Data as of Nov 4, 2026.
FEBW vs PMFB: Cap, Buffer & Days Left
As of Nov 4, 2026 FEBW can fall 7.2% before its buffer engages and PMFB 4.5%.
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Net assets: $203m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Feb, and $6.1m on Nov 4, 2026 for PGIM S&P 500 Max Buffer ETF - February.
FEBW: reference +10.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.6%; At its cap. Data to Nov 4, 2026.
FEBW: reference +10.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.6%; At its 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 3.7 points; FEBW is far larger, $203m against $6.1m.
Points (pts) are percentage points.
| Measure | FEBW | PMFB |
|---|---|---|
| Return | ||
| Total return, 1 year | +9.9% | +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 | $203m | $6.1m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | FEBW | PMFB | FEBW | PMFB |
| 3 months | +1.5% | +1.2% | +1.9 pts | +1.6 pts |
| 6 months | +4.2% | +2.6% | −0.3 pts | −1.9 pts |
| 1 year | +9.9% | +6.2% | −3.6 pts | −7.4 pts |
| 3 years | +38.2% | – | −38.2 pts | – |
| Since launchNot the same days: FEBW Feb 2023 · PMFB Feb 2025 | +45.6% | +11.4% | −41.1 pts | −16.9 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
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. FEBW is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
Where each one stands today
FEBW resets first, on Jan 31, 2027, 88 days from now; PMFB runs to Jan 31, 2027, 88 days. FEBW can still gain 2.8% before its cap, PMFB 2.1%. A fall from here reaches FEBW’s buffer after 7.2% and PMFB’s after 4.5%. Both track SPY, so what separates them is where each is in its own period.
FEBW
SPY had already risen past this fund's cap of +10.6% 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 2.8% as the period runs out. The fund's price can fall 7.2% 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: 20.0% of the 20.0% 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.
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.
Questions people ask
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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, FEBW against PMFB, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/febw-vs-pmfb
ETFIQ. (Nov 4, 2026). FEBW against PMFB. Retrieved from https://etfiq.com/compare/buffer/febw-vs-pmfb
[FEBW against PMFB (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/febw-vs-pmfb)
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