{"url":"https://etfiq.com/research/quarterly/2026-q2-buffer/","section":"research","title":"What a buffer ETF delivers mid-period, 2026-Q2 | ETFIQ","description":"The median of the 114 buffer ETFs whose outcome period ran through the second quarter of 2026 delivered 48.5 percent of its reference\u2019s rise.","as_of":"Sep 11, 2026","structured_data":[{"@type":"Dataset","name":"ETFIQ Quarterly: what buffer ETFs delivered mid-period, 2026-Q2","description":"The median of the 114 buffer ETFs whose outcome period ran through the second quarter of 2026 delivered 48.5 percent of its reference\u2019s rise.","url":"https://etfiq.com/research/quarterly/2026-q2-buffer/","dateModified":"2026-10-26","temporalCoverage":"2026-04-01/2026-06-30","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/quarterly/2026-q2-buffer.json"}],"variableMeasured":["Reference asset return","Fund total return","Share of the reference captured","Stated cap","Stated buffer","Whether the cap was binding","Whether the buffer was engaged"],"license":"https://etfiq.com/license/","creator":{"@id":"https://etfiq.com/#org"},"publisher":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"inLanguage":"en","creativeWorkStatus":"Published","keywords":["exchange-traded funds","ETF","Buffer ETFs","fund data","SEC filings"]},{"@type":"Report","name":"What a buffer ETF delivers mid-period, 2026-Q2","description":"The median of the 114 buffer ETFs whose outcome period ran through the second quarter of 2026 delivered 48.5 percent of its reference\u2019s rise.","url":"https://etfiq.com/research/quarterly/2026-q2-buffer/","datePublished":"2026-09-11","author":{"@id":"https://etfiq.com/#org"},"publisher":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"inLanguage":"en"},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"ETFIQ Research","item":"https://etfiq.com/research/"},{"@type":"ListItem","position":3,"name":"ETFIQ Quarterly","item":"https://etfiq.com/research/quarterly/"},{"@type":"ListItem","position":4,"name":"2026-Q2 \u00b7 Buffer","item":"https://etfiq.com/research/quarterly/2026-q2-buffer/"}]},{"@type":"WebPage","name":"What a buffer ETF delivers mid-period, 2026-Q2","description":"The median of the 114 buffer ETFs whose outcome period ran through the second quarter of 2026 delivered 48.5 percent of its reference\u2019s rise.","url":"https://etfiq.com/research/quarterly/2026-q2-buffer/","dateModified":"2026-10-26","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":19659,"truncated":false,"content":"ETFIQ / ETFIQ Research / ETFIQ Quarterly / 2026-Q2 \u00b7 Buffer \n \n [ETFIQ] \n ETFIQ Quarterly What a buffer ETF delivers mid-period, 2026-Q2\n The second quarter of 2026 , Apr 1, 2026 to Jun 30, 2026\n 114 funds measured \u00b7 published Sep 11, 2026\n Across the 114 buffer ETFs whose outcome period ran through the whole of the second quarter of 2026, the reference rose in every case and the median fund delivered 48.5 percent of that rise, with the buffer engaged on none of them.