Innovator U.S. Equity Power Buffer ETF - September (PSEP) 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 PSEP. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to PSEP
PSEP 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 | |
|---|---|---|---|---|---|
| Aptus January Buffer ETF | 0.25% | — | Oct 2025 | PSEP vs JANB | |
| Aptus July Buffer ETF | 0.25% | — | Oct 2025 | PSEP vs JULB | |
| Aptus October Buffer ETF | 0.25% | — | Oct 2025 | PSEP vs OCTB | |
| Aptus April Buffer ETF | 0.25% | — | Oct 2025 | PSEP vs APRB | |
| Fidelity Dynamic Buffered Equity ETF | 0.48% | — | Apr 2024 | PSEP vs FBUF |
Best Risk-Adjusted Alternatives to PSEP
PSEP has a PortfoliosLab risk / return rank of 88. There are 110 ETFs in the Defined Outcome category with higher risk-adjusted ranks, going as high as 99.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | 99 | — | Mar 2025 | PSEP vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 98 | 21.00M | Apr 2025 | PSEP vs CPSP | |
| iShares Large Cap Max Buffer Mar ETF | 98 | — | Mar 2025 | PSEP vs MMAX | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | 98 | — | Apr 2025 | PSEP vs ZAPR | |
| Calamos Russell 2000 Structured Alt Protection ETF... | 98 | 13.20M | Apr 2025 | PSEP vs CPRA |
Top Performing PSEP Alternatives (YTD)
PSEP is at 6.20% YTD. There are 140 ETFs in the Defined Outcome category with higher YTD returns, going as high as 16.35%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Leverage Shares 2x Capped Accelerated NVDA Monthly... | 16.35% | — | Aug 2025 | PSEP vs NVDO | |
| ProShares Nasdaq-100 Dynamic Daily Buffer ETF | 13.84% | 2.87M | Jun 2025 | PSEP vs QB | |
| Innovator U.S. Small Cap Power Buffer ETF - Februa... | 13.73% | — | Jan 2025 | PSEP vs KFEB | |
| Innovator Russell 2000 Power Buffer ETF - April | 13.09% | 214.27M | Mar 2020 | PSEP vs KAPR | |
| FT Cboe Vest Nasdaq-100 Buffer ETF - March | 11.91% | 566.25M | Mar 2021 | PSEP vs QMAR |
Lowest Volatility Alternatives to PSEP
PSEP has 5.59% 1-year volatility. There are 122 ETFs in the Defined Outcome category with lower 1-year volatility, going as low as 1.18%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | 1.18% | — | Mar 2025 | PSEP vs PMAP | |
| FT Vest U.S. Equity Max Buffer ETF - April | 1.33% | — | Apr 2025 | PSEP vs APXM | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 1.40% | 21.00M | Apr 2025 | PSEP vs CPSP | |
| PGIM S&P 500 Max Buffer ETF - May | 1.40% | — | Apr 2025 | PSEP vs PMMY | |
| iShares Large Cap Max Buffer Mar ETF | 1.44% | — | Mar 2025 | PSEP vs MMAX |
Lowest Drawdown Alternatives to PSEP
PSEP has a 1-year max drawdown of -4.08%. There are 123 ETFs in the Defined Outcome category with shallower 1-year drawdowns, going as shallow as -0.35%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | -0.35% | — | Mar 2025 | PSEP vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | -0.37% | 21.00M | Apr 2025 | PSEP vs CPSP | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | -0.40% | — | Apr 2025 | PSEP vs ZAPR | |
| iShares Large Cap Max Buffer Mar ETF | -0.46% | — | Mar 2025 | PSEP vs MMAX | |
| Calamos S&P 500 Structured Alt Protection ETF - Ma... | -0.49% | 56.60M | May 2024 | PSEP 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 | |
|---|---|---|---|---|---|---|---|
| Innovator Defined Wealth Shield ETF | Defined Outcome | 96 | 2.78% | 2.72B | Jun 2021 | PSEP vs BALT | |
| Innovator Laddered Allocation Power Buffer ETF | Defined Outcome | 89 | 6.26% | 923.55M | Oct 2016 | PSEP vs BUFF | |
| Innovator Equity Managed Floor ETF | Options Trading | 50 | 4.20% | 2.11B | Nov 2022 | PSEP vs SFLR | |
| Innovator Deepwater Frontier Tech ETF | Technology Equities | 42 | 11.39% | 200.31M | Jul 2018 | PSEP vs LOUP | |
| Innovator U.S. Equity Accelerated Plus ETF | Leveraged Equities | 98 | 12.47% | 22.69M | Apr 2021 | PSEP vs XTAP | |
| Innovator U.S. Equity Power Buffer ETF - January | Defined Outcome | 84 | 6.02% | 1.44B | Jan 2019 | PSEP vs PJAN | |
| Innovator U.S. Equity Buffer ETF - April | Defined Outcome | 97 | 11.91% | 403.09M | Mar 2019 | PSEP vs BAPR | |
| Innovator U.S. Equity Power Buffer ETF October | Defined Outcome | 82 | 6.44% | 963.46M | Sep 2018 | PSEP vs POCT | |
| Innovator U.S. Equity Power Buffer ETF - July | Defined Outcome | 87 | 5.43% | 1.25B | Aug 2018 | PSEP vs PJUL | |
| Innovator Nasdaq-100 Managed Floor ETF | Nasdaq-100, Options Trading | 40 | 1.93% | 524.31M | Jan 2024 | PSEP vs QFLR |
Often Compared With PSEP
Investors most often compare PSEP with OCTW, HELO, JEPQ. These 20 comparison targets span 8 categories, based on PortfoliosLab usage data.
Compare PSEP with Any Fund or Stock
Compare PSEP with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair PSEP with funds that move differently
Innovator U.S. Equity Power Buffer ETF - September alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to PSEP.
Explore PSEP Diversifiers