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Launched

Innovator U.S. Equity Power Buffer ETF

PFEBCboeInnovatorC

$43.98−0.10 (−0.24%)

At close: Nov 2, 2026, 4:00 PM ET

C48/ 100

Rank 22 of 61 in S&P 500 Buffer 15%

C48/100Rank 22 of 61inS&P 500 Buffer 15%
Intraday session: down, 78 prints from 44.08 to 43.98. Range 43.98 to 44.34. Use the arrow keys to read each point.44.2044.3010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$884M
1Y total return
+9.9%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
28.3K sh
52W range
low $39.26high $44.55
Launched

The ETF.net PFEB Grade

Based on 4 of 6 pillars

C

Score 48 out of 100

Category
S&P 500 Buffer 15%⁠
Rank
22 of 61
Six-pillar profile for PFEB. Scores out of 100: Cost 35, Risk 54, Mission not scored, Tradability 58, Holdings not scored, Durability 77. Strongest: Durability (77). Weakest: Cost (35). Based on 4 of 6 pillars.

Score 48 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.
    D35 out of 100
    Rank 34 of 61

  • 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 18 of 60

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B58 out of 100
    Rank 23 of 61

  • 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.
    A77 out of 100
    Rank 11 of 61

Our read on PFEB

ETF.net Research

In short

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

  • The 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
  • The 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
  • At 0.79%, the fee sits right at the middle of its buffer-fund cohort. The options machinery costs what it costs across this group.
  • Innovator 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

  • Buffer 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
  • The cap cuts both ways. In a roaring year for the S&P 500, participation stops where the cap stops.innovatoretfs.com
  • It 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

Asset class
Stocks
Holdings
3
Top-10 weight
103%
Largest holding
Spy 01/29/2027 6.92 C101.1%

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%

Geography

  • United States99.53%
  • Switzerland0.26%
  • China0.10%
  • Mexico0.05%
  • Ireland0.03%
  • United Kingdom0.03%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataSpy 01/29/2027 6.92 C101.08%11,957$893M1
2No dataSpy 01/29/2027 691.97 P1.24%11,957$11M1
3No dataUs Bank Mmda - Usbgfs 9 09/01/20370.24%2,120,742$2.12M163

Showing 1–3 of 3 holdings

PFEB 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.
PFEB$10,991
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. PFEB $10,991. SPY $11,146. Use the arrow keys to read each point.$10,000$11,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 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+8.0%
1 month−0.6%
3 months+1.5%
1 year+9.9%
3 yearsper year+12.8%
5 yearsper year+8.7%
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 PFEB
YearReturn barPFEB
2026 YTD+8.0%
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

PFEB Dividends

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

No distributions in the last 12 months.

PFEB Risk

Risk pillarC54 out of 100Rank 18 of 60 in S&P 500 Buffer 15%
How much the fund’s monthly returns vary, scaled to a year.
6.1%
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.
1.43
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.
−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.
0.45
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.

PFEB Cost

Compare PFEB and CAUG

Overpaying vs CAUG, tied cheapest in S&P 500 Buffer 15%

$9,025

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

  • PFEB 0.79%

    $15,174

  • CAUG 0.30% Tied cheapest

    $6,149

$10,000
30 years

Cost over time

  • PFEB 0.79%
  • CAUG 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530PFEB $15,174CAUG $6,149

Year by year

YearPFEBCAUGOverpaying
10$1,405$545$860
20$5,331$2,113$3,218
30$15,174$6,149$9,025

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