Buffer ETFs, the funds that trade some upside for a set amount of downside protection over a fixed period, showed a wide spread of outcomes as of September 21, 2026. Across 429 funds from 8 issuers, 152 sat at their cap, meaning that in index terms those funds have no further upside left for the current period. Another 27 funds had their buffer already absorbing losses, the point where the downside protection has started working. The remaining 250 funds, 58% of the total, were in an open state, still able to move in either direction before hitting either boundary.
For the median fund, the issuers' own numbers show 4.9% of further gain still available before the cap and 4.7% of further decline tolerable before the buffer begins to absorb losses. This split is close to even, though it varies by issuer. First Trust's 104 funds had a median remaining gain of 5.6% against a 6.1% cushion before the buffer starts. Innovator's 138 funds showed 5.0% and 6.1% on the same measures. PGIM's 44 funds had tighter numbers at 3.8% and 4.4%. Corgi and TrueShares did not report a median remaining gain number, shown as "·" in the table, though Corgi's 36 funds had a 0.5% cushion before the buffer and TrueShares showed 4.5%. Expense ratios across issuers ranged from Corgi's 0.30% to Innovator's, First Trust's and TrueShares' 0.80%.
The reset calendar shows a clear pattern tied to how much time has passed since each period began. Funds resetting soonest, in September 2026, carry the least remaining cap, a median of just 0.4%, because their underlying index has had the most time to climb toward the ceiling; the median index move since the period started for that group was +14.3%. Of the 52 funds resetting that month, 29 were already at cap. This pattern eases as the reset dates move further out. By April 2027, the median remaining gain rises to 7.6%, and by May through August 2027 it climbs further, to between 11.3% and 13.8%, with at most one fund per month sitting at cap. The index moves since period start for these later-resetting groups were much smaller, in the range of 0.9% to 3.6%, showing why their caps remain largely intact.
Readers using the live desk can check where a specific fund's current price sits between its stated cap and its buffer threshold, and how many trading days remain until its next reset.