Which has more room to gain, BFEB or UFEB?

From their prices on Nov 4, 2026, BFEB can gain about 5.9% before its cap and UFEB about 3.3%, so BFEB has more room left this period.

Which resets first, BFEB or UFEB?

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

Which is cheaper, BFEB or UFEB?

BFEB and UFEB both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

BFEB vs UFEB: Cap, Buffer & Days Left

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As of Nov 4, 2026 UFEB can fall 12.0% before its buffer engages and BFEB 9.2%.

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Net assets on Nov 4, 2026: $204m for Innovator U.S. Equity Buffer ETF - Feb and $165m for Innovator U.S. Equity Ultra Buffer ETF - Feb.

BFEB on its own →UFEB on its own →

At a glance

9.2%

BFEB can fall this far before its buffer

12.0%

UFEB can fall this far before its buffer

5.9%

BFEB can still gain

3.3%

UFEB can still gain

BFEB Between buffer and cap

BFEB: reference +10.8% since period start, fund +9.4%; buffer 0 to −9; cap +16.6%; Between buffer and cap. Data to Nov 4, 2026.

UFEB Between buffer and cap

UFEB: reference +10.8% since period start, fund +7.2%; buffer −5 to −35; cap +11.4%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.79% a year; their one-year returns differ by 3.7 points; BFEB is 1.2 times larger.

Points (pts) are percentage points.

BFEB vs UFEB: Cap, Buffer & Days Left
Measure	BFEB	UFEB
Return
Measure	BFEB	UFEB
Total return, 1 year	+14.2%	+10.5%
Drawdown
Measure	BFEB	UFEB
Index fall to the buffer	9.7%	14.2%
Benchmark
Measure	BFEB	UFEB
What it tracks	SPY	SPY
Cost and size
Measure	BFEB	UFEB
Expense ratio	0.79%	0.79%
Net assets	$204m	$165m
Holdings
Measure	BFEB	UFEB
Holdings in common	not published

