IAUG vs YSEP

IAUGBInnovator Intl Developed Power Buffer ETF

YSEPDFT Vest International Equity Moderate Buffer ETF - September

In short

IAUG Downside padding for foreign stocks instead of the usual S&P 500 target. IAUG shadows the iShares MSCI EAFE ETF, absorbs the first 15% of a year's losses, and trades away upside above a cap reset every August 1.

YSEP A downside buffer pointed somewhere unusual: developed international stocks. YSEP tracks the price return of the iShares MSCI EAFE ETF, absorbs the first 15% of losses and caps the upside, then resets the whole deal every September.

Stated mandate

IAUG The Fund seeks to match the return of its underlying ETF up to a predetermined upside cap while protecting against the first 15% of underlying ETF losses during the outcome period.

YSEP Seeks to match the price return of the iShares MSCI EAFE ETF, subject to a 13.14% upside cap and protection against the first 15% of losses during the September 22, 2025–September 18, 2026 outcome period.

Why people hold it

• IAUG The deal is written down in advance: match the reference ETF's return up to a preset cap, with the first 15% of its losses absorbed over an outcome period running August 1 to July 31.innovatoretfs.com
• One rung in a 12-month ladder on the same EAFE exposure (IJUL, ISEP, IOCT and the rest), so entry points can be staggered rather than pinned to a single reset date.innovatoretfs.com
• At 0.85% a year, it charges the same as the median fund in its buffered-international peer group. No premium for the international twist.

• YSEP Buffers the corner of the market most defined-outcome funds skip: developed Europe, Japan and Australia, via the iShares MSCI EAFE ETF rather than the S&P 500.ftportfolios.com
• The terms are written down before you buy: first 15% of losses absorbed, a stated cap, one year running September to September, built from FLEX options.ftportfolios.com
• Live since 2021, so this September series has rolled through several full reset cycles rather than one lucky stretch.

Worth knowing

• IAUG Thinly traded with a small asset base, which usually means wider bid-ask spreads than the big buffer funds carry.
• The 15% buffer and the cap are engineered for investors who hold the full outcome period. Buy mid-period and your actual cushion and ceiling differ from the headline terms.innovatoretfs.com
• An options-built structure aimed at price outcomes, not cash flow. Distributions have not been part of the picture.

• YSEP Fees run 0.90% a year, slightly above the 0.85% on the Innovator international buffer funds (ISEP, IJUL) aimed at the same index.
• It follows EFA's price return, so MSCI EAFE dividends stay outside the deal, and the options structure means income isn't what this fund is built to hand you.
• The stated buffer and cap belong to the full September window. Buy mid-period and your own numbers differ. Trading is thin, so spreads can widen.ftportfolios.com

Full IAUG profile⁠

Full YSEP profile⁠