BUFI vs IAPR: Grades, Fees and Holdings Compared

AB International Buffer ETF

BUFIBNasdaq

Innovator Intl Developed Power Buffer ETF

IAPRCNYSE Arca

Overlap

0.0%by weight

Expense ratio

BUFI −0.16pt a year

BUFI0.69%IAPR0.85%

Avg volume · 30D

BUFI 1.4×the volume

BUFI11.8KIAPR8.16K

BUFI vs IAPR Performance

Oct 31, 2025 – Oct 30, 2026

+6.5%BUFI+10.3%IAPR

Expense ratio: BUFI 0.69%, better; IAPR 0.85%
Fund size: BUFI $138M; IAPR $190M
1Y total return: BUFI +6.5%; IAPR +10.3%, better
Holdings: BUFI 4; IAPR 3
Avg volume (30D): BUFI 11.8K sh, better; IAPR 8.16K sh
NAV per share: BUFI $41.81; IAPR $33.32
52W range

ETF.net Grade

Pillar letters and Scores for BUFI, IAPR, with each pillar’s weight
Pillar	BUFI	IAPR
Cost30% weight	A84Higher	D38
Mission25% weight	Not scored	Not scored
Risk15% weight	C42	B62Higher
Tradability15% weight	C54	B62Higher
Holdings10% weight	Not scored	Not scored
Durability5% weight	C54	A85Higher

Rank among Developed International Buffer 15% funds

How we build Categories ›

Same Category. BUFI and IAPR are both graded against the same 26 Developed International Buffer 15% funds, so their Grades compare head to head.

Developed International Buffer 15%⁠

Category · 26 funds

See all 26 ›

BUFI ranks 1st and IAPR 10th of 26 funds in the Developed International Buffer 15% Category.

Rank 1BBUFIAB International Buffer ETFScore 65
Rank 2BQBIFAllianzIM International Equity Buffer15 ETFScore 63
Rank 7CQBIVAllianzIM International Equity Buffer5 ETFScore 53
Rank 10CIAPRInnovator Intl Developed Power Buffer ETFScore 52
Rank 10CIJANInnovator International Developed Power Buffer ETF - JanuaryScore 52

Our read on each fund

ETF.net Research

BUFIBAB International Buffer ETF

IAPRCInnovator Intl Developed Power Buffer ETF

In short

BUFI No data

IAPR Buffer ETFs are overwhelmingly an S&P 500 game. IAPR runs the same playbook on developed international stocks: EAFE-linked upside to a preset cap, the first 15% of losses absorbed, and a fresh reset every April.

Stated mandate

BUFI No data

IAPR The Fund seeks to track the performance of the iShares MSCI EAFE ETF over an approximately one-year outcome period, subject to a capped upside and protection against the first 15% of losses.

Why people hold it

BUFI No data

IAPR Buffer mechanics aimed at developed international stocks, not the S&P 500: FLEX options on the iShares MSCI EAFE ETF, absorbing the first 15% of losses each outcome period.innovatoretfs.com
Built to be held indefinitely. The cap and buffer reset at the start of each April outcome period, so there is no forced roll into a different product every year.innovatoretfs.com
0.85% a year, dead on the median for its buffer peer group. Defined-outcome funds cost more than plain index trackers, and this one sits at the middle of that shelf, not the pricey end.
A standard 1940 Act ETF, with the FLEX options settled through the Options Clearing Corporation rather than resting on one bank's balance sheet the way a structured note does.innovatoretfs.com

Worth knowing

BUFI No data

IAPR The 15% buffer and the cap are measured from the first day of the outcome period. Buy mid-period and you inherit whatever cushion and upside remain, not the headline terms.innovatoretfs.com
Upside stops at the cap, and the fund owns options rather than the underlying shares, so overseas dividends do not reach you as income.innovatoretfs.com
Trades thinly next to the biggest buffer funds, so the bid-ask spread is a larger slice of what it costs to get in and back out.

Full BUFI profile⁠

Full IAPR profile⁠

BUFI vs IAPR Holdings

How BUFI and IAPR differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of BUFI and 0.0% of IAPR.

