ETF Evaluator:
AB Moderate 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
AB Moderate Buffer ETF Overview
AB Moderate Buffer ETF (BUFM) is an actively managed Nontraditional Equity Defined Outcome exchange-traded fund (ETF). AllianceBernstein launched the ETF in 2024.
The investment seeks a moderate level of capital appreciation while providing the potential for some downside protection against market declines.
The fund seeks to achieve its investment objective by investing, under normal conditions, substantially all of its assets in a combination of exchange-traded options contracts on an underlying ETF. The underlying ETF (initially expected to be the SPDR® S&P 500® ETF Trust) is an ETF that seeks to track the investment results of the S&P 500 Index. The fund is non-diversified.
About AB Moderate Buffer ETF (BUFM)
There are 3 members of the management team with an average tenure of 1.64 years: Joshua Lisser (2024), Alexander Barenboym (2024) and Benjamin Sklar (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. AB Moderate Buffer ETF has 6 securities in its portfolio. The top 10 holdings constitute 101.5% 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.
AB Moderate Buffer ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. AB Moderate Buffer ETF has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.7% 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). AB Moderate Buffer ETF has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $452 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.
BUFM 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 AB Moderate Buffer ETF expense ratio is above average compared to funds in the Defined Outcome category. AB Moderate Buffer ETF has an expense ratio of 0.69%, which is 4% lower than its category average, making the fund expense ratio grade a B. 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. AB Moderate Buffer ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 3% for the Defined Outcome category.
Recently, in the month of July 2026, AB Moderate Buffer ETF returned 0.3%, which earned it a grade of D, 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.
AB Moderate 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.
AB Moderate Buffer ETF Grades
Year to date, the ETF has returned 3.9%, 2.0 percentage points worse than the category, which translates into a grade of D. The fund has returned 9.6% over the past year (grade of D).
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BUFM 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 |
|
| BUFM Return (NAV) | 0.3% | 2.3% | 9.6% | na | na | na |
| BUFM Return (Price) | 0.3% | 2.4% | 9.7% | na | na | na |
| NAV +/- Price Return | -0.038% | -0.078% | -0.103% | na | na | na |
| Defined Outcome Avg | 0.2% | 2.2% | 11.3% | 11.8% | 8.6% | na |
| BUFM Grade (NAV) | D | C | D | na | na | na |
| +/- Category (NAV) | 0.1% | 0.2% | -1.7% | na | na | na |
| BUFM Tax-Cost Ratio | na | na | 0.0% | na | na | na |
BUFM Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BUFM Return (NAV) | 3.9% | 12.8% | na | na | na | na | na | na | na | na | na |
| BUFM Return (Price) | 4.0% | 12.9% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.024% | 0.012% | na | na | 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 |
| BUFM Grade (NAV) | D | B | na | na | na | na | na | na | na | na | na |
| +/- Category | -2.0% | 1.5% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 452 Mil |
| Share Class Assets: | $ 452 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.69% |
| Index Fund: | No |
| 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: 1.6 years | |||
| Average Tenure: 1.6 years | |||
| Managers (Year): Lisser Joshua (2024), Barenboym Alexander (2024), Sklar Benjamin (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 6 |
| % in Top 10 Holdings: | 101.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 98.7% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | AllianceBernstein |
| Phone Number: | 800-243-5994 |
| Website: | |
| Inception Date: | December 9, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.69% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.72% |
