Data as of .
BFEB vs ZFEB: which one stands where?
As of Sep 21, 2026 BFEB can fall 9.1% before its buffer engages and ZFEB 3.7%.
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.
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, 132 days from now; ZFEB runs to Jan 31, 2027, 132 days. BFEB can still gain 6.0% before its cap, ZFEB 2.5%. A fall from here reaches BFEB’s buffer after 9.1% and ZFEB’s after 3.7%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| BFEB | ZFEB | BFEB | ZFEB | |
| 3 months | +2.4% | +1.4% | +0.2 pts | −0.9 pts |
| 6 months | +13.3% | +4.1% | −4.7 pts | −14.0 pts |
| 1 year | +14.8% | +5.7% | −1.8 pts | −10.8 pts |
| 3 years | +57.2% | not published | −21.2 pts | not published |
| 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 | 132 | 132 |
| Starting cap | +16.6% | +6.4% |
| Can still gain | 6.0% | 2.5% |
| Fall before buffer | 9.1% | 3.7% |
| Protection left, index points | 9.0% of 9.0% | 100.0% of 100.0% |
| Index return this period | +11.8% | +11.8% |
| Fund return this period | +9.4% | +3.3% |
| State today | Open | At cap |
| Expense ratio | 0.79% | 0.79% |
| Net assets | $260m | $151m |
BFEB in plain words
From its price on Sep 21, 2026, the fund can gain about 6.0% more before it reaches its cap. The fund's price can fall 9.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.6% 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. 132 days remained on Sep 21, 2026. On Jan 31, 2027 the period ends and a new cap is set.
ZFEB in plain words
SPY had already risen past this fund's cap of +6.4% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.5% as the period runs out. The fund's price can fall 3.7% 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 Sep 21, 2026, BFEB can gain about 6.0% before its cap and ZFEB about 2.5%, 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 charges 0.79% a year and ZFEB charges 0.79%, so BFEB is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, BFEB against ZFEB, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/bfeb-vs-zfeb Free to use with attribution; the underlying files are at Open data.