\n\n ETFIQ is an independent publisher of data about exchange-traded funds. It is not a fund issuer, broker-dealer or investment adviser and makes no recommendations. Every number here is calculated from a named public source and carries the date it applies to. These numbers do not change once published. etfiq.com \u00b7 the data file behind this report is at etfiq.com/data/quarterly/2026-q2-buffer.json\n\n [ETFIQ] \u00b7 ETFIQ Quarterly \u00b7 2026-Q2 buffer \n A closed quarter, Apr 1, 2026 to Jun 30, 2026. These numbers do not change. Published Sep 11, 2026.\n What a buffer ETF delivers mid-period, 2026-Q2\n Across the 114 buffer ETFs whose outcome period ran through the whole of the second quarter of 2026, the reference rose in every case and the median fund delivered 48.5 percent of that rise, with the buffer engaged on none of them.\n ETFIQ Quarterly. Free to quote with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The file every number here was computed from is published with it.\n Download the PDF Print this page \n What this quarter found The reference rose for every one of the 114 funds, and all 114 delivered less than the whole of it. The median fund passed on 48.5 percent of its reference\u2019s rise.\n The more the reference rose, the less came through. Funds on QQQ , up +26.17% , passed on a median 37.6 percent ; funds on EFA , up +7.00% , passed on 58.6 percent .\n The buffer did nothing. On 0 of the 114 was the reference below the level where its buffer starts at the quarter\u2019s close, which is what protection looks like in a quarter that goes up.\n \n 48.5% Median share of its reference\u2019s rise that reached the holder \n 31% to 67% The tenth fund to the ninetieth \n 0 of 114 Had the buffer engaged at the quarter\u2019s close \n \u22127.48 pts Median gap to its own reference \n\n Investor note Across the 114 buffer ETFs whose outcome period ran through the whole of the second quarter of 2026, the reference rose in every case and the median fund delivered 48.5 percent of that rise, with the buffer engaged on none of them. ETFIQ measured every fund against its own reference asset over the same days, from Apr 1, 2026 to Jun 30, 2026. Funds measured 114 \n Median share captured 48.5% \n Buffer engaged 0 of 114 \n Quarter Apr 1, 2026 to Jun 30, 2026 \n ETFIQ, What a buffer ETF delivers mid-period, 2026-Q2, published Sep 11, 2026. https://etfiq.com/research/quarterly/2026-q2-buffer/\n\n Copy this block \n The problem\n A buffer ETF promises a shape. You get the reference asset\u2019s return, capped above at a level struck when the period began, and protected below down to another one. Every part of that is true, and all of it arrives on a single day: the last day of the outcome period. On every other day of the year what you own is a basket of options that have not matured, and a basket of unmatured options does not have the shape it will settle into.\n So the fund moves a fraction of the reference in both directions, the fraction depends on how much time is left and where the reference sits between the two ends, and for most of the period neither end is doing anything at all. None of that is hidden. It is simply not measured anywhere, and a holder checking a price in month four has no way to tell whether what they are looking at is the fund working or the fund failing.