Which has more room to gain, FEBP or ZFEB?

From their prices on Nov 4, 2026, FEBP can gain about 4.4% before its cap and ZFEB about 1.8%, so FEBP has more room left this period.

Which resets first, FEBP or ZFEB?

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

Which is cheaper, FEBP or ZFEB?

FEBP charges 0.50% a year and ZFEB charges 0.79%, so FEBP is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

FEBP vs ZFEB: Cap, Buffer & Days Left

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As of Nov 4, 2026 FEBP can fall 8.6% before its buffer engages and ZFEB 4.3%.

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Net assets on Nov 4, 2026: $34m for PGIM S&P 500 Buffer 12 ETF - February and $146m for Innovator Equity Defined Protection ETF - 1 Yr February.

FEBP on its own →ZFEB on its own →

At a glance

8.6%

FEBP can fall this far before its buffer

4.3%

ZFEB can fall this far before its buffer

4.4%

FEBP can still gain

1.8%

ZFEB 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.

ZFEB At its cap

ZFEB: reference +10.8% since period start, fund +3.9%; buffer Floor; cap +6.4%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

FEBP costs 0.29 points a year less; their one-year returns differ by 7.1 points; ZFEB is 4.3 times larger.

Points (pts) are percentage points.

FEBP vs ZFEB: Cap, Buffer & Days Left
Measure	FEBP	ZFEB
Return
Measure	FEBP	ZFEB
Total return, 1 year	+12.9%	+5.8%
Drawdown
Measure	FEBP	ZFEB
Index fall to the buffer	9.8%	9.7%
Benchmark
Measure	FEBP	ZFEB
What it tracks	SPY	SPY
Cost and size
Measure	FEBP	ZFEB
Expense ratio	0.50%	0.79%
Net assets	$34m	$146m
Holdings
Measure	FEBP	ZFEB
Holdings in common	not published

Method

Window by window

Window by window: FEBP vs ZFEB: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FEBP	ZFEB	FEBP	ZFEB
3 months	+1.4%	+1.1%	+1.8 pts	+1.5 pts
6 months	+4.8%	+2.4%	+0.3 pts	−2.1 pts
1 year	+12.9%	+5.8%	−0.6 pts	−7.7 pts
Since launchNot the same days: FEBP Feb 2024 · ZFEB Feb 2025	+39.5%	+10.7%	−17.3 pts	−17.5 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 ZFEB Innovator Equity Defined Protection ETF - 1 Yr February · Absorbs the whole loss on SPY and caps the gain at 6.4%, over a period ending Jan 31, 2027

Issuer PGIM Innovator

Reference index SPY SPY

Buffer 12% 100%

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

Days left 88 88

Starting cap +14.2% +6.4%

Can still gain 4.4% 1.8%

Fall before buffer 8.6% 4.3%

Protection left, index points 12.0% of 12.0% 100.0% of 100.0%

Index return this period +10.8% +10.8%

Fund return this period +8.9% +3.9%

State today Open At cap

Expense ratio 0.50% 0.79%

Net assets $34m $146m

As of Nov 4, 2026. Source: ETFIQ.

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

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

Where each one stands today

FEBP resets first, on Jan 31, 2027, 88 days from now; ZFEB runs to Jan 31, 2027, 88 days. FEBP can still gain 4.4% before its cap, ZFEB 1.8%. A fall from here reaches FEBP’s buffer after 8.6% and ZFEB’s after 4.3%. 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.

ZFEB

SPY had already risen past this fund's cap of +6.4% 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 1.8% as the period runs out. The fund's price can fall 4.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 9.7% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, FEBP or ZFEB?: From their prices on Nov 4, 2026, FEBP can gain about 4.4% before its cap and ZFEB about 1.8%, so FEBP has more room left this period.
Which resets first, FEBP or ZFEB?: FEBP ends its outcome period on Jan 31, 2027 and ZFEB on Jan 31, 2027. A new cap is set the day after each.
Which is cheaper, FEBP or ZFEB?: FEBP charges 0.50% a year and ZFEB charges 0.79%, so FEBP is cheaper. Fees come from each fund's prospectus.

Other comparisons

FEBP vs XJAN FEBP vs GJAN FEBP vs DJAN FEBP vs CPSY ZFEB vs JANM ZFEB vs CPSY ZFEB vs PBFB ZFEB vs FEBU

Where to next

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

Sources and dates

FEBP filings on SEC EDGAR ↗

PGIM website ↗

ZFEB filings on SEC EDGAR ↗

Innovator page for ZFEB ↗

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

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