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PFEB

GradeCChicago Board Options Exchange

Innovator U.S. Equity Power Buffer ETF

Buffered · Innovator · Inception 2020-02-03

$44.16−0.09 (−0.20%)

As of Sep 23, 2026, 3:07 PM EDT

Intraday session: down, 53 prints from 44.25 to 44.16. Range 44.13 to 44.26. Use the arrow keys to read each point.$44.20$44.2510 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$924M
1Y return
+11.5%
Yield · Last 12 months
—
Holdings
6
Volume · 30D
0M sh
NAV per share
$44.00
52W range
low $39.27high $44.29

The ETF.net PFEB Grade

C

48/ 100

Rank 21 of 61 in S&P 500 Buffer 15%⁠

Confidence Medium

Six-pillar profile for PFEB. Scores out of 100: Cost 35, Risk 53, Mission not scored, Tradability 61, Holdings not scored, Durability 78. Strongest: Durability (78). Weakest: Cost (35). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 48 of 100 sits in the C 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.
    DScore 35
    Category rank38/61 · mid-pack

  • 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.
    CScore 53
    Category rank23/57 · top 40%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 61
    Category rank21/61 · top 34%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 78
    Category rank12/61 · top 20%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on PFEB

ETF.net Research

CFebruary is the whole point. PFEB restarts each year with a fresh 15% cushion against SPY losses, in exchange for a ceiling on the upside that resets at the same time. Same recipe as its sibling months, different calendar.

Stated mandate

The Fund seeks to follow SPY’s return up to a predetermined cap and protect investors from the first 15% of losses during the outcome period.

Why people hold it

  1. 01The contract is simple: absorb the first 15% of SPY's decline over the outcome period, then follow SPY's gains up to a predetermined cap.innovatoretfs.com
  2. 02The reference asset is SPY itself, not a bespoke in-house index. You are hedging the same S&P 500 exposure millions of people already hold.innovatoretfs.com
  3. 03At 0.79%, the fee sits right at the middle of its buffer-fund cohort. The options machinery costs what it costs across this group.
  4. 04Innovator has run the February lane since 2020, and the fund stands in the upper half of a crowded field of 15% buffer strategies.

Worth knowing

  1. 01Buffer and cap are defined for a full outcome period. Enter mid-period and you inherit whatever cushion and upside are left, not the headline 15%.innovatoretfs.com
  2. 02The cap cuts both ways. In a roaring year for the S&P 500, participation stops where the cap stops.innovatoretfs.com
  3. 03It trades less actively than the largest buffer ETFs, which can show up as wider bid-ask spreads. Also a price-return vehicle: no distribution stream.

PFEB Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
6
Top-10 weight
104%
Largest holding
SPY 01/29/2027 6.92 C103.2%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPY 01/29/2027 6.92 C103.19%12,535$959M1
002—SPY 01/29/2027 691.97 P0.96%12,535$9M1
003—US BANK MMDA - USBGFS 9 09/01/20370.24%2,262,119$2M161

Showing 1–3 of 3 holdings

PFEB Performance

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

PFEB$11,155
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. PFEB $11,155. 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 PFEB. Periods over one year show the average yearly return.
PeriodPFEB
Year to date+8.7%
1 month+1.0%
3 months+3.0%
1 year+11.5%
3 years+13.1%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 PFEB
YearReturn barPFEB
2026 YTD+8.7%
2025+10.7%
2024+12.7%
2023+15.0%
2022−2.8%
2021+11.5%
2020+6.2%

Since listing, Feb 3, 2020

PFEB in the news

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

PFEB Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

PFEB Risk

How much the fund’s monthly returns vary, scaled to a year.
6.5%
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.
−11.0%
Trough Jun 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.
0.44
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.

PFEB Cost

Expense ratio0.79%
  • The middle half of S&P 500 Buffer 15% funds
  • Median 0.79%

22 of the 50 S&P 500 Buffer 15% funds charge less.

PFEB costs $79.00 a year on $10,000. The median S&P 500 Buffer 15% fund costs $79.00.