\n What happened in the second quarter of 2026\n The reference rose for every one of the 114 funds whose period ran through the whole quarter. Every one of them delivered less than the whole of that rise. The median fund passed on 48.5 percent , the tenth 31.3 and the ninetieth 67.1 , and the median gap to the reference was 7.48 percentage points .\n That is the instrument working. A fund that had passed on all of a rise in month two would be a fund with nothing left to give at the cap, and the ones passing on least are mostly the ones whose reference has run furthest toward it.\n Median share of the reference\u2019s rise that reached the holder, by reference, 2026-Q2. Source: ETFIQ. Reference Funds It rose Median captured \n SPY 70 +14.26 49.0% \n QQQ 14 +26.17 37.6% \n EFA 12 +7.00 58.6% \n IWM 9 +20.68 47.8% \n EEM 6 +20.14 37.0% \n RSP 3 +10.93 62.2% \n The ordering is the point. QQQ rose +26.17% and its funds passed on a median 37.6% ; EFA rose +7.00% and its funds passed on 58.6% . The further a reference runs toward a cap, the less of each further point comes through.\n 41 of the 106 funds with a stated cap had their reference above it at the quarter\u2019s close, measured from each fund\u2019s own period start. Those are the funds with the least left to give.\n 0 had the buffer engaged. The protection every one of these funds was bought for did nothing for three months, which is exactly what it should do in a quarter that rises.\n None of these is what a holder finally gets. That is settled on the period\u2019s last day, and for most of these funds that day is months away.\n \n What the fraction is made of\n Three things, and the first two are not costs. Time : the options that produce the cap and the buffer are worth less than their settled value until they settle, so a fund holding them prices between the two ends rather than at them. Where the reference sits : near the middle of the range a fund moves close to one-for-one with it, and as the reference approaches the cap each further point is worth less to the fund because the fund has sold that point away. And the fee , which is the only part of the three a holder pays for and the only one that does not reverse by the last day.\n The first two reverse. A fund at 48 percent of its reference in June is not 52 percent behind for good; if the reference finishes the period where it is, the fund converges on the shape it promised as the options mature. What this study measures is the middle of that journey, which is where every holder who checks a price actually stands.\n Every fund, 2026-Q2\n All 114 funds, least of the reference passed on first. The cap and the buffer are as struck at the start of each fund\u2019s own outcome period. Returns are over the quarter\u2019s days. Numbers in percentage points.\n Buffer ETFs against their own reference, 2026-Q2. Source: ETFIQ. Ticker Fund Reference Cap Buffer The reference The fund Captured Downside Cover percentile in its set, this quarter \n MARM FT Vest U.S. Equity Max Buffer ETF - M SPY 7.00% 78% +14.26 +1.96 13.7% 0.4 \n FEBM FT Vest U.S. Equity Max Buffer ETF - F SPY 7.00% 47% +14.26 +2.73 19.1% 1.3 \n NOVM FT Vest U.S. Equity Max Buffer ETF - N SPY 7.00% 58% +14.26 +2.74 19.2% 2.2 \n JANM FT Vest U.S. Equity Max Buffer ETF - J SPY 7.00% 46% +14.26 +2.92 20.5% 3.1 \n DECM FT Vest U.S. Equity Max Buffer ETF - D SPY 7.00% 51% +14.26 +2.96 20.8% 3.9 \n OCTM FT Vest U.S. Equity Max Buffer ETF - O SPY 7.00% 44% +14.26 +3.14 22.0% 4.8 \n SEPM FT Vest U.S. Equity Max Buffer ETF - S SPY 7.00% 47% +14.26 +3.33 23.4% 5.7 \n EJAN Innovator Emerging Markets Power Buffe EEM 14.45% 15% +20.14 +5.63 28.0% 6.6 \n NAPR Innovator Growth-100 Power Buffer ETF QQQ 17.23% 15% +26.17 +7.56 28.9% 7.5 \n QCJA FT Vest Nasdaq-100\u00ae Conservative Buffe QQQ 12.08% 20% +26.17 +7.72 29.5% 8.3 \n EOCT Innovator Emerging Markets Power Buffe EEM 15.20% 15% +20.14 +6.24 31.0% 9.2 \n QCOC FT Vest Nasdaq-100\u00ae Conservative Buffe QQQ 12.41% 20% +26.17 +8.18 31.3% 10.1 \n APRW AllianzIM U.S. Equity Buffer20 ETF - A SPY 11.89% 20% +14.26 +4.62 32.4% 11.0 \n QMFE FT Vest Nasdaq-100\u00ae Moderate Buffer ET QQQ 15.01% 15% +26.17 +8.59 32.8% 11.8 \n UAPR Innovator U.S. Equity Ultra Buffer ETF SPY 13.03% 30% +14.26 +4.98 34.9% 12.7 \n NMAR Innovator Growth-100 Power Buffer ETF QQQ 15.88% 15% +26.17 +9.27 35.4% 13.6 \n QMNV FT Vest Nasdaq-100\u00ae Moderate Buffer ET QQQ 16.35% 15% +26.17 +9.38 35.8% 14.5 \n DMAR FT Vest U.S. Equity Deep Buffer ETF - SPY 13.07% 25% +14.26 +5.18 36.3% 15.4 \n NJAN Innovator Growth-100 Power Buffer ETF QQQ 14.65% 15% +26.17 +9.62 36.8% 16.2 \n TDEC FT Vest Emerging Markets Buffer ETF - EEM 19.79% 10% +20.14 +7.45 37.0% 17.5 \n TSEP FT Vest Emerging Markets Buffer ETF - EEM 17.19% 10% +20.14 +7.46 37.0% 17.5 \n MARW AllianzIM U.S. Equity Buffer20 ETF - M SPY 10.79% 20% +14.26 +5.33 37.4% 18.9 \n NFEB Innovator Growth-100 Power Buffer ETF QQQ 15.10% 15% +26.17 +10.07 38.5% 19.7 \n NOCT Innovator Growth-100 Power Buffer ETF QQQ 14.25% 15% +26.17 +10.10 38.6% 20.6 \n QMAR FT Vest Nasdaq-100\u00ae Buffer ETF - March QQQ 20.86% 10% +26.17 +10.13 38.7% 21.5 \n JANW AllianzIM U.S. Equity Buffer20 ETF - J SPY 10.47% 20% +14.26 +5.58 39.1% 22.8 \n PAPR Innovator U.S. Equity Power Buffer ETF SPY 13.98% 15% +14.26 +5.58 39.1% 22.8 \n GMAR FT Vest U.S. Equity Moderate Buffer ET SPY 14.10% 15% +14.26 +5.61 39.3% 24.1 \n FEBW AllianzIM U.S. Equity Buffer20 ETF - F SPY 10.58% 20% +14.26 +5.62 39.4% 25.0 \n EAPR Innovator Emerging Markets Power Buffe EEM 24.19% 15% +20.14 +8.04 39.9% 25.9 \n NDEC Innovator Growth-100 Power Buffer ETF QQQ 15.39% 15% +26.17 +10.67 40.8% 26.8 \n SIXO AllianzIM U.S. Equity Buffer10 ETF - A SPY 8.72% 10% +14.26 +5.84 41.0% 27.6 \n OCTW AllianzIM U.S. Equity Buffer20 ETF - O SPY 10.29% 20% +14.26 +5.90 41.4% 28.5 \n SNOV FT Vest U.S. Small Cap Moderate Buffer IWM 18.42% 15% +20.68 +8.68 42.0% 29.4 \n UFEB Innovator U.S. Equity Ultra Buffer ETF SPY 11.39% 30% +14.26 +6.04 42.4% 30.3 \n DFEB FT Vest U.S. Equity Deep Buffer ETF - SPY 11.87% 25% +14.26 +6.08 42.6% 31.1 \n UMAR Innovator U.S. Equity Ultra Buffer ETF SPY 12.07% 30% +14.26 +6.09 42.7% 32.0 \n UJAN Innovator U.S. Equity Ultra Buffer ETF SPY 11.40% 30% +14.26 +6.19 43.4% 32.9 \n KJAN Innovator U.S. Small Cap Power Buffer IWM 17.33% 15% +20.68 +9.05 43.8% 33.8 \n DECW AllianzIM U.S. Equity Buffer20 ETF - D SPY 11.26% 20% +14.26 +6.35 44.5% 34.6 \n NNOV Innovator Growth-100 Power Buffer ETF QQQ 15.92% 15% +26.17 +12.04 46.0% 35.5 \n NVBW