At a glance
GFEB charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $381.6M in assets, the 8th largest of that group. Over the past year it returned +10.6% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +14.7% a year.
The short version
FT Vest US Equity Moderate Buffer ETF February (GFEB) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), not stocks. Over each roughly one-year period starting in late February, it aims to absorb the first 15% of SPY's price losses and caps the gains. The cap was 11.98% before fees for the period ending February 20, 2026. It charges 0.85% a year, close to the 0.86% average for similar buffer funds, and pays no dividends.
Price history
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GFEB +10.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GFEB official prospectus, to Dec 31, 2024 | — | +13.20% | — | — | — | +13.90% |
| GFEB price data to Oct 27, 2026 | +9.1% | +10.6% | +14.7% | — | — | +13.4% |
- Over the year to Oct 27, 2026, GFEB returned +10.6%, 6th of 8 among similar funds.
- Its worst full calendar year was 2025 (+11.2%); its best was 2024 (+13.1%).
- The deepest fall in its price history was 9.6% (Feb 21, 2025 to Apr 8, 2025), recovered by May 16, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.1% | — |
| 2025 | +11.2% | — |
| 2024 | +13.1% | +13.20% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Aug 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $9.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.02%, +0.61%, +1.40%.
How it works
GFEB, from First Trust Advisors with Vest Financial as sub-advisor, does not own stocks directly. It gets its exposure to the SPDR S&P 500 ETF Trust (SPY), a unit investment trust holding the stocks in the S&P 500 Index, through FLEX Options. These are exchange-traded contracts whose value depends on SPY's price, with customizable terms. As of August 31, 2026, options made up 99.4% of assets and cash 0.67%.
This "target outcome" strategy works in roughly one-year periods. For the period from February 24, 2025 through February 20, 2026, the options sought to match SPY's price gain up to a cap of 11.98% and absorb the first 15% of its losses, before fees. After fees, those figures were 11.14% and 14.15%. Losses beyond 15% pass through: if SPY falls 20%, the fund loses 5% before fees. The fund's returns exclude SPY's dividends.
At each reset, the fund buys new options. A new period began on February 20, 2026, with its own cap. The 15% buffer stays the same each period, but the cap is set by market conditions and can change. The cap and buffer apply in full only to shares bought on a period's first day and held to its end. Buying partway through can mean a very different outcome.
What it really costs
- GFEB charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It aims to soften losses on US large-company stocks in exchange for giving up gains above a yearly cap.
GFEB could give a retirement portfolio a smoother ride in US large-company stocks. As of October 27, 2026, its one-year volatility was 5.2%. Its beta, a measure of how much it moves with the market, was 0.39. The fund launched on February 17, 2023, so it has no record in the 2008, 2020 or 2022 downturns. Its weakest calendar year was 2025, when it still gained 11.2%. Its deepest drop was 9.6%, from February 21 to April 8, 2025, and it recovered by May 16, 2025. That drop shows the buffer applies only at the end of a period. A retiree who sells partway through a bad year can still take a loss. The fund pays no income, so drawing cash means selling shares. It charges 0.85% a year. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- People near or in retirement wanting S&P 500 exposure with a buffer against the first 15% of losses (before fees), in exchange for capped gains.
- Investors who can buy at the start of a February outcome period and hold to its end; mid-period buyers can see very different results.
- Those wanting a calmer ride: one-year volatility was 5.2%, and the deepest drop since launch was 9.6%, as of October 27, 2026.
Look elsewhere if
- Income seekers: the fund has recorded no distributions, and its returns exclude the dividends paid by the SPDR S&P 500 ETF Trust.
- Investors wanting full stock-market upside: the cap limits gains, and the three-year return of 14.7% a year trailed FFEB's 18.6%, as of October 27, 2026.
- Fee-conscious investors: the 0.85% expense ratio is above the 0.79% charged by Innovator's PJAN and PDEC, though below BUFR and BUFD at 0.95%.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| GFEB this fund | 0.85% | $381.6M | +10.6% | +14.7% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does GFEB pay dividends?
No. The fund has no recorded distributions. It holds FLEX options on SPY instead of SPY shares, and the prospectus says its performance will not reflect the dividends SPY pays. That missed dividend income is part of the trade-off for the buffer. Investors who need regular cash from this holding would have to sell shares. Its return comes only from changes in its share price.
How does the GFEB buffer work?
GFEB aims to absorb the first 15% of SPY's price losses over each outcome period of about one year, before fees. For February 24, 2025 to February 20, 2026, the buffer was 14.15% after fees. Losses beyond 15% pass through one-for-one, so a 20% drop in SPY means a loss of about 5%. The buffer applies in full only to shares held for the entire period. It stays the same each year, while the cap resets.
What's the difference between GFEB and FFEB?
Both are First Trust funds with Vest Financial as sub-advisor. Both reset in February, hold options on SPY and charge 0.85%. FFEB is the standard buffer version, and its prospectus sets its own buffer and cap levels. As of October 27, 2026, FFEB returned 12.9% over one year and 18.6% a year over three years. GFEB returned 10.6% and 14.7%. FFEB is also larger, with about $1.42 billion in net assets as of August 31, 2026.
What happens if I buy GFEB in the middle of the outcome period?
The results can be very different from the stated cap and buffer. Both are fixed against prices on the first day of each period. If SPY has already risen, a mid-period buyer may have little room left before the cap and may get less of the buffer. If SPY has fallen, part of the buffer may already be used up. Close to the end of each period, the fund's website gives an expected cap range for the next period, but the final cap may fall outside it.
How has GFEB performed since launch?
Returns have been steady but limited by the cap. Per the prospectus, the fund returned 13.2% in 2024 and 13.9% a year from its February 2023 launch through December 31, 2024. Based on price, it returned 11.19% in 2025 and 9.1% in 2026 through October 27. Its largest drop was 9.6%, between February 21 and April 8, 2025, and it recovered by May 16, 2025.