BUFZ vs PBFR: Grades, Fees and Holdings Compared

FT Vest Laddered Moderate Buffer ETF

BUFZCCboe

PGIM Laddered S&P 500 Buffer 20 ETF

PBFRBCboe

Overlap

0.0%by weight

Expense ratio

PBFR −0.45pt a year

BUFZ0.95%PBFR0.50%

Avg volume · 30D

BUFZ 3.4×the volume

BUFZ166KPBFR48.7K

BUFZ vs PBFR Performance

Oct 31, 2025 – Oct 30, 2026

+9.0%BUFZ+8.4%PBFR

Expense ratio: BUFZ 0.95%; PBFR 0.50%, better
Fund size: BUFZ $1.09B; PBFR $244M
1Y total return: BUFZ +9.0%, better; PBFR +8.4%
Yield (12M): BUFZ No data; PBFR 0.01%
Holdings: BUFZ 13; PBFR 14
Avg volume (30D): BUFZ 166K sh, better; PBFR 48.7K sh
NAV per share: BUFZ $28.51; PBFR $31.47
52W range

ETF.net Grade

Pillar letters and Scores for BUFZ, PBFR, with each pillar’s weight
Pillar	BUFZ	PBFR
Cost30% weight	F24	A85Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B63	B69Higher
Tradability15% weight	B61Higher	C41
Holdings10% weight	A71	A71
Durability5% weight	A73Higher	C53

Rank among S&P 500 Laddered Buffer funds

How we build Categories ›

Same Category. BUFZ 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 BUFZ 12th 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 11CBFRZInnovator Equity Managed 100 Buffer ETFScore 50
Rank 12CBUFZFT Vest Laddered Moderate Buffer ETFScore 48
Rank 13CBUFBInnovator Laddered Allocation Buffer ETFScore 47

Our read on each fund

ETF.net Research

BUFZCFT Vest Laddered Moderate Buffer ETF

PBFRBPGIM Laddered S&P 500 Buffer 20 ETF

In short

BUFZ Buffer funds usually make you pick a start month and live with it. BUFZ skips the calendar: a ladder of FT Vest moderate-buffer ETFs on staggered outcome periods, so one ticker spreads buffered S&P 500 exposure across the cycle.

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

BUFZ The fund targets capital growth by obtaining U.S. large-cap equity exposure through multiple moderate-buffer ETFs arranged across rolling maturities, with the structure intended to reduce downside risk.

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

BUFZ No entry-date roulette. The ladder holds several moderate-buffer funds at different points in their outcome periods, so the buy date matters less than it does with a single-month buffer fund.ftportfolios.com
One holding does the work of a do-it-yourself ladder. The rolling and rebalancing across maturities happens inside the fund instead of on your calendar.
The underlying exposure is plain vanilla: US large-cap equity referenced to the S&P 500 via SPY, not an exotic custom index.
Size and liquidity are real for a niche structure: a multi-billion-dollar fund that trades actively enough to keep dealing costs from dominating the decision.

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

BUFZ Convenience has a price tag: 0.95% a year, above the buffer-peer median of 0.79%, and above laddered rivals like BUFP (0.50%) and IVVM (0.53%). It sits in the lower half of its peer group.
Laddering blurs the buffer. Each sleeve sits at a different stage of its own period, so you hold a blend of partial buffers and partial caps rather than one clean stated buffer.
Not an income vehicle. The mandate is capital growth with reduced downside risk, 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 BUFZ profile⁠

Full PBFR profile⁠

BUFZ vs PBFR Holdings

How BUFZ and PBFR differ

Overlap by weight

0.0%

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

Level by level

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

Sector

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

Concentration

Weight in the 10 largest Holdings

BUFZ83.4%
PBFR83.3%

Securities held

BUFZ12
PBFR13

Asset class

BUFZ: Multi-Asset
PBFR: Alternatives

Holdings

Only in BUFZ12
In both0
Only in PBFR13

Only in BUFZ

12 securities, 99.9% of BUFZ by weight

FT Vest U.S. Equity Moderate Buffer ETF - October8.38%
FT Vest U.S. Equity Moderate Buffer ETF - November8.37%
FT Vest U.S. Equity Moderate Buffer ETF - March8.35%
FT Vest U.S. Equity Moderate Buffer ETF - December8.35%
FT Vest U.S. Equity Moderate Buffer ETF - February8.34%
FT Vest U.S. Equity Moderate Buffer ETF - January8.34%
FT Vest U.S. Equity Moderate Buffer ETF - September8.33%
FT Vest U.S. Equity Moderate Buffer ETF - April8.31%
FT Vest U.S. Equity Moderate Buffer ETF - June8.29%
FT Vest U.S. Equity Moderate Buffer ETF - May8.29%
FT Vest U.S. Equity Moderate Buffer ETF - July8.28%
FT Vest U.S. Equity Moderate 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

BUFZ and PBFR share no securities.

All 12 BUFZ 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.

BUFZ vs PBFR Cost

Overpaying BUFZ vs PBFR

$7,890

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

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

Amount$10,000

Years30 years

Cost over time

BUFZ 0.95%
PBFR 0.50%
Overpaying

Year by year

Year	BUFZ	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%BUFZ
0.50%PBFR, cheaper

PBFR0.50%BUFZ0.95%

0.30%1.21%

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

PBFR 2nd cheapest of 18 funds

BUFZ 12th cheapest of 18 funds

BUFZ vs PBFR Dividends

Last 12 months to Oct 30, 2026

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

Distribution history

Per share, 2024 to 2026, same scale for both

BUFZAll BUFZ payments⁠

No distribution history available.

PBFRIrregular · 2 paymentsAll PBFR payments⁠

BUFZ vs PBFR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BUFZ 5.4%PBFR 4.2%since Jul 2024
Return per unit of riskSharpe ratio, 3 years: BUFZ 1.46PBFR 1.22since Jul 2024
Worst fallMax drawdown, 5 years: BUFZ −10.1%since Oct 2023PBFR −8.5%since Jun 2024
Market sensitivityBeta, 5 years: BUFZ 0.42PBFR 0.34; Market = 1

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