Data as of .
DJAN vs FEBU: which one stands where?
As of Sep 21, 2026 DJAN can fall 12.1% before its buffer engages and FEBU 8.5%, and DJAN resets 15 days sooner.
ETFIQ Downside Cover Score: FEBU scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
Where each one stands today
DJAN resets first, on Jan 15, 2027, 116 days from now; FEBU runs to Jan 31, 2027, 131 days. A fall from here reaches DJAN’s buffer after 12.1% and FEBU’s after 8.5%. 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 | ||
|---|---|---|---|---|
| DJAN | FEBU | DJAN | FEBU | |
| 3 months | +2.2% | +0.8% | −0.1 pts | −1.4 pts |
| 6 months | +9.7% | +11.4% | −8.4 pts | −6.6 pts |
| 1 year | +10.7% | +10.7% | −5.8 pts | −5.8 pts |
| 3 years | +40.8% | not published | −37.6 pts | not published |
| DJAN FT Vest U.S. Equity Deep Buffer ETF - January Absorbs losses from 5.0% to 30.0% on SPY and caps the gain at 11.6%, over a period ending Jan 15, 2027 | FEBU AllianzIM U.S. Equity Buffer15 Uncapped ETF - Feb Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Jan 31, 2027 | |
|---|---|---|
| Issuer | First Trust | AllianzIM |
| Reference index | SPY | SPY |
| Buffer | 5% to 30% | 15% |
| Outcome period | Jan 20, 2026 to Jan 15, 2027 | Feb 1, 2026 to Jan 31, 2027 |
| Days left | 116 | 131 |
| Starting cap | +11.6% | uncapped |
| Can still gain | 3.5% | uncapped |
| Fall before buffer | 12.1% | 8.5% |
| Protection left, index points | 25.0% of 25.0% | 15.0% of 15.0% |
| Index return this period | +11.9% | +11.8% |
| Fund return this period | +7.1% | +8.5% |
| State today | At cap | Uncapped |
| Expense ratio | 0.85% | 0.74% |
| Net assets | $481m | $52m |
DJAN in plain words
SPY had already risen past this fund's cap of +11.6% 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 3.5% as the period runs out. The fund's price can fall 12.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.1% 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. 116 days remained on Sep 21, 2026. On Jan 15, 2027 the period ends and a new cap is set.
FEBU in plain words
This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 8.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.6% 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. 131 days remained on Sep 21, 2026. On Jan 31, 2027 the period ends and a new cap is set.
Questions people ask
- Which resets first, DJAN or FEBU?
- DJAN ends its outcome period on Jan 15, 2027 and FEBU on Jan 31, 2027. A new cap is set the day after each.
- Which is cheaper, DJAN or FEBU?
- DJAN charges 0.85% a year and FEBU charges 0.74%, so FEBU 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, DJAN against FEBU, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/djan-vs-febu Free to use with attribution; the underlying files are at Open data.