- Issuer
- Innovator
- Inception Date
- Aug 30, 2019
- Region
- North America (U.S.)
- Category
- Defined Outcome
- Leveraged
- 1x (No leverage)
- Index Tracked
- S&P 500 Index
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $155M
Share Price Chart
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Performance
USEP Performance Chart
Innovator U.S. Equity Ultra Buffer ETF - September (USEP) is up 4.8% since the beginning of the year. USEP is currently trading at $41 per share. Investors who bought $1,000 worth of USEP shares 5 years ago would now be looking at an investment worth $1,473.
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Returns By Period
Innovator U.S. Equity Ultra Buffer ETF - September (USEP) has returned 4.81% so far this year and 15.31% over the past 12 months.
Innovator U.S. Equity Ultra Buffer ETF - September
- 1D
- 0.03%
- 1M
- 1.57%
- YTD
- 4.81%
- 6M
- 5.48%
- 1Y
- 15.31%
- 3Y*
- 13.14%
- 5Y*
- 8.06%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.13%
- 1M
- 5.25%
- YTD
- 11.16%
- 6M
- 11.43%
- 1Y
- 28.20%
- 3Y*
- 21.12%
- 5Y*
- 12.66%
- 10Y*
- 13.75%
USEP Monthly Returns History
Based on dividend-adjusted daily data since Sep 3, 2019, USEP's average daily return is +0.03%, while the average monthly return is +0.66%. At this rate, an investment would double in approximately 8.8 years.
Historically, 70% of months were positive and 30% were negative. The best month was Nov 2023 with a return of +5.3%, while the worst month was Mar 2020 at -5.0%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 3 months.
On a daily basis, USEP closed higher 56% of trading days. The best single day was Apr 9, 2025 with a return of +4.3%, while the worst single day was Mar 16, 2020 at -4.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.58% | 0.02% | -2.27% | 4.76% | 1.70% | 0.06% | 4.81% | ||||||
| 2025 | 1.40% | -0.36% | -3.24% | -0.16% | 3.90% | 3.26% | 1.66% | 1.56% | 1.63% | 0.76% | 0.22% | 0.72% | 11.75% |
| 2024 | 1.20% | 2.46% | 1.46% | -1.09% | 2.55% | 1.08% | 0.69% | 0.56% | 1.58% | -0.46% | 2.54% | -0.74% | 12.39% |
| 2023 | 3.30% | -1.47% | 2.33% | 1.19% | 0.52% | 4.78% | 1.80% | 0.69% | -2.56% | -1.13% | 5.32% | 2.74% | 18.62% |
| 2022 | -1.70% | -0.96% | 1.55% | -4.29% | -0.02% | -2.45% | 0.84% | -0.59% | -4.26% | 3.38% | 2.72% | -2.17% | -7.98% |
| 2021 | -0.81% | 1.01% | 1.63% | 0.89% | 0.45% | 0.36% | 0.29% | 0.16% | -1.48% | 2.33% | -0.62% | 1.46% | 5.73% |
Benchmark Metrics
Innovator U.S. Equity Ultra Buffer ETF - September has an annualized alpha of 2.18%, beta of 0.37, and R2 of 0.86 versus S&P 500 Index. Calculated based on daily prices since September 06, 2019.
- This ETF participated in 41.45% of S&P 500 Index downside but only 38.86% of its upside - more exposed to losses than it benefited from rallies.
- This ETF generated an annualized alpha of 2.18% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Beta of 0.37 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 2.18%
- Beta
- 0.37
- R²
- 0.86
- Upside Capture
- 38.86%
- Downside Capture
- 41.45%
Expense Ratio
USEP has an expense ratio of 0.79%, placing it in the medium range.
Return for Risk
Risk / Return Rank
USEP ranks 85 for risk / return — in the top 85% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - September (USEP) and compare them to S&P 500 Index.
| USEP | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.81 | 2.39 | +0.42 |
Sortino ratioReturn per unit of downside risk | 4.15 | 3.25 | +0.89 |
Omega ratioGain probability vs. loss probability | 1.57 | 1.43 | +0.14 |
Calmar ratioReturn relative to maximum drawdown | 3.82 | 3.11 | +0.70 |
Martin ratioReturn relative to average drawdown | 19.68 | 14.38 | +5.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Innovator U.S. Equity Ultra Buffer ETF - September provided a 0.00% dividend yield over the last twelve months, with an annual payout of $0.00 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.16 |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.64% |
Monthly Dividends
The table displays the monthly dividend distributions for Innovator U.S. Equity Ultra Buffer ETF - September. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Innovator U.S. Equity Ultra Buffer ETF - September. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Innovator U.S. Equity Ultra Buffer ETF - September was 13.37%, occurring on Mar 23, 2020. Recovery took 78 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -13.37%Mar 2020 | 1mo 9d | 3mo 23d | 5mo 2dFeb 2020 - Jul 2020 |
Bear market2022 | -11.84%Oct 2022 | 9mo 12d | 8mo 2d | 1y 5moJan 2022 - Jun 2023 |
2025 selloff2025 | -9.72%Apr 2025 | 1mo 17d | 2mo 2d | 3mo 19dFeb 2025 - Jun 2025 |
2023 pullback2023 | -4.64%Oct 2023 | 1mo 22d | 18d | 2mo 10dSep 2023 - Nov 2023 |
2026 pullback2026 | -4.03%Mar 2026 | 1mo 2d | 14d | 1mo 16dFeb 2026 - Apr 2026 |
Drawdown Indicators
| USEP | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.37% | -56.78% | +43.41% |
Max Drawdown (1Y)Largest decline over 1 year | -4.03% | -9.10% | +5.07% |
Max Drawdown (3Y)Largest decline over 3 years | -9.72% | -18.90% | +9.18% |
Max Drawdown (5Y)Largest decline over 5 years | -11.84% | -25.43% | +13.59% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.90% | -10.72% | +8.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 1.97% | -1.19% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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