UMAR vs USEP: Grades, Fees and Holdings Compared

Innovator U.S. Equity Ultra Buffer ETF

UMARCCboe

Innovator U.S. Equity Ultra Buffer ETF

USEPBCboe

Overlap

98.0%by weight

Expense ratio

UMAR0.79%USEP0.79%

Avg volume · 30D

USEP 2.3×the volume

UMAR20.8KUSEP46.7K

5Y return · a year

USEP +0.2pt

UMAR+7.8%USEP+8.0%

UMAR vs USEP Performance

Oct 29, 2021 – Oct 30, 2026

+45.9%UMAR+47.3%USEP

Expense ratio: UMAR 0.79%; USEP 0.79%
Fund size: UMAR $142M; USEP $243M
1Y total return: UMAR +9.8%, better; USEP +7.5%
Yield (12M): UMAR No data; USEP 0.00%
Holdings: UMAR 5; USEP 4
Avg volume (30D): UMAR 20.8K sh; USEP 46.7K sh, better
NAV per share: UMAR $43.25; USEP $41.90
52W range

ETF.net Grade

Pillar letters and Scores for UMAR, USEP, with each pillar’s weight
Pillar	UMAR	USEP
Cost30% weight	C50	C50
Mission25% weight	Not scored	Not scored
Risk15% weight	B65Higher	C43
Tradability15% weight	D35	A72Higher
Holdings10% weight	B60Higher	B59
Durability5% weight	D39	B66Higher

Rank among S&P 500 Ultra Buffer 30% funds

How we build Categories ›

Same Category. UMAR and USEP are both graded against the same 13 S&P 500 Ultra Buffer 30% funds, so their Grades compare head to head.

S&P 500 Ultra Buffer 30%⁠

Category · 13 funds

See all 13 ›

USEP ranks 2nd and UMAR 9th of 13 funds in the S&P 500 Ultra Buffer 30% Category.

Rank 1BUJANInnovator U.S. Equity Ultra Buffer ETFScore 57
Rank 2BUJUNInnovator U.S. Equity Ultra Buffer ETF - JuneScore 55
Rank 2CUOCTInnovator U.S. Equity Ultra Buffer ETF OctoberScore 55
Rank 2BUSEPInnovator U.S. Equity Ultra Buffer ETFScore 55
Rank 5CUDECInnovator U.S. Equity Ultra Buffer ETF - DecemberScore 52
Rank 9CJULJInnovator Premium Income 30 Barrier ETFScore 50
Rank 9CUMARInnovator U.S. Equity Ultra Buffer ETFScore 50
Rank 11CUAPRInnovator U.S. Equity Ultra Buffer ETFScore 48

UMAR vs USEP Holdings

How UMAR and USEP differ

Overlap by weight

98.0%

Shared holdings make up 100% of UMAR and 98.0% of USEP.

Level by level

Sector11 Sectors97.8%
Holdings2 in both98.0%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in UMAR and USEP, widest gap first
Sector	More in UMARMore in USEP	UMAR	USEP
Technology	USEP +1.8 points	38.7%	40.5%
Financials	UMAR +0.9 points	12.0%	11.1%
Consumer Discretionary	UMAR +0.5 points	9.3%	8.8%
Communication	USEP +0.5 points	9.5%	9.9%
Industrials	UMAR +0.2 points	7.8%	7.5%
Consumer Staples	UMAR +0.2 points	4.5%	4.3%
Materials	UMAR +0.1 points	1.7%	1.6%
Utilities	UMAR +0.1 points	2.0%	1.9%
Real Estate	UMAR +0.1 points	1.8%	1.7%
Energy	UMAR +0.1 points	3.5%	3.4%
Health Care	Same weight	9.3%	9.3%

Country, concentration and asset class

Country by domicile

Country weights in UMAR and USEP, widest gap first
Country	More in UMARMore in USEP	UMAR	USEP
United States	Same weight	99.5%	99.5%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
Mexico	Same weight	0.1%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

UMAR103.6%
USEP102.1%

Securities held

UMAR4
USEP4

Asset class

UMAR: Equity
USEP: Equity

Holdings

Only in UMAR2
In both2
Only in USEP2

Only in UMAR

2 securities, 1.2% of UMAR by weight

Voo 02/26/2027 599.49 P0.99%
Voo 02/26/2027 656.27 C0.18%

Only in USEP

2 securities, 4.1% of USEP by weight

Voo 08/31/2027 669.65 P4.00%
Voo 08/31/2027 733.06 C0.10%

Weight gaps

All 2 Holdings in both funds, largest gap first.

Holding weights in UMAR and USEP, widest gap first
Holding	More in UMARMore in USEP	UMAR	USEP
Vanguard S&P 500 ETFVOO	UMAR +3.90 points	101.38%	97.48%
Us Bank Mmda - Usbgfs 9 09/01/2037	UMAR +0.47 points	0.97%	0.50%

All 6 UMAR holdings⁠All 6 USEP holdings⁠

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.

UMAR vs USEP Cost

Same expense ratio

$15,174

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

UMAR 0.79%
$15,174
USEP 0.79%
$15,174

Amount$10,000

Years30 years

Cost over time

UMAR 0.79%
USEP 0.79%

Year by year

Year	UMAR	USEP
10	$1,405	$1,405
20	$5,331	$5,331
30	$15,174	$15,174

Expense ratio

0.79%UMAR
0.79%USEP

UMAR0.79%USEP0.79%

0.30%0.79%

Middle half of S&P 500 Ultra Buffer 30% funds
Median 0.79%

UMAR 2nd cheapest of 13 funds

USEP 2nd cheapest of 13 funds

UMAR vs USEP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): UMAR No data; USEP 0.00%
Payout (12M): UMAR None; USEP None

Distribution history

Per share, 2019, same scale for both

UMARAll UMAR payments⁠

No distribution history available.

USEP1 paymentAll USEP payments⁠

UMAR vs USEP Risk

Fall from peak · 5 years

UMAR
USEP

Risk facts

VolatilityStd dev, 3 years: UMAR 5.6%, betterUSEP 6.0%
Return per unit of riskSharpe ratio, 3 years: UMAR 1.53, betterUSEP 1.36
Worst fallMax drawdown, 5 years: UMAR −8.7%, betterUSEP −11.8%
Market sensitivityBeta, 5 years: UMAR 0.44USEP 0.48; Market = 1

Popular comparisons

UMARCvsUJANB
Innovator U.S. Equity Ultra Buffer ETF · Innovator U.S. Equity Ultra Buffer ETF
Expense ratio
0.79% · 0.79%
Category
USEPBvsUJANB
Innovator U.S. Equity Ultra Buffer ETF · Innovator U.S. Equity Ultra Buffer ETF
Expense ratio
0.79% · 0.79%
Category
UMARCvsUJUNB
Innovator U.S. Equity Ultra Buffer ETF · Innovator U.S. Equity Ultra Buffer ETF - June
Expense ratio
0.79% · 0.79%
Category
USEPBvsUJUNB
Innovator U.S. Equity Ultra Buffer ETF · Innovator U.S. Equity Ultra Buffer ETF - June
Expense ratio
0.79% · 0.79%
Category
UMARCvsUOCTC
Innovator U.S. Equity Ultra Buffer ETF · Innovator U.S. Equity Ultra Buffer ETF October
Expense ratio
0.79% · 0.79%
Category
USEPBvsUOCTC
Innovator U.S. Equity Ultra Buffer ETF · Innovator U.S. Equity Ultra Buffer ETF October
Expense ratio
0.79% · 0.79%
Category