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Data as of Nov 4, 2026.

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Buffer ETFs

FFEB vs XFEB: Cap, Buffer & Days Left

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As of Nov 4, 2026 FFEB can fall 8.9% before its buffer engages and XFEB 7.2%.

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Net assets on Nov 3, 2026: $1.4bn for FT Vest U.S. Equity Buffer ETF - February and $61m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - February.

FFEB on its own →XFEB on its own →
At a glance
8.9%
FFEB can fall this far before its buffer
7.2%
XFEB can fall this far before its buffer
4.9%
FFEB can still gain
2.4%
XFEB can still gain
FFEB Between buffer and cap
Between buffer and capFFEB: reference +11.2% since period start, fund +8.9%; buffer 0 to −10; cap +15.0%; Between buffer and cap. Data to Nov 4, 2026.10 pts of buffer+11.2% gain captured−10.0% floor0% period start+15.0% cap+3.8% more to the capTODAY · SPY +11.2%Between buffer and capFFEB: reference +11.2% since period start, fund +8.9%; buffer 0 to −10; cap +15.0%; Between buffer and cap. Data to Nov 4, 2026.10 pts+11.2%−10.0% floor0% start+15.0% cap+3.8% more to the capTODAY · SPY +11.2%

FFEB: reference +11.2% since period start, fund +8.9%; buffer 0 to −10; cap +15.0%; Between buffer and cap. Data to Nov 4, 2026.

FFEB: reference +11.2% since period start, fund +8.9%; buffer 0 to −10; cap +15.0%; Between buffer and cap. Data to Nov 4, 2026.
XFEB At its cap
At its capXFEB: reference +11.2% since period start, fund +6.8%; buffer 0 to −15; cap +10.3%; At its cap. Data to Nov 4, 2026.15 pts of buffer+10.3% gain captured−15.0% floor0% period start+10.3% capTODAY · SPY +11.2%At its capXFEB: reference +11.2% since period start, fund +6.8%; buffer 0 to −15; cap +10.3%; At its cap. Data to Nov 4, 2026.15 pts+10.3%−15.0% floor0% start+10.3% capTODAY · SPY +11.2%

XFEB: reference +11.2% since period start, fund +6.8%; buffer 0 to −15; cap +10.3%; At its cap. Data to Nov 4, 2026.

XFEB: reference +11.2% since period start, fund +6.8%; buffer 0 to −15; cap +10.3%; At its cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 4.1 points; FFEB is far larger, $1.4bn against $61m.

Points (pts) are percentage points.

FFEB vs XFEB: Cap, Buffer & Days Left
MeasureFFEBXFEB
Return
Total return, 1 year+13.7%+9.6%
Drawdown
Index fall to the buffer10.1%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.85%0.85%
Net assets, as of Nov 3, 2026$1.4bn$61m
Holdings
Holdings in commonnot published

Method

Window by window

Window by window: FFEB vs XFEB: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowFFEBXFEBFFEBXFEB
3 months+1.3%+1.6%+1.7 pts+2.0 pts
6 months+4.8%+4.1%+0.3 pts−0.4 pts
1 year+13.7%+9.6%+0.1 pts−4.0 pts
3 years+59.7%–−16.7 pts–
Since launchNot the same days: FFEB Feb 2020 · XFEB Feb 2024+109.3%+28.7%−28.6 pts−25.7 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

FFEB FT Vest U.S. Equity Buffer ETF - February · Absorbs the first 10% of loss on SPY and caps the gain at 15.0%, over a period ending Feb 19, 2027 XFEB FT Vest U.S. Equity Enhance & Moderate Buffer ETF - February · Absorbs the first 15% of loss on SPY and caps the gain at 10.3%, over a period ending Feb 19, 2027
Issuer First Trust First Trust
Reference index SPY SPY
Buffer 10% 15%
Outcome period Feb 23, 2026 to Feb 19, 2027 Feb 23, 2026 to Feb 19, 2027
Days left 107 107
Starting cap +15.0% +10.3%
Can still gain 4.9% 2.4%
Fall before buffer 8.9% 7.2%
Protection left, index points 10.0% of 10.0% 15.0% of 15.0%
Index return this period +11.2% +11.2%
Fund return this period +8.9% +6.8%
State today Open At cap
Expense ratio 0.85% 0.85%
Net assets, as of Nov 3, 2026 $1.4bn $61m

As of Nov 4, 2026. Source: ETFIQ.

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

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

Both are First Trust funds, so the difference between them is the terms rather than the house.

Where each one stands today

FFEB resets first, on Feb 19, 2027, 107 days from now; XFEB runs to Feb 19, 2027, 107 days. FFEB can still gain 4.9% before its cap, XFEB 2.4%. A fall from here reaches FFEB’s buffer after 8.9% and XFEB’s after 7.2%. Both track SPY, so what separates them is where each is in its own period.

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About each fund
FFEB

From its price on Nov 4, 2026, the fund can gain about 4.9% more before it reaches its cap. The fund's price can fall 8.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.1% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 107 days remained on Nov 4, 2026. On Feb 19, 2027 the period ends and a new cap is set.

XFEB

SPY had already risen past this fund's cap of +10.3% 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 2.4% 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. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, FFEB or XFEB?
From their prices on Nov 4, 2026, FFEB can gain about 4.9% before its cap and XFEB about 2.4%, so FFEB has more room left this period.
Which resets first, FFEB or XFEB?
FFEB ends its outcome period on Feb 19, 2027 and XFEB on Feb 19, 2027. A new cap is set the day after each.
Which is cheaper, FFEB or XFEB?
FFEB and XFEB both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.
Other comparisons
FFEB vs PBMRFFEB vs MRCPFFEB vs MARUFFEB vs CPSRXFEB vs PMARXFEB vs GFEBXFEB vs BMARXFEB vs ZMAR
Where to next
State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →FFEB on its own →XFEB on its own →Method →Standards and sources →
Sources and dates
FFEB and XFEB filings on SEC EDGAR ↗
First Trust page for FFEB ↗
First Trust page for XFEB ↗

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, FFEB against XFEB, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ffeb-vs-xfeb

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