Data as of .
FFEB vs UMAR: which one stands where?
As of Sep 21, 2026 UMAR can fall 11.4% before its buffer engages and FFEB 8.6%, and FFEB resets 9 days sooner.
ETFIQ Downside Cover Score: FFEB 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
FFEB resets first, on Feb 19, 2027, 151 days from now; UMAR runs to Feb 28, 2027, 160 days. FFEB can still gain 5.2% before its cap, UMAR 4.6%. A fall from here reaches FFEB’s buffer after 8.6% and UMAR’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 | ||
|---|---|---|---|---|
| FFEB | UMAR | FFEB | UMAR | |
| 3 months | +2.4% | +2.2% | +0.1 pts | −0.1 pts |
| 6 months | +12.1% | +9.0% | −5.9 pts | −9.0 pts |
| 1 year | +13.8% | +10.9% | −2.8 pts | −5.6 pts |
| 3 years | +55.9% | +42.2% | −22.5 pts | −36.2 pts |
| FFEB FT Vest U.S. Equity Buffer ETF - February Absorbs the first 10% of loss on SPY and caps the gain at 15.0%, 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 | 151 | 160 |
| Starting cap | +15.0% | +12.1% |
| Can still gain | 5.2% | 4.6% |
| Fall before buffer | 8.6% | 11.4% |
| Protection left, index points | 10.0% of 10.0% | 30.0% of 30.0% |
| Index return this period | +12.2% | +12.8% |
| Fund return this period | +8.5% | +6.7% |
| State today | Open | At cap |
| Expense ratio | 0.85% | 0.79% |
| Net assets | $1.4bn | $143m |
FFEB in plain words
From its price on Sep 21, 2026, the fund can gain about 5.2% more before it reaches its cap. The fund's price can fall 8.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.9% 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. 151 days remained on Sep 21, 2026. On Feb 19, 2027 the period ends and a new cap is set.
UMAR in plain words
SPY had already risen past this fund's cap of +12.1% 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 4.6% 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 15.8% 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. 160 days remained on Sep 21, 2026. On Feb 28, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, FFEB or UMAR?
- From their prices on Sep 21, 2026, FFEB can gain about 5.2% before its cap and UMAR about 4.6%, so FFEB has more room left this period.
- Which resets first, FFEB or UMAR?
- FFEB 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, FFEB or UMAR?
- FFEB charges 0.85% a year and UMAR charges 0.79%, so UMAR 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, FFEB against UMAR, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/ffeb-vs-umar Free to use with attribution; the underlying files are at Open data.