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S&P 500 buffer funds gained 12.3% and the reset month decided the rest

Through Oct. 21, 2026, twelve First Trust funds with the same 10% buffer returned 9.9% to 16.0%, and Innovator's April fund gained 16.9% against 10.0% for its June fund.

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Key takeaways

  • Innovator's April and June caps were almost the same, so reset day made the gap.
  • Innovator U.S. Equity Buffer ETF - April returned 16.9% after resetting near the March low.
  • Innovator U.S. Equity Buffer ETF - June returned 10.0% after starting at the rebound's end.
  • First Trust funds with the same buffer and fee returned as little as 9.9%.
  • Buffer funds' median 12.3% trailed State Street SPDR S&P 500 ETF's price gain.

Funds that buffer the first 9% to 12% of losses in State Street SPDR S&P 500 ETF, SPY, gained a median 12.3% in price over the year through Oct. 21, 2026, trailing SPY's 15.2% price gain.

With dividends reinvested, SPY gained 16.4%. These funds do not seek the dividend.

They seek SPY's share price, up to a cap, from the day an outcome period begins. That day is the reset: the cap is set then, and the fund measures SPY from that day's price until the period ends. The buffer, stated before fees, is measured from the same price.

April reset near the low, June after the rebound

SPY fell 9.1% from its Jan. 27 close to its March 30 close, then closed at $650.34 on March 31.

Innovator U.S. Equity Buffer ETF - April, BAPR, began a new outcome period on April 1, the next day. Innovator's April 1 supplement set the cap at 18.49% before fees, with a buffer on the first 9% of losses before fees.

Innovator U.S. Equity Buffer ETF - June, BJUN, began its period on June 1, when SPY closed at $758.54. Its June 1 prospectus set the cap at 18.05% before fees.

From the March 31 close to June 1, SPY rose 16.6%. From June 1 through Oct. 21 it rose 1.9%.

Over the year, BAPR returned 16.9%, ahead of SPY's price gain and the best result of these buffer funds. BJUN, with the same 9% buffer before fees, returned 10.0%.

The caps were almost the same. The April fund started at the beginning of that 16.6% rise. The June fund started at the end of it.

The third quarter did not reopen the gap. From June 30 to Sept. 30, after both funds had reset, BAPR gained 2.6% and BJUN gained 2.1%.

Same buffer, same fee, 9.9% to 16.0%

Twelve First Trust monthly series, each buffering the first 10% of losses before fees and charging 0.85%, returned 9.9% to 16.0% over the year.

They hold $16.5 billion of the $25.1 billion in these 77 funds.

First Trust's FT Vest U.S. Equity Buffer ETF - June, FJUN, returned 9.9%. Its March fund, FT Vest U.S. Equity Buffer ETF - March, FMAR, returned 16.0%.

March returned 16%, six points ahead of June

Price return, Oct. 21, 2025–Oct. 21, 2026

  • March16%
  • November14.2%
  • February14.2%
  • August11.8%
  • May10.5%
  • June9.9%

May and August also lagged. Same 10% buffer, same 0.85% fee.

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ETFs in this story

CBAPRInnovator U.S. Equity Buffer ETF52/100CBJUNInnovator U.S. Equity Buffer ETF50/100CFMARFT Vest U.S. Equity Buffer ETF - March51/100CFJUNFT Vest U.S. Equity Buffer ETF - June43/100ASPYState Street SPDR S&P 500 ETF72/100

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