Data as of Nov 4, 2026.
PMMR vs XFEB: Cap, Buffer & Days Left
As of Nov 4, 2026 XFEB can fall 7.2% before its buffer engages and PMMR 4.0%, and XFEB resets 9 days sooner.
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Net assets: $5.5m on Nov 4, 2026 for PGIM S&P 500 Max Buffer ETF - March, and $61m on Nov 3, 2026 for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - February.
PMMR: reference +11.8% since period start, fund +3.6%; buffer Floor; cap +6.3%; At its cap. Data to Nov 4, 2026.
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.
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
PMMR costs 0.35 points a year less; their one-year returns differ by 3.8 points; XFEB is 11.1 times larger.
Points (pts) are percentage points.
| Measure | PMMR | XFEB |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.8% | +9.6% |
| Drawdown | ||
| Index fall to the buffer | 10.5% | 10.1% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.85% |
| Net assets, as of Nov 3, 2026 | $5.5m | $61m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PMMR | XFEB | PMMR | XFEB |
| 3 months | +1.1% | +1.6% | +1.5 pts | +2.0 pts |
| 6 months | +2.4% | +4.1% | −2.1 pts | −0.4 pts |
| 1 year | +5.8% | +9.6% | −7.8 pts | −4.0 pts |
| Since launchNot the same days: PMMR Mar 2025 · XFEB Feb 2024 | +10.8% | +28.7% | −20.6 pts | −25.7 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. PMMR is a floor fund, which caps how far a holder can fall. XFEB is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
Where each one stands today
XFEB resets first, on Feb 19, 2027, 107 days from now; PMMR runs to Feb 28, 2027, 116 days. PMMR can still gain 2.1% before its cap, XFEB 2.4%. A fall from here reaches PMMR’s buffer after 4.0% and XFEB’s after 7.2%. Both track SPY, so what separates them is where each is in its own period.
PMMR
SPY had already risen past this fund's cap of +6.3% 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 2.1% as the period runs out. The fund's price can fall 4.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.5% 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. 116 days remained on Nov 4, 2026. On Feb 28, 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. 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.
Questions people ask
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, PMMR against XFEB, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pmmr-vs-xfeb
ETFIQ. (Nov 4, 2026). PMMR against XFEB. Retrieved from https://etfiq.com/compare/buffer/pmmr-vs-xfeb
[PMMR against XFEB (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/pmmr-vs-xfeb)
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