Innovator U.S. Equity Power Buffer ETF
PFEB
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- Innovator U.S. Equity Power Buffer ETF - February (PFEB) is an exchange-traded fund managed by Innovator Capital Management, LLC that seeks to track the price return of the SPDR S&P 500 ETF Trust (SPY), up to a predetermined upside cap, while providing a buffer against the first 15% of losses over an approximately one-year outcome period. The fund invests at least 80% of its net assets in FLEX Options referencing SPY; these derivatives enable defined outcome strategies including large-cap U.S. equity exposure with growth and value characteristics across sectors such as information technology. PFEB forms part of Innovator's broader suite of Defined Outcome ETFs, which also includes buffer and ultra buffer variants offering 9% or 30% loss protection, as well as laddered funds and strategies for income, targeted buffers, and growth. Launched on January 31, 2020, the ETF is domiciled in the United States with total net assets exceeding $889 million and an expense ratio of 0.79%. Innovator Capital Management, headquartered at 109 N Hale Street in Wheaton, Illinois, pioneered Defined Outcome ETFs in 2018 following its founding in 2017 by industry veterans Bruce Bond and John Southard. The firm targets financial advisors and retail investors seeking risk-managed equity solutions, with geographic operations focused on U.S. markets and products distributed by Foreside Fund Services, LLC. In a major strategic development announced December 1, 2025, Goldman Sachs Group, Inc. entered into a $2 billion agreement to acquire Innovator Capital Management, which manages $28-29 billion in assets across 159 defined outcome ETFs as of late 2025. The cash-and-equity transaction, subject to regulatory approval and performance targets, is expected to close in Q2 2026 and will integrate Innovator's team of over 60 employees into Goldman Sachs Asset Management's ETF and third-party wealth units, expanding the combined entity's ETF offerings to over 215 strategies and $75-79 billion in assets. This acquisition follows Innovator's growth in buffer ETF popularity amid market volatility, reinforcing its position as the second-largest provider after First Trust.