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Data as of Nov 4, 2026.

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Buffer ETFs

DFEB vs MART: Cap, Buffer & Days Left

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As of Nov 4, 2026 DFEB can fall 12.2% before its buffer engages and MART 9.4%, and DFEB resets 9 days sooner.

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Net assets on Nov 3, 2026: $456m for FT Vest U.S. Equity Deep Buffer ETF - February and $29m for AllianzIM U.S. Equity Buffer10 ETF - Mar.

DFEB on its own →MART on its own →
At a glance
12.2%
DFEB can fall this far before its buffer
9.4%
MART can fall this far before its buffer
3.6%
DFEB can still gain
5.2%
MART 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.
MART Between buffer and cap
Between buffer and capMART: reference +11.8% since period start, fund +9.4%; buffer 0 to −10; cap +15.9%; Between buffer and cap. Data to Nov 4, 2026.10 pts of buffer+11.8% gain captured−10.0% floor0% period start+15.9% cap+4.1% more to the capTODAY · SPY +11.8%Between buffer and capMART: reference +11.8% since period start, fund +9.4%; buffer 0 to −10; cap +15.9%; Between buffer and cap. Data to Nov 4, 2026.+11.8%−10.0% floor0% start+15.9% cap10 pts of buffer+4.1% more to the capTODAY · SPY +11.8%

MART: reference +11.8% since period start, fund +9.4%; buffer 0 to −10; cap +15.9%; Between buffer and cap. Data to Nov 4, 2026.

MART: reference +11.8% since period start, fund +9.4%; buffer 0 to −10; cap +15.9%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

MART costs 0.11 points a year less; their one-year returns differ by 3.2 points; DFEB is 15.7 times larger.

Points (pts) are percentage points.

DFEB vs MART: Cap, Buffer & Days Left
MeasureDFEBMART
Return
Total return, 1 year+11.1%+14.3%
Drawdown
Index fall to the buffer14.6%10.5%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.85%0.74%
Net assets, as of Nov 3, 2026$456m$29m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · MART scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score11.1DFEB38.7MART

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

0.3, the lowest in this set 99.7, the highest

Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →

Method

Window by window

Window by window: DFEB vs MART: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowDFEBMARTDFEBMART
3 months+1.4%+1.4%+1.8 pts+1.8 pts
6 months+4.1%+4.9%−0.4 pts+0.5 pts
1 year+11.1%+14.3%−2.4 pts+0.8 pts
3 years+47.2%+59.1%−29.2 pts−17.3 pts
Since launchNot the same days: DFEB Feb 2020 · MART Mar 2023+71.4%+73.9%−66.4 pts−20.4 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. 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 MART AllianzIM U.S. Equity Buffer10 ETF - Mar · Absorbs the first 10% of loss on SPY and caps the gain at 15.9%, over a period ending Feb 28, 2027
Issuer First Trust AllianzIM
Reference index SPY SPY
Buffer 5% to 30% 10%
Outcome period Feb 23, 2026 to Feb 19, 2027 Mar 1, 2026 to Feb 28, 2027
Days left 107 116
Starting cap +11.9% +15.9%
Can still gain 3.6% 5.2%
Fall before buffer 12.2% 9.4%
Protection left, index points 25.0% of 25.0% 10.0% of 10.0%
Index return this period +11.2% +11.8%
Fund return this period +7.2% +9.4%
State today Open Open
Expense ratio 0.85% 0.74%
Net assets, as of Nov 3, 2026 $456m $29m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

DFEB resets first, on Feb 19, 2027, 107 days from now; MART runs to Feb 28, 2027, 116 days. DFEB can still gain 3.6% before its cap, MART 5.2%. A fall from here reaches DFEB’s buffer after 12.2% and MART’s after 9.4%. 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.

MART

From its price on Nov 4, 2026, the fund can gain about 5.2% more before it reaches its cap. The fund's price can fall 9.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.5% 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. 116 days remained on Nov 4, 2026. On Feb 28, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, DFEB or MART?
From their prices on Nov 4, 2026, DFEB can gain about 3.6% before its cap and MART about 5.2%, so MART has more room left this period.
Which resets first, DFEB or MART?
DFEB ends its outcome period on Feb 19, 2027 and MART on Feb 28, 2027. A new cap is set the day after each.
Which is cheaper, DFEB or MART?
DFEB charges 0.85% a year and MART charges 0.74%, so MART is cheaper. Fees come from each fund's prospectus.
Other comparisons
DFEB vs PMMRDFEB vs MARUDFEB vs MRCPDFEB vs PBMRMART vs GFEBMART vs PMARMART vs FFEBMART vs MARW
Where to next
State Street® SPDR® S&P 500® ETF Trust →DFEB on its own →MART on its own →Method →Standards and sources →
Sources and dates
DFEB filings on SEC EDGAR ↗
First Trust page for DFEB ↗
MART filings on SEC EDGAR ↗
AllianzIM page for MART ↗

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

How this is computed

It is a place in a set, not a rating or a recommendation.

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.

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

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