Data as of .
PSEP vs USEP: which one stands where?
As of Sep 21, 2026 USEP can fall 5.6% before its buffer engages and PSEP 0.7%.
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
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
PSEP resets first, on Aug 31, 2027, 344 days from now; USEP runs to Aug 31, 2027, 344 days. PSEP can still gain 14.2% before its cap, USEP 13.9%. A fall from here reaches PSEP’s buffer after 0.7% and USEP’s after 5.6%. 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 | ||
|---|---|---|---|---|
| PSEP | USEP | PSEP | USEP | |
| 3 months | +1.9% | +1.7% | −0.4 pts | −0.6 pts |
| 6 months | +9.1% | +8.8% | −9.0 pts | −9.2 pts |
| 1 year | +9.3% | +8.8% | −7.2 pts | −7.8 pts |
| 3 years | +41.5% | +40.6% | −36.9 pts | −37.8 pts |
| 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 | USEP Innovator U.S. Equity Ultra Buffer ETF - Sep Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 14.7%, over a period ending Aug 31, 2027 | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | 15% | 5% to 35% |
| Outcome period | Aug 31, 2026 to Aug 31, 2027 | Aug 31, 2026 to Aug 31, 2027 |
| Days left | 344 | 344 |
| Starting cap | +15.0% | +14.7% |
| Can still gain | 14.2% | 13.9% |
| Fall before buffer | 0.7% | 5.6% |
| Protection left, index points | 15.0% of 15.0% | 30.0% of 30.0% |
| Index return this period | +0.9% | +0.9% |
| Fund return this period | +0.7% | +0.6% |
| State today | Open | Open |
| Expense ratio | 0.79% | 0.79% |
| Net assets | $1.1bn | $176m |
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.
USEP in plain words
From its price on Sep 21, 2026, the fund can gain about 13.9% more before it reaches its cap. The fund's price can fall 5.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 5.8% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.
Questions people ask
- Which has more room to gain, PSEP or USEP?
- From their prices on Sep 21, 2026, PSEP can gain about 14.2% before its cap and USEP about 13.9%, so PSEP has more room left this period.
- Which resets first, PSEP or USEP?
- PSEP ends its outcome period on Aug 31, 2027 and USEP on Aug 31, 2027. A new cap is set the day after each.
- Which is cheaper, PSEP or USEP?
- PSEP charges 0.79% a year and USEP 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, PSEP against USEP, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/psep-vs-usep Free to use with attribution; the underlying files are at Open data.