ETF Evaluator:
Innovator Laddered Allocation Buffer ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Defined Outcome Over the Last Year
| 23.7% | Innovator U.S. Small Cp Pwr Buf ETF -Nov (KNOV) |
| 23.2% | Innovator U.S. Small Cp Pwr Buf ETF -Feb (KFEB) |
| 21.9% | Innovator U.S. Small Cp Pwr Buf ETF -Mar (KMAR) |
| 21.9% | Innovator US Small Cap Pwr Buff ETF™ Oct (KOCT) |
| 21.1% | FT Vest U.S. Small Cap Mod Buf ETF-Feb (SFEB) |
Risk
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Risk
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ETF Details
Innovator Laddered Allocation Buffer ETF Overview
Innovator Laddered Allocation Buffer ETF (BUFB) is a passively managed Nontraditional Equity Defined Outcome exchange-traded fund (ETF). Innovator ETFs launched the ETF in 2022.
The investment seeks results that generally correspond (before fees and expenses) to the performance of the MerQube U.S. Large Cap Equity Buffer Laddered Index (the “Index”).
The fund will invest at least 80% of its net assets (including investment borrowing) in the ETFs that comprise the index. The index seeks to provide “laddered” investing in the underlying ETFs. Laddered investing refers to investments in several similar securities that have different reset dates, with the goal of mitigating timing risks associated with investing in a single investment. The fund is non-diversified.
About Innovator Laddered Allocation Buffer ETF (BUFB)
There are 3 members of the management team with an average tenure of 3.65 years: Dustin Lewellyn (2022), Ernesto Tong (2022) and Christine Johanson (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and MerQube US Large Cap Equit Buf Lad USD index with a weighting of 100%. Innovator Laddered Allocation Buffer ETF has 12 securities in its portfolio. The top 10 holdings constitute 83.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Innovator Laddered Allocation Buffer ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Innovator Laddered Allocation Buffer ETF has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.2% There is 0.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Innovator Laddered Allocation Buffer ETF has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $319 million in total assets, which is above the $183 million average for the Defined Outcome category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BUFB Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Innovator Laddered Allocation Buffer ETF expense ratio is high compared to funds in the Defined Outcome category. Innovator Laddered Allocation Buffer ETF has an expense ratio of 0.89%, which is 24% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Innovator Laddered Allocation Buffer ETF has a portfolio turnover rate of 1%, which indicates that it holds its assets around / 1.0 years. By way of comparison, the average portfolio turnover is 3% for the Defined Outcome category.
Recently, in the month of July 2026, Innovator Laddered Allocation Buffer ETF returned 0.7%, which earned it a grade of B, as the Defined Outcome category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Innovator Laddered Allocation Buffer ETF has a trailing yield of 0.00%, which is below the 0.48% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Innovator Laddered Allocation Buffer ETF Grades
Year to date, the ETF has returned 8.0%, 2.2 percentage points better than the category, which translates into a grade of A. The fund has returned 14.9% over the past year (grade of A) and 13.9% over the past three years (grade of A).
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BUFB Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BUFB Return (NAV) | 0.7% | 3.2% | 14.9% | 13.9% | na | na |
| BUFB Return (Price) | 0.6% | 3.3% | 14.8% | 14.0% | na | na |
| NAV +/- Price Return | 0.083% | -0.108% | 0.100% | -0.068% | na | na |
| Defined Outcome Avg | 0.2% | 2.2% | 11.3% | 11.8% | 8.6% | na |
| BUFB Grade (NAV) | B | A | A | A | na | na |
| +/- Category (NAV) | 0.5% | 1.0% | 3.6% | 2.2% | na | na |
| BUFB Tax-Cost Ratio | na | na | 0.0% | 0.0% | na | na |
BUFB Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BUFB Return (NAV) | 8.0% | 13.3% | 16.3% | 20.4% | na | na | na | na | na | na | na |
| BUFB Return (Price) | 7.9% | 13.4% | 16.4% | 20.5% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.008% | 0.008% | 0.002% | 0.003% | na | na | na | na | na | na | na |
| Defined Outcome Avg | 5.8% | 11.3% | 12.4% | 18.5% | -8.8% | 9.7% | 7.7% | 16.4% | -6.7% | 15.8% | na |
| BUFB Grade (NAV) | A | B | B | B | na | na | na | na | na | na | na |
| +/- Category | 2.2% | 2.0% | 3.9% | 1.9% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.63 |
| R-Squared: | 96% |
| Standard Deviation: | 8.4% |
| Category Risk Index: | 1.13 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 0.69 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 320 Mil |
| Share Class Assets: | $ 320 Mil |
| Turnover: | 1.0% |
| Expense Ratio: | 0.89% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 4.5 years | |||
| Average Tenure: 3.7 years | |||
| Managers (Year): Lewellyn Dustin (2022), Tong Ernesto (2022), Johanson Christine (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 12 |
| % in Top 10 Holdings: | 83.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 99.2% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Innovator ETFs |
| Phone Number: | 800-208-5212 |
| Website: | www.innovatorfunds.com |
| Inception Date: | February 8, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.89% (Rating: High) |
| Category Average Expense Ratio (%): | 0.72% |