Level by level

Asset classAlternatives, Equity0.0%
Holdings0 in both0.0%
Countryby domicile100%
Sector11 Sectors100%

Sector

Sector weights in BUFI and IAPR, widest gap first
Sector	More in BUFIMore in IAPR	BUFI	IAPR
Financials	Same weight	26.1%	26.1%
Industrials	Same weight	18.7%	18.7%
Technology	Same weight	12.0%	12.0%
Health Care	Same weight	10.1%	10.1%
Consumer Discretionary	Same weight	7.1%	7.1%
Consumer Staples	Same weight	6.4%	6.4%
Materials	Same weight	5.8%	5.8%
Communication	Same weight	4.7%	4.7%
Energy	Same weight	4.0%	4.0%
Utilities	Same weight	3.6%	3.6%
Real Estate	Same weight	1.5%	1.5%

Country, concentration and asset class

Country by domicile

Country weights in BUFI and IAPR, widest gap first
Country	More in BUFIMore in IAPR	BUFI	IAPR
Japan	Same weight	24.3%	24.3%
United Kingdom	Same weight	14.1%	14.1%
Switzerland	Same weight	10.2%	10.2%
Germany	Same weight	8.8%	8.8%
France	Same weight	8.3%	8.3%
Australia	Same weight	6.7%	6.7%
Netherlands	Same weight	6.0%	6.0%
Spain	Same weight	3.7%	3.7%
Other countries (17)	Same weight	18.0%	18.0%

Outside the US: BUFI 99% developed, 1% emerging. IAPR 99% developed, 1% emerging.

Concentration

Weight in the 10 largest Holdings

BUFI100.8%
IAPR101.4%

Securities held

BUFI3
IAPR3

Asset class

BUFI: Alternatives
IAPR: Equity

Holdings

Only in BUFI3
In both0
Only in IAPR3

Only in BUFI

3 securities, 100% of BUFI by weight

4EFA 10/30/26 C0.53 4EFA 10/30/26 C0.5399.50%
Alliancebernstein Govt Stif Ssc Fund 64BA Agis 5871.12%
4EFA 10/30/26 P103.47 4EFA 10/30/26 P103.470.20%

Only in IAPR

3 securities, 100% of IAPR by weight

Efa 03/31/2027 0.97 C99.14%
Efa 03/31/2027 97.13 P2.01%
Us Bank Mmda - Usbgfs 9 09/01/20370.22%

Weight gaps

BUFI and IAPR share no securities.

All BUFI holdings⁠All 6 IAPR holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BUFI vs IAPR Cost

Overpaying IAPR vs BUFI

$2,770

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

BUFI 0.69%
$13,429
IAPR 0.85%
$16,199

Amount$10,000

Years30 years

Cost over time

BUFI 0.69%
IAPR 0.85%
Overpaying

Year by year

Year	BUFI	IAPR	Overpaying
10	$1,232	$1,508	$276
20	$4,697	$5,706	$1,009
30	$13,429	$16,199	$2,770

Expense ratio

0.69%BUFI, cheaper
0.85%IAPR

BUFI0.69%IAPR0.85%

0.30%0.90%

Middle half of Developed International Buffer 15% funds
Median 0.85%

BUFI 5th cheapest of 26 funds

IAPR 11th cheapest of 26 funds

BUFI vs IAPR Dividends

Last 12 months to Oct 30, 2026

Payout (12M): BUFI None; IAPR None

Distribution history

BUFIAll BUFI payments⁠

No distribution history available.

IAPRAll IAPR payments⁠

No distribution history available.

BUFI vs IAPR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BUFI 5.7%since Jan 2025IAPR 6.3%
Return per unit of riskSharpe ratio, 3 years: BUFI 1.21since Jan 2025IAPR 1.11
Worst fallMax drawdown, 5 years: BUFI −7.4%since Dec 2024IAPR −17.7%
Market sensitivityBeta, 5 years: BUFI 0.24IAPR 0.33; Market = 1

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