Data as of .
FEBU vs ZFEB: which one stands where?
As of Sep 21, 2026 FEBU can fall 8.5% before its buffer engages and ZFEB 3.7%, and FEBU resets 1 days sooner.
These are two different products. ZFEB is a floor fund, which caps how far a holder can fall. FEBU 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
FEBU resets first, on Jan 31, 2027, 131 days from now; ZFEB runs to Jan 31, 2027, 132 days. A fall from here reaches FEBU’s buffer after 8.5% and ZFEB’s after 3.7%. 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 | ||
|---|---|---|---|---|
| FEBU | ZFEB | FEBU | ZFEB | |
| 3 months | +0.8% | +1.4% | −1.4 pts | −0.9 pts |
| 6 months | +11.4% | +4.1% | −6.6 pts | −14.0 pts |
| 1 year | +10.7% | +5.7% | −5.8 pts | −10.8 pts |
| 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 | ZFEB Innovator Equity Defined Protection ETF - 1 Yr February Absorbs the whole loss on SPY and caps the gain at 6.4%, over a period ending Jan 31, 2027 | |
|---|---|---|
| Issuer | AllianzIM | Innovator |
| Reference index | SPY | SPY |
| Buffer | 15% | 100% |
| Outcome period | Feb 1, 2026 to Jan 31, 2027 | Jan 31, 2026 to Jan 31, 2027 |
| Days left | 131 | 132 |
| Starting cap | uncapped | +6.4% |
| Can still gain | uncapped | 2.5% |
| Fall before buffer | 8.5% | 3.7% |
| Protection left, index points | 15.0% of 15.0% | 100.0% of 100.0% |
| Index return this period | +11.8% | +11.8% |
| Fund return this period | +8.5% | +3.3% |
| State today | Uncapped | At cap |
| Expense ratio | 0.74% | 0.79% |
| Net assets | $52m | $151m |
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.
ZFEB in plain words
SPY had already risen past this fund's cap of +6.4% 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 2.5% as the period runs out. The fund's price can fall 3.7% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 132 days remained on Sep 21, 2026.
Questions people ask
- Which resets first, FEBU or ZFEB?
- FEBU ends its outcome period on Jan 31, 2027 and ZFEB on Jan 31, 2027. A new cap is set the day after each.
- Which is cheaper, FEBU or ZFEB?
- FEBU charges 0.74% a year and ZFEB charges 0.79%, 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, FEBU against ZFEB, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/febu-vs-zfeb Free to use with attribution; the underlying files are at Open data.