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Data as of Nov 4, 2026.

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Buffer ETFs

DFEB vs DLFE: Cap, Buffer & Days Left

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As of Nov 4, 2026 DFEB can fall 12.2% before its buffer engages and DLFE 8.0%.

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Net assets on Nov 3, 2026: $456m for FT Vest U.S. Equity Deep Buffer ETF - February and $68m for FT Vest U.S. Equity Dual Directional Buffer ETF - February.

DFEB on its own →DLFE on its own →
At a glance
12.2%
DFEB can fall this far before its buffer
8.0%
DLFE can fall this far before its buffer
3.6%
DFEB can still gain
3.5%
DLFE can still gain
DFEB Between buffer and cap
Between buffer and capDFEB: reference +11.2% since period start, fund +7.2%; buffer −5 to −30; cap +11.9%; Between buffer and cap. Data to Nov 4, 2026.25 pts of buffer+11.2% gain captured−30.0% floor−5.0% buffer start0% period start+11.9% capfirst 5 pts are yours to lose+0.7% more to the capTODAY · SPY +11.2%Between buffer and capDFEB: reference +11.2% since period start, fund +7.2%; buffer −5 to −30; cap +11.9%; Between buffer and cap. Data to Nov 4, 2026.25 pts of buffer+11.2%−30.0% floor−5.0% buffer start0% start+11.9% capfirst 5 pts are yours to lose+0.7% more to the capTODAY · SPY +11.2%

DFEB: reference +11.2% since period start, fund +7.2%; buffer −5 to −30; cap +11.9%; Between buffer and cap. Data to Nov 4, 2026.

DFEB: reference +11.2% since period start, fund +7.2%; buffer −5 to −30; cap +11.9%; Between buffer and cap. Data to Nov 4, 2026.
DLFE Between buffer and cap
Between buffer and capDLFE: reference +11.2% since period start, fund +7.8%; buffer 0 to −10; cap +12.4%; Between buffer and cap. Data to Nov 4, 2026.10 pts of buffer+11.2% gain captured−10.0% floor0% period start+12.4% cap+1.2% more to the capTODAY · SPY +11.2%Between buffer and capDLFE: reference +11.2% since period start, fund +7.8%; buffer 0 to −10; cap +12.4%; Between buffer and cap. Data to Nov 4, 2026.10 pts+11.2%−10.0% floor0% start+12.4% cap+1.2% more to the capTODAY · SPY +11.2%

DLFE: reference +11.2% since period start, fund +7.8%; buffer 0 to −10; cap +12.4%; Between buffer and cap. Data to Nov 4, 2026.

DLFE: reference +11.2% since period start, fund +7.8%; buffer 0 to −10; cap +12.4%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; DFEB is 6.7 times larger.

Points (pts) are percentage points.

DFEB vs DLFE: Cap, Buffer & Days Left
MeasureDFEBDLFE
Return
Total return, 1 year+11.1%not published
Drawdown
Index fall to the buffer14.6%10.1%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.85%0.85%
Net assets, as of Nov 3, 2026$456m$68m
Holdings
Holdings in commonnot published

Method

Window by window

Window by window: DFEB vs DLFE: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowDFEBDLFEDFEBDLFE
3 months+1.4%+1.5%+1.8 pts+1.9 pts
6 months+4.1%+4.4%−0.4 pts−0.1 pts
1 year+11.1%–−2.4 pts–
3 years+47.2%–−29.2 pts–
Since launchNot the same days: DFEB Feb 2020 · DLFE Feb 2026+71.4%+8.4%−66.4 pts−3.9 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

DFEB FT Vest U.S. Equity Deep Buffer ETF - February · Absorbs losses from 5.0% to 30.0% on SPY and caps the gain at 11.9%, over a period ending Feb 19, 2027 DLFE FT Vest U.S. Equity Dual Directional Buffer ETF - February · Absorbs the first 10% of loss on SPY and caps the gain at 12.4%, over a period ending Feb 19, 2027
Issuer First Trust First Trust
Reference index SPY SPY
Buffer 5% to 30% 10%
Outcome period Feb 23, 2026 to Feb 19, 2027 Feb 23, 2026 to Feb 19, 2027
Days left 107 107
Starting cap +11.9% +12.4%
Can still gain 3.6% 3.5%
Fall before buffer 12.2% 8.0%
Protection left, index points 25.0% of 25.0% 10.0% of 10.0%
Index return this period +11.2% +11.2%
Fund return this period +7.2% +7.8%
State today Open Open
Expense ratio 0.85% 0.85%
Net assets, as of Nov 3, 2026 $456m $68m

As of Nov 4, 2026. Source: ETFIQ.

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

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

Where each one stands today

DFEB resets first, on Feb 19, 2027, 107 days from now; DLFE runs to Feb 19, 2027, 107 days. DFEB can still gain 3.6% before its cap, DLFE 3.5%. A fall from here reaches DFEB’s buffer after 12.2% and DLFE’s after 8.0%. Both track SPY, so what separates them is where each is in its own period.

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About each fund
DFEB

From its price on Nov 4, 2026, the fund can gain about 3.6% more before it reaches its cap. The fund's price can fall 12.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 14.6% from today's level to the point where the buffer begins. Protection left, in index points: 25.0% of the 25.0% buffer still sits below today's SPY level. 107 days remained on Nov 4, 2026. On Feb 19, 2027 the period ends and a new cap is set.

DLFE

From its price on Nov 4, 2026, the fund can gain about 3.5% more before it reaches its cap. The fund's price can fall 8.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.1% 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.

Questions people ask

Which has more room to gain, DFEB or DLFE?
From their prices on Nov 4, 2026, DFEB can gain about 3.6% before its cap and DLFE about 3.5%, so DFEB has more room left this period.
Which resets first, DFEB or DLFE?
DFEB ends its outcome period on Feb 19, 2027 and DLFE on Feb 19, 2027. A new cap is set the day after each.
Which is cheaper, DFEB or DLFE?
DFEB and DLFE both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.
Other comparisons
DFEB vs GFEBDFEB vs PMARDFEB vs FFEBDFEB vs XFEBDLFE vs GFEBDLFE vs FFEBDLFE vs PMARDLFE vs SIXP
Where to next
State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →DFEB on its own →DLFE on its own →Method →Standards and sources →
Sources and dates
DFEB and DLFE filings on SEC EDGAR ↗
First Trust page for DFEB ↗
First Trust page for DLFE ↗

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, DFEB against DLFE, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dfeb-vs-dlfe

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