At a glance
BUFF charges 0.89% a year, below the 0.9% average of the 7 funds most like it (the 5th cheapest of 8). It has $923.5M in assets, the 8th largest of that group. Over the past year it returned +10.0% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +14.1% a year. At its worst it fell 10.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months after the low. Its ten largest positions make up 83.7% of the fund, out of 12 in all.
The short version
Innovator Laddered Allocation Power Buffer ETF (BUFF) is a fund of funds. It holds 12 Innovator U.S. Equity Power Buffer ETFs in roughly equal amounts, one for each month of the year. Each one tracks the S&P 500 over a one-year period, with a 15% buffer against losses and a cap on gains. Staggered start dates spread out timing risk. The expense ratio is 0.89%, close to the 0.90% average for similar buffer funds.
Price history
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BUFF +10.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BUFF official prospectus, to Dec 31, 2024 | — | +11.03% | — | +8.50% | — | +8.50% |
| BUFF price data to Oct 27, 2026 | +8.9% | +10.0% | +14.1% | — | — | +8.8% |
- Over the year to Oct 27, 2026, BUFF returned +10.0%, 7th of 8 among similar funds.
- Its worst full calendar year was 2022 (-4.4%); its best was 2023 (+16.5%).
- The deepest fall in its price history was 10.2% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 6, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.8% | — |
| 2025 | +11.0% | +11.03% |
| 2024 | +12.1% | +12.29% |
| 2023 | +16.5% | +16.43% |
| 2022 | -4.4% | -4.50% |
| 2021 | — | +8.46% |
| 2020 | — | -12.39% |
| 2019 | — | +32.66% |
| 2018 | — | -6.65% |
| 2017 | — | +15.84% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Oct 28, 2021 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10% over that stretch · deepest drop along the way 10.2%, back to its old high 10 months after the low |
What's inside
As of Jul 31, 2026, the fund held 12 securities; the ten largest made up 83.67% of assets.
| Fund held | Weight | |
|---|---|---|
| Innovator U.S. Equity Power Buffer ETF - November | 8.46% | |
| Innovator U.S. Equity Power Buffer ETF - December | 8.43% | |
| Innovator U.S. Equity Power Buffer ETF - October | 8.41% | |
| Innovator U.S. Equity Power Buffer ETF - January | 8.38% | |
| Innovator U.S. Equity Power Buffer ETF - February | 8.38% | |
| Innovator U.S. Equity Power Buffer ETF - September | 8.36% | |
| Innovator U.S. Equity Power Buffer ETF - August | 8.35% | |
| Innovator U.S. Equity Power Buffer ETF - March | 8.35% | |
| Innovator U.S. Equity Power Buffer ETF - April | 8.28% | |
| Innovator U.S. Equity Power Buffer ETF - July | 8.27% | |
| Innovator U.S. Equity Power Buffer ETF - May | 8.17% | |
| Innovator U.S. Equity Power Buffer ETF - June | 8.09% |
By country
United States 99.93%By asset type
Stocks 99.93%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $68.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.79%, +0.08%, +0.62%.
How it works
BUFF tracks the FTSE Laddered Power Buffer Strategy Price Return Index, which FTSE Russell compiles and calculates. The fund puts at least 80% of its net assets in the ETFs that make up the index. Those are twelve Innovator U.S. Equity Power Buffer ETFs, from PJAN to PDEC. As of July 31, 2026, each made up about 8.1% to 8.5% of the fund. The November fund, PNOV, was the largest at 8.46%.
Each underlying fund uses options (contracts tied to the price of an asset) on an ETF that tracks the S&P 500. Each one runs over an outcome period of about one year, which starts on the first day of the month in its name. Over that period, it aims to absorb the first 15% of losses and pass along gains up to a cap. Each month, one of the funds ends its period and starts a new one with a fresh buffer and a new cap.
The index resets to equal weights, 1/12 each, on the third Wednesday of April and October. Between those dates, the weights drift. Because the fund holds funds at every stage of their periods, it gets a blend of caps and buffers. The prospectus warns that at times all of the funds may have hit their caps, or none may have any buffer left, until the next monthly reset.
