Which has more room to gain, FEBP or PBFB?

From their prices on Nov 4, 2026, FEBP can gain about 4.4% before its cap and PBFB about 2.9%, so FEBP has more room left this period.

Which resets first, FEBP or PBFB?

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

Which is cheaper, FEBP or PBFB?

FEBP and PBFB both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

FEBP vs PBFB: Cap, Buffer & Days Left

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As of Nov 4, 2026 FEBP can fall 8.6% before its buffer engages and PBFB 7.1%.

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Net assets on Nov 4, 2026: $34m for PGIM S&P 500 Buffer 12 ETF - February and $42m for PGIM S&P 500 Buffer 20 ETF - February.

FEBP on its own →PBFB on its own →

At a glance

8.6%

FEBP can fall this far before its buffer

7.1%

PBFB can fall this far before its buffer

4.4%

FEBP can still gain

2.9%

PBFB 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.

PBFB At its cap

PBFB: reference +10.8% since period start, fund +7.1%; buffer 0 to −20; cap +10.7%; At its cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.50% a year; their one-year returns differ by 2.9 points; PBFB is 1.2 times larger.

Points (pts) are percentage points.

FEBP vs PBFB: Cap, Buffer & Days Left
Measure	FEBP	PBFB
Return
Measure	FEBP	PBFB
Total return, 1 year	+12.9%	+10.0%
Drawdown
Measure	FEBP	PBFB
Index fall to the buffer	9.8%
Benchmark
Measure	FEBP	PBFB
What it tracks	SPY	SPY
Cost and size
Measure	FEBP	PBFB
Expense ratio	0.50%	0.50%
Net assets	$34m	$42m
Holdings
Measure	FEBP	PBFB
Holdings in common	not published

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

IQ Buffer Score51.9FEBP67PBFB

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

PBFB 67

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 PBFB: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FEBP	PBFB	FEBP	PBFB
3 months	+1.4%	+1.5%	+1.8 pts	+1.9 pts
6 months	+4.8%	+4.1%	+0.3 pts	−0.4 pts
1 year	+12.9%	+10.0%	−0.6 pts	−3.5 pts
Since launchFEBP Feb 2024 · PBFB Feb 2024	+39.5%	+30.4%	−17.3 pts	−26.3 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 PBFB PGIM S&P 500 Buffer 20 ETF - February · Absorbs the first 20% of loss on SPY and caps the gain at 10.7%, over a period ending Jan 31, 2027

Issuer PGIM PGIM

Reference index SPY SPY

Buffer 12% 20%

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

Days left 88 88

Starting cap +14.2% +10.7%

Can still gain 4.4% 2.9%

Fall before buffer 8.6% 7.1%

Protection left, index points 12.0% of 12.0% 20.0% of 20.0%

Index return this period +10.8% +10.8%

Fund return this period +8.9% +7.1%

State today Open At cap

Expense ratio 0.50% 0.50%

Net assets $34m $42m

As of Nov 4, 2026. Source: ETFIQ.

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

Both are PGIM funds, so the difference between them is the terms rather than the house.

Where each one stands today

FEBP resets first, on Jan 31, 2027, 88 days from now; PBFB runs to Jan 31, 2027, 88 days. FEBP can still gain 4.4% before its cap, PBFB 2.9%. A fall from here reaches FEBP’s buffer after 8.6% and PBFB’s after 7.1%. Both track SPY, so what separates them is where each is in its own period.

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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.

PBFB

SPY had already risen past this fund's cap of +10.7% 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 2.9% as the period runs out. The fund's price can fall 7.1% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, FEBP or PBFB?: From their prices on Nov 4, 2026, FEBP can gain about 4.4% before its cap and PBFB about 2.9%, so FEBP has more room left this period.
Which resets first, FEBP or PBFB?: FEBP ends its outcome period on Jan 31, 2027 and PBFB on Jan 31, 2027. A new cap is set the day after each.
Which is cheaper, FEBP or PBFB?: FEBP and PBFB both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

FEBP vs JANM FEBP vs FEBU FEBP vs SIXF FEBP vs DDFF PBFB vs CPSY PBFB vs SIXF PBFB vs XJAN PBFB vs ZFEB

Where to next

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

Sources and dates

FEBP and PBFB filings on SEC EDGAR ↗

PGIM website ↗

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.

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

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