BUFT vs PBFR: Grades, Fees and Holdings Compared

FT Vest Buffered Allocation Defensive ETF

BUFTDCboe

PGIM Laddered S&P 500 Buffer 20 ETF

PBFRBCboe

Overlap

0.0%by weight

Expense ratio

PBFR −0.71pt a year

BUFT1.21%PBFR0.50%

Avg volume · 30D

PBFR 1.8×the volume

BUFT23.9KPBFR43.7K

BUFT vs PBFR Performance

Nov 7, 2025 – Nov 9, 2026

+9.0%BUFT+9.0%PBFR

Expense ratio: BUFT 1.21%; PBFR 0.50%, better
Fund size: BUFT $164M; PBFR $246M
1Y total return: BUFT +9.0%; PBFR +9.0%
Yield (12M): BUFT No data; PBFR 0.01%
Holdings: BUFT 8; PBFR 14
Avg volume (30D): BUFT 23.9K sh; PBFR 43.7K sh, better
NAV per share: BUFT $26.22; PBFR $30.91
52W range

ETF.net Grade

Pillar letters and Scores for BUFT, PBFR, with each pillar’s weight
Pillar	BUFT	PBFR
Cost30% weight	F0	A85Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	A78Higher	A74
Tradability15% weight	C50Higher	C41
Holdings10% weight	C42	A71Higher
Durability5% weight	B62Higher	C52

Rank among S&P 500 Laddered Buffer funds

How we build Categories ›

Same Category. BUFT 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 1st and BUFT 15th of 18 funds in the S&P 500 Laddered Buffer Category.

Rank 1BPBFRPGIM Laddered S&P 500 Buffer 20 ETFScore 69
Rank 2BBUFPPGIM Laddered S&P 500 Buffer 12 ETFScore 67
Rank 15DBFEWFT Vest Laddered U.S. Equity Equal Weight Buffer ETFScore 35
Rank 15DBUFTFT Vest Buffered Allocation Defensive ETFScore 35
Rank 17DONEZTrueShares Seasonality Laddered Buffered ETFScore 32

Our read on each fund

ETF.net Research

BUFTDFT Vest Buffered Allocation Defensive ETF

PBFRBPGIM Laddered S&P 500 Buffer 20 ETF

In short

BUFT One ticket instead of a whole ladder of dated buffer funds: BUFT owns a basket of S&P 500 buffer ETFs tilted to the defensive end, with capital preservation as its stated goal. That convenience carries a 1.21% price tag.

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

BUFT The Fund seeks capital preservation by investing in ETFs whose returns are tied to SPY up to a predetermined cap and that provide a defined buffer against SPY losses over a one-year period.

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

BUFT Buy the ladder, skip the legwork: one holding spreads you across several S&P 500 buffer ETFs instead of tracking start dates, caps and rolls fund by fund.ftportfolios.com
The reference point is plain vanilla: the SPDR S&P 500 ETF Trust. No bespoke index under the options layer, just the benchmark everyone already knows.ftportfolios.com
Downside cushion is the entire design. Each underlying fund absorbs a defined slice of S&P 500 losses across its one-year outcome period before losses reach the shareholder.ftportfolios.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

BUFT At 1.21%, you pay for the wrapper plus the funds inside it, which lands above the typical buffer ETF. First Trust's own laddered BUFR runs cheaper.
Caps are the price of cushions: upside is limited to a preset ceiling each period, and the fund has not been paying distributions.
Assets are modest and trading is thin, so spreads can widen. Limit orders are the standard tool for funds in this volume range.

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 BUFT profile⁠

Full PBFR profile⁠

BUFT vs PBFR Holdings

How BUFT and PBFR differ

Overlap by weight

0.0%

About this figure: BUFT holds other funds. We compare those funds, not the stocks inside them.

PBFR holds other funds. We compare those funds, not the stocks inside them.

