At a glance
IBUF charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $111.2M in assets, the 8th largest of that group. Over the past year it returned +9.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Innovator International Developed 10 Buffer ETF - Quarterly (IBUF) uses FLEX options on the iShares MSCI EAFE ETF to give exposure to developed international stocks. It aims to absorb the first 10% of losses and caps gains, and both reset every three months. Because each period is short, the caps are small: 2.49% before fees for January 1 to March 31, 2026. Its 0.85% expense ratio is close to the 0.86% average for similar buffer funds.
Price history
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IBUF +9.4% 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 | |
|---|---|---|---|---|---|---|
| IBUF official prospectus, to Dec 31, 2024 | — | +13.41% | — | — | — | +10.77% |
| IBUF price data to Oct 27, 2026 | +7.6% | +9.4% | — | — | — | +10.3% |
- Over the year to Oct 27, 2026, IBUF returned +9.4%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+13.5%); its best was 2025 (+13.5%).
- The deepest fall in its price history was 5.9% (Apr 2, 2025 to Apr 8, 2025), recovered by Apr 22, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.6% | — |
| 2025 | +13.5% | +13.41% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $1.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.59%, +1.89%, +1.04%.
How it works
IBUF does not pick stocks. At least 80% of its net assets go into investments tied to the iShares MSCI EAFE ETF (the "underlying ETF"). The fund mostly holds FLEX options on that ETF rather than its shares. FLEX options are exchange-listed options with custom strike prices and expiration dates. As of July 31, 2026, the fund's N-PORT filing listed four option positions and 1.55% cash. One call option with a strike price near zero tracks the ETF's price. A bought put and a sold put create the buffer, and a sold call sets the cap.
Each outcome period lasts about three months. For January 1 through March 31, 2026, the cap was 2.49% before fees (2.27% after the 0.85% management fee). The fund aimed to absorb the first 10% of the ETF's losses (9.78% after fees). Any loss beyond 10% passes through one for one. When a period ends, the options expire, the fund takes their cash value and buys a new set. That sets a new cap, which depends on market conditions.
These outcomes apply only to shareholders who hold from the first day of a period to the last. Buying or selling partway through can produce very different results. Results over several quarters also differ from those of a fund with a one-year period. The buffer is not guaranteed.
What it really costs
- IBUF charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IBUF | $87 | $271 | $471 | $1,049 |
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.
In a retirement portfolio
It aims to cushion modest quarterly losses in developed international stocks, and in exchange it gives up most of their upside.
IBUF could be a lower-swing way to hold developed international stocks. Its record is short. It launched July 1, 2024, so it did not exist during the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 13.41%, according to the prospectus. Its deepest drop was 5.9%, from April 2 to April 8, 2025, and it recovered by April 22. As of October 27, 2026, one-year volatility was 6.3%. The buffer covers only the first 10% of losses in each quarter, so a long, deep decline could still hurt someone who has to sell shares in a bad year. The fund has recorded no distributions, so it provides no income. In the SEC's standard $10,000 example, costs come to $87 after one year and $1,049 after 10 years. 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 developed international stock exposure through the iShares MSCI EAFE ETF, with a buffer against the first 10% of each quarter's losses.
- Holders who can buy at the start of a three-month outcome period and keep their shares until it ends.
- Investors who care more about small swings than upside: one-year volatility was 6.3% and the deepest drop 5.9% as of October 27, 2026.
Look elsewhere if
- Anyone who needs regular income: the fund has recorded no distributions.
- Investors who want the full upside of international stocks: the cap was 2.49% before fees for the January–March 2026 quarter.
- Those who want a long track record or a large fund: IBUF launched in July 2024 and had about $111 million in net assets as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| IBUF this fund | 0.85% | $111.2M | +9.4% | — |
| 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% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| 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% |
Questions investors ask
Does IBUF pay dividends?
No. IBUF has recorded no distributions. Its return comes from changes in the value of the FLEX options it holds on the iShares MSCI EAFE ETF, not from income payments. A retiree who needs cash from this holding would have to sell shares, and selling partway through a three-month outcome period can give results quite different from the stated buffer and cap. That makes the fund a better fit for a cushioning role than an income role.
How does the IBUF buffer work?
IBUF aims to absorb the first 10% of losses in the iShares MSCI EAFE ETF over each three-month outcome period. The figure is 9.78% after the fund's 0.85% management fee. If the ETF falls 15%, the prospectus example shows the fund losing about 5% before fees. Any loss beyond 10% passes through one for one. The buffer applies in full only to shareholders who hold from the first day of a period to the last, and it is not guaranteed.
What is the IBUF upside cap?
The cap is the most the fund can gain in one outcome period, and it resets every three months. For January 1 through March 31, 2026, it was 2.49% before fees, or 2.27% after the 0.85% management fee. In the prospectus table, any rise in the underlying ETF between 2.49% and 100% gives the same 2.49% fund return. Innovator posts the cap and buffer still left in the current period each day at innovatoretfs.com/ibuf.
IBUF vs PJAN: what's the difference?
Both are Innovator buffer ETFs, but they track different markets. IBUF uses options on the iShares MSCI EAFE ETF, which holds developed international stocks, and resets every quarter. PJAN, the Innovator U.S. Equity Power Buffer ETF - January, tracks U.S. stocks. PJAN charges 0.79% compared with IBUF's 0.85%. As of October 27, 2026, PJAN returned 10.5% over one year and IBUF returned 9.4%. PJAN is much larger, with about $1.4 billion in net assets as of July 31, 2026.
Can you lose money in IBUF?
Yes. The buffer covers only the first 10% of the underlying ETF's losses in each quarter. In the prospectus examples, a 50% fall in the ETF means a 40% fund loss before fees, and a 100% fall means a 90% loss. Buying partway through a period can leave less buffer, and the fund's fees reduce returns. Its deepest drop so far was 5.9%, from April 2 to April 8, 2025, but its history starts only in July 2024.