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Launched

Innovator U.S. Equity Power Buffer ETF

PSEPCboeInnovatorB

$46.59−0.17 (−0.37%)

At close: Nov 2, 2026, 4:00 PM ET

B54/ 100

Rank 14 of 61 in S&P 500 Buffer 15%

B54/100Rank 14 of 61inS&P 500 Buffer 15%
Intraday session: down, 79 prints from 46.76 to 46.59. Range 46.59 to 46.96. Use the arrow keys to read each point.46.7046.9010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$1.22B
1Y total return
+8.2%
Yield · Last 12 months
No data
Holdings
503
Avg volume · 30D
156K sh
52W range
low $42.31high $47.48
Launched

The ETF.net PSEP Grade

B

Score 54 out of 100

Category
S&P 500 Buffer 15%⁠
Rank
14 of 61
Six-pillar profile for PSEP. Scores out of 100: Cost 35, Risk 49, Mission 94, Tradability 66, Holdings 90, Durability 83. Strongest: Mission (94). Weakest: Cost (35). Leans toward Mission and Holdings.

Score 54 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25. The letter stays B for now. A new letter must hold for 3 published runs before it replaces it.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D35 out of 100
    Rank 34 of 61

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A94 out of 100
    Rank 2 of 7

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C49 out of 100
    Rank 39 of 60

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B66 out of 100
    Rank 13 of 61

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A90 out of 100
    Rank 2 of 34

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A83 out of 100
    Rank 5 of 61

Our read on PSEP

ETF.net Research

In short

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

  • 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 Performance

Launched Sep 3, 2019

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$10,824
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. PSEP $10,824. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+7.0%
1 month−0.2%
3 months+0.7%
1 year+8.2%
3 yearsper year+13.4%
5 yearsper year+9.3%
10 yearsFund is under 10 years oldper yearNo data

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+7.0%
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.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

PSEP Risk

Risk pillarC49 out of 100Rank 39 of 60 in S&P 500 Buffer 15%
How much the fund’s monthly returns vary, scaled to a year.
5.9%
Annualised · 36 months to Oct 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.
1.41
vs 3-month T-bills · to Oct 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.

FMP measures it over up to five years of monthly returns.

PSEP Cost

Compare PSEP and CAUG

Overpaying vs CAUG, tied cheapest in S&P 500 Buffer 15%

$9,025

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PSEP 0.79%

    $15,174

  • CAUG 0.30% Tied cheapest

    $6,149

$10,000
30 years

Cost over time

  • PSEP 0.79%
  • CAUG 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530PSEP $15,174CAUG $6,149

Year by year

YearPSEPCAUGOverpaying
10$1,405$545$860
20$5,331$2,113$3,218
30$15,174$6,149$9,025

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