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Launched

Innovator U.S. Equity Buffer ETF - February

BFEBCboeInnovatorC

$53.58−0.18 (−0.33%)

As of Nov 2, 2026, 3:59 PM ET

C54/ 100

Rank 30 of 77 in S&P 500 Buffer 9-12%

C54/100Rank 30 of 77inS&P 500 Buffer 9-12%
Intraday session: down, 78 prints from 53.76 to 53.58. Range 53.58 to 54.19. Use the arrow keys to read each point.53.9054.0054.1054.2010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$204M
1Y total return
+12.4%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
17.2K sh
52W range
low $46.60high $54.79
Launched

The ETF.net BFEB Grade

Based on 4 of 6 pillars

C

Score 54 out of 100

Category
S&P 500 Buffer 9-12%⁠
Rank
30 of 77
Six-pillar profile for BFEB. Scores out of 100: Cost 40, Risk 54, Mission not scored, Tradability 79, Holdings not scored, Durability 74. Strongest: Tradability (79). Weakest: Cost (40). Based on 4 of 6 pillars.

Score 54 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C40 out of 100
    Rank 34 of 77

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C54 out of 100
    Rank 30 of 77

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A79 out of 100
    Rank 10 of 77

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A74 out of 100
    Rank 22 of 77

Our read on BFEB

ETF.net Research

In short

CThe February slot in Innovator's buffer lineup: FLEX options on SPY that absorb the first 9% of a decline over an approximately annual outcome period, in exchange for a ceiling on the upside that resets every February.

Stated mandate

The Fund seeks to track SPY's return up to a predetermined cap while protecting against the first 9% of losses during an approximately annual outcome period. It uses FLEX Options and may invest directly in the underlying ETF or its components.

Why people hold it

  • Absorbs the first 9% of SPY's losses (before fees) over an approximately annual outcome period, using FLEX options inside an ordinary 1940 Act fund rather than a bank note.innovatoretfs.com
  • The 0.79% expense ratio sits right at the median for shallow-buffer SPY funds. You pay the going rate for the structure, not a premium for the calendar month.
  • Terms reset on their own each February 1, so there is no options roll to manage and no maturity date to diarize.innovatoretfs.com
  • One of a monthly family running the same SPY buffer recipe (BJAN, BMAY, BJUL and others), so the start date isn't locked to a single point on the calendar.

Worth knowing

  • The cap is what pays for the buffer. Upside stops at a level set each February, and anything SPY earns above it is left on the table.
  • Headline terms apply to holders across a full outcome period. Buy mid-period and you inherit whatever buffer and cap are left, not the stated 9%.innovatoretfs.com
  • Trades thinly next to the largest buffer funds, which tends to mean wider bid-ask spreads on the way in and out.

BFEB Performance

Launched Feb 3, 2020

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.
BFEB$11,235
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. BFEB $11,235. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BFEB. Periods over one year show the average yearly return.
PeriodBFEB
Year to date+10.5%
1 month−0.6%
3 months+1.5%
1 year+12.4%
3 yearsper year+17.9%
5 yearsper year+11.2%
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BFEB
YearReturn barBFEB
2026 YTD+10.5%
2025+13.0%
2024+17.6%
2023+22.4%
2022−6.8%
2021+18.0%
2020+10.2%

Since listing, Feb 3, 2020

BFEB in the news

BFEB Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

BFEB Risk

Risk pillarC54 out of 100Rank 30 of 77 in S&P 500 Buffer 9-12%
How much the fund’s monthly returns vary, scaled to a year.
8.2%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.53
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−14.8%
Trough Oct 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.67
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

BFEB Cost

Compare BFEB and XTR

Overpaying vs XTR, cheapest in S&P 500 Buffer 9-12%

$10,015

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BFEB 0.79%

    $15,174

  • XTR 0.25% Cheapest

    $5,159

$10,000
30 years

Cost over time

  • BFEB 0.79%
  • XTR 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BFEB $15,174XTR $5,159

Year by year

YearBFEBXTROverpaying
10$1,405$455$950
20$5,331$1,769$3,562
30$15,174$5,159$10,015

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