At a glance
ISEP charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $65.9M in assets, the 8th largest of that group. Over the past year it returned +8.6% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +13.7% a year.
The short version
Innovator International Developed Power Buffer ETF - September (ISEP) holds FLEX options on the iShares MSCI EAFE ETF. That ETF owns large and mid-size companies in developed markets outside the US and Canada. The options cap gains and cushion losses over a one-year outcome period. For September 1, 2025 to August 31, 2026, the fund aimed to absorb the first 15% of losses, with gains capped at 13.79% before fees. Its expense ratio is 0.85%.
Price history
The interactive chart needs JavaScript.
ISEP +8.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ISEP official prospectus, to Dec 31, 2024 | — | +18.25% | — | — | — | +12.10% |
| ISEP price data to Oct 27, 2026 | +7.1% | +8.6% | +13.7% | — | — | +11.2% |
- Over the year to Oct 27, 2026, ISEP returned +8.6%, 8th of 8 among similar funds.
- Its worst full calendar year was 2024 (+5.4%); its best was 2025 (+18.3%).
- The deepest fall in its price history was 7.4% (Mar 19, 2025 to Apr 8, 2025), recovered by Apr 28, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.1% | — |
| 2025 | +18.3% | +18.25% |
| 2024 | +5.4% | +5.31% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $28.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.68%, +0.82%, +1.45%.
How it works
ISEP does not own stocks directly. As of July 31, 2026, almost all of its $65.9 million in net assets was in four FLEX options on the iShares MSCI EAFE ETF, with 0.23% in cash. FLEX options are exchange-traded options with custom strike prices and expiration dates. The iShares ETF tracks the MSCI EAFE Index, which weights companies by the market value of their freely tradable shares. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser.
Together, the options set a range of outcomes for the year. For the period from September 1, 2025 to August 31, 2026, gains were capped at 13.79%, or 12.94% after the 0.85% fee. The fund aimed to absorb the first 15% of losses, or 14.15% after the fee. Losses beyond that are passed through one for one. The prospectus table shows a 20% drop in the underlying ETF would mean about a 5% loss for the fund, and a 50% drop would mean about 35%.
When a period ends, the options expire. The fund then rolls into new options that run about a year, and a new cap is set on the first day. These results apply only to shareholders who hold for the whole period, and they are measured at net asset value (NAV), the value of the fund's holdings per share. Investors who get in or out partway through can see very different results. Innovator posts daily updates at innovatoretfs.com/isep.
What it really costs
- ISEP charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ISEP | $87 | $271 | $471 | $1,049 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It offers international developed-market stock exposure with a 15% loss cushion and about half the market sensitivity, in exchange for capped gains.
ISEP may offer a smoother ride in international stocks. As of October 27, 2026, its one-year volatility was 7.7% and its beta (sensitivity to market moves) was 0.47. The fund launched in September 2023, so it has no record from 2008, 2020 or 2022. Its weakest calendar year was 2024, which was still a 5.31% gain. Its deepest drop was 7.4%, from March 19 to April 8, 2025, and it had recovered by April 28. That record is short and has not been tested in a deep bear market. Losses beyond the buffer pass through in full, and an investor who cashes out mid-period may not get the full cushion. The fund paid no distributions, so any spending money would come from cashing out shares. In the SEC example, costs on $10,000 come to $87 after one year and $1,049 after ten. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want developed-market stocks outside the US and Canada with a 15% loss cushion, and who accept a yearly cap on gains.
- Holders who can get in near September 1 and stay through August 31, which is when the stated outcomes apply.
- People who prefer smaller swings: one-year volatility was 7.7% and the deepest drop was 7.4%, as of October 27, 2026.
Look elsewhere if
- Investors who need income: the fund recorded no distributions, because it holds options instead of dividend-paying shares.
- Investors who want full upside: ISEP trailed all seven buffer peers on one- and three-year returns, though most of them track US stocks.
- Investors wary of small funds: net assets were $65.9 million as of July 31, 2026, the smallest of its peers, with $28.2 million in outflows over three months.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ISEP this fund | 0.85% | $65.9M | +8.6% | +13.7% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does ISEP pay dividends?
No. ISEP has recorded no distributions. The fund holds FLEX options on the iShares MSCI EAFE ETF, not the ETF's shares, so it does not collect the dividends paid by the companies in that ETF. Any returns come from changes in the value of the options. Investors who need regular cash from a holding would have to cash out shares. Funds that pay a yield may be worth comparing for that purpose.
How does the ISEP buffer work?
ISEP uses options to absorb the first 15% of losses in the iShares MSCI EAFE ETF over a one-year outcome period, or 14.15% after its 0.85% fee. In return, gains are capped. For September 1, 2025 to August 31, 2026, the cap was 13.79% before fees. If the underlying ETF fell 20%, the fund aimed to lose about 5%. Losses beyond 15% pass through one for one.
Can I invest in ISEP after the outcome period starts?
Yes, but your results may differ from the stated cap and buffer. These outcomes apply only to shareholders who hold from the first day of the period to the last, measured at net asset value. If you get in mid-period, part of the cushion may already be used up, or the fund may already be close to its cap. Innovator posts the remaining buffer and cap daily at innovatoretfs.com/isep.
ISEP vs PJAN: what's the difference?
Both are Innovator Power Buffer ETFs with a 15% buffer, but PJAN covers US stocks and resets in January. ISEP covers developed markets outside the US and Canada and resets in September. PJAN costs 0.79% against ISEP's 0.85%. PJAN is also much larger, with $1.4 billion in net assets against $65.9 million as of July 31, 2026. As of October 27, 2026, PJAN returned 10.5% over one year and ISEP returned 8.6%.
What is ISEP's expense ratio?
ISEP's expense ratio is 0.85% a year, per its February 2026 prospectus. The average among its seven buffer-fund peers is 0.86%, and ISEP ranks third-lowest of eight. Innovator's US Power Buffer funds, PJAN and PDEC, charge 0.79%, while FT Vest's BUFR and BUFD charge 0.95%. In the SEC's standard example, $10,000 earning 5% a year would cost $87 after one year and $1,049 after ten.