BUFD vs PBFR: Grades, Fees and Holdings Compared

FT Vest Laddered Deep Buffer ETF

BUFDCCboe

PGIM Laddered S&P 500 Buffer 20 ETF

PBFRBCboe

Overlap

0.0%by weight

Expense ratio

PBFR −0.45pt a year

BUFD0.95%PBFR0.50%

Avg volume · 30D

BUFD 6.2×the volume

BUFD303KPBFR48.7K

BUFD vs PBFR Performance

Oct 31, 2025 – Oct 30, 2026

+9.0%BUFD+8.4%PBFR

Expense ratio: BUFD 0.95%; PBFR 0.50%, better
Fund size: BUFD $2.22B; PBFR $244M
1Y total return: BUFD +9.0%, better; PBFR +8.4%
Yield (12M): BUFD No data; PBFR 0.01%
Holdings: BUFD 13; PBFR 14
Avg volume (30D): BUFD 303K sh, better; PBFR 48.7K sh
NAV per share: BUFD $30.34; PBFR $31.47
52W range

ETF.net Grade

Pillar letters and Scores for BUFD, PBFR, with each pillar’s weight
Pillar	BUFD	PBFR
Cost30% weight	F24	A85Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B61	B69Higher
Tradability15% weight	A80Higher	C41
Holdings10% weight	A71	A71
Durability5% weight	A88Higher	C53

Rank among S&P 500 Laddered Buffer funds

How we build Categories ›

Same Category. BUFD 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 BUFD 8th 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 7CSPBWAllianzIM Buffer20 Allocation ETFScore 53
Rank 8CBUFDFT Vest Laddered Deep Buffer ETFScore 52
Rank 8CBUFRFT Vest Laddered Buffer ETFScore 52

Our read on each fund

ETF.net Research

BUFDCFT Vest Laddered Deep Buffer ETF

PBFRBPGIM Laddered S&P 500 Buffer 20 ETF

In short

BUFD Twelve First Trust deep buffer funds in one ticker, one resetting every month, so you never have to time an outcome period. The trade: a deeper cushion means a lower ceiling, and the ladder wrapper runs 0.95% a year.

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

BUFD The Fund seeks capital appreciation by providing U.S. large-cap equity exposure while limiting downside risk through a laddered portfolio of twelve FT Vest U.S. Equity Deep Buffer ETFs.

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

BUFD One ticker holds twelve deep buffer funds on a monthly ladder, so there's no start month to pick and no buying in with a cushion that's already half spent.ftportfolios.com
Laddering spreads reset risk across twelve staggered outcome periods instead of one all-or-nothing 12-month window tied to a single entry date.
A multi-billion-dollar fund running since 2021, with U.S. large-cap exposure referenced to the SPDR S&P 500 ETF Trust.

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

BUFD At 0.95%, it prices above the 0.79% median in its buffer peer group, and rival laddered wrappers charge less: BUFP at 0.50%, PSFF at 0.10%.
Each underlying fund sets its own buffer and cap at its reset, for its own outcome period, so the protection and ceiling you hold shift month to month.ftportfolios.com
Income isn't part of the mandate. The stated objective is capital appreciation, and the fund has not been making distributions.

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 BUFD profile⁠

Full PBFR profile⁠

BUFD vs PBFR Holdings

How BUFD and PBFR differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Countryby domicile100%
Sector11 Sectors100%

Sector

Sector weights in BUFD and PBFR, widest gap first
Sector	More in BUFDMore in PBFR	BUFD	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 BUFD and PBFR, widest gap first
Country	More in BUFDMore in PBFR	BUFD	PBFR
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

BUFD83.4%
PBFR83.3%

Securities held

BUFD12
PBFR13

Asset class

BUFD: Multi-Asset
PBFR: Alternatives

Holdings

Only in BUFD12
In both0
Only in PBFR13

Only in BUFD

12 securities, 99.9% of BUFD by weight

FT Vest U.S. Equity Deep Buffer ETF - November8.38%
FT Vest U.S. Equity Deep Buffer ETF - October8.37%
FT Vest U.S. Equity Deep Buffer ETF - March8.35%
FT Vest U.S. Equity Deep Buffer ETF - February8.35%
FT Vest U.S. Equity Deep Buffer ETF - December8.35%
FT Vest U.S. Equity Deep Buffer ETF - September8.34%
FT Vest U.S. Equity Deep Buffer ETF - January8.34%
FT Vest U.S. Equity Deep Buffer ETF - April8.34%
FT Vest U.S. Equity Deep Buffer ETF - July8.29%
FT Vest U.S. Equity Deep Buffer ETF - May8.28%
FT Vest U.S. Equity Deep Buffer ETF - June8.27%
FT Vest U.S. Equity Deep Buffer ETF - August8.27%

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

BUFD and PBFR share no securities.

All 12 BUFD 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.

BUFD vs PBFR Cost

Overpaying BUFD vs PBFR

$7,890

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

BUFD 0.95%
$17,869
PBFR 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

BUFD 0.95%
PBFR 0.50%
Overpaying

Year by year

Year	BUFD	PBFR	Overpaying
10	$1,678	$900	$778
20	$6,322	$3,460	$2,862
30	$17,869	$9,979	$7,890

Expense ratio

0.95%BUFD
0.50%PBFR, cheaper

PBFR0.50%BUFD0.95%

0.30%1.21%

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

PBFR 2nd cheapest of 18 funds

BUFD 12th cheapest of 18 funds

BUFD vs PBFR Dividends

Last 12 months to Oct 30, 2026

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

Distribution history

Per share, 2024 to 2026, same scale for both

BUFDAll BUFD payments⁠

No distribution history available.

PBFRIrregular · 2 paymentsAll PBFR payments⁠

BUFD vs PBFR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BUFD 5.8%PBFR 4.2%since Jul 2024
Return per unit of riskSharpe ratio, 3 years: BUFD 1.41PBFR 1.22since Jul 2024
Worst fallMax drawdown, 5 years: BUFD −10.8%PBFR −8.5%since Jun 2024
Market sensitivityBeta, 5 years: BUFD 0.42PBFR 0.34; Market = 1

Popular comparisons

BUFDCvsBUFPB
FT Vest Laddered Deep Buffer ETF · PGIM Laddered S&P 500 Buffer 12 ETF
Expense ratio
0.95% · 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
BUFDCvsALDBB
FT Vest Laddered Deep Buffer ETF · Aptus Laddered Deep Buffer ETF
Expense ratio
0.95% · 0.30%
Category
PBFRBvsALDBB
PGIM Laddered S&P 500 Buffer 20 ETF · Aptus Laddered Deep Buffer ETF
Expense ratio
0.50% · 0.30%
Category
BUFDCvsIVVMB
FT Vest Laddered Deep Buffer ETF · iShares Large Cap Moderate Quarterly Laddered ETF
Expense ratio
0.95% · 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