The state of buffer ETFs
On Oct 26, 2026, 86 of 431 buffer ETFs across 8 issuers sat at their cap. In index terms, those funds have no further upside this period.
85 funds had their buffer absorbing losses. The median fund could still gain 6.3% from its current price and could fall 3.6% before its buffer begins, by the issuers' own numbers. 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.
86 of 431 buffer ETFs were at their cap on Oct 26, 2026.
431 buffer ETFs on Oct 26, 2026; each bar is one band state’s share of them.
By issuer
| Issuer | Funds | At cap | Buffer working | Median can still gain | Median fall before buffer | Median expense ratio |
|---|---|---|---|---|---|---|
| Innovator | 138 | 27 | 29 | 7.4% | 4.9% | 0.80% |
| First Trust | 104 | 24 | 20 | 6.7% | 5.2% | 0.80% |
| AllianzIM | 57 | 7 | 12 | 5.5% | 2.7% | 0.70% |
| PGIM | 44 | 13 | 5 | 4.7% | 3.4% | 0.50% |
| Corgi | 36 | 0 | 15 | · | 0.2% | 0.30% |
| Calamos | 32 | 13 | 4 | · | 3.9% | 0.70% |
| TrueShares | 12 | 0 | 0 | · | 4.1% | 0.80% |
| iShares | 8 | 2 | 0 | 6.1% | 3.4% | 0.50% |
Where every fund stands today
| Band state | Funds | Share |
|---|---|---|
| At cap | 86 | 20% |
| Open | 260 | 60% |
| Buffer working | 84 | 19% |
| Buffer exhausted | 1 | 0% |
By reset month, next twelve months
| Period ends | Funds | At cap | Median can still gain | Median index move since period start |
|---|---|---|---|---|
| Oct 2026 | 18 | 7 | 1.3% | +12.2% |
| Nov 2026 | 30 | 13 | 1.8% | +12.0% |
| Dec 2026 | 63 | 16 | 3.2% | +7.8% |
| Jan 2027 | 29 | 8 | 3.9% | +10.6% |
| Feb 2027 | 27 | 11 | 4.3% | +11.5% |
| Mar 2027 | 37 | 23 | 4.5% | +17.6% |
| Apr 2027 | 36 | 2 | 7.4% | +6.5% |
| May 2027 | 35 | 0 | 11.6% | +1.1% |
| Jun 2027 | 45 | 1 | 12.2% | +1.9% |
| Jul 2027 | 36 | 3 | 11.5% | +2.4% |
| Aug 2027 | 26 | 0 | 14.1% | −0.2% |
| Sep 2027 | 35 | 1 | 14.8% | +0.3% |
Issuer-published numbers (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. Rebuilt every trading night. Data file: funds.json.
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ETFIQ Research, The state of buffer ETFs, data as of Oct 26, 2026. https://etfiq.com/research/2026-10-26/buffer-state
ETFIQ Research. (Oct 26, 2026). The state of buffer ETFs. Retrieved from https://etfiq.com/research/2026-10-26/buffer-state
[The state of buffer ETFs (ETFIQ Research, Oct 26, 2026)](https://etfiq.com/research/2026-10-26/buffer-state)
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