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PSEP

GradeBChicago Board Options Exchange

Innovator U.S. Equity Power Buffer ETF

Buffered · Innovator · Inception 2019-09-03

$46.98−0.18 (−0.38%)

As of Sep 23, 2026, 2:20 PM EDT

Intraday session: down, 57 prints from 47.16 to 46.98. Range 46.94 to 47.13. Use the arrow keys to read each point.$46.95$47.05$47.10$47.1510 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$1.1B
1Y return
+10.0%
Yield · Last 12 months
—
Volume · 30D
0.1M sh
NAV per share
$46.77
52W range
low $42.31high $47.24

The ETF.net PSEP Grade

B

54/ 100

Rank 12 of 61 in S&P 500 Buffer 15%⁠

Confidence High

Six-pillar profile for PSEP. Scores out of 100: Cost 35, Risk 48, Mission 94, Tradability 62, Holdings 92, Durability 85. Strongest: Mission (94). Weakest: Cost (35). Leans toward Mission and Holdings.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 54 of 100 sits in the B 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 35
    Category rank45/61 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 94
    Category rank1/2 · top 50%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 48
    Category rank34/57 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 62
    Category rank16/61 · top 26%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 92
    Category rank1/32 · top 3%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 85
    Category rank4/61 · top 7%

Graded as of Sep 22, 2026

Our read on PSEP

ETF.net Research

BThe September slot in Innovator's defined-outcome lineup: it takes the first 15% of a year's losses on the largest S&P 500 ETF off your hands, and in exchange your upside stops at a cap reset every September 1. Live since 2019.

Stated mandate

The fund seeks to track the return of the SPDR S&P 500 ETF Trust (SPY), subject to a predetermined cap, while protecting against the first 15% of losses during the outcome period.

Why people hold it

  1. 01The contract is explicit: absorb the first 15% of the reference ETF's losses over a one-year outcome period, with a cap set in advance rather than at management's discretion.
  2. 02At 0.79%, the fee sits right on the median for buffer funds, so the options plumbing costs about what the category charges.
  3. 03Trading since 2019, it has rolled through multiple full outcome periods, and it grades in the upper half of a crowded buffer group.

Worth knowing

  1. 01The 15% cushion is paid for with a ceiling. Buy partway through an outcome period and your effective buffer and cap differ from the headline terms.
  2. 02It trades lighter than the largest buffer ETFs, so quoted spreads can be wider, especially around the annual reset.
  3. 03Same family, cheaper listed fees: BUFF ladders the strategy across start months at 0.10%, and siblings like PSMR and PSMD list 0.49%.

PSEP Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
—
Top-10 weight
42%
Largest holding
NVDA8.1%

Sectors

  • Technology39.6%
  • Financials11.8%
  • Communication9.8%
  • Health Care9.2%
  • Consumer Discr.8.8%
  • Industrials7.5%
  • Cons. Staples4.4%
  • Energy3.5%
  • Utilities2.0%
  • Materials1.8%
  • Real Estate1.7%

Geography

  • United States97.63%
  • Ireland1.21%
  • United Kingdom0.38%
  • Switzerland0.31%
  • Singapore0.27%
  • Netherlands0.11%
  • Bermuda0.07%
  • Canada0.02%
The fund’s holdings, weight-ordered — page 1 of 34.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001NVDANVIDIA Corp8.15%394,984$90M828
002AAPLApple Inc7.33%238,201$81M707
003MSFTMicrosoft Corp5.52%121,197$61M792
004—SPY 08/31/2027 767.05 P4.64%14,388$51M1
005AMZNAmazon.com Inc3.76%160,206$41M720
006GOOGLAlphabet Inc3.08%95,775$34M704
007AVGOBroadcom Inc2.55%77,651$28M732
008GOOGAlphabet Inc2.47%77,580$27M471
009METAMeta Platforms Inc2.42%35,991$27M683
010MUMicron Technology Inc1.75%18,433$19M655
011TSLATesla Inc1.57%45,998$17M509
012AMDAdvanced Micro Devices Inc1.49%26,644$16M618
013JPMJPMORGAN CHASE & CO.1.45%45,342$16M478
014BRK-BBerkshire Hathaway Inc1.38%30,397$15M359
015LLYEli Lilly & Co1.38%13,059$15M569

Showing 1–15 of 504 holdings

PSEP Performance

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

PSEP$11,003
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. PSEP $11,003. 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 PSEP. Periods over one year show the average yearly return.
PeriodPSEP
Year to date+7.9%
1 month+0.9%
3 months+2.7%
1 year+10.0%
3 years+13.2%per year
5 years+10.0%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 PSEP
YearReturn barPSEP
2026 YTD+7.9%
2025+11.8%
2024+12.5%
2023+18.8%
2022−3.7%
2021+8.8%
2020+8.5%

PSEP in the news

PSEP Dividends

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

No distributions in the last 12 months.

PSEP Risk

How much the fund’s monthly returns vary, scaled to a year.
6.4%
Annualised · 36 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.
1.11
vs 3-month T-bills · 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.
−9.9%
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.
0.49
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.

PSEP Cost

Expense ratio0.79%
  • The middle half of S&P 500 Buffer 15% funds
  • Median 0.79%

22 of the 50 S&P 500 Buffer 15% funds charge less.

PSEP costs $79.00 a year on $10,000. The median S&P 500 Buffer 15% fund costs $79.00.