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FFEB vs XTR

FT Vest U.S. Equity Buffer ETF - February

FFEBCCboe

Global X S&P 500 Tail Risk ETF

XTRCNYSE Arca

Overlap

0.0%by weight

Expense ratio

XTR −0.60pt a year

FFEB0.85%XTR0.25%

Avg volume · 30D

FFEB 13.9×the volume

FFEB22.9KXTR1.64K

5Y return · a year

FFEB +1.6pt

FFEB+10.5%XTR+8.9%

FFEB vs XTR Performance

Oct 29, 2021 – Oct 30, 2026

+65.0%FFEB+53.3%XTR

Oct 29, 2021 to Oct 30, 2026. FFEB +65.0%. XTR +53.3%. Use the arrow keys to read each point.−20%0%20%40%Oct 2021Apr 2024Oct 2026
Expense ratio
FFEB 0.85%
XTR 0.25%, better
Fund size
FFEB $1.38B
XTR $5M
1Y total return
FFEB +12.3%, better
XTR +7.9%
Yield (12M)
FFEB No data
XTR 16.45%
Holdings
FFEB 3
XTR 506
Avg volume (30D)
FFEB 22.9K sh, better
XTR 1.64K sh
NAV per share
FFEB $62.47
XTR $28.54
52W range

ETF.net Grade

FFEB: Cost 11, Risk 67, Mission not scored, Tradability 89, Holdings 63, Durability 87. XTR: Cost 100, Risk 18, Mission not scored, Tradability 13, Holdings 85, Durability 46.
Pillar letters and Scores for FFEB, XTR, with each pillar’s weight
PillarFFEBXTR
Cost30% weightF11A100Higher
Mission25% weightNot scoredNot scored
Risk15% weightB67HigherF18
Tradability15% weightA89HigherF13
Holdings10% weightB63A85Higher
Durability5% weightA87HigherC46

Rank among S&P 500 Buffer 9-12% funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FFEB and XTR are both graded against the same 77 S&P 500 Buffer 9-12% funds, so their Grades compare head to head.

S&P 500 Buffer 9-12%⁠

Category · 77 funds
See all 77 ›

FFEB ranks 41st and XTR 57th of 77 funds in the S&P 500 Buffer 9-12% Category.

  1. Rank 40CBNOVInnovator U.S. Equity Buffer ETFScore 50
  2. Rank 41CFFEBFT Vest U.S. Equity Buffer ETF - FebruaryScore 49
  3. Rank 42CBDECInnovator U.S. Equity Buffer ETFScore 47
  4. Rank 57CXIDEFT Vest U.S. Equity Buffer & Premium Income ETF - DecemberScore 40
  5. Rank 57CXTRGlobal X S&P 500 Tail Risk ETFScore 40
  6. Rank 64DJULZTrueshares Structured Outcome (July) ETFScore 39

Our read on each fund

ETF.net Research

FFEBCFT Vest U.S. Equity Buffer ETF - February

XTRCGlobal X S&P 500 Tail Risk ETF

In short

FFEB The February door into First Trust's buffer lineup: it absorbs the first 10% of a year's decline in the SPDR S&P 500 ETF Trust, and caps the upside in exchange. Same recipe, reset every February since 2020.

XTR Most downside-protection ETFs sell away your upside to pay for it. XTR pays cash instead: it owns the S&P 500 stocks and buys 10% out-of-the-money puts every quarter, leaving the upside uncapped.

Stated mandate

FFEB The Fund seeks to match the price return of the State Street® SPDR® S&P 500® ETF Trust before fees and expenses, subject to a 15.01% upside cap and a 10% downside buffer over the current target-outcome period.

XTR The Fund seeks to track the performance of the Cboe S&P 500 Tail Risk Index before fees and expenses.

Why people hold it

  • FFEB Absorbs the first 10% of the reference S&P 500 ETF's price decline over each 12-month period, with a cap set at the February reset. Price return only, so dividends aren't included.ftportfolios.com
  • Running since February 2020, and First Trust fields a version for every calendar month, so you can start in any month or ladder several across the year.
  • The reference asset is the SPDR S&P 500 ETF Trust itself, not a bespoke index, and this is a multi-billion-dollar fund.
  • XTR No cap on the gains. The hedge is bought with cash rather than funded by selling calls, so index rallies come through less the put premium and fees.sec.gov
  • Costs 0.25%, well under half of what the defined-outcome funds it competes with typically charge for downside protection.
  • Owns the roughly 500 S&P 500 stocks themselves, with the put position layered on top, rather than wrapping the index in a stack of options.sec.gov
  • Rules-based and mechanical: puts are bought at 10% below the prevailing index level each quarter and held to expiration, with no manager guessing at timing.sec.gov

Worth knowing

  • FFEB The 0.85% fee sits above the buffer-fund median, and cheaper builds exist in the group (BUFB charges 0.10%).
  • The cap resets each February and isn't known in advance. Buy mid-period and you inherit the remaining buffer and cap, not the headline terms.ftportfolios.com
  • It trades lightly for its size, so bid-ask spreads can matter more here than with mainstream index ETFs.
  • XTR Protection starts about 10% down and resets quarterly, so garden-variety dips are absorbed in full and the gap widens if the market rallies mid-quarter.sec.gov
  • Insurance is not free. The quarterly premium is a steady cost against plain index exposure, and in calm markets the puts expire worthless.sec.gov
  • A small fund that trades thinly, so limit orders matter and subscale products carry more risk of being closed than the category's giants.