Level by level

Holdings0 in both0.0%
Sector11 Sectors96.7%
Countryby domicile100%

Sector

Sector weights in BUFT and PBFR, widest gap first
Sector	Gap	BUFT	PBFR
Technology	BUFT +3.0 points	39.4%	36.4%
Financials	PBFR +0.9 points	11.7%	12.6%
Health Care	PBFR +0.8 points	9.8%	10.6%
Consumer Discretionary	PBFR +0.6 points	9.1%	9.7%
Consumer Staples	PBFR +0.5 points	4.6%	5.1%
Energy	BUFT +0.2 points	3.7%	3.5%
Real Estate	PBFR +0.2 points	1.7%	1.9%
Utilities	PBFR +0.1 points	2.0%	2.1%
Communication	BUFT +0.1 points	8.9%	8.8%
Materials	PBFR +0.1 points	1.5%	1.6%
Industrials	PBFR +0.1 points	7.5%	7.6%

Country, concentration and asset class

Country by domicile

Country weights in BUFT and PBFR, widest gap first
Country	More in BUFTMore in PBFR	Gap	BUFT	PBFR
United States		Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

BUFT100.0%
PBFR83.4%

Securities held

BUFT7
PBFR13

Asset class

BUFT: Multi-Asset
PBFR: Alternatives

Holdings

Only in BUFT7
In both0
Only in PBFR13

Only in BUFT

7 securities, 99.95% of BUFT by weight

FT Vest U.S. Equity Enhance & Moderate Buffer ETF - March16.61%
FT Vest U.S. Equity Enhance & Moderate Buffer ETF - December16.34%
FT Vest U.S. Equity Enhance & Moderate Buffer ETF - January14.29%
FT Vest U.S. Equity Enhance & Moderate Buffer ETF - February14.00%
FT Vest U.S. Equity Deep Buffer ETF - March13.78%
FT Vest U.S. Equity Moderate Buffer ETF - March13.37%
FT Vest U.S. Equity Enhance & Moderate Buffer ETF - April11.56%

Only in PBFR

13 securities, 99.98% of PBFR by weight

Pgim S&P 500 Buffer 20 Etf - June8.35%
Pgim S&P 500 Buffer 20 Etf - April8.35%
Pgim S&P 500 Buffer 20 Etf - September8.35%
Pgim S&P 500 Buffer 20 Etf - July8.34%
Pgim S&P 500 Buffer 20 Etf - August8.34%
Pgim S&P 500 Buffer 20 Etf - November8.34%
Pgim S&P 500 Buffer 20 Etf - October8.34%
Pgim S&P 500 Buffer 20 Etf - May8.33%
Pgim S&P 500 Buffer 20 Etf - March8.33%
Pgim S&P 500 Buffer 20 Etf - February8.32%
Pgim S&P 500 Buffer 20 Etf - January8.31%
Pgim S&P 500 Buffer 20 Etf - December8.29%
Net Current Assets<0.01%

Weight gaps

BUFT and PBFR share no securities.

All 7 BUFT 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.

BUFT vs PBFR Cost

Overpaying BUFT vs PBFR

$12,026

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

BUFT 1.21%
$22,005
PBFR 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

BUFT 1.21%
PBFR 0.50%
Overpaying

Year by year

Year	BUFT	PBFR	Overpaying
10	$2,115	$900	$1,215
20	$7,873	$3,460	$4,413
30	$22,005	$9,979	$12,026

Expense ratio

1.21%BUFT
0.50%PBFR, cheaper

PBFR0.50%BUFT1.21%

0.30%1.21%

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

PBFR 2nd cheapest of 18 funds

BUFT 18th cheapest of 18 funds

BUFT vs PBFR Dividends

Last 12 months to Nov 9, 2026

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

Distribution history

Per share, 2024 to 2026, same scale for both

BUFTAll BUFT payments⁠

No distribution history available.

PBFRIrregular · 2 paymentsAll PBFR payments⁠

BUFT vs PBFR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BUFT 3.9%PBFR 4.2%since Jul 2024
Return per unit of riskSharpe ratio, 3 years: BUFT 1.52PBFR 1.22since Jul 2024
Worst fallMax drawdown, 5 years: BUFT −10.4%PBFR −8.5%since Jun 2024
Market sensitivityBeta, 5 years: BUFT 0.33PBFR 0.34; Market = 1

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