Data as of .
PFEB vs UFEB: which one stands where?
As of Sep 21, 2026 UFEB can fall 11.4% before its buffer engages and PFEB 7.3%.
ETFIQ Downside Cover Score: PFEB 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
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
PFEB resets first, on Jan 31, 2027, 132 days from now; UFEB runs to Jan 31, 2027, 132 days. PFEB can still gain 4.2% before its cap, UFEB 3.9%. A fall from here reaches PFEB’s buffer after 7.3% and UFEB’s after 11.4%. 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 | ||
|---|---|---|---|---|
| PFEB | UFEB | PFEB | UFEB | |
| 3 months | +2.2% | +2.1% | −0.1 pts | −0.1 pts |
| 6 months | +10.2% | +8.9% | −7.9 pts | −9.1 pts |
| 1 year | +11.2% | +10.7% | −5.4 pts | −5.8 pts |
| 3 years | +41.6% | +40.6% | −36.8 pts | −37.8 pts |
| PFEB Innovator U.S. Equity Power Buffer ETF - Feb Absorbs the first 15% of loss on SPY and caps the gain at 12.4%, over a period ending Jan 31, 2027 | UFEB Innovator U.S. Equity Ultra Buffer ETF - Feb Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 11.4%, over a period ending Jan 31, 2027 | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | 15% | 5% to 35% |
| Outcome period | Jan 31, 2026 to Jan 31, 2027 | Jan 31, 2026 to Jan 31, 2027 |
| Days left | 132 | 132 |
| Starting cap | +12.4% | +11.4% |
| Can still gain | 4.2% | 3.9% |
| Fall before buffer | 7.3% | 11.4% |
| Protection left, index points | 15.0% of 15.0% | 30.0% of 30.0% |
| Index return this period | +11.8% | +11.8% |
| Fund return this period | +7.3% | +6.7% |
| State today | Open | At cap |
| Expense ratio | 0.79% | 0.79% |
| Net assets | $924m | $229m |
PFEB in plain words
From its price on Sep 21, 2026, the fund can gain about 4.2% more before it reaches its cap. The fund's price can fall 7.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.6% 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. 132 days remained on Sep 21, 2026. On Jan 31, 2027 the period ends and a new cap is set.
UFEB in plain words
SPY had already risen past this fund's cap of +11.4% 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 11.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.1% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.
Questions people ask
- Which has more room to gain, PFEB or UFEB?
- From their prices on Sep 21, 2026, PFEB can gain about 4.2% before its cap and UFEB about 3.9%, so PFEB has more room left this period.
- Which resets first, PFEB or UFEB?
- PFEB ends its outcome period on Jan 31, 2027 and UFEB on Jan 31, 2027. A new cap is set the day after each.
- Which is cheaper, PFEB or UFEB?
- PFEB charges 0.79% a year and UFEB charges 0.79%, so PFEB 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, PFEB against UFEB, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/pfeb-vs-ufeb Free to use with attribution; the underlying files are at Open data.