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NSEP vs QMAG: which one stands where?

As of Oct 1, 2026 QMAG can fall 3.1% before its buffer engages and NSEP 1.9%, and QMAG resets 11 days sooner. Innovator Growth-100 Power Buffer ETF - Sep and FT Vest Nasdaq-100® Moderate Buffer ETF - August.

1.9%
NSEP can fall this far before its buffer
3.1%
QMAG can fall this far before its buffer
16.3%
NSEP can still gain
14.6%
QMAG can still gain
NSEPBetween buffer and cap
Between buffer and capNSEP: reference +3.2% since period start, fund +1.9%; buffer 0 to −15; cap +18.6%; Between buffer and cap.15 pts of buffer+3.2%+15.4% more to the cap−15.0% floor0% period start+18.6% capTODAY · QQQ +3.2%Between buffer and capNSEP: reference +3.2% since period start, fund +1.9%; buffer 0 to −15; cap +18.6%; Between buffer and cap.15 pts+15.4% to cap−15.0% floor0% start+18.6% capTODAY · QQQ +3.2%

NSEP: reference +3.2% since period start, fund +1.9%; buffer 0 to −15; cap +18.6%; Between buffer and cap.

QMAGBetween buffer and cap
Between buffer and capQMAG: reference +3.7% since period start, fund +2.3%; buffer 0 to −15; cap +18.2%; Between buffer and cap.15 pts of buffer+3.7%+14.5% more to the cap−15.0% floor0% period start+18.2% capTODAY · QQQ +3.7%Between buffer and capQMAG: reference +3.7% since period start, fund +2.3%; buffer 0 to −15; cap +18.2%; Between buffer and cap.15 pts+14.5% to cap−15.0% floor0% start+18.2% capTODAY · QQQ +3.7%

QMAG: reference +3.7% since period start, fund +2.3%; buffer 0 to −15; cap +18.2%; Between buffer and cap.

ETFIQ Downside Cover Score · NSEP 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 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

QMAG resets first, on Aug 20, 2027, 324 days from now; NSEP runs to Aug 31, 2027, 335 days. NSEP can still gain 16.3% before its cap, QMAG 14.6%. A fall from here reaches NSEP’s buffer after 1.9% and QMAG’s after 3.1%. Both track QQQ, 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

Total returnGap to the reference
WindowNSEPQMAGNSEPQMAG
3 months+3.5%+3.9%+1.4 pts+1.8 pts
6 months+11.7%+13.0%−15.1 pts−13.9 pts
1 year+12.8%+13.4%−11.0 pts−10.4 pts

NSEP and QMAG over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

NSEP
Innovator Growth-100 Power Buffer ETF - Sep · Absorbs the first 15% of loss on QQQ and caps the gain at 18.6%, over a period ending Aug 31, 2027
QMAG
FT Vest Nasdaq-100® Moderate Buffer ETF - August · Absorbs the first 15% of loss on QQQ and caps the gain at 18.2%, over a period ending Aug 20, 2027
Issuer Innovator First Trust
Reference index QQQ QQQ
Buffer 15% 15%
Outcome period Aug 31, 2026 to Aug 31, 2027 Aug 24, 2026 to Aug 20, 2027
Days left 335 324
Starting cap +18.6% +18.2%
Can still gain 16.3% 14.6%
Fall before buffer 1.9% 3.1%
Protection left, index points 15.0% of 15.0% 15.0% of 15.0%
Index return this period +3.2% +3.7%
Fund return this period +1.9% +2.3%
State today Open Open
Expense ratio 0.79% 0.90%
Net assets $84m $93m

NSEP and QMAG on the same fields, as of Oct 1, 2026. Source: ETFIQ.

NSEP in plain words

From its price on Oct 1, 2026, the fund can gain about 16.3% 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, QQQ can fall 3.1% 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 QQQ level. 335 days remained on Oct 1, 2026. On Aug 31, 2027 the period ends and a new cap is set.

QMAG in plain words

From its price on Oct 1, 2026, the fund can gain about 14.6% more before it reaches its cap. The fund's price can fall 3.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 3.6% from today's level to the point where the buffer begins. 324 days remained on Oct 1, 2026. On Aug 20, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, NSEP or QMAG?
From their prices on Oct 1, 2026, NSEP can gain about 16.3% before its cap and QMAG about 14.6%, so NSEP has more room left this period.
Which resets first, NSEP or QMAG?
NSEP ends its outcome period on Aug 31, 2027 and QMAG on Aug 20, 2027. A new cap is set the day after each.
Which is cheaper, NSEP or QMAG?
NSEP charges 0.79% a year and QMAG charges 0.90%, so NSEP is cheaper. Fees come from each fund's prospectus.
Other comparisons
NSEP vs CPNSQMAG vs CPNS
QQQ →NSEP on its own →QMAG on its own →How every figure is computed →Standards and sources →
Where these figures came from
NSEP filings on SEC EDGAR ↗Innovator page for NSEP ↗QMAG filings on SEC EDGAR ↗First Trust page for QMAG ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, NSEP against QMAG, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/nsep-vs-qmag

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.