KSEP Alternatives & Similar ETFs

Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) belongs to the Defined Outcome category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with KSEP. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.

Cheapest Alternatives to KSEP

KSEP charges 0.79% annually. There are 94 ETFs in the Defined Outcome category with lower expense ratios, going as low as 0.25%.

Symbol	Name	Expense Ratio	AUM	Inception
JANB	Aptus January Buffer ETF	0.25%	—	Oct 2025	KSEP vs JANB
APRB	Aptus April Buffer ETF	0.25%	—	Oct 2025	KSEP vs APRB
JULB	Aptus July Buffer ETF	0.25%	—	Oct 2025	KSEP vs JULB
OCTB	Aptus October Buffer ETF	0.25%	—	Oct 2025	KSEP vs OCTB
FBUF	Fidelity Dynamic Buffered Equity ETF	0.48%	—	Apr 2024	KSEP vs FBUF

Best Risk-Adjusted Alternatives to KSEP

KSEP has a PortfoliosLab risk / return rank of 92. There are 91 ETFs in the Defined Outcome category with higher risk-adjusted ranks, going as high as 99.

Symbol	Name	Risk / Return Rank	AUM	Inception
PMAP	PGIM S&P 500 Max Buffer ETF - April	99	—	Mar 2025	KSEP vs PMAP
CPSP	Calamos S&P 500 Structured Alt Protection ETF - Ap...	98	21.00M	Apr 2025	KSEP vs CPSP
MMAX	iShares Large Cap Max Buffer Mar ETF	98	—	Mar 2025	KSEP vs MMAX
ZAPR	Innovator Equity Defined Protection ETF - 1 Yr Apr...	98	—	Apr 2025	KSEP vs ZAPR
CPRA	Calamos Russell 2000 Structured Alt Protection ETF...	98	13.20M	Apr 2025	KSEP vs CPRA

Top Performing KSEP Alternatives (YTD)

KSEP is at 11.62% YTD. There are 15 ETFs in the Defined Outcome category with higher YTD returns, going as high as 16.35%.

Symbol	Name	YTD Return	AUM	Inception
NVDO	Leverage Shares 2x Capped Accelerated NVDA Monthly...	16.35%	—	Aug 2025	KSEP vs NVDO
QB	ProShares Nasdaq-100 Dynamic Daily Buffer ETF	14.64%	2.87M	Jun 2025	KSEP vs QB
KFEB	Innovator U.S. Small Cap Power Buffer ETF - Februa...	14.50%	—	Jan 2025	KSEP vs KFEB
KAPR	Innovator Russell 2000 Power Buffer ETF - April	13.86%	214.27M	Mar 2020	KSEP vs KAPR
KMAR	Innovator U.S. Small Cap Power Buffer ETF - March	12.74%	—	Feb 2025	KSEP vs KMAR

Lowest Volatility Alternatives to KSEP

KSEP has 9.69% 1-year volatility. There are 249 ETFs in the Defined Outcome category with lower 1-year volatility, going as low as 1.18%.

Symbol	Name	Volatility 1Y	AUM	Inception
PMAP	PGIM S&P 500 Max Buffer ETF - April	1.18%	—	Mar 2025	KSEP vs PMAP
APXM	FT Vest U.S. Equity Max Buffer ETF - April	1.34%	—	Apr 2025	KSEP vs APXM
CPSP	Calamos S&P 500 Structured Alt Protection ETF - Ap...	1.40%	21.00M	Apr 2025	KSEP vs CPSP
PMMY	PGIM S&P 500 Max Buffer ETF - May	1.40%	—	Apr 2025	KSEP vs PMMY
MMAX	iShares Large Cap Max Buffer Mar ETF	1.44%	—	Mar 2025	KSEP vs MMAX

Lowest Drawdown Alternatives to KSEP

KSEP has a 1-year max drawdown of -4.75%. There are 155 ETFs in the Defined Outcome category with shallower 1-year drawdowns, going as shallow as -0.35%.

Symbol	Name	Max Drawdown 1Y	AUM	Inception
PMAP	PGIM S&P 500 Max Buffer ETF - April	-0.35%	—	Mar 2025	KSEP vs PMAP
CPSP	Calamos S&P 500 Structured Alt Protection ETF - Ap...	-0.37%	21.00M	Apr 2025	KSEP vs CPSP
ZAPR	Innovator Equity Defined Protection ETF - 1 Yr Apr...	-0.40%	—	Apr 2025	KSEP vs ZAPR
MMAX	iShares Large Cap Max Buffer Mar ETF	-0.46%	—	Mar 2025	KSEP vs MMAX
CPSM	Calamos S&P 500 Structured Alt Protection ETF - Ma...	-0.49%	56.60M	May 2024	KSEP vs CPSM

Other ETFs from Innovator

The 10 most viewed Innovator ETFs shown here include BALT, BUFF, SFLR and span 5 categories. AUM among these funds goes as high as $3B.

