Across the buffer ETF market, 429 funds from 8 issuers were tracked as of September 29, 2026. Of these, 125 funds, or 29%, sat at their cap, meaning the underlying index has already risen far enough that those funds have no further upside for the current period. Another 249 funds, or 58%, remained open, with room to move before either the cap or the buffer comes into play. 53 funds, 12%, had their buffer already absorbing losses, and 2 funds had a buffer that was exhausted.
The median fund across the whole set could still gain 5.1% from its current price before hitting its cap, and could fall 4.8% before its buffer starts to work, based on the issuers' own published data. These two numbers describe the remaining room on either side of the current price, not a forecast of where any fund will land.
The issuer breakdown shows a range of outcomes. Innovator, the largest issuer by fund count with 138 funds, had 43 at cap and 18 with buffers working, with a median remaining gain of 5.5% and a median cushion of 6.1% before the buffer starts. First Trust, with 104 funds, showed a similar pattern: 34 at cap, 15 in buffer, median gain of 5.8%, median cushion of 6.0%. AllianzIM's 56 funds had 11 at cap and a median cushion of 4.8%. PGIM's 44 funds had the largest share at cap relative to fund count among the mid-sized issuers, 18 of 44, alongside the smallest median remaining gain, 3.9%, and smallest cushion, 4.3%. Corgi's 36 funds had none at cap and a cushion of 1.3%, the tightest in the table, while its median remaining gain was not reported. Calamos, TrueShares, and iShares rounded out the table with varying numbers; TrueShares had no funds at cap and none with buffers working among its 11 funds.
The reset calendar shows how the picture shifts by month. Funds resetting soonest, such as the 50 funds ending September 2026, carry the least remaining room to the cap, a median of just 0.6%, because their reference index has already moved the most, up 13.7% since the period started. This pattern continues through the near months: October and November 2026 show medians of 1.5% and 2.4% respectively, with index moves of +12.2% and +12.0%. By contrast, funds with periods ending later, such as August 2027, show a median remaining gain of 14.5%, with the index down 0.2% since that period began, reflecting a fresh cap and more time before reset.
Expense ratios across issuers ranged from 0.30% for Corgi to 0.80% for Innovator, First Trust, and TrueShares, with PGIM and iShares at 0.50% and AllianzIM and Calamos at 0.70%.
Readers can check the current band state, remaining cap, and downside-before-buffer numbers for any individual fund by issuer and reset month on the live desk.