At a glance
RBUF charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $95.8M in assets, the 8th largest of that group. Over the past year it returned +7.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Innovator U.S. Small Cap 10 Buffer ETF - Quarterly (RBUF) follows the iShares Russell 2000 ETF, a basket of about 2,000 smaller U.S. companies. It does this through FLEX options rather than by owning the stocks. Each three-month period, it aims to absorb the first 10% of losses in exchange for a tight cap on gains. Its 0.79% expense ratio is below the 0.86% average of similar buffer funds. The trade-off is sharply limited upside.
Price history
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RBUF +7.1% 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 | |
|---|---|---|---|---|---|---|
| RBUF official prospectus, to Dec 31, 2024 | — | +11.43% | — | — | — | +10.24% |
| RBUF price data to Oct 27, 2026 | +7.3% | +7.1% | — | — | — | +9.9% |
- Over the year to Oct 27, 2026, RBUF returned +7.1%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+10.9%); its best was 2025 (+10.9%).
- The deepest fall in its price history was 11.4% (Dec 11, 2024 to Apr 8, 2025), recovered by Jun 26, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.3% | — |
| 2025 | +10.9% | +11.43% |
| 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 $8.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.23%, +0.52%, -0.48%.
How it works
RBUF does not buy small-company stocks directly. It puts at least 80% of net assets into investments tied to the iShares Russell 2000 ETF. That ETF follows a float-adjusted, market-value-weighted index of the roughly 2,000 smallest companies in the Russell 3000 Index. RBUF gets this exposure through FLEX options, which are exchange-traded options with custom strike prices and expiration dates. As of July 31, 2026, four option positions made up about 99.9% of the fund's $95.8 million in net assets. The largest, at about 96.9%, was a call option with a very low strike price. It moves almost one-for-one with the underlying ETF.
The other options do two jobs: one set guards against losses and another limits gains. Over each three-month "outcome period," the fund seeks to absorb the first 10% of the underlying ETF's losses. Holders bear any losses beyond that, one for one. The cap on gains is set on the first day of each period. For January 1 to March 31, 2026, the cap was 4.02% before fees and 3.82% after the 0.79% fee. At the end of each period, the options expire and the fund buys a new set with a new cap.
These results apply only to holders who buy on the first day of a period and hold until its last day. Buyers who join or leave mid-period may see very different results. The fund's website posts updated figures daily.
What it really costs
- RBUF 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 |
|---|---|---|---|---|
| RBUF | $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
RBUF gives up most of the upside of small-company stocks in exchange for a buffer against the first 10% of losses each quarter, so its price has moved far less than the market's.
RBUF could act as a calmer way to hold small-company stocks. Over the year to October 27, 2026, its volatility was 6% and its beta was 0.36, meaning it moved about a third as much as the market. It launched July 1, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 11.43%, according to the prospectus filed February 27, 2026. Its deepest drop was 11.4%, from December 11, 2024 to April 8, 2025, and it recovered by June 26, 2025. That shows the buffer does not stop price drops along the way. That matters for anyone who has to sell partway through a quarter. It has paid no distributions, so it provides no income. Costs come to $81 in the first year on $10,000. 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 exposure to Russell 2000 small-cap stocks with a buffer against the first 10% of losses each quarter, and who accept a low cap.
- Cost-conscious buffer-fund buyers: its 0.79% expense ratio ties for lowest among eight comparable buffer funds, whose average is 0.86%.
- People who prefer three-month outcome periods, so the cap and buffer reset four times a year instead of once.
Look elsewhere if
- Anyone who needs regular income: the fund has recorded no distributions, and it holds options rather than dividend-paying shares.
- Investors who want full small-cap upside: its 7.1% one-year return through October 27, 2026, ranked last of eight similar funds.
- Those who prefer larger funds or trade mid-quarter: net assets were $95.8 million as of July 31, 2026, the smallest among comparable funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| RBUF this fund | 0.79% | $95.8M | +7.1% | — |
| 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 RBUF pay dividends?
No. RBUF has no recorded distributions. The fund holds FLEX options on the iShares Russell 2000 ETF rather than the small-company stocks themselves, so the dividends those companies pay do not pass through to RBUF holders. Its return comes only from changes in its share price, within the limits of its buffer and cap. Investors who want income from small-cap stocks may want to compare funds that own the shares directly.
How does the RBUF buffer work?
RBUF uses a package of FLEX options to absorb the first 10% of losses in the iShares Russell 2000 ETF over each three-month outcome period. In return, gains are capped. For January 1 to March 31, 2026, the cap was 4.02% before fees and 3.82% after them. Losses beyond 10% pass through one for one. When each period ends, the options expire and the fund buys a new set with a new cap. These results apply only to holders who own shares for the full period.
What is RBUF's expense ratio?
RBUF's expense ratio is 0.79%, according to its prospectus filed February 27, 2026. That ties for the lowest among eight comparable buffer funds, whose average is 0.86%. In the SEC's standard example ($10,000 invested, a 5% annual return, shares sold at the end), total costs would be about $81 after one year, $252 after three, $439 after five and $978 after ten. Fees also reduce the buffer and cap. For example, the 10% buffer comes to 9.80% after fees.
RBUF vs BUFR: what's the difference?
Both are buffer ETFs, but they differ in focus, cost and size. RBUF follows the small-cap iShares Russell 2000 ETF, resets every quarter and charges 0.79%. FT Vest Laddered Buffer ETF (BUFR) charges 0.95%, and its name indicates a laddered approach, spreading money across buffer positions that reset at different times. BUFR had about $10.5 billion in net assets as of August 31, 2026, versus RBUF's $95.8 million as of July 31, 2026. Through October 27, 2026, BUFR returned 11.6% over one year, versus 7.1% for RBUF.
Can you lose money in RBUF?
Yes. The buffer covers only the first 10% of the underlying ETF's losses, and only for shares held through a full three-month period. In the prospectus examples, a 20% drop in the iShares Russell 2000 ETF leads to a 10% fund loss before fees, and a 50% drop leads to a 40% loss. Buyers who join mid-period can get very different results. RBUF's deepest drop so far was 11.4%, between December 11, 2024 and April 8, 2025.