Symbol	Name	Category	Risk / Return Rank	YTD Return	AUM	Inception
BALT	Innovator Defined Wealth Shield ETF	Defined Outcome	96	3.07%	2.72B	Jun 2021	KSEP vs BALT
BUFF	Innovator Laddered Allocation Power Buffer ETF	Defined Outcome	91	6.78%	923.55M	Oct 2016	KSEP vs BUFF
SFLR	Innovator Equity Managed Floor ETF	Options Trading	60	5.24%	2.11B	Nov 2022	KSEP vs SFLR
LOUP	Innovator Deepwater Frontier Tech ETF	Technology Equities	51	15.52%	200.31M	Jul 2018	KSEP vs LOUP
XTAP	Innovator U.S. Equity Accelerated Plus ETF	Leveraged Equities	98	12.91%	22.69M	Apr 2021	KSEP vs XTAP
PJAN	Innovator U.S. Equity Power Buffer ETF - January	Defined Outcome	88	6.55%	1.44B	Jan 2019	KSEP vs PJAN
BAPR	Innovator U.S. Equity Buffer ETF - April	Defined Outcome	97	12.27%	403.09M	Mar 2019	KSEP vs BAPR
POCT	Innovator U.S. Equity Power Buffer ETF October	Defined Outcome	85	6.88%	963.46M	Sep 2018	KSEP vs POCT
PJUL	Innovator U.S. Equity Power Buffer ETF - July	Defined Outcome	90	6.18%	1.25B	Aug 2018	KSEP vs PJUL
QFLR	Innovator Nasdaq-100 Managed Floor ETF	Nasdaq-100, Options Trading	48	3.44%	524.31M	Jan 2024	KSEP vs QFLR

Often Compared With KSEP

Investors most often compare KSEP with ZMAY, DAUG, SMAX. These 20 comparison targets span 6 categories, based on PortfoliosLab usage data.

Symbol	Name	Category	Risk / Return Rank	YTD Return	AUM	Inception
ZMAY	Innovator Equity Defined Protection ETF - 1 Yr May	Defined Outcome	97	2.63%	—	May 2025	KSEP vs ZMAY
DAUG	FT Vest U.S. Equity Deep Buffer ETF - August	Defined Outcome	87	6.87%	372.25M	Nov 2019	KSEP vs DAUG
SMAX	iShares Large Cap Max Buffer Sep ETF	Defined Outcome	95	4.19%	—	Sep 2024	KSEP vs SMAX
IWM	iShares Russell 2000 ETF	Small Cap Blend Equities	85	20.84%	80.11B	May 2000	KSEP vs IWM
KJUL	Innovator Russell 2000 Power Buffer ETF - July	Defined Outcome	91	6.89%	213.90M	Jun 2020	KSEP vs KJUL
VBR	Vanguard Small-Cap Value ETF	Small Cap Value Equities	84	18.17%	67.80B	Jan 2004	KSEP vs VBR
UDEC	Innovator U.S. Equity Ultra Buffer ETF - December	Defined Outcome	90	6.52%	246.62M	Nov 2019	KSEP vs UDEC
BUFD	FT Vest Laddered Deep Buffer ETF	Defined Outcome	92	6.44%	1.97B	Jan 2021	KSEP vs BUFD
KJAN	Innovator U.S. Small Cap Power Buffer ETF - Januar...	Defined Outcome	89	11.06%	323.38M	Dec 2019	KSEP vs KJAN
NAPR	Innovator Nasdaq-100 Power Buffer ETF - April	Nasdaq-100, Defined Outcome	97	10.42%	207.95M	Mar 2020	KSEP vs NAPR
OCTZ	TrueShares Structured Outcome (October) ETF	Defined Outcome	63	8.26%	42.84M	Sep 2020	KSEP vs OCTZ
MSOO	Leverage Shares 2x Capped Accelerated MSTR Monthly...	Defined Outcome, Leveraged Equities	—	-26.25%	—	Aug 2025	KSEP vs MSOO
FAPR	FT Vest U.S. Equity Buffer ETF - April	Defined Outcome	93	6.38%	1.27B	Apr 2021	KSEP vs FAPR
PSFF	Pacer Swan SOS Fund of Funds ETF	Defined Outcome	90	7.27%	589.37M	Dec 2020	KSEP vs PSFF
ZFEB	Innovator Equity Defined Protection ETF - 1 Yr Feb...	Defined Outcome	96	3.03%	—	Feb 2025	KSEP vs ZFEB
APRZ	TrueShares Structured Outcome (April) ETF	Defined Outcome	56	7.68%	32.65M	Mar 2021	KSEP vs APRZ
ZJUN	Innovator Equity Defined Protection ETF - 1 Yr Jun...	Defined Outcome	94	2.65%	—	May 2025	KSEP vs ZJUN
ZSEP	Innovator Equity Defined Protection ETF - 1 Yr Sep...	Defined Outcome	94	3.60%	—	Sep 2024	KSEP vs ZSEP
FOCT	FT Vest U.S. Equity Buffer ETF - October	Defined Outcome	88	8.24%	1.17B	Oct 2020	KSEP vs FOCT
PMJA	PGIM S&P 500 Max Buffer ETF - January	Defined Outcome, S&P 500	96	3.20%	4.58M	Dec 2024	KSEP vs PMJA

Compare KSEP with Any Fund or Stock

Compare KSEP with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.

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Diversifiers

Pair KSEP with funds that move differently

Innovator U.S. Small Cap Power Buffer ETF - September alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to KSEP.

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Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) Alternatives