Data as of . Every figure is the buffer desk's own, on published data.
PSEP vs UAPR
Where each one stands today
UAPR resets first, on Mar 31, 2027, 208 days from now; PSEP runs to Aug 31, 2027, 361 days. PSEP can still gain 14.7% before its cap, UAPR 4.7%. A fall from here reaches PSEP’s buffer after 0.3% and UAPR’s after 12.0%. 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 | ||
|---|---|---|---|---|
| PSEP | UAPR | PSEP | UAPR | |
| 3 months | +3.0% | +2.8% | −1.7 pts | −1.9 pts |
| 6 months | +7.9% | +8.8% | −7.2 pts | −6.4 pts |
| 1 year | +11.1% | +12.3% | −8.9 pts | −7.6 pts |
| 3 years | +41.4% | +36.3% | −36.6 pts | −41.6 pts |
| PSEP Innovator U.S. Equity Power Buffer ETF - Sep | UAPR Innovator U.S. Equity Ultra Buffer ETF - Apr | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | ||
| Outcome period | Aug 31, 2026 to Aug 31, 2027 | Mar 31, 2026 to Mar 31, 2027 |
| Days left | 361 | 208 |
| Starting cap | +15.0% | +13.0% |
| Can still gain | 14.7% | 4.7% |
| Fall before buffer | 0.3% | 12.0% |
| Protection left, index points | 15.0% of 15.0% | 30.0% of 30.0% |
| Index return this period | +0.4% | +18.4% |
| Fund return this period | +0.3% | +7.6% |
| State today | Open | At cap |
| Expense ratio | 0.79% | 0.79% |
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.
UAPR in plain words
SPY had already risen past this fund's cap of +13.0% for the period on Sep 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.7% as the period runs out. The fund's price can fall 12.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 19.8% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. 208 days remained on Sep 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, PSEP or UAPR?
- From their prices on Sep 4, 2026, PSEP can gain about 14.7% before its cap and UAPR about 4.7%, so PSEP has more room left this period.
- Which resets first, PSEP or UAPR?
- PSEP ends its outcome period on Aug 31, 2027 and UAPR on Mar 31, 2027. A new cap is set the day after each.
- Which is cheaper, PSEP or UAPR?
- PSEP charges 0.79% a year and UAPR charges 0.79%, so PSEP 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, PSEP against UAPR, data as of Sep 4, 2026. https://etfiq.com/compare/buffer/PSEP-UAPR.html Free to use with attribution; the underlying files are at Open data.