Which has more room to gain, BMAR or XFEB?

From their prices on Oct 9, 2026, BMAR can gain about 5.6% before its cap and XFEB about 2.6%, so BMAR has more room left this period.

Which resets first, BMAR or XFEB?

BMAR ends its outcome period on Feb 28, 2027 and XFEB on Feb 19, 2027. A new cap is set the day after each.

Which is cheaper, BMAR or XFEB?

BMAR charges 0.79% a year and XFEB charges 0.85%, so BMAR is cheaper. Fees come from each fund's prospectus.

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BMAR vs XFEB: Cap, Buffer & Days Left

As of Oct 9, 2026 BMAR can fall 9.8% before its buffer engages and XFEB 7.0%, and XFEB resets 9 days sooner. Net assets on Oct 9, 2026: $206m for Innovator U.S. Equity Buffer ETF - Mar and $61m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - February.

BMAR costs 0.06 points a year less; their one-year returns differ by 5.8 points; BMAR is 3.4 times larger.

	BMAR	XFEB
Expense ratio	0.79%	0.85%
Net assets	$206m	$61m
Total return, 1 year	+15.5%	+9.7%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	11.9%	11.4%

9.8%

BMAR can fall this far before its buffer

7.0%

XFEB can fall this far before its buffer

5.6%

BMAR can still gain

2.6%

XFEB can still gain

BMARBetween buffer and cap

BMAR: reference +13.5% since period start, fund +10.3%; buffer 0 to −9; cap +17.0%; Between buffer and cap. Figures to Oct 9, 2026.

XFEBAt its cap

XFEB: reference +12.9% since period start, fund +6.7%; buffer 0 to −15; cap +10.3%; At its cap. Figures to Oct 9, 2026.

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

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

Where each one stands today

XFEB resets first, on Feb 19, 2027, 133 days from now; BMAR runs to Feb 28, 2027, 142 days. BMAR can still gain 5.6% before its cap, XFEB 2.6%. A fall from here reaches BMAR’s buffer after 9.8% and XFEB’s after 7.0%. 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	BMAR	XFEB	BMAR	XFEB
3 months	+3.1%	+2.4%	0.0 pts	−0.8 pts
6 months	+10.3%	+6.6%	−4.3 pts	−8.0 pts
1 year	+15.5%	+9.7%	−0.5 pts	−6.3 pts
3 years	+62.5%	not published	−16.6 pts	not published

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

BMAR

Innovator U.S. Equity Buffer ETF - Mar · Absorbs the first 9% of loss on SPY and caps the gain at 17.0%, over a period ending Feb 28, 2027

XFEB

FT Vest U.S. Equity Enhance & Moderate Buffer ETF - February · Absorbs the first 15% of loss on SPY and caps the gain at 10.3%, over a period ending Feb 19, 2027

Issuer Innovator First Trust

Reference index SPY SPY

Buffer 9% 15%

Outcome period Feb 28, 2026 to Feb 28, 2027 Feb 23, 2026 to Feb 19, 2027

Days left 142 133

Starting cap +17.0% +10.3%

Can still gain 5.6% 2.6%

Fall before buffer 9.8% 7.0%

Protection left, index points 9.0% of 9.0% 15.0% of 15.0%

Index return this period +13.5% +12.9%

Fund return this period +10.3% +6.7%

State today Open At cap

Expense ratio 0.79% 0.85%

Net assets $206m $61m

As of Oct 9, 2026. Source: ETFIQ.

BMAR in plain words

From its price on Oct 9, 2026, the fund can gain about 5.6% 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 11.9% 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. 142 days remained on Oct 9, 2026. On Feb 28, 2027 the period ends and a new cap is set.

XFEB in plain words

SPY had already risen past this fund's cap of +10.3% 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 2.6% as the period runs out. The fund's price can fall 7.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.4% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 133 days remained on Oct 9, 2026. On Feb 19, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BMAR or XFEB?: From their prices on Oct 9, 2026, BMAR can gain about 5.6% before its cap and XFEB about 2.6%, so BMAR has more room left this period.
Which resets first, BMAR or XFEB?: BMAR ends its outcome period on Feb 28, 2027 and XFEB on Feb 19, 2027. A new cap is set the day after each.
Which is cheaper, BMAR or XFEB?: BMAR charges 0.79% a year and XFEB charges 0.85%, so BMAR is cheaper. Fees come from each fund's prospectus.

Other comparisons

BMAR vs SIXP BMAR vs FEBM BMAR vs DDFM BMAR vs PBMR XFEB vs ZMAR XFEB vs GFEB XFEB vs DFEB XFEB vs MARW

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

Where these figures came from

BMAR filings on SEC EDGAR ↗Innovator page for BMAR ↗XFEB filings on SEC EDGAR ↗First Trust page for XFEB ↗

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 page

ETFIQ, BMAR against XFEB, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bmar-vs-xfeb

Open data

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