BUFB vs PBFR: Grades, Fees and Holdings Compared

Innovator Laddered Allocation Buffer ETF

BUFBCCboe

PGIM Laddered S&P 500 Buffer 20 ETF

PBFRBCboe

Overlap

0.0%by weight

Expense ratio

PBFR −0.39pt a year

BUFB0.89%PBFR0.50%

Avg volume · 30D

PBFR 1.6×the volume

BUFB30.1KPBFR48.7K

BUFB vs PBFR Performance

Oct 31, 2025 – Oct 30, 2026

+11.2%BUFB+8.4%PBFR

Expense ratio: BUFB 0.89%; PBFR 0.50%, better
Fund size: BUFB $339M; PBFR $244M
1Y total return: BUFB +11.2%, better; PBFR +8.4%
Yield (12M): BUFB No data; PBFR 0.01%
Holdings: BUFB 13; PBFR 14
Avg volume (30D): BUFB 30.1K sh; PBFR 48.7K sh, better
NAV per share: BUFB $40.06; PBFR $31.47
52W range

ETF.net Grade

Pillar letters and Scores for BUFB, PBFR, with each pillar’s weight
Pillar	BUFB	PBFR
Cost30% weight	C47	A85Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	D27	B69Higher
Tradability15% weight	C48Higher	C41
Holdings10% weight	A71	A71
Durability5% weight	B65Higher	C53

Rank among S&P 500 Laddered Buffer funds

How we build Categories ›

Same Category. BUFB and PBFR are both graded against the same 18 S&P 500 Laddered Buffer funds, so their Grades compare head to head.

S&P 500 Laddered Buffer⁠

Category · 18 funds

See all 18 ›

PBFR ranks 2nd and BUFB 13th of 18 funds in the S&P 500 Laddered Buffer Category.

Rank 1BBUFPPGIM Laddered S&P 500 Buffer 12 ETFScore 69
Rank 2BPBFRPGIM Laddered S&P 500 Buffer 20 ETFScore 68
Rank 3BALDBAptus Laddered Deep Buffer ETFScore 65
Rank 12CBUFZFT Vest Laddered Moderate Buffer ETFScore 48
Rank 13CBUFBInnovator Laddered Allocation Buffer ETFScore 47
Rank 14CLADMPacer Swan SOS Laddered Moderate ETFScore 40

Our read on each fund

ETF.net Research

BUFBCInnovator Laddered Allocation Buffer ETF

PBFRBPGIM Laddered S&P 500 Buffer 20 ETF

In short

BUFB Buffer ETFs make you pick a start date. BUFB skips that question: it holds all 12 monthly Innovator 9% buffer ETFs at equal weight, so one sleeve rolls into a fresh outcome period every month.

PBFR Most buffer ETFs make you pick a start month. PBFR skips that: one ticker holding twelve monthly vintages of PGIM's 20% S&P 500 buffer funds, so caps and buffers are staggered across the calendar.

Stated mandate

BUFB The Fund seeks exposure to the investment results of the MerQube US Large Cap Equity Buffer Laddered Index through a laddered portfolio of 12 Innovator U.S. Equity Buffer ETFs. The underlying ETFs seek capped S&P 500 exposure and a 9% loss buffer; BUFB itself does not provide that buffer.

PBFR The Fund seeks capital appreciation through U.S. large-cap equity exposure obtained through a laddered portfolio of twelve PGIM S&P 500 Buffer 20 ETFs, each intended to limit downside risk.

