Which has more room to gain, BFEB or PMFB?

From their prices on Oct 2, 2026, BFEB can gain about 6.2% before its cap and PMFB about 2.5%, so BFEB has more room left this period.

Which resets first, BFEB or PMFB?

BFEB ends its outcome period on Jan 31, 2027 and PMFB on Jan 31, 2027. A new cap is set the day after each.

Which is cheaper, BFEB or PMFB?

BFEB charges 0.79% a year and PMFB charges 0.50%, so PMFB is cheaper. Fees come from each fund's prospectus.

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BFEB vs PMFB: which one stands where?

As of Oct 2, 2026 BFEB can fall 9.0% before its buffer engages and PMFB 4.1%. Innovator U.S. Equity Buffer ETF - Feb and PGIM S&P 500 Max Buffer ETF - February.

PMFB costs 0.29 points a year less; their one-year returns differ by 8.6 points; BFEB is 34.0 times larger.

	BFEB	PMFB
Expense ratio	0.79%	0.50%
Net assets	$208m	$6m
Total return, 1 year	+14.7%	+6.1%
What it tracks	SPY	SPY
Holdings in common	not published

9.0%

BFEB can fall this far before its buffer

4.1%

PMFB can fall this far before its buffer

6.2%

BFEB can still gain

2.5%

PMFB 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.

PMFBAt its cap

PMFB: reference +11.2% since period start, fund +3.7%; buffer Floor; cap +6.8%; At its cap.

These are two different products. PMFB is a floor fund, which caps how far a holder can fall. BFEB is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

PMFB is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

BFEB resets first, on Jan 31, 2027, 121 days from now; PMFB runs to Jan 31, 2027, 121 days. BFEB can still gain 6.2% before its cap, PMFB 2.5%. A fall from here reaches BFEB’s buffer after 9.0% and PMFB’s after 4.1%. 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	PMFB	BFEB	PMFB
3 months	+3.3%	+1.7%	−0.3 pts	−1.9 pts
6 months	+13.0%	+4.3%	−4.9 pts	−13.6 pts
1 year	+14.7%	+6.1%	−1.5 pts	−10.1 pts
3 years	+64.6%	not published	−24.7 pts	not published

BFEB and PMFB 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

PMFB

PGIM S&P 500 Max Buffer ETF - February · Absorbs the whole loss on SPY and caps the gain at 6.8%, over a period ending Jan 31, 2027

Issuer Innovator PGIM

Reference index SPY SPY

Buffer 9% 100%

Outcome period Jan 31, 2026 to Jan 31, 2027 Feb 1, 2026 to Jan 31, 2027

Days left 121 121

Starting cap +16.6% +6.8%

Can still gain 6.2% 2.5%

Fall before buffer 9.0% 4.1%

Protection left, index points 9.0% of 9.0% 100.0% of 100.0%

Index return this period +11.2% +11.2%

Fund return this period +9.3% +3.7%

State today Open At cap

Expense ratio 0.79% 0.50%

Net assets $208m $6m

BFEB and PMFB 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.

PMFB in plain words

SPY had already risen past this fund's cap of +6.8% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.5% as the period runs out. The fund's price can fall 4.1% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BFEB or PMFB?: From their prices on Oct 2, 2026, BFEB can gain about 6.2% before its cap and PMFB about 2.5%, so BFEB has more room left this period.
Which resets first, BFEB or PMFB?: BFEB ends its outcome period on Jan 31, 2027 and PMFB on Jan 31, 2027. A new cap is set the day after each.
Which is cheaper, BFEB or PMFB?: BFEB charges 0.79% a year and PMFB charges 0.50%, so PMFB is cheaper. Fees come from each fund's prospectus.

Other comparisons

BFEB vs PFEB BFEB vs SIXF BFEB vs UFEB BFEB vs XJAN PMFB vs CPSF PMFB vs SIXF PMFB vs UFEB PMFB vs XJAN

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

Where these figures came from

BFEB filings on SEC EDGAR ↗Innovator page for BFEB ↗PMFB filings on SEC EDGAR ↗PGIM website ↗

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 PMFB, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/bfeb-vs-pmfb

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.