IQ
Question · Buffer ETFs

What is a buffer ETF?

Share
Share on X

A buffer ETF, also called a defined outcome ETF or a buffer fund, absorbs a stated range of an index's losses over a set period in exchange for part of the gain, usually through a ceiling on it. ETFIQ tracks 431 of them, and on Oct 28, 2026, 104 had already reached that ceiling.

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%

The fund buys options on a reference index, usually the S&P 500 through SPY, that pay off in a shape decided on the first day of the period. A typical fund absorbs the first 9 or 15 percent of index losses and caps the gain somewhere above 10 percent. Option prices on day one set both numbers, so the same fund has a different cap each year.

Two things surprise buyers. The protection applies over the whole outcome period, not day to day, so a fund bought halfway through has different terms than the ones advertised on day one. And once the index passes the cap, there is no more upside however far it climbs. The fund waits for the reset.

ETFIQ draws every fund on one band, from its buffer floor to its cap (or an open top, if it has none). That lets you compare funds from different issuers. The vocabulary is here.

On ETFIQ today

Answered from ETFIQ data as of Oct 28, 2026.

Points (pts) are percentage points.

TickerFundBufferCan still gainFall before bufferPeriod ends
CPSNCalamos S&P 500 Structured Alt Protection ETF - November100%not published6.5%Oct 30, 2026
NVBTAllianzIM U.S. Equity Buffer10 ETF - Nov10%3.1%11.9%Oct 31, 2026
NVBUAllianzIM U.S. Equity Buffer15 Uncapped ETF - Nov15%uncapped8.6%Oct 31, 2026
NVBWAllianzIM U.S. Equity Buffer20 ETF - Nov20%0.1%10.2%Oct 31, 2026
SIXZAllianzIM U.S. Equity Buffer10 ETF - May10%0.6%6.6%Oct 31, 2026
BNOVInnovator U.S. Equity Buffer ETF - Nov9%3.9%11.8%Oct 31, 2026
DDFNInnovator Equity Dual Directional 15 Buffer ETF - Nov15%0.0%9.3%Oct 31, 2026
DDTNInnovator Equity Dual Directional 10 Buffer ETF - Nov10%0.6%11.7%Oct 31, 2026
Where to next
Every buffer ETF431 →The vocabularyvocabulary →How a buffer resetsquestion →
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 ↗

Links are sources, not endorsements.

ETFIQ is an independent publisher and makes no recommendations. Standards and sources

Cite this pageCitation, APA and Markdown

ETFIQ, What is a buffer ETF?, data as of Oct 28, 2026. https://etfiq.com/questions/what-is-a-buffer-etf

Open data →

Free to use with attribution for ETFIQ’s data. Not investment advice.