Data as of Nov 4, 2026.
PMFB vs UFEB: Cap, Buffer & Days Left
As of Nov 4, 2026 UFEB can fall 12.0% before its buffer engages and PMFB 4.5%.
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Net assets on Nov 4, 2026: $6.1m for PGIM S&P 500 Max Buffer ETF - February and $165m for Innovator U.S. Equity Ultra Buffer ETF - Feb.
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.UFEB: reference +10.8% since period start, fund +7.2%; buffer −5 to −35; cap +11.4%; Between buffer and cap. Data to Nov 4, 2026.
UFEB: reference +10.8% since period start, fund +7.2%; buffer −5 to −35; cap +11.4%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
PMFB costs 0.29 points a year less; their one-year returns differ by 4.3 points; UFEB is far larger, $165m against $6.1m.
Points (pts) are percentage points.
| Measure | PMFB | UFEB |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.2% | +10.5% |
| Drawdown | ||
| Index fall to the buffer | 9.8% | 14.2% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.79% |
| Net assets | $6.1m | $165m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PMFB | UFEB | PMFB | UFEB |
| 3 months | +1.2% | +1.5% | +1.6 pts | +1.8 pts |
| 6 months | +2.6% | +4.2% | −1.9 pts | −0.3 pts |
| 1 year | +6.2% | +10.5% | −7.4 pts | −3.0 pts |
| 3 years | – | +42.7% | – | −33.7 pts |
| Since launchNot the same days: PMFB Feb 2025 · UFEB Feb 2020 | +11.4% | +61.7% | −16.9 pts | −74.9 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. UFEB is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
PMFB is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
PMFB resets first, on Jan 31, 2027, 88 days from now; UFEB runs to Jan 31, 2027, 88 days. PMFB can still gain 2.1% before its cap, UFEB 3.3%. A fall from here reaches PMFB’s buffer after 4.5% and UFEB’s after 12.0%. Both track SPY, so what separates them is where each is in its own period.
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. In index terms, SPY can fall 9.8% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% 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.
UFEB
From its price on Nov 4, 2026, the fund can gain about 3.3% more before it reaches its cap. The fund's price can fall 12.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 14.2% 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
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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.
Cite this pageCitation, APA and Markdown
ETFIQ, PMFB against UFEB, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pmfb-vs-ufeb
ETFIQ. (Nov 4, 2026). PMFB against UFEB. Retrieved from https://etfiq.com/compare/buffer/pmfb-vs-ufeb
[PMFB against UFEB (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/pmfb-vs-ufeb)
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