Data as of .
FAUG vs PSEP: which one stands where?
As of Sep 21, 2026 FAUG can fall 1.8% before its buffer engages and PSEP 0.7%, and FAUG resets 11 days sooner.
ETFIQ Downside Cover Score: PSEP scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
Where each one stands today
FAUG resets first, on Aug 20, 2027, 333 days from now; PSEP runs to Aug 31, 2027, 344 days. FAUG can still gain 15.2% before its cap, PSEP 14.2%. A fall from here reaches FAUG’s buffer after 1.8% and PSEP’s after 0.7%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’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 | ||
|---|---|---|---|---|
| FAUG | PSEP | FAUG | PSEP | |
| 3 months | +2.2% | +1.9% | 0.0 pts | −0.4 pts |
| 6 months | +11.5% | +9.1% | −6.5 pts | −9.0 pts |
| 1 year | +11.4% | +9.3% | −5.2 pts | −7.2 pts |
| 3 years | +50.0% | +41.5% | −28.4 pts | −36.9 pts |
| FAUG FT Vest U.S. Equity Buffer ETF - August Absorbs the first 10% of loss on SPY and caps the gain at 17.2%, over a period ending Aug 20, 2027 | PSEP Innovator U.S. Equity Power Buffer ETF - Sep Absorbs the first 15% of loss on SPY and caps the gain at 15.0%, over a period ending Aug 31, 2027 | |
|---|---|---|
| Issuer | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | 10% | 15% |
| Outcome period | Aug 24, 2026 to Aug 20, 2027 | Aug 31, 2026 to Aug 31, 2027 |
| Days left | 333 | 344 |
| Starting cap | +17.2% | +15.0% |
| Can still gain | 15.2% | 14.2% |
| Fall before buffer | 1.8% | 0.7% |
| Protection left, index points | 10.0% of 10.0% | 15.0% of 15.0% |
| Index return this period | +1.1% | +0.9% |
| Fund return this period | +1.0% | +0.7% |
| State today | Open | Open |
| Expense ratio | 0.85% | 0.79% |
| Net assets | $1.3bn | $1.1bn |
FAUG in plain words
From its price on Sep 21, 2026, the fund can gain about 15.2% more before it reaches its cap. The fund's price can fall 1.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.0% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 333 days remained on Sep 21, 2026. On Aug 20, 2027 the period ends and a new cap is set.
PSEP in plain words
From its price on Sep 21, 2026, the fund can gain about 14.2% more before it reaches its cap. The fund's price can fall 0.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.9% 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. 344 days remained on Sep 21, 2026. On Aug 31, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, FAUG or PSEP?
- From their prices on Sep 21, 2026, FAUG can gain about 15.2% before its cap and PSEP about 14.2%, so FAUG has more room left this period.
- Which resets first, FAUG or PSEP?
- FAUG ends its outcome period on Aug 20, 2027 and PSEP on Aug 31, 2027. A new cap is set the day after each.
- Which is cheaper, FAUG or PSEP?
- FAUG charges 0.85% a year and PSEP 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, FAUG against PSEP, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/faug-vs-psep Free to use with attribution; the underlying files are at Open data.