Full FFEB profile⁠

Full XTR profile⁠

FFEB vs XTR Holdings

As of

How FFEB and XTR differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of FFEB and 0.0% of XTR.

Level by level

  • Holdings0 in both0.0%
  • Countryby domicile100%
  • Sector11 Sectors99.6%

Sector

Sector weights in FFEB and XTR, widest gap first
SectorMore in FFEBMore in XTR
TechnologyXTR +0.4 points
Health CareFFEB +0.2 points
IndustrialsFFEB +0.1 points
FinancialsFFEB +0.1 points
Consumer StaplesFFEB +0.1 points
Real EstateSame weight
CommunicationXTR +0.1 points
Consumer DiscretionarySame weight
EnergySame weight
UtilitiesSame weight
MaterialsSame weight

Country, concentration and asset class

Country by domicile

Country weights in FFEB and XTR, widest gap first
CountryMore in FFEBMore in XTR
United StatesSame weight
SwitzerlandSame weight
ChinaSame weight
MexicoSame weight
IrelandSame weight
United KingdomSame weight

Concentration

Weight in the 10 largest Holdings

  • FFEB102.2%
  • XTR38.9%

Securities held

  • FFEB2
  • XTR505

Asset class

FFEB
Multi-Asset
XTR
Equity

Holdings

  • Only in FFEB2
  • In both0
  • Only in XTR505

Only in FFEB

2 securities, 100% of FFEB by weight

  • 2027-02-19 State Street® SPDR® S&P 500® ETF Trust C 6.89100.37%
  • 2027-02-19 State Street® SPDR® S&P 500® ETF Trust P 689.431.27%

Only in XTR

505 securities, 99.9% of XTR by weight

  • NVIDIA Corp8.11%
  • Apple Inc7.37%
  • Microsoft Corp5.95%

Weight gaps

FFEB and XTR share no securities.

All 4 FFEB holdings⁠All 503 XTR 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.

FFEB vs XTR Cost

Overpaying FFEB vs XTR

$11,040

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

  • FFEB 0.85%

    $16,199

  • XTR 0.25%

    $5,159

$10,000
30 years

Cost over time

  • FFEB 0.85%
  • XTR 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530FFEB $16,199XTR $5,159

Year by year

YearFFEBXTROverpaying
10$1,508$455$1,053
20$5,706$1,769$3,937
30$16,199$5,159$11,040

Expense ratio

  • 0.85%FFEB
  • 0.25%XTR, cheaper
  • Middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

XTR cheapest of 77 funds

FFEB 60th cheapest of 77 funds

FFEB vs XTR Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FFEB No data
XTR 16.45%
Payout (12M)
FFEB None
XTR $4.69
Last payment
FFEB No data
XTR $0.08
Ex-dividend
FFEB No data
XTR Jun 29, 2026
Paid on
FFEB No data
XTR Jul 2, 2026
Frequency
FFEB No data
XTR Twice a year

Distribution history

Per share, 2021 to 2026, same scale for both

FFEBAll FFEB payments⁠

No distribution history available.

XTRTwice a year · 10 paymentsAll XTR payments⁠
One bar per payment. 10 payments from 2021 to 2026 YTD. Dec 30, 2021 $0.64; Jun 29, 2022 $0.10; Dec 29, 2022 $0.15; Jun 29, 2023 $0.10; Dec 28, 2023 $0.19; Jun 27, 2024 $0.17; Dec 30, 2024 $5.55; Jun 27, 2025 $0.11; Dec 30, 2025 $4.61; Jun 29, 2026 $0.08. Use the arrow keys to read each point.$0$520232026YTD

FFEB vs XTR Risk

Fall from peak · 5 years

  • FFEB
  • XTR
Oct 29, 2021 to Oct 30, 2026. Worst fall: XTR −20.8% · Oct 2022. Use the arrow keys to read each point.−20%−15%−10%−5%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
FFEB 7.7%, betterXTR 11.7%
Return per unit of riskSharpe ratio, 3 years
FFEB 1.60, betterXTR 1.19
Worst fallMax drawdown, 5 years
FFEB −13.8%, betterXTR −20.8%
Market sensitivityBeta, 5 years
FFEB 0.61XTR 0.94

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