At a glance
PFEB charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $916.6M in assets, the 8th largest of that group. Over the past year it returned +10.7% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +14.4% a year. At its worst it fell 11.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months after the low.
The short version
Innovator U.S. Equity Power Buffer ETF - February (PFEB) uses FLEX options (customizable exchange-traded options) on the State Street SPDR S&P 500 ETF Trust. The goal is to give S&P 500 returns up to a cap, with a buffer against the first 15% of losses over each one-year period starting February 1. The trade-off is a capped gain: 12.42% before fees through January 31, 2027. Its 0.79% fee is the lowest among similar buffer funds compared.
Price history
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PFEB +10.7% 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 | |
|---|---|---|---|---|---|---|
| PFEB official prospectus, to Dec 31, 2024 | — | +10.52% | — | +8.96% | — | — |
| PFEB price data to Oct 27, 2026 | +9.0% | +10.7% | +14.4% | +8.9% | — | +10.0% |
- Over the year to Oct 27, 2026, PFEB returned +10.7%, 6th of 8 among similar funds.
- Its 5-year annualized return was +8.9%.
- Its worst full calendar year was 2022 (-2.8%); its best was 2023 (+15.0%).
- The deepest fall in its price history was 11% (Mar 29, 2022 to Jun 16, 2022), recovered by May 18, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.0% | — |
| 2025 | +10.7% | +10.52% |
| 2024 | +12.7% | +12.81% |
| 2023 | +15.0% | +15.08% |
| 2022 | -2.8% | -2.82% |
| 2021 | +11.5% | +11.16% |
| 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 Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.9% over that stretch · deepest drop along the way 11%, back to its old high 11 months after the low |
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 $28.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.09%, -0.04%, +0.65%.
How it works
PFEB does not buy the stocks in the S&P 500 directly. It puts at least 80% of its net assets into investments tied to the State Street SPDR S&P 500 ETF Trust, an ETF that tracks the S&P 500. In practice, that means a small set of FLEX options. As of July 31, 2026, four option positions on that ETF made up about 99.8% of the fund, with 0.27% in cash. Innovator Capital Management is the adviser and Milliman Financial Risk Management is the sub-adviser.
Together, the options set the 'outcomes' for each outcome period. For February 1, 2026 to January 31, 2027, the cap is 12.42% before fees, or 11.63% after the 0.79% fee. The buffer covers the first 15% of losses, or 14.21% after fees. Losses beyond that pass through one for one. If the underlying ETF fell 20%, the fund would aim to lose 5%. If it fell 50%, the fund would aim to lose 35%. None of these outcomes is guaranteed.
At the end of each period, the options settle in cash. The fund then buys new options that expire about a year later and sets a new cap. The stated outcomes apply only to shareholders who hold for the whole period. Buying or selling partway through, or trading at a price away from the fund's net asset value, can give very different results. Innovator's website (innovatoretfs.com/pfeb) updates these figures daily.
What it really costs
- PFEB 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 |
|---|---|---|---|---|
| PFEB | $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
PFEB gives up some stock-market upside in exchange for a buffer that has kept its losses well below the S&P 500's in a bear market.
PFEB's worst calendar year was 2022, when it lost 2.82%, according to its prospectus. Its deepest drop was 11%, from March 29 to June 16, 2022, and it took about 11 months to recover, by May 18, 2023. Its price history starts June 2, 2020, so there is no record for the 2020 crash or 2008. Smaller drops may matter to someone who has to sell shares in a bad year. But the full buffer applies only over a complete outcome period, and losses beyond 15% pass through. The fund has paid no distributions, so any cash for spending has to come from selling shares. Under the SEC's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years. Past results don't predict future ones, 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 S&P 500 exposure with a buffer against the first 15% of losses and can accept gains capped at 12.42% before fees.
- People who can buy near February 1 and hold until January 31, when the cap and buffer apply in full.
- Cost-conscious buyers of buffer funds: its 0.79% expense ratio compares with a 0.86% average among similar funds.
Look elsewhere if
- Investors who need regular income: the fund has recorded no distributions, so cash for spending comes only from selling shares.
- Those who want the full upside of stocks: its 3-year return of 14.4% a year trailed most similar buffer funds as of October 27, 2026.
- Anyone worried about severe crashes: losses beyond 15% over an outcome period pass straight through to shareholders.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PFEB this fund | 0.79% | $916.6M | +10.7% | +14.4% |
| 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
Can PFEB lose more than 15%?
Yes. The buffer covers only the first 15% of losses in the underlying ETF over the outcome period, before fees. Shareholders take every loss beyond that one for one. If the State Street SPDR S&P 500 ETF Trust fell 50% over the period, PFEB would aim to lose about 35%. After the 0.79% fee, the net buffer is 14.21%. The prospectus also says the buffer isn't guaranteed, and investors who buy after the period starts may get less protection.
Does PFEB pay dividends?
No. The fund has recorded no distributions. It holds FLEX options on the State Street SPDR S&P 500 ETF Trust rather than the stocks themselves, and its returns come from changes in share price. Retirees who need cash flow would have to sell shares to raise income. That matters, because selling during a market drop locks in losses, and selling partway through an outcome period can also produce results that differ from the stated cap and buffer.
What happens if I buy PFEB in the middle of the outcome period?
Your results may be very different from the stated 12.42% cap and 15% buffer. Those figures apply only to shares held from February 1, 2026 to January 31, 2027. If the fund has already gained, you may 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/pfeb) posts updated figures daily, so it shows the remaining cap and buffer for anyone buying partway through.
What's the difference between PFEB and FFEB?
Both are buffer ETFs on U.S. large-company stocks that reset in February, but they come from different issuers. FFEB is run by FT Vest and charges 0.85%, compared with PFEB's 0.79%. As of October 27, 2026, FFEB returned 12.9% over one year and 18.6% a year over three years. PFEB returned 10.7% and 14.4% over the same periods. FFEB's cap and buffer are set in its own prospectus, so they're worth comparing before choosing. PJAN and PDEC use PFEB's design but reset in other months.
How did PFEB do in the 2022 bear market?
It held up much better than a full stock fund, but it still lost money. PFEB returned -2.82% for calendar year 2022, according to its prospectus, and its worst quarter was -7.74% in the quarter ending June 30, 2022. From its March 29, 2022 peak, it fell 11% by June 16, 2022. It took about 11 months to recover, by May 18, 2023. Its price history starts June 2, 2020, so it has no record from the 2020 crash.