Innovator U.S. Equity Power Buffer ETF
$47.41+0.03 (+0.06%)
- 0.79%
- $1.2B
- +11.6%
- 0.1M sh
- $47.35
- low $42.31high $47.48
The ETF.net PSEP Grade
B
Score 55 out of 100
- 12 of 61
Score 55 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.D35 out of 100Rank 34 of 61Mission
Whether the fund did what it promised, tested against its stated mandate.A94 out of 100Rank 2 of 5Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C50 out of 100Rank 24 of 57Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B66 out of 100Rank 14 of 59Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A91 out of 100Rank 1 of 33Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A85 out of 100Rank 5 of 61
Our read on PSEP
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.
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
- The 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.
- At 0.79%, the fee sits right on the median for buffer funds, so the options plumbing costs about what the category charges.
- Trading since 2019, it has rolled through multiple full outcome periods, and it grades in the upper half of a crowded buffer group.
Worth knowing
- The 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.
- It trades lighter than the largest buffer ETFs, so quoted spreads can be wider, especially around the annual reset.
- Same 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
- 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 States97.68%
- Ireland1.19%
- United Kingdom0.38%
- Switzerland0.28%
- Singapore0.27%
- Netherlands0.11%
- Bermuda0.07%
- Canada0.01%
PSEP 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.
PSEP$11,159
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 | PSEP |
|---|---|
| Year to date | +8.4% |
| 1 month | +1.2% |
| 3 months | +2.4% |
| 1 year | +11.6% |
| 3 years | +13.1% |
| 5 years | +10.1% |
| 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 | PSEP |
|---|---|---|
| 2026 YTD | +8.4% | |
| 2025 | +11.8% | |
| 2024 | +12.5% | |
| 2023 | +18.8% | |
| 2022 | −3.7% | |
| 2021 | +8.8% | |
| 2020 | +8.5% |
PSEP in the news
PSEP Dividends
No distributions in the last 12 months.
PSEP Risk
- 6.0%
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.
- 1.34
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.
- −9.9%
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.
- 0.49
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
0.79%
PSEP0.79%
- The middle half of S&P 500 Buffer 15% funds
- Median 0.79%
23 of the 51 S&P 500 Buffer 15% funds charge less.
Other funds in S&P 500 Buffer 15%
- BBUFCAB Conservative Buffer ETFExpense ratio 0.69%1 year return +8.0%
- BPOCTInnovator U.S. Equity Power Buffer ETFExpense ratio 0.79%1 year return +13.6%
- CQBSFAIM ETF Products Trust - AllianzIM U.S. Equity Buffer15 ETFExpense ratio 0.64%1 year return +8.3%
- CPMAYInnovator U.S. Equity Power Buffer ETF - MayExpense ratio 0.79%1 year return +10.3%
- CPJANInnovator U.S. Equity Power Buffer ETFExpense ratio 0.79%1 year return +12.7%