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Data as of Nov 4, 2026.

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Buffer ETFs

FEBP vs UFEB: Cap, Buffer & Days Left

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As of Nov 4, 2026 UFEB can fall 12.0% before its buffer engages and FEBP 8.6%.

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Net assets on Nov 4, 2026: $34m for PGIM S&P 500 Buffer 12 ETF - February and $165m for Innovator U.S. Equity Ultra Buffer ETF - Feb.

FEBP on its own →UFEB on its own →
At a glance
8.6%
FEBP can fall this far before its buffer
12.0%
UFEB can fall this far before its buffer
4.4%
FEBP can still gain
3.3%
UFEB can still gain
FEBP Between buffer and cap
Between buffer and capFEBP: reference +10.8% since period start, fund +8.9%; buffer 0 to −12; cap +14.2%; Between buffer and cap. Data to Nov 4, 2026.12 pts of buffer+10.8% gain captured−12.0% floor0% period start+14.2% cap+3.3% more to the capTODAY · SPY +10.8%Between buffer and capFEBP: reference +10.8% since period start, fund +8.9%; buffer 0 to −12; cap +14.2%; Between buffer and cap. Data to Nov 4, 2026.12 pts+10.8%−12.0% floor0% start+14.2% cap+3.3% more to the capTODAY · SPY +10.8%

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.

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.
UFEB Between buffer and cap
Between buffer and capUFEB: reference +10.8% since period start, fund +7.2%; buffer −5 to −35; cap +11.4%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer+10.8% gain captured−35.0% floor−5.0% buffer start0% period start+11.4% capfirst 5 pts are yours to lose+0.6% more to the capTODAY · SPY +10.8%Between buffer and capUFEB: reference +10.8% since period start, fund +7.2%; buffer −5 to −35; cap +11.4%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer+10.8%−35.0% floor−5.0% buffer start0% start+11.4% capfirst 5 pts are yours to lose+0.6% more to the capTODAY · SPY +10.8%

UFEB: reference +10.8% since period start, fund +7.2%; buffer −5 to −35; cap +11.4%; Between buffer and cap. Data to Nov 4, 2026.

UFEB: reference +10.8% since period start, fund +7.2%; buffer −5 to −35; cap +11.4%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

FEBP costs 0.29 points a year less; their one-year returns differ by 2.4 points; UFEB is 4.9 times larger.

Points (pts) are percentage points.

FEBP vs UFEB: Cap, Buffer & Days Left
MeasureFEBPUFEB
Return
Total return, 1 year+12.9%+10.5%
Drawdown
Index fall to the buffer9.8%14.2%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.50%0.79%
Net assets$34m$165m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · FEBP scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score51.9FEBP12.8UFEB

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

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 UFEB: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowFEBPUFEBFEBPUFEB
3 months+1.4%+1.5%+1.8 pts+1.8 pts
6 months+4.8%+4.2%+0.3 pts−0.3 pts
1 year+12.9%+10.5%−0.6 pts−3.0 pts
3 years–+42.7%–−33.7 pts
Since launchNot the same days: FEBP Feb 2024 · UFEB Feb 2020+39.5%+61.7%−17.3 pts−74.9 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. 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 UFEB Innovator U.S. Equity Ultra Buffer ETF - Feb · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 11.4%, over a period ending Jan 31, 2027
Issuer PGIM Innovator
Reference index SPY SPY
Buffer 12% 5% to 35%
Outcome period Feb 1, 2026 to Jan 31, 2027 Jan 31, 2026 to Jan 31, 2027
Days left 88 88
Starting cap +14.2% +11.4%
Can still gain 4.4% 3.3%
Fall before buffer 8.6% 12.0%
Protection left, index points 12.0% of 12.0% 30.0% of 30.0%
Index return this period +10.8% +10.8%
Fund return this period +8.9% +7.2%
State today Open Open
Expense ratio 0.50% 0.79%
Net assets $34m $165m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

FEBP resets first, on Jan 31, 2027, 88 days from now; UFEB runs to Jan 31, 2027, 88 days. FEBP can still gain 4.4% before its cap, UFEB 3.3%. A fall from here reaches FEBP’s buffer after 8.6% and UFEB’s after 12.0%. 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.

UFEB

From its price on Nov 4, 2026, the fund can gain about 3.3% more before it reaches its cap. The fund's price can fall 12.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 14.2% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, FEBP or UFEB?
From their prices on Nov 4, 2026, FEBP can gain about 4.4% before its cap and UFEB about 3.3%, so FEBP has more room left this period.
Which resets first, FEBP or UFEB?
FEBP ends its outcome period on Jan 31, 2027 and UFEB on Jan 31, 2027. A new cap is set the day after each.
Which is cheaper, FEBP or UFEB?
FEBP charges 0.50% a year and UFEB charges 0.79%, so FEBP is cheaper. Fees come from each fund's prospectus.
Other comparisons
FEBP vs GJANFEBP vs PFEBFEBP vs FJANFEBP vs PMFBUFEB vs JANMUFEB vs CPSYUFEB vs PBFBUFEB vs FEBU
Where to next
SPDR S&P 500 ETF Trust →FEBP on its own →UFEB on its own →Method →Standards and sources →
Sources and dates
FEBP filings on SEC EDGAR ↗
PGIM website ↗
UFEB filings on SEC EDGAR ↗
Innovator page for UFEB ↗

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 UFEB, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/febp-vs-ufeb

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