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BSEP vs PBSE: Cap, Buffer & Days Left

As of Oct 13, 2026 PBSE can fall 1.5% before its buffer engages and BSEP 1.4%. Net assets: $470m on Oct 12, 2026 for Innovator U.S. Equity Buffer ETF - Sep, and $49m on Oct 13, 2026 for PGIM S&P 500 Buffer 20 ETF - September .

PBSE costs 0.29 points a year less; their one-year returns differ by 4.9 points; BSEP is 9.6 times larger.

Points (pts) are percentage points.

BSEP vs PBSE: Cap, Buffer & Days Left
BSEPPBSE
Expense ratio0.79%0.50%
Net assets, as of Oct 12, 2026$470m$49m
Total return, 1 year+15.0%+10.1%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer1.3%
1.4%
BSEP can fall this far before its buffer
1.5%
PBSE can fall this far before its buffer
18.1%
BSEP can still gain
10.7%
PBSE can still gain
BSEPBetween buffer and cap
Between buffer and capBSEP: reference +1.3% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 13, 2026.9 pts of buffer+18.4% more to the cap−9.0% floor0% period start+19.8% cap+1.3% gain capturedTODAY · SPY +1.3%Between buffer and capBSEP: reference +1.3% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 13, 2026.9 pts+18.4% to cap−9.0% floor0% start+19.8% cap+1.3% gain capturedTODAY · SPY +1.3%

BSEP: reference +1.3% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 13, 2026.

BSEP: reference +1.3% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 13, 2026.

PBSEBetween buffer and cap
Between buffer and capPBSE: reference +1.3% since period start, fund +1.0%; buffer 0 to −20; cap +12.3%; Between buffer and cap. Figures to Oct 13, 2026.20 pts of buffer+11% more to the cap−20.0% floor0% period start+12.3% cap+1.3% gain capturedTODAY · SPY +1.3%Between buffer and capPBSE: reference +1.3% since period start, fund +1.0%; buffer 0 to −20; cap +12.3%; Between buffer and cap. Figures to Oct 13, 2026.20 pts−20.0% floor0% start+12.3% cap+1.3% gain captured+11% more to the capTODAY · SPY +1.3%

PBSE: reference +1.3% since period start, fund +1.0%; buffer 0 to −20; cap +12.3%; Between buffer and cap. Figures to Oct 13, 2026.

PBSE: reference +1.3% since period start, fund +1.0%; buffer 0 to −20; cap +12.3%; Between buffer and cap. Figures to Oct 13, 2026.

ETFIQ Downside Cover Score · PBSE scores higherIf the market falls into a bear market from here, how much does the buffer absorb?
0.2, the lowest in this set99.8, the highest

A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it → How it is computed →

Where each one stands today

BSEP resets first, on Aug 31, 2027, 322 days from now; PBSE runs to Aug 31, 2027, 322 days. BSEP can still gain 18.1% before its cap, PBSE 10.7%. A fall from here reaches BSEP’s buffer after 1.4% and PBSE’s after 1.5%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BSEP vs PBSE: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowBSEPPBSEBSEPPBSE
3 months+3.4%+2.1%−0.4 pts−1.7 pts
6 months+9.6%+6.0%−3.8 pts−7.5 pts
1 year+15.0%+10.1%−4.2 pts−9.0 pts
3 years+61.7%not published−18.6 ptsnot published
Since launch
Not the same days: BSEP Sep 2019 · PBSE May 2024
+126.7%+26.0%−40.9 pts−20.9 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

On the same fields

BSEP
Innovator U.S. Equity Buffer ETF - Sep · Absorbs the first 9% of loss on SPY and caps the gain at 19.8%, over a period ending Aug 31, 2027
PBSE
PGIM S&P 500 Buffer 20 ETF - September · Absorbs the first 20% of loss on SPY and caps the gain at 12.3%, over a period ending Aug 31, 2027
Issuer Innovator PGIM
Reference index SPY SPY
Buffer 9% 20%
Outcome period Aug 31, 2026 to Aug 31, 2027 Sep 1, 2026 to Aug 31, 2027
Days left 322 322
Starting cap +19.8% +12.3%
Can still gain 18.1% 10.7%
Fall before buffer 1.4% 1.5%
Protection left, index points 9.0% of 9.0% 20.0% of 20.0%
Index return this period +1.3% +1.3%
Fund return this period +1.4% +1.0%
State today Open Open
Expense ratio 0.79% 0.50%
Net assets, BSEP as of Oct 12, 2026 and PBSE as of Oct 13, 2026 $470m $49m

As of Oct 13, 2026. Source: ETFIQ.

About BSEP

From its price on Oct 13, 2026, the fund can gain about 18.1% more before it reaches its cap. The fund's price can fall 1.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.3% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 322 days remained on Oct 13, 2026. On Aug 31, 2027 the period ends and a new cap is set.

About PBSE

From its price on Oct 13, 2026, the fund can gain about 10.7% more before it reaches its cap. The fund's price can fall 1.5% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BSEP or PBSE?
From their prices on Oct 13, 2026, BSEP can gain about 18.1% before its cap and PBSE about 10.7%, so BSEP has more room left this period.
Which resets first, BSEP or PBSE?
BSEP ends its outcome period on Aug 31, 2027 and PBSE on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, BSEP or PBSE?
BSEP charges 0.79% a year and PBSE charges 0.50%, so PBSE is cheaper. Fees come from each fund's prospectus.
Other comparisons
BSEP vs CPSABSEP vs CPSTBSEP vs SEPTBSEP vs SEPPPBSE vs DAUGPBSE vs USEPPBSE vs ZSEPPBSE vs PSEP
SPY →BSEP on its own →PBSE on its own →How every figure is computed →Standards and sources →
Where these figures came from
BSEP filings on SEC EDGAR ↗Innovator page for BSEP ↗PBSE filings on SEC EDGAR ↗PGIM website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, BSEP against PBSE, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/bsep-vs-pbse

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.