Which resets first, FEBU or ZFEB?

FEBU ends its outcome period on Jan 31, 2027 and ZFEB on Jan 31, 2027. New terms are 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.

Data as of Nov 4, 2026.

Buffer ETFs

FEBU vs ZFEB: Cap, Buffer & Days Left

Share on X Download as PDF

As of Nov 4, 2026 FEBU can fall 7.4% before its buffer engages and ZFEB 4.3%.

askIQ about this page

askIQ about FEBU and ZFEB

Net assets: $47m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Feb, and $146m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - 1 Yr February.

FEBU on its own →ZFEB on its own →

At a glance

7.4%

FEBU can fall this far before its buffer

4.3%

ZFEB can fall this far before its buffer

uncapped

FEBU can still gain

1.8%

ZFEB can still gain

FEBU No cap

FEBU: reference +10.8% since period start, fund +7.1%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.

ZFEB At its cap

ZFEB: reference +10.8% since period start, fund +3.9%; buffer Floor; cap +6.4%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

FEBU costs 0.05 points a year less; their one-year returns differ by 3.2 points; ZFEB is 3.1 times larger.

Points (pts) are percentage points.

FEBU vs ZFEB: Cap, Buffer & Days Left
Measure	FEBU	ZFEB
Return
Measure	FEBU	ZFEB
Total return, 1 year	+9.0%	+5.8%
Drawdown
Measure	FEBU	ZFEB
Index fall to the buffer	9.8%	9.7%
Benchmark
Measure	FEBU	ZFEB
What it tracks	SPY	SPY
Cost and size
Measure	FEBU	ZFEB
Expense ratio	0.74%	0.79%
Net assets, as of Nov 3, 2026	$47m	$145m
Holdings
Measure	FEBU	ZFEB
Holdings in common	not published

Method

Window by window

Window by window: FEBU vs ZFEB: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FEBU	ZFEB	FEBU	ZFEB
3 months	−1.3%	+1.1%	−0.9 pts	+1.5 pts
6 months	+2.3%	+2.4%	−2.2 pts	−2.1 pts
1 year	+9.0%	+5.8%	−4.6 pts	−7.7 pts
Since launchFEBU Feb 2025 · ZFEB Feb 2025	+19.7%	+10.7%	−8.6 pts	−17.5 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

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 88 88

Starting cap uncapped +6.4%

Can still gain uncapped 1.8%

Fall before buffer 7.4% 4.3%

Protection left, index points 15.0% of 15.0% 100.0% of 100.0%

Index return this period +10.8% +10.8%

Fund return this period +7.1% +3.9%

State today Uncapped At cap

Expense ratio 0.74% 0.79%

Net assets, FEBU as of Nov 3, 2026 and ZFEB as of Nov 4, 2026 $47m $146m

As of Nov 4, 2026. Source: ETFIQ.

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.

ZFEB is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

FEBU resets first, on Jan 31, 2027, 88 days from now; ZFEB runs to Jan 31, 2027, 88 days. A fall from here reaches FEBU’s buffer after 7.4% and ZFEB’s after 4.3%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

FEBU

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 7.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 9.8% 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. 88 days remained on Nov 4, 2026. On Jan 31, 2027 the period ends and new terms are set.

ZFEB

SPY had already risen past this fund's cap of +6.4% 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 1.8% as the period runs out. The fund's price can fall 4.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 9.7% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. On Jan 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, FEBU or ZFEB?: FEBU ends its outcome period on Jan 31, 2027 and ZFEB on Jan 31, 2027. New terms are 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

FEBU vs UFEB FEBU vs FEBW FEBU vs BFEB FEBU vs FEBT ZFEB vs PFEB ZFEB vs FJAN ZFEB vs PBFB ZFEB vs SIXF

Where to next

SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →FEBU on its own →ZFEB on its own →Method →Standards and sources →

Sources and dates

FEBU filings on SEC EDGAR ↗

AllianzIM page for FEBU ↗

ZFEB filings on SEC EDGAR ↗

Innovator page for ZFEB ↗

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, FEBU against ZFEB, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/febu-vs-zfeb

Open data →

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