AllianzIM U.S. Equity Buffer20 ETF - N SPY 11.36% 20% +14.26 +6.60 46.3% 36.4 \n GFEB FT Vest U.S. Equity Moderate Buffer ET SPY 12.05% 15% +14.26 +6.61 46.4% 37.3 \n KAPR Innovator U.S. Small Cap Power Buffer IWM 20.47% 15% +20.68 +9.61 46.5% 38.2 \n GNOV FT Vest U.S. Equity Moderate Buffer ET SPY 13.25% 15% +14.26 +6.67 46.8% 39.5 \n KOCT Innovator U.S. Small Cap Power Buffer IWM 17.18% 15% +20.68 +9.67 46.8% 39.5 \n DJAN FT Vest U.S. Equity Deep Buffer ETF - SPY 11.63% 25% +14.26 +6.69 46.9% 40.8 \n DNOV FT Vest U.S. Equity Deep Buffer ETF - SPY 12.93% 25% +14.26 +6.72 47.1% 41.7 \n PMAR Innovator U.S. Equity Power Buffer ETF SPY 12.79% 15% +14.26 +6.75 47.3% 42.5 \n TMAR FT Vest Emerging Markets Buffer ETF - EEM 29.55% 10% +20.14 +9.55 47.4% 43.4 \n UOCT Innovator U.S. Equity Ultra Buffer ETF SPY 11.03% 30% +14.26 +6.80 47.7% 44.3 \n DDEC FT Vest U.S. Equity Deep Buffer ETF - SPY 11.96% 25% +14.26 +6.82 47.8% 45.6 \n KDEC Innovator U.S. Small Cap Power Buffer IWM 18.09% 15% +20.68 +9.89 47.8% 45.6 \n UDEC Innovator U.S. Equity Ultra Buffer ETF SPY 12.03% 30% +14.26 +6.87 48.2% 46.9 \n SFEB FT Vest U.S. Small Cap Moderate Buffer IWM 17.36% 15% +20.68 +9.99 48.3% 47.8 \n DOCT FT Vest U.S. Equity Deep Buffer ETF - SPY 11.73% 25% +14.26 +6.92 48.5% 49.1 \n GDEC FT Vest U.S. Equity Moderate Buffer ET SPY 12.08% 15% +14.26 +6.92 48.5% 49.1 \n KNOV Innovator U.S. Small Cap Power Buffer IWM 18.27% 15% +20.68 +10.05 48.6% 51.3 \n PFEB Innovator U.S. Equity Power Buffer ETF SPY 12.42% 15% +14.26 +6.93 48.6% 51.3 \n QDEC FT Vest Nasdaq-100\u00ae Buffer ETF - Decem QQQ 18.22% 10% +26.17 +12.73 48.6% 51.3 \n GJAN FT Vest U.S. Equity Moderate Buffer ET SPY 11.81% 15% +14.26 +6.94 48.7% 53.1 \n KMAR Innovator U.S. Small Cap Power Buffer IWM 18.10% 15% +20.68 +10.14 49.0% 53.9 \n QSPT FT Vest Nasdaq-100\u00ae Buffer ETF - Septe QQQ 16.97% 10% +26.17 +12.86 49.1% 54.8 \n GOCT FT Vest U.S. Equity Moderate Buffer ET SPY 12.14% 15% +14.26 +7.03 49.3% 56.6 \n KFEB Innovator U.S. Small Cap Power Buffer IWM 17.63% 15% +20.68 +10.20 49.3% 56.6 \n PJAN Innovator U.S. Equity Power Buffer ETF SPY 12.30% 15% +14.26 +7.03 49.3% 56.6 \n GSEP FT Vest U.S. Equity Moderate Buffer ET SPY 11.48% 15% +14.26 +7.17 50.3% 58.3 \n FMAR FT Vest U.S. Equity Buffer ETF - March SPY 17.17% 10% +14.26 +7.18 50.4% 59.6 \n POCT Innovator U.S. Equity Power Buffer ETF SPY 11.81% 15% +14.26 +7.19 50.4% 59.6 \n DSEP FT Vest U.S. Equity Deep Buffer ETF - SPY 11.43% 25% +14.26 +7.34 51.5% 61.0 \n PDEC Innovator U.S. Equity Power Buffer ETF SPY 13.14% 15% +14.26 +7.42 52.0% 62.3 \n UNOV Innovator U.S. Equity Ultra Buffer ETF SPY 12.00% 30% +14.26 +7.41 52.0% 62.3 \n APRT AllianzIM U.S. Equity Buffer10 ETF - A SPY 17.29% 10% +14.26 +7.47 52.4% 63.6 \n IAPR Innovator Intl Developed Power Buffer EFA 16.99% 15% +7.00 +3.85 55.0% 64.5 \n BAPR Innovator U.S. Equity Buffer ETF - Apr SPY 18.49% 9% +14.26 +7.92 55.5% 65.4 \n JANI AllianzIM International Equity Buffer1 EFA not published 15% +7.00 +3.89 55.6% 66.2 \n YDEC FT Vest International Equity Moderate EFA 13.03% 15% +7.00 +3.90 55.7% 67.1 \n IFEB Innovator Intl Developed Power Buffer EFA 13.49% 15% +7.00 +3.91 55.9% 68.0 \n PNOV Innovator U.S. Equity Power Buffer ETF SPY 