7%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—EFA 08/31/2027 1.07 C97.66%10,094$104M1
002—EFA 08/31/2027 107.45 P5.64%10,094$6M1
003—US BANK MMDA - USBGFS 9 09/01/20370.22%231,389$231K161

Showing 1–3 of 3 holdings

ISEP Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

ISEP$11,114
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. ISEP $11,114. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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.

Trailing total return for ISEP. Periods over one year show the average yearly return.
PeriodISEP
Year to date+8.7%
1 month−0.3%
3 months+2.2%
1 year+11.1%
3 years+12.8%per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for ISEP
YearReturn barISEP
2026 YTD+8.7%
2025+18.3%
2024+5.4%
2023+4.6%

Since listing, Sep 1, 2023

ISEP in the news

ETF.net Research hasn’t filed on ISEP yet — coverage lands here as it’s written.

ISEP Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

ISEP Risk

How much the fund’s monthly returns vary, scaled to a year.
7.5%
Annualised · 35 months to Aug 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
1.19
vs 3-month T-bills · 35 months to Aug 2026
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.

The largest fall from a peak to the low that followed.
−7.4%
36 months · trough Apr 2025
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.

How strongly the fund’s returns move with its asset-class index.
0.35
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

ISEP Cost

Expense ratio0.85%
  • The middle half of Developed International Buffer 15% funds
  • Median 0.85%

10 of the 26 Developed International Buffer 15% funds charge less.

ISEP costs $85.00 a year on $10,000. The median Developed International Buffer 15% fund costs $85.00.