At a glance
NSEP charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $32.9M in assets, the 8th largest of that group. Over the past year it returned +10.0% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds.
The short version
Innovator Growth-100 Power Buffer ETF - September (NSEP) is a buffer fund: it holds FLEX options (customizable exchange-traded options) on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. For the year from September 1, 2025, it aimed to absorb the first 15% of QQQ losses and cap gains at 13.92% before fees; each September brings a new cap. Its 0.79% fee undercuts the 0.86% average of similar funds, but it has paid no distributions.
Price history
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NSEP +10.0% 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 | |
|---|---|---|---|---|---|---|
| NSEP official prospectus, to Dec 31, 2024 | — | +13.88% | — | — | — | +13.99% |
| NSEP price data to Oct 27, 2026 | +9.8% | +10.0% | — | — | — | +14.1% |
- Over the year to Oct 27, 2026, NSEP returned +10.0%, 7th of 8 among similar funds.
- Its worst full calendar year was 2025 (+13.8%); its best was 2025 (+13.8%).
- The deepest fall in its price history was 12.3% (Feb 19, 2025 to Apr 8, 2025), recovered by May 29, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.8% | — |
| 2025 | +13.8% | +13.88% |
| 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 $7.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.04%, +0.35%, +0.31%.
How it works
At least 80% of NSEP's net assets go into investments tied to the Invesco QQQ Trust, an ETF tracking the Nasdaq-100 Index of the largest US and international nonfinancial companies listed on Nasdaq. Innovator runs the fund, with Milliman Financial Risk Management as sub-adviser. As of July 31, 2026, it held four FLEX options on QQQ (exchange-traded options with custom terms) and 0.42% cash.
A deep in-the-money call option, which moves almost one-for-one with QQQ, provides the exposure. A put the fund owns, paired with a lower put it has sold, forms the buffer. A call it has sold sets the cap. For the outcome period from September 1, 2025 to August 31, 2026, the fund aimed to absorb the first 15% of QQQ losses and cap gains at 13.92% (14.21% and 13.13% net of the 0.79% fee). QQQ losses beyond 15% fall on shareholders one-for-one.
Each outcome period ends when the options expire. The fund reinvests the cash in new options expiring about a year later, with a new cap set on day one. The targets apply only to shareholders who hold for the whole period, and they are measured on net asset value (the per-share value of its holdings), not market price. Investing after a period starts, or exiting before it ends, can produce very different results.
What it really costs
- NSEP charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NSEP | $81 | $252 | $439 | $978 |
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 trades gains above a yearly cap for a buffer against the first 15% of QQQ losses, softening rather than removing stock-market risk.
NSEP launched on September 3, 2024, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its only full calendar year, 2025, returned 13.88%, per its prospectus. Its deepest drop was 12.3%, from February 19 to April 8, 2025, and it recovered by May 29, 2025, about 1.7 months later. The buffer is built for holders of a full one-year outcome period, so someone who must cash out mid-period in a falling market may not get its protection. QQQ losses beyond 15% pass through in full.
It has made no distributions, so spending money would come from cashing in shares. It costs 0.79% a year: $81 in the first year and $978 over 10 years on $10,000, in the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- People who want Nasdaq-100 exposure through QQQ but would trade gains above a yearly cap for a buffer against the first 15% of losses.
- Investors who can enter at the start of a September outcome period and hold the full year, the window the buffer and cap target.
- Cost-conscious buffer-fund shoppers: its 0.79% expense ratio (annual fee) matches Innovator's PJAN and PDEC and undercuts FT Vest's 0.85% and 0.95% buffer funds.
Look elsewhere if
- Retirees who need regular income: NSEP has made no distributions, so any withdrawals mean cashing in shares.
- Anyone wanting full Nasdaq-100 upside: the fund forgoes gains above its cap, 13.92% before fees for the period ending August 31, 2026.
- Investors wanting a long record or a large fund: it launched in September 2024 and had $32.9 million in assets as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| NSEP this fund | 0.79% | $32.9M | +10.0% | — |
| 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
What are NSEP's cap and buffer?
For the outcome period from September 1, 2025 to August 31, 2026, NSEP's cap was 13.92% and its buffer aimed to cover the first 15% of losses in the Invesco QQQ Trust, both before fees. Net of the 0.79% management fee, they were 13.13% and 14.21%. When the options expire, a new period begins with a new cap set on its first day. Innovator's website, innovatoretfs.com/nsep, posts updated outcome figures daily.
What happens if you invest in NSEP after the outcome period starts?
The results can differ sharply from the stated buffer and cap. Those targets apply only to shareholders who hold from the first day of an outcome period to the last. If QQQ has already risen, a late investor may have little room left before the cap; if it has fallen, part of the buffer may already be used up. Outcomes are also based on net asset value (the per-share value of the fund's holdings), so gaps between that and the market price add further differences.
Can you lose money in NSEP?
Yes. For the period from September 1, 2025 to August 31, 2026, the buffer aimed to cover only the first 15% of QQQ losses; shareholders bear losses beyond that one-for-one. In the prospectus table, a 50% QQQ drop means a 35% fund loss before fees. The buffer isn't guaranteed, and prices can fall mid-period: the fund dropped 12.3% from February 19 to April 8, 2025, before recovering by May 29, 2025. It also concentrates in the same industries as QQQ.
Does NSEP pay dividends?
No. NSEP has made no distributions, so it doesn't provide income. It gets its market exposure through FLEX options (customizable exchange-traded options) on the Invesco QQQ Trust: as of July 31, 2026, its portfolio was four options and 0.42% cash. Investors who draw money from it would have to cash in shares, and doing so before an outcome period ends can produce results very different from the stated buffer and cap.
What's the difference between NSEP and PJAN?
Both are Innovator Power Buffer ETFs with a 0.79% expense ratio, but they differ in market and timing. NSEP's options reference the Invesco QQQ Trust, which tracks the Nasdaq-100 Index, and its outcome periods start in September. PJAN, the U.S. Equity Power Buffer ETF - January, is named for U.S. equity and a January start. PJAN is far larger, with $1.44 billion in net assets versus NSEP's $32.9 million, both as of July 31, 2026. Over the year to October 27, 2026, PJAN returned 10.5% and NSEP 10%.