Data as of Oct 28, 2026.
PMAY vs PSEP: Cap, Buffer & Days Left
As of Oct 28, 2026 PMAY can fall 5.3% before its buffer engages and PSEP 1.1%, and PMAY resets 123 days sooner.
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Net assets on Oct 28, 2026: $789m for Innovator U.S. Equity Power Buffer ETF - May and $1.2bn for Innovator U.S. Equity Power Buffer ETF - Sep.
PMAY: reference +7.4% since period start, fund +5.1%; buffer 0 to −15; cap +13.0%; Between buffer and cap. Data to Oct 28, 2026.
PMAY: reference +7.4% since period start, fund +5.1%; buffer 0 to −15; cap +13.0%; Between buffer and cap. Data to Oct 28, 2026.PSEP: reference +0.6% since period start, fund +0.9%; buffer 0 to −15; cap +15.0%; Between buffer and cap. Data to Oct 28, 2026.
Data to Oct 28, 2026.Pair scorecard
Both cost 0.79% a year; their one-year returns differ by 0.3 points; PSEP is 1.5 times larger.
Points (pts) are percentage points.
| Measure | PMAY | PSEP |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.7% | +9.0% |
| Drawdown | ||
| Index fall to the buffer | 6.9% | 0.6% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.79% |
| Net assets | $789m | $1.2bn |
| Holdings | ||
| Holdings in common | not published | |
How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed
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 →
Risk and return
May 8, 2020 to Oct 23, 2026 · 337 weekly returns · each against SPYPSEP returned more: +87.4% to +63.4%. PMAY swung slightly less: 7.8% to 8.0%. PSEP fell less at its worst: −9.2% to −12.6%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | PMAY | PSEP | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +63.4% | +87.4% | PSEP | Price change plus distributions, reinvested. | |
| Annualized | +7.9% | +10.2% | PSEP | Total return as a yearly rate. | |
| Price return | +63.4% | +87.4% | PSEP | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 7.8% | 8.0% | PMAY (slight) | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 5.3% | 5.2% | Tie | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −12.6% | −9.2% | PSEP | Deepest fall from a high to the low after it. | |
| Upside capture | 31.1% | 36.4% | 100.0% | PSEP | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 50.3% | 52.8% | 100.0% | PMAY (slight) | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.45 | 0.47 | 1.00 | PMAY lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.85 | 0.90 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.62 | 0.88 | PSEP | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.91 | 1.34 | PSEP | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.108 | 0.148 | 0.144 | PSEP | Return above Treasury bills per unit of beta. |
| Calmar | 0.62 | 1.11 | PSEP | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | −1.6% a year | +0.2% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −1.36 | 0.22 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −3.9% to +0.7% | −1.8% to +2.2% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −1.02 | −0.83 | PSEP | Return against its benchmark per unit of tracking error. | |
| Tracking error | 9.4% | 8.9% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 337 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PMAY | PSEP | PMAY | PSEP |
| 3 months | +3.7% | +2.6% | −2.2 pts | −3.3 pts |
| 6 months | +5.0% | +5.1% | −3.5 pts | −3.4 pts |
| 1 year | +8.7% | +9.0% | −3.7 pts | −3.4 pts |
| 3 years | +47.6% | +49.0% | −40.5 pts | −39.1 pts |
| Since launchNot the same days: PMAY May 2020 · PSEP Sep 2019 | +68.1% | +92.1% | −105.0 pts | −73.6 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Oct 28, 2026. Source: ETFIQ.
They do not reset together. PMAY has 184 days of its period left and PSEP has 307, 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
PMAY resets first, on Apr 30, 2027, 184 days from now; PSEP runs to Aug 31, 2027, 307 days. PMAY can still gain 7.1% before its cap, PSEP 13.8%. A fall from here reaches PMAY’s buffer after 5.3% and PSEP’s after 1.1%. Both track SPY, so what separates them is where each is in its own period.
PMAY and PSEP are built for the same job. How do they differ in cost, holdings and results?
- Protection and cap. PMAY: Absorbs the first 15% of loss on SPY and caps the gain at 13.0%, over a period ending Apr 30, 2027. PSEP: Absorbs the first 15% of loss on SPY and caps the gain at 15.0%, over a period ending Aug 31, 2027. The starting caps are 2.0 points apart.
- Outcome period. PMAY runs Apr 30, 2026 to Apr 30, 2027 with 184 days left; PSEP runs Aug 31, 2026 to Aug 31, 2027 with 307 days left.
- What each follows (similar). Both follow SPY.
Data as of Oct 28, 2026.
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PMAY
From its price on Oct 28, 2026, the fund can gain about 7.1% more before it reaches its cap. The fund's price can fall 5.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.9% 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. 184 days remained on Oct 28, 2026. On Apr 30, 2027 the period ends and a new cap is set.
PSEP
From its price on Oct 28, 2026, the fund can gain about 13.8% more before it reaches its cap. The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.6% from today's level to the point where the buffer begins. 307 days remained on Oct 28, 2026. On Aug 31, 2027 the period ends and a new cap is set.
Questions people ask
Links are sources, not endorsements. 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 number 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 number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, PMAY against PSEP, data as of Oct 28, 2026. https://etfiq.com/compare/buffer/pmay-vs-psep
ETFIQ. (Oct 28, 2026). PMAY against PSEP. Retrieved from https://etfiq.com/compare/buffer/pmay-vs-psep
[PMAY against PSEP (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/buffer/pmay-vs-psep)
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