Which has more room to gain, BFEB or FEBW?

From their prices on Oct 9, 2026, BFEB can gain about 5.3% before its cap and FEBW about 2.7%, so BFEB has more room left this period.

Which resets first, BFEB or FEBW?

BFEB ends its outcome period on Jan 31, 2027 and FEBW on Jan 31, 2027. A new cap is set the day after each.

Which is cheaper, BFEB or FEBW?

BFEB charges 0.79% a year and FEBW charges 0.74%, so FEBW is cheaper. Fees come from each fund's prospectus.

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BFEB vs FEBW: Cap, Buffer & Days Left

As of Oct 9, 2026 BFEB can fall 9.8% before its buffer engages and FEBW 7.2%. Net assets: $208m on Oct 9, 2026 for Innovator U.S. Equity Buffer ETF - Feb, and $201m on Oct 8, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Feb.

FEBW costs 0.05 points a year less; their one-year returns differ by 5.1 points.

	BFEB	FEBW
Expense ratio	0.79%	0.74%
Net assets, as of Oct 8, 2026	$207m	$201m
Total return, 1 year	+15.4%	+10.3%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	11.1%

9.8%

BFEB can fall this far before its buffer

7.2%

FEBW can fall this far before its buffer

5.3%

BFEB can still gain

2.7%

FEBW can still gain

BFEBBetween buffer and cap

BFEB: reference +12.5% since period start, fund +10.2%; buffer 0 to −9; cap +16.6%; Between buffer and cap. Figures to Oct 9, 2026.

FEBWAt its cap

FEBW: reference +12.5% since period start, fund +6.9%; buffer 0 to −20; cap +10.6%; At its cap. Figures to Oct 9, 2026.

ETFIQ Downside Cover Score · FEBW scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

BFEB 19.2

FEBW 64.6

0.2, the lowest in this set99.8, the highest

A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it → How it is computed →

FEBW is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

BFEB resets first, on Jan 31, 2027, 114 days from now; FEBW runs to Jan 31, 2027, 114 days. BFEB can still gain 5.3% before its cap, FEBW 2.7%. A fall from here reaches BFEB’s buffer after 9.8% and FEBW’s after 7.2%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

	Total return		Gap to the reference's price return
Window	BFEB	FEBW	BFEB	FEBW
3 months	+3.2%	+2.4%	0.0 pts	−0.8 pts
6 months	+11.0%	+7.0%	−3.5 pts	−7.6 pts
1 year	+15.4%	+10.3%	−0.6 pts	−5.7 pts
3 years	+61.8%	+38.5%	−17.4 pts	−40.6 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

BFEB

Innovator U.S. Equity Buffer ETF - Feb · Absorbs the first 9% of loss on SPY and caps the gain at 16.6%, over a period ending Jan 31, 2027

FEBW

AllianzIM U.S. Equity Buffer20 ETF - Feb · Absorbs the first 20% of loss on SPY and caps the gain at 10.6%, over a period ending Jan 31, 2027

Issuer Innovator AllianzIM

Reference index SPY SPY

Buffer 9% 20%

Outcome period Jan 31, 2026 to Jan 31, 2027 Feb 1, 2026 to Jan 31, 2027

Days left 114 114

Starting cap +16.6% +10.6%

Can still gain 5.3% 2.7%

Fall before buffer 9.8% 7.2%

Protection left, index points 9.0% of 9.0% 20.0% of 20.0%

Index return this period +12.5% +12.5%

Fund return this period +10.2% +6.9%

State today Open At cap

Expense ratio 0.79% 0.74%

Net assets, BFEB as of Oct 9, 2026 and FEBW as of Oct 8, 2026 $208m $201m

As of Oct 9, 2026. Source: ETFIQ.

BFEB in plain words

From its price on Oct 9, 2026, the fund can gain about 5.3% more before it reaches its cap. The fund's price can fall 9.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.1% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 114 days remained on Oct 9, 2026. On Jan 31, 2027 the period ends and a new cap is set.

FEBW in plain words

SPY had already risen past this fund's cap of +10.6% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.7% as the period runs out. The fund's price can fall 7.2% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BFEB or FEBW?: From their prices on Oct 9, 2026, BFEB can gain about 5.3% before its cap and FEBW about 2.7%, so BFEB has more room left this period.
Which resets first, BFEB or FEBW?: BFEB ends its outcome period on Jan 31, 2027 and FEBW on Jan 31, 2027. A new cap is set the day after each.
Which is cheaper, BFEB or FEBW?: BFEB charges 0.79% a year and FEBW charges 0.74%, so FEBW is cheaper. Fees come from each fund's prospectus.

Other comparisons

BFEB vs UFEB BFEB vs FEBT BFEB vs ZFEB BFEB vs GJAN FEBW vs UFEB FEBW vs ZFEB FEBW vs XJAN FEBW vs SIXF

SPY →BFEB on its own →FEBW on its own →How every figure is computed →Standards and sources →

Where these figures came from

BFEB filings on SEC EDGAR ↗Innovator page for BFEB ↗FEBW filings on SEC EDGAR ↗AllianzIM page for FEBW ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, BFEB against FEBW, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bfeb-vs-febw

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.