Data as of .
GFEB vs PBMR: which one stands where?
As of Sep 21, 2026 GFEB can fall 7.2% before its buffer engages and PBMR 6.3%, and GFEB resets 9 days sooner.
ETFIQ Downside Cover Score: PBMR 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
GFEB resets first, on Feb 19, 2027, 151 days from now; PBMR runs to Feb 28, 2027, 160 days. GFEB can still gain 4.1% before its cap, PBMR 3.9%. A fall from here reaches GFEB’s buffer after 7.2% and PBMR’s after 6.3%. 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 | ||
|---|---|---|---|---|
| GFEB | PBMR | GFEB | PBMR | |
| 3 months | +2.1% | +2.1% | −0.1 pts | −0.2 pts |
| 6 months | +9.6% | +8.3% | −8.4 pts | −9.7 pts |
| 1 year | +11.1% | +10.0% | −5.5 pts | −6.5 pts |
| 3 years | +43.0% | not published | −35.4 pts | not published |
| GFEB FT Vest U.S. Equity Moderate Buffer ETF - February Absorbs the first 15% of loss on SPY and caps the gain at 12.1%, over a period ending Feb 19, 2027 | PBMR PGIM S&P 500 Buffer 20 ETF - March Absorbs the first 20% of loss on SPY and caps the gain at 10.9%, over a period ending Feb 28, 2027 | |
|---|---|---|
| Issuer | First Trust | PGIM |
| Reference index | SPY | SPY |
| Buffer | 15% | 20% |
| Outcome period | Feb 23, 2026 to Feb 19, 2027 | Mar 1, 2026 to Feb 28, 2027 |
| Days left | 151 | 160 |
| Starting cap | +12.1% | +10.9% |
| Can still gain | 4.1% | 3.9% |
| Fall before buffer | 7.2% | 6.3% |
| Protection left, index points | 15.0% of 15.0% | 20.0% of 20.0% |
| Index return this period | +12.2% | +12.8% |
| Fund return this period | +6.9% | +6.3% |
| State today | At cap | At cap |
| Expense ratio | 0.85% | 0.50% |
| Net assets | $381m | $36m |
GFEB in plain words
SPY had already risen past this fund's cap of +12.1% 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 4.1% 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 figure. In index terms, SPY can fall 10.9% 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. 151 days remained on Sep 21, 2026. On Feb 19, 2027 the period ends and a new cap is set.
PBMR in plain words
SPY had already risen past this fund's cap of +10.9% 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 3.9% as the period runs out. The fund's price can fall 6.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.3% 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. 160 days remained on Sep 21, 2026. On Feb 28, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, GFEB or PBMR?
- From their prices on Sep 21, 2026, GFEB can gain about 4.1% before its cap and PBMR about 3.9%, so GFEB has more room left this period.
- Which resets first, GFEB or PBMR?
- GFEB ends its outcome period on Feb 19, 2027 and PBMR on Feb 28, 2027. A new cap is set the day after each.
- Which is cheaper, GFEB or PBMR?
- GFEB charges 0.85% a year and PBMR charges 0.50%, so PBMR 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, GFEB against PBMR, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/gfeb-vs-pbmr Free to use with attribution; the underlying files are at Open data.