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PAUG vs PSMO

Innovator U.S. Equity Power Buffer ETF - August

PAUGCCboe

Pacer Swan SOS Moderate (October) ETF

PSMOBCboe

Overlap

Expense ratio

PSMO −0.30pt a year

PAUG0.79%PSMO0.49%

Avg volume · 30D

PAUG 12.0×the volume

PAUG87.9KPSMO7.3K

5Y return · a year

PSMO +0.5pt

PAUG+9.2%PSMO+9.7%

PAUG vs PSMO Performance

Oct 29, 2021 – Oct 30, 2026

+55.1%PAUG+59.2%PSMO

Oct 29, 2021 to Oct 30, 2026. PAUG +55.1%. PSMO +59.2%. Use the arrow keys to read each point.0%20%40%Oct 2021May 2024Oct 2026
Expense ratio
PAUG 0.79%
PSMO 0.49%, better
Fund size
PAUG $1.04B
PSMO $116M
1Y total return
PAUG +8.9%
PSMO +10.0%, better
Yield (12M)
PAUG 0.00%
PSMO No data
Holdings
PAUG 3
PSMO 3
Avg volume (30D)
PAUG 87.9K sh, better
PSMO 7.3K sh
NAV per share
PAUG $46.64
PSMO $33.50
52W range

ETF.net Grade

PAUG: Cost 35, Risk 57, Mission not scored, Tradability 74, Holdings not scored, Durability 84. PSMO: Cost 70, Risk 54, Mission 95, Tradability 64, Holdings not scored, Durability 66.
Pillar letters and Scores for PAUG, PSMO, with each pillar’s weight
PillarPAUGPSMO
Cost30% weightD35A70Higher
Mission25% weightNot scoredA95
Risk15% weightB57HigherC54
Tradability15% weightA74HigherB64
Holdings10% weightNot scoredNot scored
Durability5% weightA84HigherB66

Rank among S&P 500 Buffer 15% funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. PAUG and PSMO are both graded against the same 51 S&P 500 Buffer 15% funds, so their Grades compare head to head.

S&P 500 Buffer 15%⁠

Category · 51 funds
See all 51 ›

PSMO ranks 1st and PAUG 8th of 51 funds in the S&P 500 Buffer 15% Category.

  1. Rank 1BPSMOPacer Swan SOS Moderate (October) ETFScore 64
  2. Rank 2BPSMJPacer Swan SOS Moderate (July) ETFScore 59
  3. Rank 6CQBSFAllianzIM U.S. Equity Buffer15 ETFScore 54
  4. Rank 8CPAUGInnovator U.S. Equity Power Buffer ETF - AugustScore 52
  5. Rank 8CPNOVInnovator U.S. Equity Power Buffer ETFScore 52

Our read on each fund

ETF.net Research

PAUGCInnovator U.S. Equity Power Buffer ETF - August

PSMOBPacer Swan SOS Moderate (October) ETF

In short

PAUG A shock absorber with a calendar. PAUG soaks up the first 15% of losses on an S&P 500 ETF over each roughly one-year stretch, trades away some upside via a cap, then resets every August 1.

PSMO A 15% cushion against SPY's first losses, reset every October, for 0.49% a year. Most defined-outcome funds charge more, and the trade is a cap on the upside that gets set fresh at the start of each period.

Stated mandate

PAUG PAUG seeks to track SPY up to a predetermined upside cap while protecting the first 15% of losses over an approximately annual outcome period, resetting at the end of each period.

PSMO The fund seeks to track the returns of the SPDR S&P 500 ETF Trust up to a stated cap while buffering the first 15% of losses during an approximately one-year outcome period.

Why people hold it

  • PAUG The first 15 percentage points of reference-fund losses over the outcome period are absorbed before you feel anything. That buffer is written into the fund's documents, not left to a manager's judgment.innovatoretfs.com
  • What's being shaped is plain vanilla US large cap: the reference asset is SPY, the S&P 500 tracker, not a bespoke smart-beta index built for the brochure.
  • Live since August 2019, so the annual reset has run through several very different markets. It also has eleven monthly siblings, so the choice is a start date, not a strategy.
  • Among the stronger implementations in a crowded buffer field, where a lot of look-alike funds charge similar money for similar mechanics.
  • PSMO Charges 0.49% a year versus a 0.79% median across its 15%-buffer peer group, one of the lower-cost ways to own this structure.
  • Pacer's moderate SOS funds (PSMD, PSMR, PSMJ) all price at 0.49%, while the Innovator power-buffer lineup (POCT, PJUL, PJAN) runs 0.79%.
  • The reference asset is the SPDR S&P 500 ETF Trust itself, not an abstract index, so what's being buffered is a fund you can watch tick by tick.paceretfs.com

Worth knowing

  • PAUG Upside is capped, and the cap is set fresh each period. Buy mid-period and you inherit whatever cap and buffer remain, which can look nothing like the headline terms.
  • 0.79% a year is the price of the options engineering. It sits right at the median for buffer funds and well above plain index exposure.
  • One of the quieter tickers in a busy category, so limit orders and a look at the spread matter more here than with a mega-fund.
  • PSMO Buffer and cap are engineered for the full one-year outcome period running October through September. Buy or sell mid-period and you may get neither in full.paceretfs.com
  • Upside stops at a cap reset each October. A runaway rally in the S&P 500 is the scenario this structure hands back in exchange for the 15% cushion.paceretfs.com
  • One of the quieter tickers in the buffer aisle, so spreads and order type matter more here than with the category's household names.

Full PAUG profile⁠

Full PSMO profile⁠

PAUG vs PSMO Holdings

As of
How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

PAUG vs PSMO Cost

Overpaying PAUG vs PSMO

$5,382

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

  • PAUG 0.79%

    $15,174

  • PSMO 0.49%

    $9,792

$10,000
30 years

Cost over time

  • PAUG 0.79%
  • PSMO 0.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530PAUG $15,174PSMO $9,792

Year by year

YearPAUGPSMOOverpaying
10$1,405$883$522
20$5,331$3,394$1,937
30$15,174$9,792$5,382

Expense ratio

  • 0.79%PAUG
  • 0.49%PSMO, cheaper
  • Middle half of S&P 500 Buffer 15% funds
  • Median 0.79%

PSMO 5th cheapest of 51 funds

PAUG 24th cheapest of 51 funds

PAUG vs PSMO Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PAUG 0.00%
PSMO No data
Payout (12M)
PAUG None
PSMO None

Distribution history

Per share, 2019, same scale for both

PAUG1 paymentAll PAUG payments⁠
One bar per payment. 1 payment in 2019. Nov 19, 2019 $0.34. Use the arrow keys to read each point.$0$0.252019
PSMOAll PSMO payments⁠

No distribution history available.

PAUG vs PSMO Risk

Fall from peak · 5 years

  • PAUG
  • PSMO
Oct 29, 2021 to Oct 30, 2026. Worst fall: PAUG −11.8% · Oct 2022. Use the arrow keys to read each point.−12.5%−10%−7.5%−5%−2.5%0%Oct 2021May 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
PAUG 6.2%PSMO 5.9%, better
Return per unit of riskSharpe ratio, 3 years
PAUG 1.58, betterPSMO 1.31
Worst fallMax drawdown, 5 years
PAUG −11.8%PSMO −9.8%, better
Market sensitivityBeta, 5 years
PAUG 0.49PSMO 0.41

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