13.25% 15% +14.26 +8.04 56.4% 68.9 \n YMAR FT Vest International Equity Moderate EFA 15.82% 15% +7.00 +3.96 56.6% 69.7 \n IMAR Innovator Intl Developed Power Buffer EFA 13.85% 15% +7.00 +3.98 56.9% 70.6 \n FFEB FT Vest U.S. Equity Buffer ETF - Febru SPY 15.01% 10% +14.26 +8.39 58.8% 71.5 \n ARLI AllianzIM International Equity Buffer1 EFA not published 15% +7.00 +4.23 60.4% 72.4 \n RSMR FT Vest U.S. Equity Equal Weight Buffe RSP 17.80% 10% +10.93 +6.63 60.7% 73.2 \n MART AllianzIM U.S. Equity Buffer10 ETF - M SPY 15.89% 10% +14.26 +8.73 61.2% 74.1 \n YSEP FT Vest International Equity Moderate EFA 13.14% 15% +7.00 +4.32 61.7% 75.0 \n FJAN FT Vest U.S. Equity Buffer ETF - Janua SPY 14.53% 10% +14.26 +8.85 62.1% 75.9 \n RSDE FT Vest U.S. Equity Equal Weight Buffe RSP 14.82% 10% +10.93 +6.80 62.2% 76.8 \n FDEC FT Vest U.S. Equity Buffer ETF - Decem SPY 14.75% 10% +14.26 +8.91 62.5% 77.6 \n FNOV FT Vest U.S. Equity Buffer ETF - Novem SPY 16.62% 10% +14.26 +8.92 62.6% 78.5 \n IJAN Innovator Intl Developed Power Buffer EFA 13.79% 15% +7.00 +4.39 62.7% 79.4 \n FSEP FT Vest U.S. Equity Buffer ETF - Septe SPY 14.00% 10% +14.26 +9.04 63.4% 80.3 \n FOCT FT Vest U.S. Equity Buffer ETF - Octob SPY 15.09% 10% +14.26 +9.05 63.5% 81.6 \n JANT AllianzIM U.S. Equity Buffer10 ETF - J SPY 15.60% 10% +14.26 +9.06 63.5% 81.6 \n NVBU AllianzIM U.S. Equity Buffer15 Uncappe SPY not published 15% +14.26 +9.10 63.8% 82.9 \n BMAR Innovator U.S. Equity Buffer ETF - Mar SPY 16.97% 9% +14.26 +9.14 64.1% 83.8 \n FEBT AllianzIM U.S. Equity Buffer10 ETF - F SPY 15.47% 10% +14.26 +9.17 64.3% 84.6 \n IOCT Innovator Intl Developed Power Buffer EFA 13.89% 15% +7.00 +4.54 64.9% 85.5 \n DECU AllianzIM U.S. Equity Buffer15 Uncappe SPY not published 15% +14.26 +9.31 65.3% 86.4 \n IDEC Innovator Intl Developed Power Buffer EFA 17.51% 15% +7.00 +4.62 66.0% 87.3 \n OCTT AllianzIM U.S. Equity Buffer10 ETF - O SPY 14.87% 10% +14.26 +9.43 66.1% 88.2 \n BJAN Innovator U.S. Equity Buffer ETF - Jan SPY 16.46% 9% +14.26 +9.51 66.7% 89.0 \n FEBU AllianzIM U.S. Equity Buffer15 Uncappe SPY not published 15% +14.26 +9.57 67.1% 89.9 \n BFEB Innovator U.S. Equity Buffer ETF - Feb SPY 16.60% 9% +14.26 +9.58 67.2% 90.8 \n OCTU AllianzIM U.S. Equity Buffer15 Uncappe SPY not published 15% +14.26 +9.65 67.7% 91.7 \n RSSE FT Vest U.S. Equity Equal Weight Buffe RSP 14.57% 10% +10.93 +7.42 67.9% 92.5 \n INOV Innovator Intl Developed Power Buffer EFA 18.86% 15% +7.00 +4.76 68.0% 93.4 \n DECT AllianzIM U.S. Equity Buffer10 ETF - D SPY 16.61% 10% +14.26 +9.75 68.4% 94.3 \n BOCT Innovator U.S. Equity Buffer ETF - Oct SPY 15.37% 9% +14.26 +9.80 68.7% 95.2 \n JANU AllianzIM U.S. Equity Buffer15 Uncappe SPY not published 15% +14.26 +9.85 69.1% 96.1 \n NVBT AllianzIM U.S. Equity Buffer10 ETF - N SPY 16.76% 10% +14.26 +10.13 71.0% 96.9 \n BDEC Innovator U.S. Equity Buffer ETF - Dec SPY 17.42% 9% +14.26 +10.14 71.1% 97.8 \n BNOV Innovator U.S. Equity Buffer ETF - Nov SPY 17.60% 9% +14.26 +10.49 73.6% 98.7 \n ARLU AllianzIM U.S. Equity Buffer15 Uncappe SPY not published 15% +14.26 +10.77 75.5% 99.6 \n\n How this was computed\n Each fund\u2019s total return across the quarter on split and distribution adjusted closes, against its own reference asset\u2019s total return over the same two dates, from Tiingo. The share captured is the fund\u2019s return as a percentage of the reference\u2019s, computed only where the reference moved more than half a point, because a share of nothing is a division by zero wearing a percent sign.