Data as of . Every figure is the buffer desk's own, on published data.
PFEB vs PSEP
Where each one stands today
PFEB resets first, on Jan 31, 2027, 149 days from now; PSEP runs to Aug 31, 2027, 361 days. PFEB can still gain 4.6% before its cap, PSEP 14.7%. A fall from here reaches PFEB’s buffer after 7.0% and PSEP’s after 0.3%. 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 | ||
|---|---|---|---|---|
| PFEB | PSEP | PFEB | PSEP | |
| 3 months | +3.1% | +3.0% | −1.6 pts | −1.7 pts |
| 6 months | +8.4% | +7.9% | −6.7 pts | −7.2 pts |
| 1 year | +12.4% | +11.1% | −7.5 pts | −8.9 pts |
| 3 years | +41.3% | +41.4% | −36.6 pts | −36.6 pts |
| PFEB Innovator U.S. Equity Power Buffer ETF - Feb | PSEP Innovator U.S. Equity Power Buffer ETF - Sep | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | ||
| Outcome period | Jan 31, 2026 to Jan 31, 2027 | Aug 31, 2026 to Aug 31, 2027 |
| Days left | 149 | 361 |
| Starting cap | +12.4% | +15.0% |
| Can still gain | 4.6% | 14.7% |
| Fall before buffer | 7.0% | 0.3% |
| Protection left, index points | 15.0% of 15.0% | 15.0% of 15.0% |
| Index return this period | +11.3% | +0.4% |
| Fund return this period | +7.0% | +0.3% |
| State today | Open | Open |
| Expense ratio | 0.79% | 0.79% |
PFEB in plain words
From its price on Sep 4, 2026, the fund can gain about 4.6% more before it reaches its cap. The fund's price can fall 7.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.2% 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. 149 days remained on Sep 4, 2026. On Jan 31, 2027 the period ends and a new cap is set.
PSEP in plain words
From its price on Sep 4, 2026, the fund can gain about 14.7% 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: 15.0% of the 15.0% 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.
Questions people ask
- Which has more room to gain, PFEB or PSEP?
- From their prices on Sep 4, 2026, PFEB can gain about 4.6% before its cap and PSEP about 14.7%, so PSEP has more room left this period.
- Which resets first, PFEB or PSEP?
- PFEB ends its outcome period on Jan 31, 2027 and PSEP on Aug 31, 2027. A new cap is set the day after each.
- Which is cheaper, PFEB or PSEP?
- PFEB charges 0.79% a year and PSEP charges 0.79%, so PFEB 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, PFEB against PSEP, data as of Sep 4, 2026. https://etfiq.com/compare/buffer/PFEB-PSEP.html Free to use with attribution; the underlying files are at Open data.