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

IQ Buffer Score20.5BFEB12.8UFEB

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

BFEB 20.5

UFEB 12.8

0.3, the lowest in this set 99.7, the highest

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 →

Method

Risk and return

Feb 14, 2020 to Oct 30, 2026 · 350 weekly returns · each against SPY

BFEB UFEB

Return

Total return edge BFEB +112.6% +58.6%

Annualized edge BFEB +11.9% +7.1%

Price return edge BFEB +112.6% +58.6%

Risk

Volatility edge UFEB 13.0% 7.3%

Max drawdown edge UFEB −24.2% −13.3%

Downside capture 71.1% 42.1%

Beta 0.67 0.36

Risk-adjusted

Sharpe edge BFEB 0.70 0.57

Sortino edge BFEB 1.01 0.80

Treynor 0.136 0.117

Calmar edge UFEB (slight) 0.49 0.54

Against the benchmark

Alpha +0.9% a year −0.2% a year

Alpha t-stat 0.76 −0.19

Information ratio −0.46 −0.65

Tracking error 6.9% 12.5%

Reading

From Feb 2020 to Oct 2026, BFEB returned more: +112.6% to +58.6%. UFEB swung less: 7.3% to 13.0%. UFEB fell less at its worst: −13.3% to −24.2%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: BFEB vs UFEB: Cap, Buffer & Days Left
Measure	BFEB	UFEB	SPY	Edge	How it is measured
Return
Total return	+112.6%	+58.6%	+146.3%	BFEB	Price change plus distributions, reinvested.
Annualized	+11.9%	+7.1%	+14.3%	BFEB	Total return as a yearly rate.
Price return	+112.6%	+58.6%	+123.9%	BFEB	Price change alone, distributions left out.
Risk
Volatility	13.0%	7.3%	18.9%	UFEB	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	9.0%	5.2%	13.0%	UFEB	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−24.2%	−13.3%	−31.8%	UFEB	Deepest fall from a high to the low after it.
Upside capture	54.5%	25.5%	100.0%	BFEB	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	71.1%	42.1%	100.0%	UFEB	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.67	0.36	1.00	UFEB lower	How far it moves for each 1% its benchmark moves.
R squared	0.95	0.86	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.70	0.57	0.65	BFEB	Return above Treasury bills per unit of volatility.
Sortino	1.01	0.80	0.94	BFEB	Return above Treasury bills per unit of downside deviation.
Treynor	0.136	0.117	0.122	BFEB	Return above Treasury bills per unit of beta.
Calmar	0.49	0.54	0.45	UFEB (slight)	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	SPY	SPY	SPY		The ETF each fund is measured against.
Alpha	+0.9% a year	−0.2% a year	0.0%	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	0.76	−0.19		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−1.4% to +3.2%	−2.3% to +1.9%		Both include zero	The 95% range for the yearly alpha.
Information ratio	−0.46	−0.65		BFEB	Return against its benchmark per unit of tracking error.
Tracking error	6.9%	12.5%	0.0%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 350 weekly returns. Cash rate: the 13-week Treasury bill.

Window by window

Window by window: BFEB vs UFEB: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BFEB	UFEB	BFEB	UFEB
3 months	+1.1%	+1.5%	+1.5 pts	+1.8 pts
6 months	+4.9%	+4.2%	+0.4 pts	−0.3 pts
1 year	+14.2%	+10.5%	+0.7 pts	−3.0 pts
3 years	+60.8%	+42.7%	−15.6 pts	−33.7 pts
Since launchBFEB Feb 2020 · UFEB Feb 2020	+120.2%	+61.7%	−16.4 pts	−74.9 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

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 UFEB Innovator U.S. Equity Ultra Buffer ETF - Feb · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 11.4%, over a period ending Jan 31, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 9% 5% to 35%

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

Days left 88 88

Starting cap +16.6% +11.4%

Can still gain 5.9% 3.3%

Fall before buffer 9.2% 12.0%

Protection left, index points 9.0% of 9.0% 30.0% of 30.0%

Index return this period +10.8% +10.8%

Fund return this period +9.4% +7.2%

State today Open Open

Expense ratio 0.79% 0.79%

Net assets $204m $165m

As of Nov 4, 2026. Source: ETFIQ.

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

BFEB resets first, on Jan 31, 2027, 88 days from now; UFEB runs to Jan 31, 2027, 88 days. BFEB can still gain 5.9% before its cap, UFEB 3.3%. A fall from here reaches BFEB’s buffer after 9.2% and UFEB’s after 12.0%. Both track SPY, so what separates them is where each is in its own period.

Client brief:

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About each fund

BFEB

From its price on Nov 4, 2026, the fund can gain about 5.9% more before it reaches its cap. The fund's price can fall 9.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 9.7% 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. 88 days remained on Nov 4, 2026. On Jan 31, 2027 the period ends and a new cap is set.

UFEB

From its price on Nov 4, 2026, the fund can gain about 3.3% more before it reaches its cap. The fund's price can fall 12.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 14.2% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BFEB or UFEB?: From their prices on Nov 4, 2026, BFEB can gain about 5.9% before its cap and UFEB about 3.3%, so BFEB has more room left this period.
Which resets first, BFEB or UFEB?: BFEB ends its outcome period on Jan 31, 2027 and UFEB on Jan 31, 2027. A new cap is set the day after each.
Which is cheaper, BFEB or UFEB?: BFEB and UFEB both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

Where to next

SPY →BFEB on its own →UFEB on its own →Method →Standards and sources →

Sources and dates

BFEB and UFEB filings on SEC EDGAR ↗

Innovator page for BFEB ↗

Innovator page for UFEB ↗

Links are sources, not endorsements. 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 number 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 number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, BFEB against UFEB, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bfeb-vs-ufeb

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