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PSEP vs PSMO

Innovator U.S. Equity Power Buffer ETF

PSEPBCboe

Pacer Swan SOS Moderate (October) ETF

PSMOBCboe

Overlap

Expense ratio

PSMO −0.30pt a year

PSEP0.79%PSMO0.49%

Avg volume · 30D

PSEP 21.4×the volume

PSEP156KPSMO7.3K

5Y return · a year

PSMO +0.4pt

PSEP+9.3%PSMO+9.7%

PSEP vs PSMO Performance

Oct 29, 2021 – Oct 30, 2026

+56.1%PSEP+59.2%PSMO

Oct 29, 2021 to Oct 30, 2026. PSEP +56.1%. PSMO +59.2%. Use the arrow keys to read each point.0%20%40%Oct 2021May 2024Oct 2026
Expense ratio
PSEP 0.79%
PSMO 0.49%, better
Fund size
PSEP $1.22B
PSMO $116M
1Y total return
PSEP +8.2%
PSMO +10.0%, better
Holdings
PSEP 503
PSMO 3
Avg volume (30D)
PSEP 156K sh, better
PSMO 7.3K sh
NAV per share
PSEP $46.67
PSMO $33.50
52W range

ETF.net Grade

PSEP: Cost 35, Risk 49, Mission 94, Tradability 66, Holdings 90, Durability 83. PSMO: Cost 70, Risk 54, Mission 95, Tradability 64, Holdings not scored, Durability 66.
Pillar letters and Scores for PSEP, PSMO, with each pillar’s weight
PillarPSEPPSMO
Cost30% weightD35A70Higher
Mission25% weightA94A95Higher
Risk15% weightC49C54Higher
Tradability15% weightB66HigherB64
Holdings10% weightA90Not scored
Durability5% weightA83HigherB66

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. PSEP 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 PSEP 6th 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 4CPOCTInnovator U.S. Equity Power Buffer ETFScore 55
  4. Rank 6BPSEPInnovator U.S. Equity Power Buffer ETFScore 54
  5. Rank 6CQBSFAllianzIM U.S. Equity Buffer15 ETFScore 54

Our read on each fund

ETF.net Research

PSEPBInnovator U.S. Equity Power Buffer ETF

PSMOBPacer Swan SOS Moderate (October) ETF

In short

PSEP The 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.

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

PSEP 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.

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

  • PSEP 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.
  • 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

  • PSEP 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%.
  • 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 PSEP profile⁠

Full PSMO profile⁠

PSEP 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.

PSEP vs PSMO Cost

Overpaying PSEP vs PSMO

$5,382

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

  • PSEP 0.79%

    $15,174

  • PSMO 0.49%

    $9,792

$10,000
30 years

Cost over time

  • PSEP 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$20K051015202530PSEP $15,174PSMO $9,792

Year by year

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

Expense ratio

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

PSMO 5th cheapest of 51 funds

PSEP 24th cheapest of 51 funds

PSEP vs PSMO Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
PSEP None
PSMO None

Distribution history

PSEPAll PSEP payments⁠

No distribution history available.

PSMOAll PSMO payments⁠

No distribution history available.

PSEP vs PSMO Risk

Fall from peak · 5 years

  • PSEP
  • PSMO
Oct 29, 2021 to Oct 30, 2026. Worst fall: PSEP −9.9% · Apr 2025. Use the arrow keys to read each point.−8%−6%−4%−2%0%Oct 2021May 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
PSEP 5.9%PSMO 5.9%Same figure. Both funds show the same value, so neither comes out ahead.
Return per unit of riskSharpe ratio, 3 years
PSEP 1.41, betterPSMO 1.31
Worst fallMax drawdown, 5 years
PSEP −9.9%PSMO −9.8%, better
Market sensitivityBeta, 5 years
PSEP 0.49PSMO 0.41

PSEP and PSMO in the news

All news⁠

Popular comparisons

  • PSEPBvsPSMJB

    Innovator U.S. Equity Power Buffer ETF · Pacer Swan SOS Moderate (July) ETF

    Expense ratio
    0.79% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PSMOBvsPSMJB

    Pacer Swan SOS Moderate (October) ETF · Pacer Swan SOS Moderate (July) ETF

    Expense ratio
    0.49% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PSEPBvsPSMRB

    Innovator U.S. Equity Power Buffer ETF · Pacer Swan SOS Moderate (April) ETF

    Expense ratio
    0.79% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PSMOBvsPSMRB

    Pacer Swan SOS Moderate (October) ETF · Pacer Swan SOS Moderate (April) ETF

    Expense ratio
    0.49% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PSEPBvsBUFCB

    Innovator U.S. Equity Power Buffer ETF · AB Conservative Buffer ETF

    Expense ratio
    0.79% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PSMOBvsBUFCB

    Pacer Swan SOS Moderate (October) ETF · AB Conservative Buffer ETF

    Expense ratio
    0.49% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.