Data as of .
DFEB vs ZMAR: which one stands where?
As of Sep 21, 2026 DFEB can fall 11.7% before its buffer engages and ZMAR 3.6%, and DFEB resets 9 days sooner.
These are two different products. ZMAR 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.
Where each one stands today
DFEB resets first, on Feb 19, 2027, 151 days from now; ZMAR runs to Feb 28, 2027, 160 days. DFEB can still gain 4.1% before its cap, ZMAR 2.9%. A fall from here reaches DFEB’s buffer after 11.7% and ZMAR’s after 3.6%. 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 | ||
|---|---|---|---|---|
| DFEB | ZMAR | DFEB | ZMAR | |
| 3 months | +2.2% | +1.5% | −0.1 pts | −0.8 pts |
| 6 months | +9.1% | +4.2% | −8.9 pts | −13.9 pts |
| 1 year | +11.2% | +5.9% | −5.4 pts | −10.7 pts |
| 3 years | +44.8% | not published | −33.6 pts | not published |
| 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 | ZMAR Innovator Equity Defined Protection ETF - 1 Yr March Absorbs the whole loss on SPY and caps the gain at 6.7%, over a period ending Feb 28, 2027 | |
|---|---|---|
| Issuer | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | 5% to 30% | 100% |
| Outcome period | Feb 23, 2026 to Feb 19, 2027 | Feb 28, 2026 to Feb 28, 2027 |
| Days left | 151 | 160 |
| Starting cap | +11.9% | +6.7% |
| Can still gain | 4.1% | 2.9% |
| Fall before buffer | 11.7% | 3.6% |
| Protection left, index points | 25.0% of 25.0% | 100.0% of 100.0% |
| Index return this period | +12.2% | +12.8% |
| Fund return this period | +6.6% | +3.3% |
| State today | At cap | At cap |
| Expense ratio | 0.85% | 0.79% |
| Net assets | $447m | $112m |
DFEB in plain words
SPY had already risen past this fund's cap of +11.9% 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 4.1% as the period runs out. The fund's price can fall 11.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.4% 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. 151 days remained on Sep 21, 2026. On Feb 19, 2027 the period ends and a new cap is set.
ZMAR in plain words
SPY had already risen past this fund's cap of +6.7% 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 2.9% as the period runs out. The fund's price can fall 3.6% 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: 100.0% of the 100.0% buffer still sits below today's SPY level. 160 days remained on Sep 21, 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 ZMAR?
- From their prices on Sep 21, 2026, DFEB can gain about 4.1% before its cap and ZMAR about 2.9%, so DFEB has more room left this period.
- Which resets first, DFEB or ZMAR?
- DFEB ends its outcome period on Feb 19, 2027 and ZMAR on Feb 28, 2027. A new cap is set the day after each.
- Which is cheaper, DFEB or ZMAR?
- DFEB charges 0.85% a year and ZMAR charges 0.79%, so ZMAR 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, DFEB against ZMAR, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/dfeb-vs-zmar Free to use with attribution; the underlying files are at Open data.