Which has more room to gain, GFEB or XFEB?

From their prices on Nov 4, 2026, GFEB can gain about 3.5% before its cap and XFEB about 2.4%, so GFEB has more room left this period.

Which resets first, GFEB or XFEB?

GFEB 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, GFEB or XFEB?

GFEB and XFEB both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

GFEB vs XFEB: Cap, Buffer & Days Left

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As of Nov 4, 2026 GFEB can fall 7.7% before its buffer engages and XFEB 7.2%.

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Net assets on Nov 3, 2026: $369m for FT Vest U.S. Equity Moderate Buffer ETF - February and $61m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - February.

GFEB on its own →XFEB on its own →

At a glance

7.7%

GFEB can fall this far before its buffer

7.2%

XFEB can fall this far before its buffer

3.5%

GFEB can still gain

2.4%

XFEB can still gain

GFEB Between buffer and cap

GFEB: reference +11.2% since period start, fund +7.4%; buffer 0 to −15; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.

XFEB At its cap

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.

Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 1.6 points; GFEB is 6.0 times larger.

Points (pts) are percentage points.

GFEB vs XFEB: Cap, Buffer & Days Left
Measure	GFEB	XFEB
Return
Measure	GFEB	XFEB
Total return, 1 year	+11.2%	+9.6%
Drawdown
Measure	GFEB	XFEB
Index fall to the buffer	10.1%
Benchmark
Measure	GFEB	XFEB
What it tracks	SPY	SPY
Cost and size
Measure	GFEB	XFEB
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$369m	$61m
Holdings
Measure	GFEB	XFEB
Holdings in common	not published

Method

Window by window

Window by window: GFEB vs XFEB: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	GFEB	XFEB	GFEB	XFEB
3 months	+1.5%	+1.6%	+1.8 pts	+2.0 pts
6 months	+4.3%	+4.1%	−0.2 pts	−0.4 pts
1 year	+11.2%	+9.6%	−2.4 pts	−4.0 pts
3 years	+45.4%	–	−31.0 pts	–
Since launchNot the same days: GFEB Feb 2023 · XFEB Feb 2024	+56.2%	+28.7%	−36.0 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

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 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 15% 15%

Outcome period Feb 23, 2026 to Feb 19, 2027 Feb 23, 2026 to Feb 19, 2027

Days left 107 107

Starting cap +12.1% +10.3%

Can still gain 3.5% 2.4%

Fall before buffer 7.7% 7.2%

Protection left, index points 15.0% of 15.0% 15.0% of 15.0%

Index return this period +11.2% +11.2%

Fund return this period +7.4% +6.8%

State today Open At cap

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $369m $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. GFEB 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

GFEB resets first, on Feb 19, 2027, 107 days from now; XFEB runs to Feb 19, 2027, 107 days. GFEB can still gain 3.5% before its cap, XFEB 2.4%. A fall from here reaches GFEB’s buffer after 7.7% and XFEB’s after 7.2%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

GFEB

From its price on Nov 4, 2026, the fund can gain about 3.5% more before it reaches its cap. The fund's price can fall 7.7% 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: 15.0% of the 15.0% 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.

Questions people ask

Which has more room to gain, GFEB or XFEB?: From their prices on Nov 4, 2026, GFEB can gain about 3.5% before its cap and XFEB about 2.4%, so GFEB has more room left this period.
Which resets first, GFEB or XFEB?: GFEB 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, GFEB or XFEB?: GFEB and XFEB both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

GFEB vs CPSR GFEB vs MART GFEB vs DDTM GFEB vs PMMR XFEB vs BMAR XFEB vs ZMAR XFEB vs MARU XFEB vs CPSR

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 →GFEB on its own →XFEB on its own →Method →Standards and sources →

Sources and dates

GFEB and XFEB filings on SEC EDGAR ↗

First Trust page for GFEB ↗

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

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.