Which has more room to gain, FEBM or XFEB?

From their prices on Nov 4, 2026, FEBM can gain about 2.0% before its cap and XFEB about 2.4%, so XFEB has more room left this period.

Which resets first, FEBM or XFEB?

FEBM ends its outcome period on Feb 19, 2027 and XFEB on Feb 19, 2027. A new cap is set the day after each.

Which is cheaper, FEBM or XFEB?

FEBM and XFEB both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

FEBM vs XFEB: Cap, Buffer & Days Left

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As of Nov 4, 2026 XFEB can fall 7.2% before its buffer engages and FEBM 4.7%.

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Net assets on Nov 3, 2026: $46m for FT Vest U.S. Equity Max Buffer ETF - February and $61m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - February.

FEBM on its own →XFEB on its own →

At a glance

4.7%

FEBM can fall this far before its buffer

7.2%

XFEB can fall this far before its buffer

2.0%

FEBM can still gain

2.4%

XFEB can still gain

FEBM At its cap

FEBM: reference +11.2% since period start, fund +4.1%; buffer 0 to −47; cap +7.0%; At its cap. Data to Nov 4, 2026.

XFEB At its cap

XFEB: reference +11.2% since period start, fund +6.8%; buffer 0 to −15; cap +10.3%; At its cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 3.5 points; XFEB is 1.3 times larger.

Points (pts) are percentage points.

FEBM vs XFEB: Cap, Buffer & Days Left
Measure	FEBM	XFEB
Return
Measure	FEBM	XFEB
Total return, 1 year	+6.1%	+9.6%
Drawdown
Measure	FEBM	XFEB
Index fall to the buffer	10.1%
Benchmark
Measure	FEBM	XFEB
What it tracks	SPY	SPY
Cost and size
Measure	FEBM	XFEB
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$46m	$61m
Holdings
Measure	FEBM	XFEB
Holdings in common	not published

Method

Window by window

Window by window: FEBM vs XFEB: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FEBM	XFEB	FEBM	XFEB
3 months	+1.0%	+1.6%	+1.4 pts	+2.0 pts
6 months	+2.6%	+4.1%	−1.9 pts	−0.4 pts
1 year	+6.1%	+9.6%	−7.4 pts	−4.0 pts
Since launchNot the same days: FEBM Feb 2025 · XFEB Feb 2024	+10.6%	+28.7%	−17.8 pts	−25.7 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

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 XFEB FT Vest U.S. Equity Enhance & Moderate Buffer ETF - February · Absorbs the first 15% of loss on SPY and caps the gain at 10.3%, over a period ending Feb 19, 2027

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 47% 15%

Outcome period Feb 23, 2026 to Feb 19, 2027 Feb 23, 2026 to Feb 19, 2027

Days left 107 107

Starting cap +7.0% +10.3%

Can still gain 2.0% 2.4%

Fall before buffer 4.7% 7.2%

Protection left, index points 47.3% of 47.3% 15.0% of 15.0%

Index return this period +11.2% +11.2%

Fund return this period +4.1% +6.8%

State today At cap At cap

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $46m $61m

As of Nov 4, 2026. Source: ETFIQ.

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

Both are already at their cap, so neither gains from more rise in the index before the period ends.

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, 107 days from now; XFEB runs to Feb 19, 2027, 107 days. FEBM can still gain 2.0% before its cap, XFEB 2.4%. A fall from here reaches FEBM’s buffer after 4.7% and XFEB’s after 7.2%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

FEBM

SPY had already risen past this fund's cap of +7.0% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.0% as the period runs out. The fund's price can fall 4.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.1% 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. 107 days remained on Nov 4, 2026. On Feb 19, 2027 the period ends and a new cap is set.

XFEB

SPY had already risen past this fund's cap of +10.3% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.4% as the period runs out. The fund's price can fall 7.2% from here before the buffer starts absorbing losses, by the issuer's number. 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, FEBM or XFEB?: From their prices on Nov 4, 2026, FEBM can gain about 2.0% before its cap and XFEB about 2.4%, so XFEB has more room left this period.
Which resets first, FEBM or XFEB?: FEBM ends its outcome period on Feb 19, 2027 and XFEB on Feb 19, 2027. A new cap is set the day after each.
Which is cheaper, FEBM or XFEB?: FEBM and XFEB both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

FEBM vs DDFM FEBM vs PBMR FEBM vs MRCP FEBM vs MARU XFEB vs MART XFEB vs GFEB XFEB vs PMAR XFEB vs FFEB

Where to next

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →FEBM on its own →XFEB on its own →Method →Standards and sources →

Sources and dates

FEBM and XFEB filings on SEC EDGAR ↗

First Trust page for FEBM ↗

First Trust page for XFEB ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, FEBM against XFEB, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/febm-vs-xfeb

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.