\n Whether the cap or the buffer was binding is measured against each fund\u2019s own period start and at the quarter\u2019s close, on the reference\u2019s price rather than its total return, because that is the level the terms are struck against. The Buffer page publishes the same quantity as of tonight, which is a different number and a fact about tonight: 41 of these funds have their reference past the cap today, and that says nothing about a quarter that closed in June.\n What was left out, and why\n An outcome period is a year and a quarter is three months, so the two do not line up. A fund that reset inside the quarter has two sets of terms inside it, and ETFIQ carries only the newer, so measuring it against those would be measuring most of the quarter against a cap and a buffer that did not exist yet. Those funds are counted out here rather than published.\n Funds excluded and why, 2026-Q2. Source: ETFIQ. Reason Funds \n period did not span the quarter 99 \n \n Where the quarter starts\n Each return here runs from the first close inside the quarter to the last, so the move on the quarter\u2019s first trading day is left out. An issuer\u2019s quarterly number starts at the prior quarter-end close, so the two can differ by that day\u2019s move, which for a leveraged or single-stock fund can be several points.\n Check it yourself\n Every number above is in the file below, fund by fund, with the excluded funds and the reason for each. The data ETFIQ computed is free to use, including commercially, with attribution to ETFIQ and a link; the terms a fund row restates are its issuer's and stay under its owner's terms.\n Data file Every fund in this study, with the exclusions https://etfiq.com/data/quarterly/2026-q2-buffer.json \n Method Method https://etfiq.com/methodology/buffer \n Open data The manifest describing every file ETFIQ publishes https://etfiq.com/data/ \n Cite this ETFIQ, What a buffer ETF delivers mid-period, 2026-Q2, Sep 11, 2026 https://etfiq.com/research/quarterly/2026-q2-buffer/ \n\n Where to next\n Buffer ETFs, measured to yesterday The whole quarter, all five categories Every edition \n Cite this page. ETFIQ, What a buffer ETF delivers mid-period, 2026-Q2, data as of Sep 11, 2026. https://etfiq.com/research/quarterly/2026-q2-buffer/ Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, What a buffer ETF delivers mid-period, 2026-Q2, data as of Sep 11, 2026. https://etfiq.com/research/quarterly/2026-q2-buffer/ APA ETFIQ. (Sep 11, 2026). What a buffer ETF delivers mid-period, 2026-Q2. Retrieved from https://etfiq.com/research/quarterly/2026-q2-buffer/ Markdown [What a buffer ETF delivers mid-period, 2026-Q2 (ETFIQ, Sep 11, 2026)](https://etfiq.com/research/quarterly/2026-q2-buffer/)","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, What a buffer ETF delivers mid-period, 2026-Q2, data as of Sep 11, 2026. https://etfiq.com/research/quarterly/2026-q2-buffer/"}