Data as of . Every figure is the buffer desk's own, on published data.
BSEP vs PAUG
Where each one stands today
PAUG resets first, on Jul 31, 2027, 330 days from now; BSEP runs to Aug 31, 2027, 361 days. BSEP can still gain 19.4% before its cap, PAUG 11.7%. A fall from here reaches BSEP’s buffer after 0.3% and PAUG’s after 1.9%. Both track SPY, so what separates them is where each is in its own period.
Every figure is the buffer desk’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| BSEP | PAUG | BSEP | PAUG | |
| 3 months | +4.2% | +3.5% | −0.5 pts | −1.2 pts |
| 6 months | +11.0% | +8.5% | −4.2 pts | −6.6 pts |
| 1 year | +14.4% | +11.6% | −5.5 pts | −8.4 pts |
| 3 years | +55.8% | +46.7% | −22.2 pts | −31.2 pts |
| BSEP Innovator U.S. Equity Buffer ETF - Sep | PAUG Innovator U.S. Equity Power Buffer ETF - Aug | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | ||
| Outcome period | Aug 31, 2026 to Aug 31, 2027 | Jul 31, 2026 to Jul 31, 2027 |
| Days left | 361 | 330 |
| Starting cap | +19.8% | +13.8% |
| Can still gain | 19.4% | 11.7% |
| Fall before buffer | 0.3% | 1.9% |
| Protection left, index points | 9.0% of 9.0% | 15.0% of 15.0% |
| Index return this period | +0.4% | +3.1% |
| Fund return this period | +0.3% | +1.8% |
| State today | Open | Open |
| Expense ratio | 0.79% | 0.79% |
BSEP in plain words
From its price on Sep 4, 2026, the fund can gain about 19.4% more before it reaches its cap. The fund's price can fall 0.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.4% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 361 days remained on Sep 4, 2026. On Aug 31, 2027 the period ends and a new cap is set.
PAUG in plain words
From its price on Sep 4, 2026, the fund can gain about 11.7% more before it reaches its cap. The fund's price can fall 1.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.0% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 330 days remained on Sep 4, 2026. On Jul 31, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, BSEP or PAUG?
- From their prices on Sep 4, 2026, BSEP can gain about 19.4% before its cap and PAUG about 11.7%, so BSEP has more room left this period.
- Which resets first, BSEP or PAUG?
- BSEP ends its outcome period on Aug 31, 2027 and PAUG on Jul 31, 2027. A new cap is set the day after each.
- Which is cheaper, BSEP or PAUG?
- BSEP charges 0.79% a year and PAUG charges 0.79%, so BSEP is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, BSEP against PAUG, data as of Sep 4, 2026. https://etfiq.com/compare/buffer/BSEP-PAUG.html Free to use with attribution; the underlying files are at Open data.