Data as of .
BFEB vs PFEB: which one stands where?
As of Sep 21, 2026 BFEB can fall 9.1% before its buffer engages and PFEB 7.3%.
ETFIQ Downside Cover Score: PFEB 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
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
BFEB resets first, on Jan 31, 2027, 132 days from now; PFEB runs to Jan 31, 2027, 132 days. BFEB can still gain 6.0% before its cap, PFEB 4.2%. A fall from here reaches BFEB’s buffer after 9.1% and PFEB’s after 7.3%. 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 | ||
|---|---|---|---|---|
| BFEB | PFEB | BFEB | PFEB | |
| 3 months | +2.4% | +2.2% | +0.2 pts | −0.1 pts |
| 6 months | +13.3% | +10.2% | −4.7 pts | −7.9 pts |
| 1 year | +14.8% | +11.2% | −1.8 pts | −5.4 pts |
| 3 years | +57.2% | +41.6% | −21.2 pts | −36.8 pts |
| BFEB Innovator U.S. Equity Buffer ETF - Feb Absorbs the first 9% of loss on SPY and caps the gain at 16.6%, over a period ending Jan 31, 2027 | PFEB Innovator U.S. Equity Power Buffer ETF - Feb Absorbs the first 15% of loss on SPY and caps the gain at 12.4%, over a period ending Jan 31, 2027 | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | 9% | 15% |
| Outcome period | Jan 31, 2026 to Jan 31, 2027 | Jan 31, 2026 to Jan 31, 2027 |
| Days left | 132 | 132 |
| Starting cap | +16.6% | +12.4% |
| Can still gain | 6.0% | 4.2% |
| Fall before buffer | 9.1% | 7.3% |
| Protection left, index points | 9.0% of 9.0% | 15.0% of 15.0% |
| Index return this period | +11.8% | +11.8% |
| Fund return this period | +9.4% | +7.3% |
| State today | Open | Open |
| Expense ratio | 0.79% | 0.79% |
| Net assets | $260m | $924m |
BFEB in plain words
From its price on Sep 21, 2026, the fund can gain about 6.0% more before it reaches its cap. The fund's price can fall 9.1% 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: 9.0% of the 9.0% buffer still sits below today's SPY level. 132 days remained on Sep 21, 2026. On Jan 31, 2027 the period ends and a new cap is set.
PFEB in plain words
From its price on Sep 21, 2026, the fund can gain about 4.2% more before it reaches its cap. The fund's price can fall 7.3% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.
Questions people ask
- Which has more room to gain, BFEB or PFEB?
- From their prices on Sep 21, 2026, BFEB can gain about 6.0% before its cap and PFEB about 4.2%, so BFEB has more room left this period.
- Which resets first, BFEB or PFEB?
- BFEB ends its outcome period on Jan 31, 2027 and PFEB on Jan 31, 2027. A new cap is set the day after each.
- Which is cheaper, BFEB or PFEB?
- BFEB charges 0.79% a year and PFEB charges 0.79%, so BFEB 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, BFEB against PFEB, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/bfeb-vs-pfeb Free to use with attribution; the underlying files are at Open data.