Data as of .
PAPR vs PSEP: which one stands where?
As of Sep 13, 2026 PAPR can fall 7.9% before its buffer engages and PSEP 0.0%, and PAPR resets 153 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
PAPR resets first, on Mar 31, 2027, 201 days from now; PSEP runs to Aug 31, 2027, 354 days. PAPR can still gain 5.0% before its cap, PSEP 15.1%. A fall from here reaches PAPR’s buffer after 7.9% and PSEP’s after 0.0%. 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 | ||
|---|---|---|---|---|
| PAPR | PSEP | PAPR | PSEP | |
| 3 months | +2.4% | +2.3% | −0.9 pts | −1.0 pts |
| 6 months | +9.0% | +8.2% | −7.0 pts | −7.8 pts |
| 1 year | +12.4% | +9.7% | −5.1 pts | −7.8 pts |
| 3 years | +37.8% | +41.3% | −40.1 pts | −36.6 pts |
| PAPR Innovator U.S. Equity Power Buffer ETF - Apr Absorbs the first 15% of loss on SPY and caps the gain at 14.0%, over a period ending Mar 31, 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 | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | 15% | 15% |
| Outcome period | Mar 31, 2026 to Mar 31, 2027 | Aug 31, 2026 to Aug 31, 2027 |
| Days left | 201 | 354 |
| Starting cap | +14.0% | +15.0% |
| Can still gain | 5.0% | 15.1% |
| Fall before buffer | 7.9% | 0.0% |
| Protection left, index points | 15.0% of 15.0% | 14.6% of 15.0% |
| Index return this period | +17.5% | −0.4% |
| Fund return this period | +8.2% | −0.1% |
| State today | At cap | Buffer working |
| Expense ratio | 0.79% | 0.79% |
PAPR in plain words
SPY had already risen past this fund's cap of +14.0% for the period on Sep 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 5.0% as the period runs out. The fund's price can fall 7.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.9% 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. 201 days remained on Sep 13, 2026. On Mar 31, 2027 the period ends and a new cap is set.
PSEP in plain words
From its price on Sep 13, 2026, the fund can gain about 15.1% more before it reaches its cap. Protection left, in index points: 14.6% of the 15.0% buffer still sits below today's SPY level. 354 days remained on Sep 13, 2026. On Aug 31, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, PAPR or PSEP?
- From their prices on Sep 13, 2026, PAPR can gain about 5.0% before its cap and PSEP about 15.1%, so PSEP has more room left this period.
- Which resets first, PAPR or PSEP?
- PAPR ends its outcome period on Mar 31, 2027 and PSEP on Aug 31, 2027. A new cap is set the day after each.
- Which is cheaper, PAPR or PSEP?
- PAPR charges 0.79% a year and PSEP charges 0.79%, so PAPR 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, PAPR against PSEP, data as of Sep 13, 2026. https://etfiq.com/compare/buffer/papr-vs-psep Free to use with attribution; the underlying files are at Open data.