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Data as of Nov 4, 2026.

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Buffer ETFs

DDTF vs FEBW: Cap, Buffer & Days Left

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As of Nov 4, 2026 DDTF can fall 8.5% before its buffer engages and FEBW 7.2%.

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Net assets: $18m on Nov 4, 2026 for Innovator Equity Dual Directional 10 Buffer ETF - Feb, and $203m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Feb.

DDTF on its own →FEBW on its own →
At a glance
8.5%
DDTF can fall this far before its buffer
7.2%
FEBW can fall this far before its buffer
3.7%
DDTF can still gain
2.8%
FEBW can still gain
DDTF Between buffer and cap
Between buffer and capDDTF: reference +10.8% since period start, fund +8.6%; buffer 0 to −10; cap +13.2%; Between buffer and cap. Data to Nov 4, 2026.10 pts of buffer+10.8% gain captured−10.0% floor0% period start+13.2% cap+2.5% more to the capTODAY · SPY +10.8%Between buffer and capDDTF: reference +10.8% since period start, fund +8.6%; buffer 0 to −10; cap +13.2%; Between buffer and cap. Data to Nov 4, 2026.10 pts+10.8%−10.0% floor0% start+13.2% cap+2.5% more to the capTODAY · SPY +10.8%

DDTF: reference +10.8% since period start, fund +8.6%; buffer 0 to −10; cap +13.2%; Between buffer and cap. Data to Nov 4, 2026.

DDTF: reference +10.8% since period start, fund +8.6%; buffer 0 to −10; cap +13.2%; Between buffer and cap. Data to Nov 4, 2026.
FEBW At its cap
At its capFEBW: reference +10.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.6%; At its cap. Data to Nov 4, 2026.20 pts of buffer+10.6% gain captured−20.0% floor0% period start+10.6% capTODAY · SPY +10.8%At its capFEBW: reference +10.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.6%; At its cap. Data to Nov 4, 2026.20 pts of buffer+10.6%−20.0% floor0% start+10.6% capTODAY · SPY +10.8%

FEBW: reference +10.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.6%; At its cap. Data to Nov 4, 2026.

FEBW: reference +10.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.6%; At its cap. Data to Nov 4, 2026.

Pair scorecard

FEBW costs 0.05 points a year less; FEBW is 11.3 times larger.

Points (pts) are percentage points.

DDTF vs FEBW: Cap, Buffer & Days Left
MeasureDDTFFEBW
Return
Total return, 1 yearnot published+9.9%
Drawdown
Index fall to the buffer9.7%9.8%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.79%0.74%
Net assets, as of Nov 3, 2026$18m$203m
Holdings
Holdings in commonnot published

Method

Window by window

Window by window: DDTF vs FEBW: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowDDTFFEBWDDTFFEBW
3 months+1.4%+1.5%+1.8 pts+1.9 pts
6 months+4.7%+4.2%+0.2 pts−0.3 pts
1 year–+9.9%–−3.6 pts
3 years–+38.2%–−38.2 pts
Since launchNot the same days: DDTF Feb 2026 · FEBW Feb 2023+7.9%+45.6%−2.3 pts−41.1 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

DDTF Innovator Equity Dual Directional 10 Buffer ETF - Feb · Absorbs the first 10% of loss on SPY and caps the gain at 13.2%, 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 10% 20%
Outcome period Jan 31, 2026 to Jan 31, 2027 Feb 1, 2026 to Jan 31, 2027
Days left 88 88
Starting cap +13.2% +10.6%
Can still gain 3.7% 2.8%
Fall before buffer 8.5% 7.2%
Protection left, index points 10.0% of 10.0% 20.0% of 20.0%
Index return this period +10.8% +10.8%
Fund return this period +8.6% +6.9%
State today Open At cap
Expense ratio 0.79% 0.74%
Net assets, DDTF as of Nov 4, 2026 and FEBW as of Nov 3, 2026 $18m $203m

As of Nov 4, 2026. Source: ETFIQ.

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

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

DDTF resets first, on Jan 31, 2027, 88 days from now; FEBW runs to Jan 31, 2027, 88 days. DDTF can still gain 3.7% before its cap, FEBW 2.8%. A fall from here reaches DDTF’s buffer after 8.5% and FEBW’s after 7.2%. Both track SPY, so what separates them is where each is in its own period.

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About each fund
DDTF

From its price on Nov 4, 2026, the fund can gain about 3.7% more before it reaches its cap. The fund's price can fall 8.5% 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: 10.0% of the 10.0% 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.

FEBW

SPY had already risen past this fund's cap of +10.6% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.8% 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 number. In index terms, SPY can fall 9.8% from today's level to the point where the buffer begins. 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, DDTF or FEBW?
From their prices on Nov 4, 2026, DDTF can gain about 3.7% before its cap and FEBW about 2.8%, so DDTF has more room left this period.
Which resets first, DDTF or FEBW?
DDTF 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, DDTF or FEBW?
DDTF charges 0.79% a year and FEBW charges 0.74%, so FEBW is cheaper. Fees come from each fund's prospectus.
Other comparisons
DDTF vs UFEBDDTF vs ZFEBDDTF vs FEBTDDTF vs GJANFEBW vs PMFBFEBW vs FJANFEBW vs JANMFEBW vs PBFB
Where to next
SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →DDTF on its own →FEBW on its own →FEBW dividend history →Method →Standards and sources →
Sources and dates
DDTF filings on SEC EDGAR ↗
Innovator page for DDTF ↗
FEBW filings on SEC EDGAR ↗
AllianzIM page for FEBW ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

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, DDTF against FEBW, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ddtf-vs-febw

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