Which has more room to gain, BFEB or ZFEB?

From their prices on Oct 13, 2026, BFEB can gain about 5.3% before its cap and ZFEB about 2.0%, so BFEB has more room left this period.

Which resets first, BFEB or ZFEB?

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

Which is cheaper, BFEB or ZFEB?

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

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BFEB vs ZFEB: Cap, Buffer & Days Left

As of Oct 13, 2026 BFEB can fall 9.7% before its buffer engages and ZFEB 4.1%. Net assets on Oct 12, 2026: $208m for Innovator U.S. Equity Buffer ETF - Feb and $146m for Innovator Equity Defined Protection ETF - 1 Yr February.

Both cost 0.79% a year; their one-year returns differ by 10.9 points; BFEB is 1.4 times larger.

Points (pts) are percentage points.

BFEB vs ZFEB: Cap, Buffer & Days Left
	BFEB	ZFEB
Expense ratio	0.79%	0.79%
Net assets, as of Oct 12, 2026	$208m	$146m
Total return, 1 year	+17.3%	+6.4%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	11.0%

9.7%

BFEB can fall this far before its buffer

4.1%

ZFEB can fall this far before its buffer

5.3%

BFEB can still gain

2.0%

ZFEB can still gain

BFEBBetween buffer and cap

BFEB: reference +12.3% since period start, fund +10.1%; buffer 0 to −9; cap +16.6%; Between buffer and cap. Figures to Oct 13, 2026.

ZFEBAt its cap

ZFEB: reference +12.3% since period start, fund +3.7%; buffer Floor; cap +6.4%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

These are two different products. ZFEB is a floor fund, which caps how far a holder can fall. BFEB is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

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

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, 110 days from now; ZFEB runs to Jan 31, 2027, 110 days. BFEB can still gain 5.3% before its cap, ZFEB 2.0%. A fall from here reaches BFEB’s buffer after 9.7% and ZFEB’s after 4.1%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BFEB vs ZFEB: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BFEB	ZFEB	BFEB	ZFEB
3 months	+3.7%	+1.7%	−0.1 pts	−2.2 pts
6 months	+10.2%	+3.5%	−3.2 pts	−9.9 pts
1 year	+17.3%	+6.4%	−1.8 pts	−12.8 pts
3 years	+62.9%	not published	−17.5 pts	not published
Since launch Not the same days: BFEB Feb 2020 · ZFEB Feb 2025	+121.7%	+10.7%	−18.4 pts	−19.5 pts

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

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

ZFEB

Innovator Equity Defined Protection ETF - 1 Yr February · Absorbs the whole loss on SPY and caps the gain at 6.4%, over a period ending Jan 31, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 9% 100%

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

Days left 110 110

Starting cap +16.6% +6.4%

Can still gain 5.3% 2.0%

Fall before buffer 9.7% 4.1%

Protection left, index points 9.0% of 9.0% 100.0% of 100.0%

Index return this period +12.3% +12.3%

Fund return this period +10.1% +3.7%

State today Open At cap

Expense ratio 0.79% 0.79%

Net assets, as of Oct 12, 2026 $208m $146m

As of Oct 13, 2026. Source: ETFIQ.

About BFEB

From its price on Oct 13, 2026, the fund can gain about 5.3% more before it reaches its cap. The fund's price can fall 9.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.0% 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. 110 days remained on Oct 13, 2026. On Jan 31, 2027 the period ends and a new cap is set.

About ZFEB

SPY had already risen past this fund's cap of +6.4% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.0% as the period runs out. The fund's price can fall 4.1% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BFEB or ZFEB?: From their prices on Oct 13, 2026, BFEB can gain about 5.3% before its cap and ZFEB about 2.0%, so BFEB has more room left this period.
Which resets first, BFEB or ZFEB?: BFEB ends its outcome period on Jan 31, 2027 and ZFEB on Jan 31, 2027. A new cap is set the day after each.
Which is cheaper, BFEB or ZFEB?: BFEB and ZFEB both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BFEB on its own →ZFEB on its own →How every figure is computed →Standards and sources →

Where these figures came from

BFEB and ZFEB filings on SEC EDGAR ↗Innovator page for BFEB ↗Innovator page for ZFEB ↗

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

How this is computed

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 pageCitation, APA and Markdown

ETFIQ, BFEB against ZFEB, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/bfeb-vs-zfeb

Open data

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