Data as of .
FEBM vs FFEB: which one stands where?
As of Sep 21, 2026 FFEB can fall 8.6% before its buffer engages and FEBM 4.2%.
ETFIQ Downside Cover Score: FEBM 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 First Trust funds, so the difference between them is the terms rather than the house.
Where each one stands today
FEBM resets first, on Feb 19, 2027, 151 days from now; FFEB runs to Feb 19, 2027, 151 days. FEBM can still gain 2.6% before its cap, FFEB 5.2%. A fall from here reaches FEBM’s buffer after 4.2% and FFEB’s after 8.6%. 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 | ||
|---|---|---|---|---|
| FEBM | FFEB | FEBM | FFEB | |
| 3 months | +1.4% | +2.4% | −0.9 pts | +0.1 pts |
| 6 months | +4.5% | +12.1% | −13.5 pts | −5.9 pts |
| 1 year | +6.0% | +13.8% | −10.5 pts | −2.8 pts |
| 3 years | not published | +55.9% | not published | −22.5 pts |
| FEBM FT Vest U.S. Equity Max Buffer ETF - February Absorbs the first 47% of loss on SPY and caps the gain at 7.0%, over a period ending Feb 19, 2027 | FFEB FT Vest U.S. Equity Buffer ETF - February Absorbs the first 10% of loss on SPY and caps the gain at 15.0%, over a period ending Feb 19, 2027 | |
|---|---|---|
| Issuer | First Trust | First Trust |
| Reference index | SPY | SPY |
| Buffer | 47% | 10% |
| Outcome period | Feb 23, 2026 to Feb 19, 2027 | Feb 23, 2026 to Feb 19, 2027 |
| Days left | 151 | 151 |
| Starting cap | +7.0% | +15.0% |
| Can still gain | 2.6% | 5.2% |
| Fall before buffer | 4.2% | 8.6% |
| Protection left, index points | 47.3% of 47.3% | 10.0% of 10.0% |
| Index return this period | +12.2% | +12.2% |
| Fund return this period | +3.5% | +8.5% |
| State today | At cap | Open |
| Expense ratio | 0.85% | 0.85% |
| Net assets | $46m | $1.4bn |
FEBM in plain words
SPY had already risen past this fund's cap of +7.0% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.6% as the period runs out. The fund's price can fall 4.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.9% from today's level to the point where the buffer begins. Protection left, in index points: 47.3% of the 47.3% buffer still sits below today's SPY level. 151 days remained on Sep 21, 2026. On Feb 19, 2027 the period ends and a new cap is set.
FFEB in plain words
From its price on Sep 21, 2026, the fund can gain about 5.2% more before it reaches its cap. The fund's price can fall 8.6% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level.
Questions people ask
- Which has more room to gain, FEBM or FFEB?
- From their prices on Sep 21, 2026, FEBM can gain about 2.6% before its cap and FFEB about 5.2%, so FFEB has more room left this period.
- Which resets first, FEBM or FFEB?
- FEBM ends its outcome period on Feb 19, 2027 and FFEB on Feb 19, 2027. A new cap is set the day after each.
- Which is cheaper, FEBM or FFEB?
- FEBM charges 0.85% a year and FFEB charges 0.85%, so FEBM 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, FEBM against FFEB, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/febm-vs-ffeb Free to use with attribution; the underlying files are at Open data.