Which has more room to gain, DLFE or GFEB?

From their prices on Nov 4, 2026, DLFE can gain about 3.5% before its cap and GFEB about 3.5%, so the two have the same room left this period.

Which resets first, DLFE or GFEB?

DLFE ends its outcome period on Feb 19, 2027 and GFEB on Feb 19, 2027. A new cap is set the day after each.

Which is cheaper, DLFE or GFEB?

DLFE and GFEB both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

DLFE vs GFEB: Cap, Buffer & Days Left

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As of Nov 4, 2026 DLFE can fall 8.0% before its buffer engages and GFEB 7.7%.

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Net assets on Nov 3, 2026: $68m for FT Vest U.S. Equity Dual Directional Buffer ETF - February and $369m for FT Vest U.S. Equity Moderate Buffer ETF - February.

DLFE on its own →GFEB on its own →

At a glance

8.0%

DLFE can fall this far before its buffer

7.7%

GFEB can fall this far before its buffer

3.5%

DLFE can still gain

3.5%

GFEB can still gain

DLFE Between buffer and cap

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.

GFEB Between buffer and cap

GFEB: reference +11.2% since period start, fund +7.4%; buffer 0 to −15; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; GFEB is 5.4 times larger.

Points (pts) are percentage points.

DLFE vs GFEB: Cap, Buffer & Days Left
Measure	DLFE	GFEB
Return
Measure	DLFE	GFEB
Total return, 1 year	not published	+11.2%
Drawdown
Measure	DLFE	GFEB
Index fall to the buffer	10.1%
Benchmark
Measure	DLFE	GFEB
What it tracks	SPY	SPY
Cost and size
Measure	DLFE	GFEB
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$68m	$369m
Holdings
Measure	DLFE	GFEB
Holdings in common	not published

Method

Window by window

Window by window: DLFE vs GFEB: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	DLFE	GFEB	DLFE	GFEB
3 months	+1.5%	+1.5%	+1.9 pts	+1.8 pts
6 months	+4.4%	+4.3%	−0.1 pts	−0.2 pts
1 year	–	+11.2%	–	−2.4 pts
3 years	–	+45.4%	–	−31.0 pts
Since launchNot the same days: DLFE Feb 2026 · GFEB Feb 2023	+8.4%	+56.2%	−3.9 pts	−36.0 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

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 GFEB FT Vest U.S. Equity Moderate Buffer ETF - February · Absorbs the first 15% of loss on SPY and caps the gain at 12.1%, over a period ending Feb 19, 2027

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 10% 15%

Outcome period Feb 23, 2026 to Feb 19, 2027 Feb 23, 2026 to Feb 19, 2027

Days left 107 107

Starting cap +12.4% +12.1%

Can still gain 3.5% 3.5%

Fall before buffer 8.0% 7.7%

Protection left, index points 10.0% of 10.0% 15.0% of 15.0%

Index return this period +11.2% +11.2%

Fund return this period +7.8% +7.4%

State today Open Open

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $68m $369m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. GFEB is a floor fund, which caps how far a holder can fall. DLFE 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

DLFE resets first, on Feb 19, 2027, 107 days from now; GFEB runs to Feb 19, 2027, 107 days. DLFE can still gain 3.5% before its cap, GFEB 3.5%. A fall from here reaches DLFE’s buffer after 8.0% and GFEB’s after 7.7%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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. 107 days remained on Nov 4, 2026. On Feb 19, 2027 the period ends and a new cap is set.

GFEB

The fund's price can fall 7.7% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, DLFE or GFEB?: From their prices on Nov 4, 2026, DLFE can gain about 3.5% before its cap and GFEB about 3.5%, so the two have the same room left this period.
Which resets first, DLFE or GFEB?: DLFE ends its outcome period on Feb 19, 2027 and GFEB on Feb 19, 2027. A new cap is set the day after each.
Which is cheaper, DLFE or GFEB?: DLFE and GFEB both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

DLFE vs FFEB DLFE vs UMAR DLFE vs ZMAR DLFE vs MARW GFEB vs MARW GFEB vs FEBM GFEB vs MRCP GFEB vs MARU

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 →DLFE on its own →GFEB on its own →Method →Standards and sources →

Sources and dates

DLFE and GFEB filings on SEC EDGAR ↗

First Trust page for DLFE ↗

First Trust page for GFEB ↗

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

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