At a glance
NFEB charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $82.6M in assets, the 8th largest of that group. Over the past year it returned +13.0% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds.
The short version
Innovator Growth-100 Power Buffer ETF - February (NFEB) uses FLEX options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. Over each February-to-January outcome period, it aims to absorb the first 15% of losses and cap gains at 15.10%, both before fees. Its 0.79% expense ratio is below the 0.86% average for similar buffer funds. With $82.6 million in assets as of July 31, 2026, it is the smallest in that group.
Price history
The interactive chart needs JavaScript.
NFEB +13.0% 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 | |
|---|---|---|---|---|---|---|
| NFEB price data to Oct 27, 2026 | +11.3% | +13.0% | — | — | — | +14.0% |
- Over the year to Oct 27, 2026, NFEB returned +13.0%, 1st of 8 among similar funds.
- The deepest fall in its price history was 13.3% (Feb 13, 2025 to Apr 8, 2025), recovered by Jun 6, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +11.3% |
| 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 $2.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.04%, -0.10%, -0.91%.
How it works
NFEB does not pick stocks. It puts at least 80% of net assets into investments tied to the Invesco QQQ Trust. That ETF tracks the Nasdaq-100 Index, which holds the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market. NFEB gets this exposure mainly through FLEX Options. These are exchange-traded options whose terms, such as strike price and expiration date, can be customized. As of July 31, 2026, four option positions on the Invesco QQQ Trust made up about 99.7% of the fund, and 0.32% was cash.
The options are set up to produce defined results over a one-year outcome period, here February 1, 2026 to January 31, 2027. Gains are capped at 15.10%, or 14.31% after the 0.79% fee. The fund aims to absorb the first 15% of losses in the Invesco QQQ Trust (14.21% after fees). Holders bear any losses beyond that, dollar for dollar. Before fees, a 20% drop in the underlying ETF would mean about a 5% loss, and a 50% drop about a 35% loss.
These results apply only to holders who own shares for the whole period. If you buy or sell partway through, your results may be very different. Innovator posts updated cap and buffer figures daily on its website. When the period ends, the fund takes the cash value of its options, buys a new one-year set, and the cap and buffer reset. Milliman Financial Risk Management is the sub-adviser.
What it really costs
- NFEB charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NFEB | $81 | $252 | $439 | $978 |
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 keeps stock-market exposure through the Nasdaq-100 while trying to absorb the first 15% of losses over each one-year outcome period, and it gives up gains above a cap in return.
NFEB may appeal to investors who want some growth-stock exposure but are worried about a moderate drop. The fund launched on February 3, 2025, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop was 13.3%, from February 13 to April 8, 2025, and it recovered by June 6, 2025, about two months later. Anyone who sells during a decline, or buys after a period has started, may not get the full buffer. Losses beyond 15% are not protected. The fund has made no distributions, so it provides no income. Fees are 0.79% a year, or about $81 in the first year on a $10,000 investment under the SEC's standard example. Past results don't predict future returns, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want Nasdaq-100 exposure through the Invesco QQQ Trust and accept a gain cap of 15.10% before fees in exchange for a 15% loss buffer.
- People who can buy near February 1 and hold for the full one-year outcome period, which is when the stated buffer and cap apply.
- Cost-conscious buffer-fund shoppers: its 0.79% expense ratio was the lowest among eight similar buffer funds compared.
Look elsewhere if
- Anyone who needs regular income: NFEB has recorded no distributions.
- Investors who want broad U.S. market exposure. NFEB references only the Nasdaq-100, while peers such as FFEB and PJAN follow U.S. equity strategies.
- Investors who prefer a large fund with a long record. NFEB had $82.6 million in assets as of July 31, 2026 and launched in February 2025.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| NFEB this fund | 0.79% | $82.6M | +13.0% | — |
| 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 NFEB pay dividends?
No. NFEB has recorded no distributions. Nearly all of its assets are FLEX options on the Invesco QQQ Trust, about 99.7% as of July 31, 2026, plus a small cash balance. Its return comes from the value of those options over each outcome period, not from income payments. Investors who need regular cash flow would have to sell shares to raise it.
How does the NFEB buffer work?
NFEB aims to absorb the first 15% of losses in the Invesco QQQ Trust over the outcome period from February 1, 2026 to January 31, 2027. That figure is 14.21% after its 0.79% fee. Holders bear losses beyond that, dollar for dollar. Before fees, a 20% drop in the underlying ETF would mean about a 5% loss for the fund, and a 50% drop about a 35% loss. In exchange, gains are capped at 15.10% before fees. The buffer is not guaranteed.
What happens if I buy NFEB in the middle of the outcome period?
Your results may differ a lot from the stated 15% buffer and 15.10% cap. Those figures apply only to holders who own shares from the first day of the outcome period to the last. Someone buying midway may have less buffer left, or less room to the cap, depending on how the Invesco QQQ Trust has moved. Innovator posts updated figures daily at innovatoretfs.com/nfeb. The cap and buffer reset when a new one-year period begins.
NFEB vs FFEB: what's the difference?
Both are February buffer ETFs, but they reference different markets. NFEB uses options on the Invesco QQQ Trust, which tracks the Nasdaq-100. FT Vest U.S. Equity Buffer Fund - February (FFEB) follows a U.S. equity buffer strategy. NFEB costs 0.79% against FFEB's 0.85%. As of October 27, 2026, their one-year returns were close: 13% for NFEB and 12.9% for FFEB. FFEB is much larger, with $1.42 billion in net assets as of August 31, 2026, against NFEB's $82.6 million as of July 31, 2026.
What is NFEB's expense ratio?
NFEB's expense ratio is 0.79%, according to its prospectus filed February 27, 2026. All of it is the management fee. Under the SEC's standard example ($10,000 invested, a 5% annual return, and shares sold at the end of each period), costs would be about $81 after one year, $252 after three years, $439 after five years and $978 after ten years. The average for similar buffer funds was 0.86%.