Data as of Nov 4, 2026.
FEBU vs PMFB: Cap, Buffer & Days Left
As of Nov 4, 2026 FEBU can fall 7.4% before its buffer engages and PMFB 4.5%.
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Net assets: $47m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Feb, and $6.1m on Nov 4, 2026 for PGIM S&P 500 Max Buffer ETF - February.
FEBU: reference +10.8% since period start, fund +7.1%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.
FEBU: reference +10.8% since period start, fund +7.1%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.PMFB: reference +10.8% since period start, fund +4.1%; buffer Floor; cap +6.8%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
PMFB costs 0.24 points a year less; their one-year returns differ by 2.8 points; FEBU is 7.7 times larger.
Points (pts) are percentage points.
| Measure | FEBU | PMFB |
|---|---|---|
| Return | ||
| Total return, 1 year | +9.0% | +6.2% |
| Drawdown | ||
| Index fall to the buffer | 9.8% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.74% | 0.50% |
| Net assets, as of Nov 3, 2026 | $47m | $6.1m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | FEBU | PMFB | FEBU | PMFB |
| 3 months | −1.3% | +1.2% | −0.9 pts | +1.6 pts |
| 6 months | +2.3% | +2.6% | −2.2 pts | −1.9 pts |
| 1 year | +9.0% | +6.2% | −4.6 pts | −7.4 pts |
| Since launchFEBU Feb 2025 · PMFB Feb 2025 | +19.7% | +11.4% | −8.6 pts | −16.9 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
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. PMFB is a floor fund, which caps how far a holder can fall. FEBU is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
PMFB is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
FEBU resets first, on Jan 31, 2027, 88 days from now; PMFB runs to Jan 31, 2027, 88 days. A fall from here reaches FEBU’s buffer after 7.4% and PMFB’s after 4.5%. Both track SPY, so what separates them is where each is in its own period.
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. In index terms, SPY can fall 9.8% 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. 88 days remained on Nov 4, 2026. On Jan 31, 2027 the period ends and new terms are set.
PMFB
SPY had already risen past this fund's cap of +6.8% 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 2.1% as the period runs out. The fund's price can fall 4.5% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. On Jan 31, 2027 the period ends and a new cap is set.
Questions people ask
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.
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ETFIQ, FEBU against PMFB, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/febu-vs-pmfb
ETFIQ. (Nov 4, 2026). FEBU against PMFB. Retrieved from https://etfiq.com/compare/buffer/febu-vs-pmfb
[FEBU against PMFB (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/febu-vs-pmfb)
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