At a glance
ZFEB charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $151.5M in assets, the 8th largest of that group. Over the past year it returned +5.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB) uses FLEX options on the State Street SPDR S&P 500 ETF Trust to seek its gains up to a cap while aiming to block 100% of its losses over a one-year outcome period. The trade-off is a low ceiling: 6.37% before fees, or 5.58% after its 0.79% fee, for February 1, 2026 to January 31, 2027. That fee is below the 0.86% peer average.
Price history
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ZFEB +5.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ZFEB price data to Oct 27, 2026 | +4.3% | +5.5% | — | — | — | +6.1% |
- Over the year to Oct 27, 2026, ZFEB returned +5.5%, 8th of 8 among similar funds.
- The deepest fall in its price history was 3% (Feb 18, 2025 to Apr 7, 2025), recovered by May 15, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $13.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.74%, +0.04%, +0.48%.
How it works
ZFEB doesn't pick stocks. Innovator Capital Management and its sub-adviser, Milliman Financial Risk Management, build a package of FLEX options on the State Street SPDR S&P 500 ETF Trust, which tracks the S&P 500. FLEX options are exchange-traded options with terms that can be customized. As of July 31, 2026, the fund held three options plus 0.28% cash. The first was a call with a near-zero strike price of 6.95. It made up about 104% of assets and behaves much like owning the ETF. The second was a purchased put with a 692 strike, about 2% of assets, which supplies the loss protection. The third was a sold call at 736.12, about −7% of assets. It sets the cap, which sits 6.37% above the put's strike.
The outcome period runs from February 1, 2026 to January 31, 2027. If the ETF falls over that span, the fund aims to lose nothing before fees. After the 0.79% fee, the net buffer is 99.21%. If the ETF rises, the fund keeps gains up to 6.37%, or 5.58% after fees. When the options expire, the fund collects their cash value and invests in a new set that expires about a year later, with a new cap.
These outcomes apply only to shares held for the whole period. They are measured at net asset value, not market price. Investors who come in partway through face a different cap and buffer, which Innovator posts daily at innovatoretfs.com/zfeb. The fund does not guarantee these outcomes.
What it really costs
- ZFEB charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ZFEB | $81 | $252 | $439 | $978 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
Its options package aims to block S&P 500 losses over each one-year period, giving up most of the upside in exchange for stability.
ZFEB could act as a low-volatility stock holding for cautious money. It launched on February 3, 2025, so it has no record in the 2008, 2020 or 2022 downturns and no full calendar year. Its deepest decline was 3%, from February 18 to April 7, 2025. It recovered by May 15, 2025, about 1.2 months later. As of October 27, 2026, its one-year volatility (the size of its price swings) was 2%. The protection only covers a full outcome period, so cashing out partway through a bad year can still mean a loss.
The fund pays no income. It costs 0.79% a year, or $81 in the first year on $10,000 under the SEC's standard example. The cap also limits growth: the fund returned 5.5% over the year to October 27, 2026, while similar buffer funds returned 9.5% to 12.9%. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with a target of no losses before fees from February 1, 2026 to January 31, 2027.
- Holders who can stay in for a full one-year outcome period, since the 100% buffer and 6.37% cap apply only from start to finish.
- Cost-conscious buffer-fund users: its 0.79% expense ratio ties for lowest among eight similar funds, below the 0.86% average.
Look elsewhere if
- Investors seeking long-term growth: the cap is 5.58% after fees, and its 5.5% one-year return ranked last of eight buffer funds.
- Anyone who needs regular cash income, since no distributions have been recorded and the fund holds options rather than dividend-paying stocks.
- Those wanting a long track record or a large fund: it launched in February 2025 and had $151.5 million in net assets as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ZFEB this fund | 0.79% | $151.5M | +5.5% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Can you lose money in ZFEB?
Yes. The fund aims to block 100% of the State Street SPDR S&P 500 ETF Trust's losses only for investors who hold from February 1, 2026 to January 31, 2027. After the 0.79% fee, the net buffer is 99.21%, so a small loss is possible even then. Investors who come in or leave partway through, or who trade at a price away from net asset value, can lose more. The prospectus says there is no guarantee the fund will deliver its outcomes.
What happens if you invest in ZFEB after the outcome period starts?
Your results can be very different from the stated 6.37% cap and 100% buffer, which apply only from the period's first day to its last. If the fund's value has already risen, a late investor has less room left before hitting the cap. If the fund then falls back, that investor can lose money. Innovator posts updated cap and buffer figures daily at innovatoretfs.com/zfeb for anyone thinking of coming in partway through.
What's the difference between ZFEB and FFEB?
Both are buffer funds tied to US stocks with February in their names, but they come from different issuers. ZFEB, from Innovator, aims to block 100% of losses, with a 6.37% cap before fees for February 1, 2026 to January 31, 2027. FT Vest sets the buffer and cap for FFEB, and its prospectus is worth checking. ZFEB is cheaper, at 0.79% versus 0.85%. But ZFEB returned 5.5% over the year to October 27, 2026, against FFEB's 12.9%.
Does ZFEB pay dividends?
No distributions have been recorded for ZFEB. As of July 31, 2026, it held only FLEX options on the State Street SPDR S&P 500 ETF Trust and a little cash, not the stocks themselves. Options don't collect dividends, so the dividends S&P 500 companies pay don't reach shareholders. The fund's return comes only from changes in the options' value, up to the cap. That makes it a poor fit for anyone who needs regular cash income from the fund itself.
What is ZFEB's expense ratio?
ZFEB charges 0.79% a year, all of it management fee, according to its prospectus filed February 27, 2026. That ties for the lowest among eight similar buffer funds, where the average is 0.86%. Under the SEC's standard example ($10,000 invested, 5% annual return), costs would total about $81 after one year, $252 after three, $439 after five and $978 after ten. The fee also lowers the effective cap from 6.37% to 5.58%.