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BUFF

GradeAChicago Board Options Exchange

Innovator Laddered Allocation Power Buffer ETF

Buffered · Innovator · Inception 2016-10-20 · SEC filings

$53.97−0.13 (−0.23%)

As of Sep 23, 2026, 2:08 PM EDT

Intraday session: down, 48 prints from 54.09 to 53.97. Range 53.88 to 54.14. Use the arrow keys to read each point.$53.90$54.00$54.1010 AM12 PM2 PM4 PM
Expense ratio
0.10%
Fund size
$1.0B
1Y return
+10.7%
Yield · Last 12 months
0.00%
Holdings
13
Volume · 30D
0.1M sh
NAV per share
$53.69
52W range
low $47.04high $54.32

The ETF.net BUFF Grade

A

72/ 100

Rank 4 of 18 in S&P 500 Laddered Buffer⁠

Confidence Medium

Six-pillar profile for BUFF. Scores out of 100: Cost 82, Risk 60, Mission not scored, Tradability 65, Holdings 73, Durability 78. Strongest: Cost (82). Weakest: Risk (60). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 72 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 82
    Category rank4/18 · top 22%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 60
    Category rank7/18 · top 39%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 65
    Category rank5/18 · top 28%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 73
    Category rank5/17 · top 29%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 78
    Category rank3/18 · top 17%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on BUFF

ETF.net Research

ATwelve buffer ETFs in one ticker. BUFF spreads across every monthly start date in Innovator's 15% Power Buffer lineup, so no single entry month sets your terms, and the wrapper charges 0.10%.

Stated mandate

The fund seeks exposure to the FTSE Laddered Power Buffer Strategy Index, which equally allocates among 12 U.S. Equity Power Buffer ETFs. Those underlying ETFs seek U.S. equity upside subject to caps while buffering the first 15% of losses.

Why people hold it

  1. 01Wrapper fee of 0.10%, against a 0.79% median for its buffer peer group. That is a rare price tag in a category where costs usually take a real bite.
  2. 02Laddering across 12 monthly outcome periods kills start-date roulette: you hold sleeves at every stage of their year instead of one cap struck on one day.innovatoretfs.com
  3. 03Each underlying sleeve seeks US equity upside to a cap while buffering the first 15% of losses, referenced to the S&P 500 through SPY.innovatoretfs.com
  4. 04Running since 2016 and one of the strongest implementations in its buffer peer group, with an equity mandate that stays squarely in US large caps.

Worth knowing

  1. 01You own a ladder, not one clean 15% buffer. Each sleeve sits at a different point in its year, so protection at the portfolio level is always a blend.innovatoretfs.com
  2. 02The 0.10% is the wrapper only. The underlying Power Buffer ETFs carry their own fees; single-month versions such as PJUL and PJAN list 0.79%.
  3. 03Upside is capped by design. Buffers are paid for by giving up gains above the cap, and this is a price-return vehicle rather than an income one.

BUFF Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
13
Top-10 weight
84%
Largest holding
PNOV8.5%

Sectors

  • Technology38.5%
  • Financials12.1%
  • Communication9.6%
  • Consumer Discr.9.3%
  • Health Care9.3%
  • Industrials7.8%
  • Cons. Staples4.5%
  • Energy3.4%
  • Utilities2.0%
  • Real Estate1.8%
  • Materials1.7%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001PNOVInnovator U.S. Equity Power Buffer ETF - November8.50%1,960,262$90M1
002PDECInnovator U.S. Equity Power Buffer ETF - December8.45%1,886,455$89M1
003POCTInnovator U.S. Equity Power Buffer ETF - October8.43%1,862,116$89M1
004PJANInnovator U.S. Equity Power Buffer ETF - January8.38%1,738,836$88M1
005PFEBInnovator U.S. Equity Power Buffer ETF - February8.37%2,000,373$88M1
006PAUGInnovator U.S. Equity Power Buffer ETF - August8.35%1,880,021$88M1
007PMARInnovator U.S. Equity Power Buffer ETF - March8.34%1,797,340$88M1
008PSEPInnovator U.S. Equity Power Buffer ETF - September8.32%1,862,949$88M1
009PJULInnovator U.S. Equity Power Buffer ETF - July8.28%1,747,661$87M1
010PAPRInnovator U.S. Equity Power Buffer ETF - April8.26%2,017,561$87M1
011PMAYInnovator U.S. Equity Power Buffer ETF - May8.18%2,036,999$86M1
012PJUNInnovator U.S. Equity Power Buffer ETF - June8.09%1,929,402$85M1
013—US BANK MMDA - USBGFS 9 09/01/20370.06%605,598$606K161

Showing 1–13 of 13 holdings

BUFF Performance

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

BUFF$11,070
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. BUFF $11,070. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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 BUFF. Periods over one year show the average yearly return.
PeriodBUFF
Year to date+8.5%
1 month+0.9%
3 months+2.9%
1 year+10.7%
3 years+12.8%per year
5 years+9.1%per year
10 yearsFund is under 10 years old—per year

As of the close, 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 BUFF
YearReturn barBUFF
2026 YTD+8.5%
2025+11.0%
2024+12.1%
2023+16.5%
2022−4.4%
2021+8.4%
2020−10.2%

BUFF in the news

ETF.net Research hasn’t filed on BUFF yet — coverage lands here as it’s written.

BUFF Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
0.00%Last 12 months
Payout per share
NoneLast 12 months

No distributions in the last 12 months.

Distribution history

Payments through 2020

One bar per payment. 16 payments from 2016 to 2020. Dec 22, 2016 $0.05; Mar 24, 2017 $0.09; Jun 26, 2017 $0.14; Sep 25, 2017 $0.14; Dec 22, 2017 $0.13; Mar 27, 2018 $0.07; Jun 26, 2018 $0.14; Sep 25, 2018 $0.13; Dec 21, 2018 $0.18; Mar 28, 2019 $0.16; Jun 27, 2019 $0.18; Sep 27, 2019 $0.18; Dec 30, 2019 $0.13; Mar 30, 2020 $0.34; Jun 29, 2020 $0.19; Jul 15, 2020 $0.07. Use the arrow keys to read each point.20162017201820192020
Ex-datePay dateAmount per share
Jul 15, 2020Jul 17, 2020$0.07
Jun 29, 2020Jul 1, 2020$0.19
Mar 30, 2020Apr 1, 2020$0.34
Dec 30, 2019Jan 2, 2020$0.13
Sep 27, 2019Sep 30, 2019$0.18
Jun 27, 2019Jul 1, 2019$0.18
Mar 28, 2019Apr 1, 2019$0.16
Dec 21, 2018Dec 31, 2018$0.18
Sep 25, 2018Sep 28, 2018$0.13
Jun 26, 2018Jun 29, 2018$0.14
Mar 27, 2018Mar 29, 2018$0.07
Dec 22, 2017Dec 29, 2017$0.13

BUFF Risk

How much the fund’s monthly returns vary, scaled to a year.
6.2%
Annualised · 36 months to Aug 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.
1.10
vs 3-month T-bills · to Aug 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.
−10.2%
Trough Apr 2025
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.
0.46
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.

BUFF Cost

Expense ratio0.10%
  • The middle half of S&P 500 Laddered Buffer funds
  • Median 0.20%

No S&P 500 Laddered Buffer fund charges less.

BUFF costs $10.00 a year on $10,000. The median S&P 500 Laddered Buffer fund costs $20.00.