Which resets first, FEBP or FEBU?

FEBP ends its outcome period on Jan 31, 2027 and FEBU on Jan 31, 2027. New terms are set the day after each.

Which is cheaper, FEBP or FEBU?

FEBP charges 0.50% a year and FEBU charges 0.74%, so FEBP is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

FEBP vs FEBU: Cap, Buffer & Days Left

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As of Nov 4, 2026 FEBP can fall 8.6% before its buffer engages and FEBU 7.4%.

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Net assets: $34m on Nov 4, 2026 for PGIM S&P 500 Buffer 12 ETF - February, and $47m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Feb.

FEBP on its own →FEBU on its own →

At a glance

8.6%

FEBP can fall this far before its buffer

7.4%

FEBU can fall this far before its buffer

4.4%

FEBP can still gain

uncapped

FEBU can still gain

FEBP Between buffer and cap

FEBP: reference +10.8% since period start, fund +8.9%; buffer 0 to −12; cap +14.2%; Between buffer and cap. Data to Nov 4, 2026.

FEBU No cap

FEBU: reference +10.8% since period start, fund +7.1%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.

Pair scorecard

FEBP costs 0.24 points a year less; their one-year returns differ by 3.9 points; FEBU is 1.4 times larger.

Points (pts) are percentage points.

FEBP vs FEBU: Cap, Buffer & Days Left
Measure	FEBP	FEBU
Return
Measure	FEBP	FEBU
Total return, 1 year	+12.9%	+9.0%
Drawdown
Measure	FEBP	FEBU
Index fall to the buffer	9.8%
Benchmark
Measure	FEBP	FEBU
What it tracks	SPY	SPY
Cost and size
Measure	FEBP	FEBU
Expense ratio	0.50%	0.74%
Net assets, as of Nov 3, 2026	$34m	$47m
Holdings
Measure	FEBP	FEBU
Holdings in common	not published

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

IQ Buffer Score51.9FEBP64.6FEBU

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

FEBP 51.9

FEBU 64.6

0.3, the lowest in this set 99.7, the highest

Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →

Method

Window by window

Window by window: FEBP vs FEBU: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FEBP	FEBU	FEBP	FEBU
3 months	+1.4%	−1.3%	+1.8 pts	−0.9 pts
6 months	+4.8%	+2.3%	+0.3 pts	−2.2 pts
1 year	+12.9%	+9.0%	−0.6 pts	−4.6 pts
Since launchNot the same days: FEBP Feb 2024 · FEBU Feb 2025	+39.5%	+19.7%	−17.3 pts	−8.6 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

FEBP PGIM S&P 500 Buffer 12 ETF - February · Absorbs the first 12% of loss on SPY and caps the gain at 14.2%, over a period ending Jan 31, 2027 FEBU AllianzIM U.S. Equity Buffer15 Uncapped ETF - Feb · Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Jan 31, 2027

Issuer PGIM AllianzIM

Reference index SPY SPY

Buffer 12% 15%

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

Days left 88 88

Starting cap +14.2% uncapped

Can still gain 4.4% uncapped

Fall before buffer 8.6% 7.4%

Protection left, index points 12.0% of 12.0% 15.0% of 15.0%

Index return this period +10.8% +10.8%

Fund return this period +8.9% +7.1%

State today Open Uncapped

Expense ratio 0.50% 0.74%

Net assets, FEBP as of Nov 4, 2026 and FEBU as of Nov 3, 2026 $34m $47m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

FEBP resets first, on Jan 31, 2027, 88 days from now; FEBU runs to Jan 31, 2027, 88 days. A fall from here reaches FEBP’s buffer after 8.6% and FEBU’s after 7.4%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

FEBP

From its price on Nov 4, 2026, the fund can gain about 4.4% 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 number. In index terms, SPY can fall 9.8% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level. 88 days remained on Nov 4, 2026. On Jan 31, 2027 the period ends and a new cap is set.

FEBU

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 7.4% 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. On Jan 31, 2027 the period ends and new terms are set.

Questions people ask

Which resets first, FEBP or FEBU?: FEBP ends its outcome period on Jan 31, 2027 and FEBU on Jan 31, 2027. New terms are set the day after each.
Which is cheaper, FEBP or FEBU?: FEBP charges 0.50% a year and FEBU charges 0.74%, so FEBP is cheaper. Fees come from each fund's prospectus.

Other comparisons

FEBP vs PBFB FEBP vs JANM FEBP vs CPSY FEBP vs FEBT FEBU vs PMFB FEBU vs JANM FEBU vs PBFB FEBU vs SIXF

Where to next

SPDR S&P 500 ETF Trust →FEBP on its own →FEBU on its own →Method →Standards and sources →

Sources and dates

FEBP filings on SEC EDGAR ↗

PGIM website ↗

FEBU filings on SEC EDGAR ↗

AllianzIM page for FEBU ↗

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

How this is computed

It is a place in a set, not a rating or a recommendation.

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, FEBP against FEBU, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/febp-vs-febu

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