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Data as of Nov 4, 2026.

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Buffer ETFs

DLFE vs UMAR: Cap, Buffer & Days Left

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As of Nov 4, 2026 UMAR can fall 12.0% before its buffer engages and DLFE 8.0%, and DLFE resets 9 days sooner.

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Net assets: $68m on Nov 3, 2026 for FT Vest U.S. Equity Dual Directional Buffer ETF - February, and $143m on Nov 4, 2026 for Innovator U.S. Equity Ultra Buffer ETF - Mar.

DLFE on its own →UMAR on its own →
At a glance
8.0%
DLFE can fall this far before its buffer
12.0%
UMAR can fall this far before its buffer
3.5%
DLFE can still gain
3.9%
UMAR can still gain
DLFE Between buffer and cap
Between buffer and capDLFE: reference +11.2% since period start, fund +7.8%; buffer 0 to −10; cap +12.4%; Between buffer and cap. Data to Nov 4, 2026.10 pts of buffer+11.2% gain captured−10.0% floor0% period start+12.4% cap+1.2% more to the capTODAY · SPY +11.2%Between buffer and capDLFE: 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.+11.2%−10.0% floor0% start+12.4% cap10 pts of buffer+1.2% more to the capTODAY · SPY +11.2%

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.
UMAR Between buffer and cap
Between buffer and capUMAR: reference +11.7% since period start, fund +7.3%; buffer −5 to −35; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer+11.7% gain captured−35.0% floor−5.0% buffer start0% period start+12.1% capfirst 5 pts are yours to lose+0.3% more to the capTODAY · SPY +11.7%Between buffer and capUMAR: reference +11.7% since period start, fund +7.3%; buffer −5 to −35; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer+11.7%−35.0% floor−5.0% buffer start0% start+12.1% capfirst 5 pts are yours to lose+0.3% more to the capTODAY · SPY +11.7%

UMAR: reference +11.7% since period start, fund +7.3%; buffer −5 to −35; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.

UMAR: reference +11.7% since period start, fund +7.3%; buffer −5 to −35; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

UMAR costs 0.06 points a year less; UMAR is 2.1 times larger.

Points (pts) are percentage points.

DLFE vs UMAR: Cap, Buffer & Days Left
MeasureDLFEUMAR
Return
Total return, 1 yearnot published+11.0%
Drawdown
Index fall to the buffer10.1%15.0%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.85%0.79%
Net assets, as of Nov 3, 2026$68m$142m
Holdings
Holdings in commonnot published

Method

Window by window

Window by window: DLFE vs UMAR: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowDLFEUMARDLFEUMAR
3 months+1.5%+1.5%+1.9 pts+1.9 pts
6 months+4.4%+4.3%−0.1 pts−0.1 pts
1 year–+11.0%–−2.5 pts
3 years–+44.0%–−32.4 pts
Since launchNot the same days: DLFE Feb 2026 · UMAR Mar 2020+8.4%+64.9%−3.9 pts−83.2 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 UMAR Innovator U.S. Equity Ultra Buffer ETF - Mar · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 12.1%, over a period ending Feb 28, 2027
Issuer First Trust Innovator
Reference index SPY SPY
Buffer 10% 5% to 35%
Outcome period Feb 23, 2026 to Feb 19, 2027 Feb 28, 2026 to Feb 28, 2027
Days left 107 116
Starting cap +12.4% +12.1%
Can still gain 3.5% 3.9%
Fall before buffer 8.0% 12.0%
Protection left, index points 10.0% of 10.0% 30.0% of 30.0%
Index return this period +11.2% +11.7%
Fund return this period +7.8% +7.3%
State today Open Open
Expense ratio 0.85% 0.79%
Net assets, DLFE as of Nov 3, 2026 and UMAR as of Nov 4, 2026 $68m $143m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. UMAR 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.

Where each one stands today

DLFE resets first, on Feb 19, 2027, 107 days from now; UMAR runs to Feb 28, 2027, 116 days. DLFE can still gain 3.5% before its cap, UMAR 3.9%. A fall from here reaches DLFE’s buffer after 8.0% and UMAR’s after 12.0%. Both track SPY, so what separates them is where each is in its own period.

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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.

UMAR

From its price on Nov 4, 2026, the fund can gain about 3.9% more before it reaches its cap. The fund's price can fall 12.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.0% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% 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, DLFE or UMAR?
From their prices on Nov 4, 2026, DLFE can gain about 3.5% before its cap and UMAR about 3.9%, so UMAR has more room left this period.
Which resets first, DLFE or UMAR?
DLFE ends its outcome period on Feb 19, 2027 and UMAR on Feb 28, 2027. A new cap is set the day after each.
Which is cheaper, DLFE or UMAR?
DLFE charges 0.85% a year and UMAR charges 0.79%, so UMAR is cheaper. Fees come from each fund's prospectus.
Other comparisons
DLFE vs SIXPDLFE vs PMMRDLFE vs ZMARDLFE vs BMARUMAR vs XFEBUMAR vs MARWUMAR vs FEBMUMAR vs ZMAR
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 →UMAR on its own →Method →Standards and sources →
Sources and dates
DLFE filings on SEC EDGAR ↗
First Trust page for DLFE ↗
UMAR filings on SEC EDGAR ↗
Innovator page for UMAR ↗

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 UMAR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dlfe-vs-umar

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