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BSEP vs PAUG: Cap, Buffer & Days Left

As of Oct 9, 2026 PAUG can fall 2.8% before its buffer engages and BSEP 1.4%, and PAUG resets 31 days sooner. Net assets on Oct 9, 2026: $470m for Innovator U.S. Equity Buffer ETF - Sep and $1.1bn for Innovator U.S. Equity Power Buffer ETF - Aug.

Both cost 0.79% a year; their one-year returns differ by 2.3 points; PAUG is 2.2 times larger.

BSEPPAUG
Expense ratio0.79%0.79%
Net assets$470m$1.1bn
Total return, 1 year+13.2%+10.9%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer1.5%4.0%
1.4%
BSEP can fall this far before its buffer
2.8%
PAUG can fall this far before its buffer
18.0%
BSEP can still gain
10.7%
PAUG can still gain
BSEPBetween buffer and cap
Between buffer and capBSEP: reference +1.5% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 9, 2026.9 pts of buffer+18.3% more to the cap−9.0% floor0% period start+19.8% cap+1.5% gain capturedTODAY · SPY +1.5%Between buffer and capBSEP: reference +1.5% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 9, 2026.9 pts+18.3% to cap−9.0% floor0% start+19.8% cap+1.5% gain capturedTODAY · SPY +1.5%

BSEP: reference +1.5% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 9, 2026.

BSEP: reference +1.5% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 9, 2026.

PAUGBetween buffer and cap
Between buffer and capPAUG: reference +4.2% since period start, fund +2.7%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Figures to Oct 9, 2026.15 pts of buffer+4.2%+9.6% more to the cap−15.0% floor0% period start+13.8% capTODAY · SPY +4.2%Between buffer and capPAUG: reference +4.2% since period start, fund +2.7%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Figures to Oct 9, 2026.15 pts−15.0% floor0% start+13.8% cap+4.2% gain captured+9.6% more to the capTODAY · SPY +4.2%

PAUG: reference +4.2% since period start, fund +2.7%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Figures to Oct 9, 2026.

PAUG: reference +4.2% since period start, fund +2.7%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Figures to Oct 9, 2026.

ETFIQ Downside Cover Score · PAUG scores higherIf the market falls into a bear market from here, how much does the buffer absorb?
0.2, the lowest in this set99.8, the highest

A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it → How it is computed →

They do not reset together. PAUG has 295 days of its period left and BSEP has 326, so the two are not the same bet on the same months.

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

PAUG resets first, on Jul 31, 2027, 295 days from now; BSEP runs to Aug 31, 2027, 326 days. BSEP can still gain 18.0% before its cap, PAUG 10.7%. A fall from here reaches BSEP’s buffer after 1.4% and PAUG’s after 2.8%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Total returnGap to the reference's price return
WindowBSEPPAUGBSEPPAUG
3 months+3.2%+3.0%+0.1 pts−0.1 pts
6 months+10.5%+7.9%−4.1 pts−6.7 pts
1 year+13.2%+10.9%−2.8 pts−5.1 pts
3 years+60.8%+50.7%−18.4 pts−28.5 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

BSEP
Innovator U.S. Equity Buffer ETF - Sep · Absorbs the first 9% of loss on SPY and caps the gain at 19.8%, over a period ending Aug 31, 2027
PAUG
Innovator U.S. Equity Power Buffer ETF - Aug · Absorbs the first 15% of loss on SPY and caps the gain at 13.8%, over a period ending Jul 31, 2027
Issuer Innovator Innovator
Reference index SPY SPY
Buffer 9% 15%
Outcome period Aug 31, 2026 to Aug 31, 2027 Jul 31, 2026 to Jul 31, 2027
Days left 326 295
Starting cap +19.8% +13.8%
Can still gain 18.0% 10.7%
Fall before buffer 1.4% 2.8%
Protection left, index points 9.0% of 9.0% 15.0% of 15.0%
Index return this period +1.5% +4.2%
Fund return this period +1.4% +2.7%
State today Open Open
Expense ratio 0.79% 0.79%
Net assets $470m $1.1bn

As of Oct 9, 2026. Source: ETFIQ.

BSEP in plain words

From its price on Oct 9, 2026, the fund can gain about 18.0% more before it reaches its cap. The fund's price can fall 1.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.5% 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. 326 days remained on Oct 9, 2026. On Aug 31, 2027 the period ends and a new cap is set.

PAUG in plain words

From its price on Oct 9, 2026, the fund can gain about 10.7% more before it reaches its cap. The fund's price can fall 2.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 4.0% 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. 295 days remained on Oct 9, 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 Oct 9, 2026, BSEP can gain about 18.0% before its cap and PAUG about 10.7%, 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 and PAUG both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.
Other comparisons
BSEP vs PAPRBSEP vs FOCTBSEP vs PSEPBSEP vs PJULPAUG vs PFEBPAUG vs PDECPAUG vs POCTPAUG vs FOCT
SPY →BSEP on its own →PAUG on its own →How every figure is computed →Standards and sources →
Where these figures came from
BSEP and PAUG filings on SEC EDGAR ↗Innovator page for BSEP ↗Innovator page for PAUG ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, BSEP against PAUG, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bsep-vs-paug

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.