The state of buffer ETFs
On Sep 12, 2026, 104 of 380 buffer ETFs across 8 issuers sat at their cap, so in index terms those funds have no further upside this period.
53 funds had their buffer absorbing losses. The median fund could still gain 5.4% from its current price and could fall 4.7% before its buffer begins, by the issuers' own figures.
Funds resetting soonest carry the least remaining cap, because their index has had the most time to rise toward it; the fresh caps sit in the months that reset last.
As of Sep 12, 2026, the buffer ETF market covered in this data spans 273 funds across four issuers: Innovator, First Trust, AllianzIM, and Calamos. Of these, 80 funds, or 29%, sit at their cap, meaning that in index terms those funds have no further upside for the current period. Another 154 funds, or 56%, remain open, with room to move before either the cap or the buffer comes into play. The remaining 39 funds, or 14%, have their buffer actively absorbing losses.
Across all funds, the median fund could still gain 5.4% from its current price and could fall 5.3% before its buffer begins working, based on the issuers' own published figures. These figures vary by issuer. Innovator, with 107 funds, shows 29 at cap and 17 with buffers working, a median remaining gain of 5.9%, and a median fall of 5.5% before the buffer starts, with an expense ratio of 0.80%. First Trust, with 81 funds, has 30 at cap and 8 with buffers working, a median remaining gain of 4.7%, a median fall of 7.3% before the buffer starts, and the same 0.80% expense ratio. AllianzIM, with 55 funds, shows 9 at cap and 8 with buffers working, a median remaining gain of 5.0%, a median fall of 4.8%, and a 0.70% expense ratio. Calamos, with 30 funds, has 12 at cap and 6 with buffers working, a median fall of 3.3% before the buffer starts, an expense ratio of 0.70%, and no median remaining gain figure listed.
Looking ahead to the next twelve months by reset month, the data shows a pattern: funds resetting soonest carry the least remaining cap, because their underlying index has had the most time to rise toward it, while the freshest caps sit in the months that reset last. For example, the 42 funds resetting in Sep 2026 show a median remaining gain of just 1.0%, with the underlying index already up 14.7% since the period started, and 19 of those funds already at cap. By contrast, the 22 funds resetting in May 2027 show a median remaining gain of 12.7%, with the index up only 1.0% since the period began, and none of those funds at cap. A similar pattern holds through the year: by Aug 2027, the 16 funds resetting then show a median remaining gain of 15.8%, with the index down 0.4% since period start, and no funds at cap.
Readers can check the live desk for the current band state, remaining cap, and buffer distance of any individual fund by ticker, updated to today's date.
By issuer
| Issuer | Funds | At cap | Buffer working | Median can still gain | Median fall before buffer | Median expense ratio |
|---|---|---|---|---|---|---|
| Innovator | 108 | 30 | 17 | 5.8% | 5.7% | 0.80% |
| First Trust | 85 | 31 | 9 | 5.0% | 7.4% | 0.80% |
| AllianzIM | 56 | 9 | 8 | 5.0% | 4.9% | 0.70% |
| PGIM | 44 | 17 | 4 | 4.4% | 4.1% | 0.50% |
| Corgi | 36 | 0 | 8 | · | 2.0% | 0.30% |
| Calamos | 32 | 14 | 6 | · | 3.3% | 0.70% |
| TrueShares | 11 | 0 | 1 | · | 4.6% | 0.80% |
| iShares | 8 | 3 | 0 | 5.1% | 5.6% | 0.50% |
Where every fund stands today
| Band state | Funds | Share |
|---|---|---|
| At cap | 104 | 27% |
| Open | 223 | 59% |
| Buffer working | 53 | 14% |
By reset month, next twelve months
| Period ends | Funds | At cap | Median can still gain | Median index move since period start |
|---|---|---|---|---|
| Sep 2026 | 54 | 24 | 1.0% | +14.3% |
| Oct 2026 | 27 | 12 | 2.1% | +12.1% |
| Nov 2026 | 23 | 10 | 2.9% | +11.8% |
| Dec 2026 | 33 | 16 | 3.7% | +12.1% |
| Jan 2027 | 27 | 7 | 4.8% | +10.4% |
| Feb 2027 | 23 | 9 | 5.2% | +11.4% |
| Mar 2027 | 28 | 17 | 5.6% | +17.5% |
| Apr 2027 | 31 | 3 | 8.3% | +6.3% |
| May 2027 | 35 | 0 | 12.6% | +1.0% |
| Jun 2027 | 38 | 1 | 12.9% | +2.4% |
| Jul 2027 | 35 | 3 | 12.8% | +2.3% |
| Aug 2027 | 20 | 0 | 15.3% | −0.4% |
Method. Issuer-published figures (remaining cap net of fees and downside before buffer, both in fund-price terms) as of the date shown; band states are ETFIQ calculations in index terms from the published terms and the reference return. Medians across funds, not asset-weighted. Data file: https://etfiq.com/data/funds.json. Rebuilt every trading night. ETFIQ is an independent publisher and makes no recommendations. Standards
Cite this page. ETFIQ Research, The state of buffer ETFs, data as of Sep 12, 2026. https://etfiq.com/research/2026-09-13/buffer-state Free to use with attribution; the underlying file is at https://etfiq.com/data/funds.json.