The state of buffer ETFs
On Oct 27, 2026, 98 of 431 buffer ETFs across 8 issuers sat at their cap. In index terms, those funds have no further upside this period.
57 funds had their buffer absorbing losses. The median fund could still gain 6.0% from its current price and could fall 3.9% 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.
98 of 431 buffer ETFs were at their cap on Oct 27, 2026.
431 buffer ETFs on Oct 27, 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 | 33 | 20 | 7.2% | 5.0% | 0.80% |
| First Trust | 104 | 26 | 11 | 6.5% | 5.4% | 0.80% |
| AllianzIM | 57 | 7 | 6 | 5.1% | 3.0% | 0.70% |
| PGIM | 44 | 16 | 2 | 4.5% | 3.6% | 0.50% |
| Corgi | 36 | 0 | 15 | · | 0.9% | 0.30% |
| Calamos | 32 | 14 | 3 | · | 3.9% | 0.70% |
| TrueShares | 12 | 0 | 0 | · | 4.1% | 0.80% |
| iShares | 8 | 2 | 0 | 5.9% | 3.7% | 0.50% |
Where every fund stands today
| Band state | Funds | Share |
|---|---|---|
| At cap | 98 | 23% |
| Open | 276 | 64% |
| Buffer working | 56 | 13% |
| 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 | 0.7% | +12.8% |
| Nov 2026 | 30 | 17 | 1.5% | +12.7% |
| Dec 2026 | 63 | 19 | 2.9% | +8.5% |
| Jan 2027 | 29 | 10 | 3.7% | +11.2% |
| Feb 2027 | 27 | 12 | 4.1% | +12.2% |
| Mar 2027 | 37 | 23 | 4.3% | +18.4% |
| Apr 2027 | 36 | 4 | 7.2% | +7.1% |
| May 2027 | 35 | 0 | 11.2% | +1.7% |
| Jun 2027 | 45 | 1 | 11.6% | +2.6% |
| Jul 2027 | 36 | 3 | 11.2% | +3.0% |
| Aug 2027 | 26 | 0 | 13.7% | +0.4% |
| Sep 2027 | 35 | 1 | 14.3% | +0.9% |
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 27, 2026. https://etfiq.com/research/2026-10-27/buffer-state
ETFIQ Research. (Oct 27, 2026). The state of buffer ETFs. Retrieved from https://etfiq.com/research/2026-10-27/buffer-state
[The state of buffer ETFs (ETFIQ Research, Oct 27, 2026)](https://etfiq.com/research/2026-10-27/buffer-state)
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