What it really costs
- BUFF charges 0.89% a year, versus an average of 0.9% for the similar funds below (5th of 8, cheapest first).
- Of that, 0.1% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $91 in the first year and $1,096 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BUFF | $91 | $284 | $493 | $1,096 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
Its 15% buffers and caps aim to reduce stock-market swings: one-year volatility was 5.2% and beta 0.39 as of October 27, 2026.
BUFF can soften the ups and downs of U.S. large-company stocks. Its price record starts October 28, 2021, so it doesn't cover 2008 or the 2020 crash. Its earlier prospectus returns came before its index was created on July 15, 2020. In the 2022 bear market, it fell 10.2% from January 4 to June 16 and took about 10 months to recover. It lost 4.50% in calendar 2022, its worst full year in that record. Its deepest drop, also 10.2%, ran from February 19 to April 8, 2025, and recovered in about two months. Smaller drops can mean selling fewer shares at low prices in a bad year. But each buffer covers only the first 15% of losses.
BUFF has recorded no distributions, so any cash would have to come from selling shares. Under the SEC's standard example, its 0.89% expense ratio costs about $91 on $10,000 in the first year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with smaller swings: one-year volatility was 5.2% and beta 0.39 as of October 27, 2026.
- People who would rather own one ticker than choose among twelve monthly Innovator Power Buffer ETFs and time each purchase.
- Investors who accept capped gains in exchange for a 15% buffer on each underlying fund and who don't rely on distributions.
Look elsewhere if
- Investors who need regular income: no distributions are recorded for BUFF.
- Investors seeking fuller stock-market gains: BUFF ranked 7th of 8 similar buffer funds on one- and three-year returns as of October 27, 2026.
- Investors who want protection from deep crashes: each underlying buffer covers only the first 15% of losses, and further declines pass through.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BUFF this fund | 0.89% | $923.5M | +10.0% | +14.1% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
| FJUL FT Vest U.S. Equity Buffer ETF - July | 0.85% | $1.29B | +11.2% | +18.2% |
| BUFQ FT Vest Laddered Nasdaq Buffer ETF | 1% | $1.61B | +13.5% | +17.6% |
Questions investors ask
Does BUFF pay dividends?
No distributions are recorded for BUFF. Its return comes from changes in its share price, which follow the twelve Innovator U.S. Equity Power Buffer ETFs it holds. The index it tracks is a price-return index. Investors who want regular cash from this holding would need to sell shares, so it may fit better alongside other sources of income.
What's the difference between BUFF and BUFR?
Both are laddered funds of funds that hold a set of monthly buffer ETFs on U.S. stocks. BUFF comes from Innovator and costs 0.89%. BUFR, from FT Vest, costs 0.95% and is much larger, with about $10.5 billion in net assets versus BUFF's $923.5 million. As of October 27, 2026, BUFR had returned 11.6% over one year and 16.8% a year over three years. BUFF returned 10.0% and 14.1%.
How does BUFF's 15% buffer work?
Each of BUFF's twelve underlying ETFs aims to absorb the first 15% of losses in an S&P 500 ETF over a one-year outcome period, in exchange for a cap on gains. Losses beyond 15% pass through. Each month one fund resets its buffer and cap. So BUFF always holds a mix: some funds with their full buffer and others with little or none left.
Is BUFF good for retirement?
It may suit retirees who want stock exposure with smaller swings. Its deepest drop in the price record was 10.2%, from February 19 to April 8, 2025, and it recovered in about two months. The trade-offs are capped gains, no distributions and a 0.89% expense ratio. Under the SEC's standard example, that comes to $1,096 over 10 years on $10,000.
Why did BUFF lose money in 2020?
BUFF's prospectus shows a 12.39% loss for 2020, including a 34.91% drop in the quarter ending March 31, 2020. Those figures mostly come from before its current strategy. The fund launched October 20, 2016, but the index it now tracks was created July 15, 2020. Results from before then, such as 32.66% in 2019, don't reflect the laddered buffer approach. Its 2022 loss was 4.50%.