Which has more room to gain, BFEB or PFEB?

From their prices on Oct 2, 2026, BFEB can gain about 6.2% before its cap and PFEB about 4.1%, 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.

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BFEB vs PFEB: which one stands where?

As of Oct 2, 2026 BFEB can fall 9.0% before its buffer engages and PFEB 7.5%. Innovator U.S. Equity Buffer ETF - Feb and Innovator U.S. Equity Power Buffer ETF - Feb.

their one-year returns differ by 3.4 points; PFEB is 4.3 times larger.

	BFEB	PFEB
Expense ratio	0.79%	0.79%
Net assets	$208m	$898m
Total return, 1 year	+14.7%	+11.3%
What it tracks	SPY	SPY
Holdings in common	not published

9.0%

BFEB can fall this far before its buffer

7.5%

PFEB can fall this far before its buffer

6.2%

BFEB can still gain

4.1%

PFEB can still gain

BFEBBetween buffer and cap

BFEB: reference +11.2% since period start, fund +9.3%; buffer 0 to −9; cap +16.6%; Between buffer and cap.

PFEBBetween buffer and cap

PFEB: reference +11.2% since period start, fund +7.5%; buffer 0 to −15; cap +12.4%; Between buffer and cap.

ETFIQ Downside Cover Score · PFEB scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

BFEB 16.5

PFEB 61.1

0.2, the lowest in this set99.8, the highest

A percentile among the 294 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, 121 days from now; PFEB runs to Jan 31, 2027, 121 days. BFEB can still gain 6.2% before its cap, PFEB 4.1%. A fall from here reaches BFEB’s buffer after 9.0% and PFEB’s after 7.5%. 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

	Total return		Gap to the reference
Window	BFEB	PFEB	BFEB	PFEB
3 months	+3.3%	+2.8%	−0.3 pts	−0.8 pts
6 months	+13.0%	+9.8%	−4.9 pts	−8.1 pts
1 year	+14.7%	+11.3%	−1.5 pts	−4.9 pts
3 years	+64.6%	+46.5%	−24.7 pts	−42.8 pts

BFEB and PFEB over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

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 121 121

Starting cap +16.6% +12.4%

Can still gain 6.2% 4.1%

Fall before buffer 9.0% 7.5%

Protection left, index points 9.0% of 9.0% 15.0% of 15.0%

Index return this period +11.2% +11.2%

Fund return this period +9.3% +7.5%

State today Open Open

Expense ratio 0.79% 0.79%

Net assets $208m $898m

BFEB and PFEB on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BFEB in plain words

From its price on Oct 2, 2026, the fund can gain about 6.2% more before it reaches its cap. The fund's price can fall 9.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.1% 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. 121 days remained on Oct 2, 2026. On Jan 31, 2027 the period ends and a new cap is set.

PFEB in plain words

From its price on Oct 2, 2026, the fund can gain about 4.1% more before it reaches its cap. The fund's price can fall 7.5% 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 Oct 2, 2026, BFEB can gain about 6.2% before its cap and PFEB about 4.1%, 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

BFEB vs FEBT BFEB vs FEBU BFEB vs FEBW BFEB vs FJAN PFEB vs FOCT PFEB vs PJUL PFEB vs PJUN PFEB vs PMAR

SPY →BFEB on its own →PFEB on its own →How every figure is computed →Standards and sources →

Where these figures came from

BFEB and PFEB filings on SEC EDGAR ↗Innovator page for BFEB ↗Innovator page for PFEB ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BFEB against PFEB, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/bfeb-vs-pfeb

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.