Data as of .
FEBW vs UFEB: which one stands where?
As of Sep 21, 2026 UFEB can fall 11.4% before its buffer engages and FEBW 6.7%, and FEBW resets 1 days sooner.
ETFIQ Downside Cover Score: FEBW scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
Where each one stands today
FEBW resets first, on Jan 31, 2027, 131 days from now; UFEB runs to Jan 31, 2027, 132 days. FEBW can still gain 3.3% before its cap, UFEB 3.9%. A fall from here reaches FEBW’s buffer after 6.7% and UFEB’s after 11.4%. 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 | ||
|---|---|---|---|---|
| FEBW | UFEB | FEBW | UFEB | |
| 3 months | +2.1% | +2.1% | −0.2 pts | −0.1 pts |
| 6 months | +8.8% | +8.9% | −9.3 pts | −9.1 pts |
| 1 year | +9.9% | +10.7% | −6.7 pts | −5.8 pts |
| 3 years | +36.2% | +40.6% | −42.2 pts | −37.8 pts |
| FEBW AllianzIM U.S. Equity Buffer20 ETF - Feb Absorbs the first 20% of loss on SPY and caps the gain at 10.6%, over a period ending Jan 31, 2027 | UFEB Innovator U.S. Equity Ultra Buffer ETF - Feb Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 11.4%, over a period ending Jan 31, 2027 | |
|---|---|---|
| Issuer | AllianzIM | Innovator |
| Reference index | SPY | SPY |
| Buffer | 20% | 5% to 35% |
| Outcome period | Feb 1, 2026 to Jan 31, 2027 | Jan 31, 2026 to Jan 31, 2027 |
| Days left | 131 | 132 |
| Starting cap | +10.6% | +11.4% |
| Can still gain | 3.3% | 3.9% |
| Fall before buffer | 6.7% | 11.4% |
| Protection left, index points | 20.0% of 20.0% | 30.0% of 30.0% |
| Index return this period | +11.8% | +11.8% |
| Fund return this period | +6.3% | +6.7% |
| State today | At cap | At cap |
| Expense ratio | 0.74% | 0.79% |
| Net assets | $198m | $229m |
FEBW in plain words
SPY had already risen past this fund's cap of +10.6% 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 3.3% as the period runs out. The fund's price can fall 6.7% 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: 20.0% of the 20.0% 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.
UFEB in plain words
SPY had already risen past this fund's cap of +11.4% 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 3.9% as the period runs out. The fund's price can fall 11.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.1% 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. 132 days remained on Sep 21, 2026.
Questions people ask
- Which has more room to gain, FEBW or UFEB?
- From their prices on Sep 21, 2026, FEBW can gain about 3.3% before its cap and UFEB about 3.9%, so UFEB has more room left this period.
- Which resets first, FEBW or UFEB?
- FEBW ends its outcome period on Jan 31, 2027 and UFEB on Jan 31, 2027. A new cap is set the day after each.
- Which is cheaper, FEBW or UFEB?
- FEBW charges 0.74% a year and UFEB charges 0.79%, so FEBW 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, FEBW against UFEB, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/febw-vs-ufeb Free to use with attribution; the underlying files are at Open data.