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Question · Buffer ETFs

How does a buffer ETF reset?

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On the last day of its outcome period the options expire, and the next day the fund strikes new terms from that day's option prices while the buffer starts again from zero. ETFIQ tracks 431 buffer ETFs, and 8 of the ones shown here reset within 45 days of Oct 28, 2026.

Every buffer ETFaskIQ about this question
The outcome band, fund by fund
CPSNAt its cap
At its capCPSN: reference +13.0% since period start, fund +6.2%; buffer Floor; cap +6.8%; At its cap. Data to Oct 28, 2026.full floor beneathfull floor0% start+6.8% cap+6.8% gain capturedTODAY · SPY +13.0%At its capCPSN: reference +13.0% since period start, fund +6.2%; buffer Floor; cap +6.8%; At its cap. Data to Oct 28, 2026.full floor beneathfull floor0% start+6.8% cap+6.8% gain capturedTODAY · SPY +13.0%
NVBTBetween buffer and cap
Between buffer and capNVBT: reference +13.2% since period start, fund +12.5%; buffer 0 to −10; cap +16.8%; Between buffer and cap. Data to Oct 28, 2026.10 pts+13.2% gain captured−10.0% floor0% start+16.8% cap+3.5% more to the capTODAY · SPY +13.2%Between buffer and capNVBT: reference +13.2% since period start, fund +12.5%; buffer 0 to −10; cap +16.8%; Between buffer and cap. Data to Oct 28, 2026.10 pts+13.2%−10.0% floor0% start+16.8% cap+3.5% more to the capTODAY · SPY +13.2%
NVBUNo cap
No capNVBU: reference +13.2% since period start, fund +8.6%; buffer 0 to −15; no cap; No cap. Data to Oct 28, 2026.15 pts of buffer−15.0% floor0% startno cap+13.2% gained, no capTODAY · SPY +13.2%No capNVBU: reference +13.2% since period start, fund +8.6%; buffer 0 to −15; no cap; No cap. Data to Oct 28, 2026.15 pts−15.0% floor0% startno cap+13.2% gained, no capTODAY · SPY +13.2%
NVBWAt its cap
At its capNVBW: reference +13.2% since period start, fund +10.5%; buffer 0 to −20; cap +11.4%; At its cap. Data to Oct 28, 2026.20 pts of buffer+11.4% gained−20.0% floor0% start+11.4% capTODAY · SPY +13.2%At its capNVBW: reference +13.2% since period start, fund +10.5%; buffer 0 to −20; cap +11.4%; At its cap. Data to Oct 28, 2026.20 pts+11.4%−20.0% floor0% start+11.4% capTODAY · SPY +13.2%
SIXZBetween buffer and cap
Between buffer and capSIXZ: reference +7.5% since period start, fund +6.7%; buffer 0 to −10; cap +7.7%; Between buffer and cap. Data to Oct 28, 2026.10 pts of buffer+7.5% gained−10.0% floor0% start+7.7% cap+0.3% more to the capTODAY · SPY +7.5%Between buffer and capSIXZ: reference +7.5% since period start, fund +6.7%; buffer 0 to −10; cap +7.7%; Between buffer and cap. Data to Oct 28, 2026.10 pts+7.5%−10.0% floor0% start+7.7% cap+0.3% more to the capTODAY · SPY +7.5%
BNOVBetween buffer and cap
Between buffer and capBNOV: reference +13.2% since period start, fund +12.3%; buffer 0 to −9; cap +17.6%; Between buffer and cap. Data to Oct 28, 2026.9 pts+13.2% gain captured−9.0% floor0% start+17.6% cap+4.5% more to the capTODAY · SPY +13.2%Between buffer and capBNOV: reference +13.2% since period start, fund +12.3%; buffer 0 to −9; cap +17.6%; Between buffer and cap. Data to Oct 28, 2026.9 pts+13.2%−9.0% floor0% start+17.6% cap+4.5% more to the capTODAY · SPY +13.2%
DDFNAt its cap
At its capDDFN: reference +13.1% since period start, fund +9.3%; buffer 0 to −15; cap +10.0%; At its cap. Data to Oct 28, 2026.15 pts of buffer+10% gained−15.0% floor0% start+10.0% capTODAY · SPY +13.1%At its capDDFN: reference +13.1% since period start, fund +9.3%; buffer 0 to −15; cap +10.0%; At its cap. Data to Oct 28, 2026.15 pts+10%−15.0% floor0% start+10.0% capTODAY · SPY +13.1%
DDTNBetween buffer and cap
Between buffer and capDDTN: reference +13.1% since period start, fund +12.3%; buffer 0 to −10; cap +13.8%; Between buffer and cap. Data to Oct 28, 2026.10 pts of buffer+13.1% gain captured−10.0% floor0% start+13.8% cap+0.7% more to the capTODAY · SPY +13.1%Between buffer and capDDTN: reference +13.1% since period start, fund +12.3%; buffer 0 to −10; cap +13.8%; Between buffer and cap. Data to Oct 28, 2026.10 pts+13.1%−10.0% floor0% start+13.8% cap+0.7% more to the capTODAY · SPY +13.1%

A fund carries its freshest terms in the days after it resets, and its least remaining room just before. That is why the same ticker can look generous in January and exhausted in November.

The buffer resets too. If the index fell during the period and used part of the buffer, the fund starts the next period with the whole buffer and fresh terms struck at the new level.

Option prices set the cap, so it moves with volatility. A calm market gives lower caps. A nervous one gives higher caps for the same buffer.

On ETFIQ today

Answered from ETFIQ data as of Oct 28, 2026.

Points (pts) are percentage points.

TickerFundPeriod endsDays leftBufferState
CPSNCalamos S&P 500 Structured Alt Protection ETF - NovemberOct 30, 20262100%At cap
NVBTAllianzIM U.S. Equity Buffer10 ETF - NovOct 31, 2026310%Open
NVBUAllianzIM U.S. Equity Buffer15 Uncapped ETF - NovOct 31, 2026315%Uncapped
NVBWAllianzIM U.S. Equity Buffer20 ETF - NovOct 31, 2026320%At cap
SIXZAllianzIM U.S. Equity Buffer10 ETF - MayOct 31, 2026310%Open
BNOVInnovator U.S. Equity Buffer ETF - NovOct 31, 202639%Open
DDFNInnovator Equity Dual Directional 15 Buffer ETF - NovOct 31, 2026315%At cap
DDTNInnovator Equity Dual Directional 10 Buffer ETF - NovOct 31, 2026310%Open
Where to next
Every buffer ETF431 →What a buffer ETF isquestion →Browse by reset month431 →
Where these numbers came from
Innovator, AllianzIM and FT Vest publish each fund’s current outcome-period values daily ↗SEC EDGAR, full-text search of fund filings ↗SEC Form N-PORT, what a fund filed it holds ↗Rule 19a-1, what a distribution notice must say ↗

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ETFIQ, How does a buffer ETF reset?, data as of Oct 28, 2026. https://etfiq.com/questions/how-does-a-buffer-etf-reset

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