Why people hold it

BUFB One ticket, twelve staggered outcome periods. Each month one underlying ETF resets, so your result never hangs on a single entry date or a single cap.innovatoretfs.com
The 9% buffer line is the shallower of Innovator's two ladders; sibling BUFF ladders 15% buffers at the same 0.89%. Different trade-off between cushion and cap room.innovatoretfs.com
Running since 2022 and rebalanced back to equal weight twice a year, so the ladder does not drift toward whichever sleeve ran hot.innovatoretfs.com

PBFR At 0.50%, it prices below the typical 20%-buffer fund in its group, and ranks among the stronger implementations in that group.
One ticker does the ladder work: twelve underlying PGIM Buffer 20 ETFs, rebalanced back to equal weight (8 1/3% each) quarterly as caps reset.pgim.com
Each underlying fund aims to absorb the first 20% of SPY's price decline over a one-year outcome period, in exchange for an upside cap.pgim.com
Launched in 2024 and stocked entirely with PGIM's own monthly Buffer 20 funds, so one manager runs the whole chain.pgim.com

Worth knowing

BUFB 0.89% all-in: 0.10% management plus 0.79% from the ETFs it holds. Near the category median, above ALDB (0.30%) and IVVM (0.50% net of a waiver through June 30, 2028).innovatoretfs.com
BUFB itself does not buffer. You hold 12 outcome periods at once, each with its own cap and its own remaining cushion, so the blend behaves softer than any single sleeve.innovatoretfs.com
Trading volume is light next to the big index funds, so spreads can be wider than the strategy's one-ticket simplicity suggests.

PBFR You hold a blend, not one vintage, so no single stated buffer or cap applies to your position at any given moment.pgim.com
The 20% buffer is measured before fees and expenses and covers only the first 20% of SPY's drop; deeper declines come through.pgim.com
A fund of funds in a niche corner: the underlying ETFs' fees flow through pro rata, and it trades less actively than the category's biggest names.pgim.com

Full BUFB profile⁠

Full PBFR profile⁠

BUFB vs PBFR Holdings

How BUFB and PBFR differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of BUFB and 0.0% of PBFR.

Level by level

Asset classEquity, Alternatives0.0%
Holdings0 in both0.0%
Countryby domicile99.5%
Sector11 Sectors100%

Sector

Sector weights in BUFB and PBFR, widest gap first
Sector	More in BUFBMore in PBFR	BUFB	PBFR
Technology	Same weight	40.1%	40.1%
Financials	Same weight	11.3%	11.3%
Communication	Same weight	9.9%	9.9%
Health Care	Same weight	9.4%	9.4%
Consumer Discretionary	Same weight	8.7%	8.7%
Industrials	Same weight	7.6%	7.6%
Consumer Staples	Same weight	4.4%	4.4%
Energy	Same weight	3.4%	3.4%
Utilities	Same weight	1.9%	1.9%
Real Estate	Same weight	1.7%	1.7%
Materials	Same weight	1.6%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in BUFB and PBFR, widest gap first
Country	More in BUFBMore in PBFR	BUFB	PBFR
United States	PBFR +0.5 points	99.5%	100.0%
Switzerland	BUFB +0.3 points	0.3%	0.0%
China	BUFB +0.1 points	0.1%	0.0%
Mexico	BUFB +0.1 points	0.1%	0.0%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

BUFB83.3%
PBFR83.3%

Securities held

BUFB13
PBFR13

Asset class

BUFB: Equity
PBFR: Alternatives

Holdings

Only in BUFB13
In both0
Only in PBFR13

Only in BUFB

13 securities, 100% of BUFB by weight

Innovator U.S. Equity Buffer ETF April8.36%
Innovator U.S. Equity Buffer ETF - October8.34%
Innovator U.S. Equity Buffer ETF - June8.34%
Innovator U.S. Equity Buffer ETF - March8.34%
Innovator U.S. Equity Buffer ETF - May8.33%
Innovator U.S. Equity Buffer ETF - August8.33%
Innovator U.S. Equity Buffer ETF - January8.33%
Innovator U.S. Equity Buffer ETF - February8.33%
Innovator U.S. Equity Buffer ETF - September8.32%
Innovator U.S. Equity Buffer ETF - July8.32%
Innovator U.S. Equity Buffer ETF -December8.30%
Innovator U.S. Equity Buffer ETF - November8.30%
Us Bank Mmda - Usbgfs 9 09/01/20370.07%

