Data as of Nov 4, 2026.
DLFE vs MARW: Cap, Buffer & Days Left
As of Nov 4, 2026 DLFE can fall 8.0% before its buffer engages and MARW 7.0%, and DLFE resets 9 days sooner.
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Net assets on Nov 3, 2026: $68m for FT Vest U.S. Equity Dual Directional Buffer ETF - February and $86m for AllianzIM U.S. Equity Buffer20 ETF - Mar.
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.MARW: reference +11.8% since period start, fund +6.7%; buffer 0 to −20; cap +10.8%; At its cap. Data to Nov 4, 2026.
MARW: reference +11.8% since period start, fund +6.7%; buffer 0 to −20; cap +10.8%; At its cap. Data to Nov 4, 2026.Pair scorecard
MARW costs 0.11 points a year less; MARW is 1.3 times larger.
Points (pts) are percentage points.
| Measure | DLFE | MARW |
|---|---|---|
| Return | ||
| Total return, 1 year | not published | +10.0% |
| Drawdown | ||
| Index fall to the buffer | 10.1% | 10.5% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.74% |
| Net assets, as of Nov 3, 2026 | $68m | $86m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | DLFE | MARW | DLFE | MARW |
| 3 months | +1.5% | +1.4% | +1.9 pts | +1.8 pts |
| 6 months | +4.4% | +3.8% | −0.1 pts | −0.6 pts |
| 1 year | – | +10.0% | – | −3.6 pts |
| 3 years | – | +38.0% | – | −38.4 pts |
| Since launchNot the same days: DLFE Feb 2026 · MARW Mar 2023 | +8.4% | +48.5% | −3.9 pts | −45.7 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
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. MARW 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.
MARW is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
DLFE resets first, on Feb 19, 2027, 107 days from now; MARW runs to Feb 28, 2027, 116 days. DLFE can still gain 3.5% before its cap, MARW 3.2%. A fall from here reaches DLFE’s buffer after 8.0% and MARW’s after 7.0%. Both track SPY, so what separates them is where each is in its own period.
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.
MARW
SPY had already risen past this fund's cap of +10.8% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.2% as the period runs out. The fund's price can fall 7.0% 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: 20.0% of the 20.0% 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
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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.
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ETFIQ, DLFE against MARW, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dlfe-vs-marw
ETFIQ. (Nov 4, 2026). DLFE against MARW. Retrieved from https://etfiq.com/compare/buffer/dlfe-vs-marw
[DLFE against MARW (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/dlfe-vs-marw)
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