{
 "ticker": "SFEB",
 "name": "FT Vest U.S. Small Cap Moderate Buffer ETF - February",
 "issuer": "First Trust",
 "desk": "buffer",
 "url": "https://etfiq.com/funds/sfeb",
 "html": "https://etfiq.com/funds/sfeb",
 "markdown": "https://etfiq.com/funds/sfeb.md",
 "as_of": "2026-09-11",
 "verdict": "As of Sep 11, 2026, SFEB sits between its buffer and its cap, with IWM up 9.2% since the period began.",
 "key_facts": [
  {
   "key": "can_still_gain",
   "label": "Can still gain",
   "value": "8.7%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SFEB, can still gain: 8.7%, as of Sep 11, 2026."
  },
  {
   "key": "fall_before_the_buffer",
   "label": "Fall before the buffer",
   "value": "7.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SFEB, fall before the buffer: 7.5%, as of Sep 11, 2026."
  },
  {
   "key": "protection_left_index_points",
   "label": "Protection left, index points",
   "value": "15.0%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SFEB, protection left, index points: 15.0%, as of Sep 11, 2026."
  },
  {
   "key": "days_to_reset",
   "label": "Days to reset",
   "value": "161",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SFEB, days to reset: 161, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$130m",
   "source": "issuer page, as of Sep 11, 2026",
   "as_of": "2026-09-11",
   "sentence": "SFEB, net assets: $130m (issuer page, as of Sep 11, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.90%",
   "source": "issuer page, Sep 11, 2026",
   "as_of": "2026-09-11",
   "sentence": "SFEB, expense ratio: 0.90% (issuer page, Sep 11, 2026)."
  }
 ],
 "fields": [
  {
   "key": "reference_index",
   "label": "Reference index",
   "value": "IWM",
   "source": null
  },
  {
   "key": "buffer",
   "label": "Buffer",
   "value": "15%",
   "source": null
  },
  {
   "key": "outcome_period",
   "label": "Outcome period",
   "value": "Feb 23, 2026 to Feb 19, 2027",
   "source": null
  },
  {
   "key": "starting_cap",
   "label": "Starting cap",
   "value": "+17.4%",
   "source": null
  },
  {
   "key": "iwm_return_since_period_start",
   "label": "IWM return since period start",
   "value": "+9.2%",
   "source": null
  },
  {
   "key": "fund_return_since_period_start",
   "label": "Fund return since period start",
   "value": "+7.2%",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$130m",
   "source": "issuer page, as of Sep 11, 2026"
  },
  {
   "key": "band_state_today",
   "label": "Band state today",
   "value": "Open",
   "source": "ETFIQ"
  },
  {
   "key": "can_still_gain",
   "label": "Can still gain",
   "value": "8.7%",
   "source": "issuer, fund price"
  },
  {
   "key": "fall_before_buffer",
   "label": "Fall before buffer",
   "value": "7.5%",
   "source": "issuer, fund price"
  },
  {
   "key": "fall_to_the_buffer_in_index_terms",
   "label": "Fall to the buffer in index terms",
   "value": "8.4%",
   "source": "ETFIQ"
  },
  {
   "key": "protection_left_in_index_points",
   "label": "Protection left in index points",
   "value": "15.0% of 15.0%",
   "source": "ETFIQ"
  },
  {
   "key": "days_left_in_period",
   "label": "Days left in period",
   "value": "161",
   "source": null
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.90%",
   "source": "issuer page, Sep 11, 2026"
  }
 ],
 "periods": [
  {
   "window": "3 months",
   "Total return": "+1.5%",
   "IWM": "\u22121.1%",
   "Gap to IWM": "+2.6 pts"
  },
  {
   "window": "6 months",
   "Total return": "+11.0%",
   "IWM": "+17.6%",
   "Gap to IWM": "\u22126.7 pts"
  },
  {
   "window": "1 year",
   "Total return": "+15.3%",
   "IWM": "+21.2%",
   "Gap to IWM": "\u22125.9 pts"
  }
 ],
 "questions": [
  {
   "q": "How much can SFEB still gain?",
   "a": "About 8.7% from its price on Sep 11, 2026, before it reaches its cap, by the issuer's published figure. The cap for the period was set at +17.4%."
  },
  {
   "q": "How far can SFEB fall before the buffer helps?",
   "a": "7.5% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms IWM can fall 8.4% from that level before the buffer begins. Losses until that point are the holder's."
  },
  {
   "q": "How much of the SFEB buffer is left?",
   "a": "15.0% of the 15.0% buffer sat below the IWM level on Sep 11, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer."
  },
  {
   "q": "When does SFEB reset?",
   "a": "The outcome period ends on Feb 19, 2027, 161 days from the data on Sep 11, 2026. A new cap is set the next day and the buffer starts again."
  },
  {
   "q": "What does SFEB cost?",
   "a": "The prospectus expense ratio is 0.90% a year."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}