Data as of .
FEBU vs PBFB: which one stands where?
As of Sep 21, 2026 FEBU can fall 8.5% before its buffer engages and PBFB 6.5%, and FEBU resets 1 days sooner.
ETFIQ Downside Cover Score: PBFB scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
Where each one stands today
FEBU resets first, on Jan 31, 2027, 131 days from now; PBFB runs to Jan 31, 2027, 132 days. A fall from here reaches FEBU’s buffer after 8.5% and PBFB’s after 6.5%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| FEBU | PBFB | FEBU | PBFB | |
| 3 months | +0.8% | +2.1% | −1.4 pts | −0.1 pts |
| 6 months | +11.4% | +8.8% | −6.6 pts | −9.3 pts |
| 1 year | +10.7% | +10.0% | −5.8 pts | −6.6 pts |
| 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 | 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 | AllianzIM | PGIM |
| Reference index | SPY | SPY |
| Buffer | 15% | 20% |
| Outcome period | Feb 1, 2026 to Jan 31, 2027 | Feb 1, 2026 to Jan 31, 2027 |
| Days left | 131 | 132 |
| Starting cap | uncapped | +10.7% |
| Can still gain | uncapped | 3.5% |
| Fall before buffer | 8.5% | 6.5% |
| Protection left, index points | 15.0% of 15.0% | 20.0% of 20.0% |
| Index return this period | +11.8% | +11.8% |
| Fund return this period | +8.5% | +6.5% |
| State today | Uncapped | At cap |
| Expense ratio | 0.74% | 0.50% |
| Net assets | $52m | $41m |
FEBU in plain words
This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 8.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.6% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 131 days remained on Sep 21, 2026. On Jan 31, 2027 the period ends and a new cap is set.
PBFB in plain words
SPY had already risen past this fund's cap of +10.7% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.5% as the period runs out. The fund's price can fall 6.5% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 132 days remained on Sep 21, 2026.
Questions people ask
- Which resets first, FEBU or PBFB?
- FEBU 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, FEBU or PBFB?
- FEBU charges 0.74% a year and PBFB charges 0.50%, so PBFB is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, FEBU against PBFB, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/febu-vs-pbfb Free to use with attribution; the underlying files are at Open data.