Data as of .
PSEP vs XAUG: which one stands where?
As of Sep 21, 2026 XAUG can fall 1.6% before its buffer engages and PSEP 0.7%, and XAUG resets 11 days sooner.
These are two different products. XAUG is a floor fund, which caps how far a holder can fall. PSEP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
XAUG resets first, on Aug 20, 2027, 333 days from now; PSEP runs to Aug 31, 2027, 344 days. PSEP can still gain 14.2% before its cap, XAUG 9.5%. A fall from here reaches PSEP’s buffer after 0.7% and XAUG’s after 1.6%. 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 | XAUG | PSEP | XAUG | |
| 3 months | +1.9% | +1.4% | −0.4 pts | −0.9 pts |
| 6 months | +9.1% | +7.0% | −9.0 pts | −11.0 pts |
| 1 year | +9.3% | +7.9% | −7.2 pts | −8.7 pts |
| 3 years | +41.5% | +31.6% | −36.9 pts | −46.8 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 | XAUG FT Vest U.S. Equity Enhance & Moderate Buffer ETF - August Absorbs the first 15% of loss on SPY and caps the gain at 11.1%, over a period ending Aug 20, 2027 | |
|---|---|---|
| Issuer | Innovator | First Trust |
| Reference index | SPY | SPY |
| Buffer | 15% | 15% |
| Outcome period | Aug 31, 2026 to Aug 31, 2027 | Aug 24, 2026 to Aug 20, 2027 |
| Days left | 344 | 333 |
| Starting cap | +15.0% | +11.1% |
| Can still gain | 14.2% | 9.5% |
| Fall before buffer | 0.7% | 1.6% |
| Protection left, index points | 15.0% of 15.0% | 15.0% of 15.0% |
| Index return this period | +0.9% | +1.1% |
| Fund return this period | +0.7% | +0.8% |
| State today | Open | Open |
| Expense ratio | 0.79% | 0.85% |
| Net assets | $1.1bn | $26m |
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.
XAUG in plain words
From its price on Sep 21, 2026, the fund can gain about 9.5% more before it reaches its cap. The fund's price can fall 1.6% 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. 333 days remained on Sep 21, 2026. On Aug 20, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, PSEP or XAUG?
- From their prices on Sep 21, 2026, PSEP can gain about 14.2% before its cap and XAUG about 9.5%, so PSEP has more room left this period.
- Which resets first, PSEP or XAUG?
- PSEP ends its outcome period on Aug 31, 2027 and XAUG on Aug 20, 2027. A new cap is set the day after each.
- Which is cheaper, PSEP or XAUG?
- PSEP charges 0.79% a year and XAUG charges 0.85%, 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 XAUG, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/psep-vs-xaug Free to use with attribution; the underlying files are at Open data.