{"url":"https://etfiq.com/questions/what-is-a-buffer-etf","section":"questions","title":"What is a buffer ETF? | ETFIQ","description":"ETFIQ tracks 431 of them, and on Oct 28, 2026, 104 had already reached that ceiling. Answered from ETFIQ data as of Oct 28, 2026.","as_of":"Oct 28, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What is a buffer ETF?","acceptedAnswer":{"@type":"Answer","text":"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."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Questions","item":"https://etfiq.com/questions/"},{"@type":"ListItem","position":3,"name":"What is a buffer ETF?","item":"https://etfiq.com/questions/what-is-a-buffer-etf"}]},{"@type":"WebPage","name":"What is a buffer ETF?","description":"ETFIQ tracks 431 of them, and on Oct 28, 2026, 104 had already reached that ceiling. Answered from ETFIQ data as of Oct 28, 2026.","url":"https://etfiq.com/questions/what-is-a-buffer-etf","dateModified":"2026-10-28","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3065,"truncated":false,"content":"ETFIQ / Questions / What is a buffer ETF? \n \n Answered from ETFIQ data as of Oct 28, 2026 .\n What is a buffer ETF?\n 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.\n 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.\n 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.\n 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 .\n On ETFIQ today\n Ticker Fund Buffer Can still gain Fall before buffer Period ends \n CPSN Calamos S&P 500 Structured Alt Protection ETF - November 100% not published 6.5% Oct 30, 2026 \n NVBT AllianzIM U.S. Equity Buffer10 ETF - Nov 10% 3.1% 11.9% Oct 31, 2026 \n NVBU AllianzIM U.S. Equity Buffer15 Uncapped ETF - Nov 15% uncapped 8.6% Oct 31, 2026 \n NVBW AllianzIM U.S. Equity Buffer20 ETF - Nov 20% 0.1% 10.2% Oct 31, 2026 \n SIXZ AllianzIM U.S. Equity Buffer10 ETF - May 10% 0.6% 6.6% Oct 31, 2026 \n BNOV Innovator U.S. Equity Buffer ETF - Nov 9% 3.9% 11.8% Oct 31, 2026 \n DDFN Innovator Equity Dual Directional 15 Buffer ETF - Nov 15% 0.0% 9.3% Oct 31, 2026 \n DDTN Innovator Equity Dual Directional 10 Buffer ETF - Nov 10% 0.6% 11.7% Oct 31, 2026 \n \n Where to next\n Every buffer ETF The vocabulary How a buffer resets Sources\n Innovator, AllianzIM and FT Vest publish each fund\u2019s 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.\n ETFIQ is an independent publisher and makes no recommendations. Standards and sources \n Cite this page. ETFIQ, What is a buffer ETF?, data as of Oct 28, 2026. https://etfiq.com/questions/what-is-a-buffer-etf Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, What is a buffer ETF?, data as of Oct 28, 2026. https://etfiq.com/questions/what-is-a-buffer-etf APA ETFIQ. (Oct 28, 2026). What is a buffer ETF?. Retrieved from https://etfiq.com/questions/what-is-a-buffer-etf Markdown [What is a buffer ETF? (ETFIQ, Oct 28, 2026)](https://etfiq.com/questions/what-is-a-buffer-etf)","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, What is a buffer ETF?, data as of Oct 28, 2026. https://etfiq.com/questions/what-is-a-buffer-etf"}