At a glance
IFEB charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $62.5M in assets, the 8th largest of that group. Over the past year it returned +5.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Innovator International Developed Power Buffer ETF February (IFEB) uses FLEX options on the iShares MSCI EAFE ETF. Over its February 1, 2026 to January 31, 2027 outcome period, it seeks to match that ETF's return up to a 13.49% cap and absorb the first 15% of losses, both before fees. Most buffer funds track US stocks. This one covers developed markets outside the US and Canada, for a 0.85% expense ratio.
Price history
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IFEB +5.3% 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 | |
|---|---|---|---|---|---|---|
| IFEB official prospectus, to Dec 31, 2024 | — | +10.46% | — | — | — | — |
| IFEB price data to Oct 27, 2026 | +3.5% | +5.3% | — | — | — | +8.3% |
- Over the year to Oct 27, 2026, IFEB returned +5.3%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+19.5%); its best was 2025 (+19.5%).
- The deepest fall in its price history was 8.8% (Sep 26, 2024 to Apr 8, 2025), recovered by May 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.5% | — |
| 2025 | +19.5% | +19.96% |
| 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 withdrew a net $22.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.65%, +0.79%, +1.07%.
How it works
IFEB does not pick stocks. It is built around the iShares MSCI EAFE ETF, which tracks the MSCI EAFE Index. That index covers large and mid-sized companies in developed markets outside the US and Canada, weighted by market value. Innovator is the adviser and Milliman Financial Risk Management is the sub-adviser. The fund does not own the ETF's shares. It holds FLEX options, which are exchange-traded options with custom strike prices and expiration dates.
As of July 31, 2026, four option positions made up 99.75% of assets, with 0.33% in cash. A call option with a $1.01 strike price tracks almost all of the ETF's price movement. A bought put at $100.74 and a sold put at $85.63 create the 15% buffer. A sold call at $114.33 sets the 13.49% cap and helps pay for the protection. After the 0.85% fee, the cap is 12.64% and the buffer is 14.15%.
These results apply only to shares held from February 1, 2026 to January 31, 2027. Buying later or selling earlier can produce very different returns. Innovator's website posts updated figures daily. Shareholders bear losses beyond 15% one-for-one: a 50% drop in the ETF means a 35% fund loss before fees. When the period ends, the options settle in cash and a new one-year set begins with a new cap. The fund is classified as non-diversified.
What it really costs
- IFEB 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 |
|---|---|---|---|---|
| IFEB | $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
Its options buffer the first 15% of losses in international developed-market stocks over each one-year period, in exchange for a cap on gains.
IFEB could soften losses in the international stock part of a portfolio, but its track record is short. It launched on February 1, 2024, so it was not around for the 2008, 2020 or 2022 sell-offs. Its only full calendar year, 2025, returned 19.96%, according to its prospectus. Its deepest drop was 8.8%, from September 26, 2024 to April 8, 2025, and it recovered by May 2, 2025. One-year volatility was 8.1% as of October 27, 2026. For someone who may need to sell in a bad year, the full buffer applies only at the end of the outcome period. Shares sold mid-period can lose more. The fund recorded no distributions, so it is not an income source. In the SEC's $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 MSCI EAFE developed-market stocks with the first 15% of losses buffered over each one-year outcome period.
- People able to buy near February 1 and hold to January 31, 2027, when the stated cap and buffer fully apply.
- Those willing to give up gains above 13.49% (12.64% after fees) in exchange for steadier returns. One-year volatility was 8.1%.
Look elsewhere if
- Investors who need regular income. The fund recorded no distributions, so it cannot fund withdrawals with dividends.
- Those who want the full upside of international stocks. Its 5.3% one-year return as of October 27, 2026 ranked last among eight buffer funds.
- Investors who prefer larger funds. Net assets were $62.5 million as of July 31, 2026, the smallest among eight comparable buffer funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| IFEB this fund | 0.85% | $62.5M | +5.3% | — |
| 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 IFEB pay dividends?
No. The fund recorded no distributions. IFEB holds options on the iShares MSCI EAFE ETF instead of the ETF's shares or the stocks inside it. Options generally give up the dividends the underlying stocks pay. The fund's results come from price changes, limited by the cap and the buffer. Investors who need regular income from international stocks may want to compare it with funds that hold the shares directly.
How does the IFEB buffer work?
IFEB seeks to absorb the first 15% of losses in the iShares MSCI EAFE ETF from February 1, 2026 to January 31, 2027, before fees. After the 0.85% fee, the buffer is 14.15%. If the ETF falls 10%, the fund aims for 0%. If the ETF falls 50%, the fund aims to lose 35%, because shareholders bear losses beyond 15%. In exchange, gains are capped at 13.49% before fees and 12.64% after.
What happens if I buy IFEB after the outcome period starts?
Your results can differ a lot from the stated cap and buffer. Those figures apply only to shares held from February 1, 2026 to January 31, 2027. If the ETF has already risen, you have less room before hitting the cap. If it has already fallen, part of the buffer may be used up. Innovator's website, innovatoretfs.com/ifeb, posts updated figures daily during the period.
What's the difference between IFEB and PJAN?
Both are Innovator Power Buffer ETFs, but they cover different markets. IFEB uses options on the iShares MSCI EAFE ETF, which covers developed markets outside the US and Canada. Innovator U.S. Equity Power Buffer ETF - January (PJAN) covers US stocks and resets each January. PJAN costs 0.79% versus IFEB's 0.85%. PJAN is much larger, with $1.4 billion in net assets as of July 31, 2026. As of October 27, 2026, PJAN's one-year return was 10.5%, versus 5.3% for IFEB.
Is IFEB expensive compared with other buffer ETFs?
It costs about the same as similar funds. IFEB's expense ratio is 0.85%, close to the 0.86% average for the buffer ETFs it was compared with. That ranks it 3rd-lowest in cost among eight. In the SEC's standard example, $10,000 earning 5% a year would cost $87 in fees after one year, $471 after five years and $1,049 after 10 years. Innovator's US Power Buffer funds charge less, at 0.79%.