At a glance
QBUF charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $162.7M in assets, the 8th largest of that group. Over the past year it returned +5.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Innovator Nasdaq-100 10 Buffer ETF Quarterly (QBUF) uses FLEX options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. It aims to absorb the first 10% of QQQ losses in each three-month period, and in exchange it caps gains. The cap resets every quarter. For January 1 to March 31, 2026, it was 3.79% before fees. The fund costs 0.79% a year, below the 0.86% average of similar buffer funds.
Price history
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QBUF +5.2% 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 | |
|---|---|---|---|---|---|---|
| QBUF official prospectus, to Dec 31, 2024 | — | +10.92% | — | — | — | +11.45% |
| QBUF price data to Oct 27, 2026 | +4.7% | +5.2% | — | — | — | +9.4% |
- Over the year to Oct 27, 2026, QBUF returned +5.2%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+11.1%); its best was 2025 (+11.1%).
- The deepest fall in its price history was 8.8% (Feb 20, 2025 to Apr 8, 2025), recovered by May 13, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.7% | — |
| 2025 | +11.1% | +10.92% |
| 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 $6.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.86%, +0.32%, -2.02%.
How it works
The fund puts at least 80% of its net assets into investments tied to the Invesco QQQ Trust, Series 1. That ETF tracks the Nasdaq-100 Index, which holds the largest US and international nonfinancial companies listed on Nasdaq. QBUF holds FLEX options on QQQ rather than the stocks. FLEX options are exchange-traded options with customizable terms. As of July 31, 2026, four QQQ options made up 99.95% of its $162.7 million in net assets. Cash was 0.12%.
Each outcome period lasts about three months. On the first day, the fund sets a cap, the most it can return for that period. For January 1 to March 31, 2026, the cap was 3.79% before fees and 3.59% after the 0.79% fee. The buffer aims to absorb the first 10% of QQQ losses, or 9.80% after fees. Holders take any losses beyond that one-for-one. If QQQ fell 20%, the fund would aim to lose about 10%. When the options expire, the fund buys new ones running about three months, and a new cap is set.
These outcomes apply only to people who hold for the whole period. Buying after the period starts, or selling before it ends, can give very different results. Innovator posts updated figures daily at innovatoretfs.com/qbuf. Results linked across several quarters will also differ from a fund with a one-year period. Nothing guarantees the outcomes.
What it really costs
- QBUF 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 |
|---|---|---|---|---|
| QBUF | $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 trades most of the Nasdaq-100's upside for a cushion against the first 10% of QQQ losses in each three-month period.
QBUF may add Nasdaq-100 exposure with a cushion against modest quarterly declines. It launched July 1, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 10.92%, according to the prospectus. Its deepest drop was 8.8%, from February 20 to April 8, 2025. It had recovered by May 13, 2025, about a month later. In the year to October 27, 2026, it gained 5.2% with a beta of 0.43. Beta measures how much a fund moves with the market, and 0.43 means less than half as much.
There are drawbacks. The buffer covers only the first 10% each quarter, so a deeper crash could still hurt someone who needs to sell. The fund has recorded no distributions, so any cash must come from selling shares. In the SEC's standard $10,000 example, costs come to $81 after one year and $978 after 10. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want Nasdaq-100 exposure through QQQ options, with a buffer against the first 10% of losses in each three-month period.
- Holders who can buy near the start of a quarterly outcome period and hold to its end, which the stated cap and buffer require.
- Cost-conscious buffer-fund buyers: its 0.79% expense ratio is the lowest of eight similar funds, below their 0.86% average.
Look elsewhere if
- Investors who need regular income: the fund has recorded no distributions, so cash would have to come from selling shares.
- Investors who want most of the Nasdaq-100's gains: the January–March 2026 cap was 3.79% before fees, and the one-year return ranked 8th of 8 peers.
- Those who want protection in deep crashes or a long record: losses beyond 10% pass through one-for-one, and the fund only launched in July 2024.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| QBUF this fund | 0.79% | $162.7M | +5.2% | — |
| 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
What is the upside cap on QBUF?
QBUF's cap changes every quarter. It is set on the first day of each three-month outcome period. For January 1 to March 31, 2026, the cap was 3.79% before fees. After the 0.79% annual management fee, it was 3.59%. If QQQ rose more than that during the period, holders still got no more than the cap. Innovator posts updated cap and buffer figures daily at innovatoretfs.com/qbuf.
Can you lose money in QBUF?
Yes. The buffer aims to absorb only the first 10% of QQQ losses in each three-month period, or 9.80% after fees. Holders take any losses beyond that one-for-one. The prospectus example shows a 20% QQQ drop producing about a 10% fund loss, and a 100% drop producing a 90% loss. The fund's deepest drop was 8.8%, from February 20 to April 8, 2025. Nothing guarantees the buffer will work.
What happens if I buy QBUF in the middle of a quarter?
Your results may differ a lot from the stated cap and buffer. Those outcomes apply only to shares held from the first day of an outcome period to its last. Buying partway through means the fund's options have already moved. You may have less room before hitting the cap, or less buffer left. Innovator's website shows the remaining cap and buffer for new buyers each day.
Does QBUF pay dividends?
No distributions have been recorded for QBUF. The fund holds options on the Invesco QQQ Trust, not the Nasdaq-100 stocks themselves. Its return comes from how those options are worth when they expire each quarter. Investors who want regular cash from it would need to sell shares, which works best at the end of an outcome period.
QBUF vs BUFR: what's the difference?
Both are buffer ETFs, but they differ in exposure, cost and size. QBUF is built on QQQ, which tracks the Nasdaq-100, and resets its cap and 10% buffer every three months. BUFR, the FT Vest Laddered Buffer ETF, describes itself as a laddered U.S. equity fund. BUFR charges 0.95% against QBUF's 0.79%. It had about $10.5 billion in net assets, against QBUF's $162.7 million. As of October 27, 2026, BUFR returned 11.6% over one year and QBUF 5.2%.