Only in PBFR

13 securities, 100% of PBFR by weight

Pgim S&P 500 Buffer 20 Etf - July8.35%
Pgim S&P 500 Buffer 20 Etf - November8.34%
Pgim S&P 500 Buffer 20 Etf - January8.33%
Pgim S&P 500 Buffer 20 Etf - February8.33%
Pgim S&P 500 Buffer 20 Etf - September8.33%
Pgim S&P 500 Buffer 20 Etf - December8.33%
Pgim S&P 500 Buffer 20 Etf - October8.33%
Pgim S&P 500 Buffer 20 Etf - August8.33%
Pgim S&P 500 Buffer 20 Etf - June8.33%
Pgim S&P 500 Buffer 20 Etf - April8.33%
Pgim S&P 500 Buffer 20 Etf - May8.32%
Pgim S&P 500 Buffer 20 Etf - March8.32%
Net Current Assets0.00%

Weight gaps

BUFB and PBFR share no securities.

All 13 BUFB holdings⁠All PBFR holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BUFB vs PBFR Cost

Overpaying BUFB vs PBFR

$6,893

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BUFB 0.89%
$16,872
PBFR 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

BUFB 0.89%
PBFR 0.50%
Overpaying

Year by year

Year	BUFB	PBFR	Overpaying
10	$1,576	$900	$676
20	$5,953	$3,460	$2,493
30	$16,872	$9,979	$6,893

Expense ratio

0.89%BUFB
0.50%PBFR, cheaper

PBFR0.50%BUFB0.89%

0.30%1.21%

Middle half of S&P 500 Laddered Buffer funds
Median 0.89%

PBFR 2nd cheapest of 18 funds

BUFB 9th cheapest of 18 funds

BUFB vs PBFR Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BUFB No data; PBFR 0.01%
Payout (12M): BUFB None; PBFR $0.0025
Last payment: BUFB No data; PBFR $0.0025
Ex-dividend: BUFB No data; PBFR Dec 30, 2025
Paid on: BUFB No data; PBFR Jan 2, 2026
Frequency: BUFB No data; PBFR Irregular

Distribution history

Per share, 2024 to 2026, same scale for both

BUFBAll BUFB payments⁠

No distribution history available.

PBFRIrregular · 2 paymentsAll PBFR payments⁠

BUFB vs PBFR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BUFB 7.7%PBFR 4.2%since Jul 2024
Return per unit of riskSharpe ratio, 3 years: BUFB 1.52PBFR 1.22since Jul 2024
Worst fallMax drawdown, 5 years: BUFB −14.9%since Feb 2022PBFR −8.5%since Jun 2024
Market sensitivityBeta, 5 years: BUFB 0.68PBFR 0.34; Market = 1

Popular comparisons

BUFBCvsBUFPB
Innovator Laddered Allocation Buffer ETF · PGIM Laddered S&P 500 Buffer 12 ETF
Expense ratio
0.89% · 0.50%
Category
PBFRBvsBUFPB
PGIM Laddered S&P 500 Buffer 20 ETF · PGIM Laddered S&P 500 Buffer 12 ETF
Expense ratio
0.50% · 0.50%
Category
BUFBCvsALDBB
Innovator Laddered Allocation Buffer ETF · Aptus Laddered Deep Buffer ETF
Expense ratio
0.89% · 0.30%
Category
PBFRBvsALDBB
PGIM Laddered S&P 500 Buffer 20 ETF · Aptus Laddered Deep Buffer ETF
Expense ratio
0.50% · 0.30%
Category
BUFBCvsIVVMB
Innovator Laddered Allocation Buffer ETF · iShares Large Cap Moderate Quarterly Laddered ETF
Expense ratio
0.89% · 0.50%
Category
PBFRBvsIVVMB
PGIM Laddered S&P 500 Buffer 20 ETF · iShares Large Cap Moderate Quarterly Laddered ETF
Expense ratio
0.50% · 0.50%
Category