Innovator U.S. Equity Buffer ETF - February
$54.79+0.05 (+0.09%)
- 0.79%
- $208M
- +17.4%
- 0M sh
- $54.74
- low $46.60high $54.78
The ETF.net BFEB Grade
C
Score 54 out of 100
- 29 of 77
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 100Rank 34 of 77Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C50 out of 100Rank 41 of 76Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A78 out of 100Rank 10 of 77Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A75 out of 100Rank 22 of 77
Our read on BFEB
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.
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 Holdings
- Stocks
- 3
- 102%
- Spy 01/29/2027 6.93 C
Sectors
- Technology40.1%
- Financials11.3%
- Communication9.9%
- Health Care9.4%
- Consumer Discretionary8.7%
- Industrials7.6%
- Consumer Staples4.4%
- Energy3.4%
- Utilities1.9%
- Real Estate1.7%
- Materials1.6%
BFEB Performance
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$11,736
Returns run to the Oct 12, 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.
| Period | BFEB |
|---|---|
| Year to date | +12.5% |
| 1 month | +1.6% |
| 3 months | +3.2% |
| 1 year | +17.4% |
| 3 years | +17.5% |
| 5 years | +12.0% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | BFEB |
|---|---|---|
| 2026 YTD | +12.5% | |
| 2025 | +13.0% | |
| 2024 | +17.6% | |
| 2023 | +22.4% | |
| 2022 | −6.8% | |
| 2021 | +18.0% | |
| 2020 | +10.2% |
BFEB in the news
Filings Digest
AllianzIM launches OCTI and resets October buffer terms
BFEB Dividends
No distributions in the last 12 months.
BFEB Risk
- 8.3%
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.
- 1.46
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.
- −14.8%
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.
- 0.65
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
BFEB Cost
0.79%
BFEB0.79%
- The middle half of S&P 500 Buffer 9-12% funds
- Median 0.79%
33 of the 77 S&P 500 Buffer 9-12% funds charge less.
Other funds in S&P 500 Buffer 9-12%
- CMARTAllianzIM U.S. Equity Buffer10 Mar ETFExpense ratio 0.74%1 year return +16.6%
- CSTENiShares Trust - iShares Large Cap 10% Target Buffer Sep ETFExpense ratio 0.53%1 year return +16.9%
- CSIXFAllianzIM U.S. Equity 6 Month Buffer10 Feb/Aug ETFExpense ratio 0.74%1 year return +15.5%
- CBAPRInnovator U.S. Equity Buffer ETFExpense ratio 0.79%1 year return +18.3%
- CBJUNInnovator U.S. Equity Buffer ETFExpense ratio 0.79%1 year return +11.4%