Which has more room to gain, BSEP or PBSE?

From their prices on Nov 4, 2026, BSEP can gain about 19.0% before its cap and PBSE about 11.1%, 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.

Data as of Nov 4, 2026.

Buffer ETFs

BSEP vs PBSE: Cap, Buffer & Days Left

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As of Nov 4, 2026 PBSE can fall 1.2% before its buffer engages and BSEP 0.6%.

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Net assets on Nov 4, 2026: $462m for Innovator U.S. Equity Buffer ETF - Sep and $50m for PGIM S&P 500 Buffer 20 ETF - September .

BSEP on its own →PBSE on its own →

At a glance

0.6%

BSEP can fall this far before its buffer

1.2%

PBSE can fall this far before its buffer

19.0%

BSEP can still gain

11.1%

PBSE can still gain

BSEP Buffer working

BSEP: reference −0.1% since period start, fund +0.5%; buffer 0 to −9; cap +19.8%; Buffer working. Data to Nov 4, 2026.

PBSE Buffer working

PBSE: reference 0.0% since period start, fund +0.7%; buffer 0 to −20; cap +12.3%; Buffer working. Data to Nov 4, 2026.

Pair scorecard

PBSE costs 0.29 points a year less; their one-year returns differ by 3.6 points; BSEP is 9.2 times larger.

Points (pts) are percentage points.

BSEP vs PBSE: Cap, Buffer & Days Left
Measure	BSEP	PBSE
Return
Measure	BSEP	PBSE
Total return, 1 year	+12.1%	+8.5%
Benchmark
Measure	BSEP	PBSE
What it tracks	SPY	SPY
Cost and size
Measure	BSEP	PBSE
Expense ratio	0.79%	0.50%
Net assets	$462m	$50m
Holdings
Measure	BSEP	PBSE
Holdings in common	not published

ETFIQ Downside Cover Score · PBSE scores higher If the market falls into a bear market from here, how much does the buffer absorb?

IQ Buffer Score18.3BSEP97.8PBSE

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

BSEP 18.3

PBSE 97.8

0.3, the lowest in this set 99.7, the highest

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 →

Method

Window by window

Window by window: BSEP vs PBSE: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BSEP	PBSE	BSEP	PBSE
3 months	+1.3%	+1.0%	+1.7 pts	+1.4 pts
6 months	+5.0%	+3.5%	+0.5 pts	−1.0 pts
1 year	+12.1%	+8.5%	−1.5 pts	−5.0 pts
3 years	+59.6%	–	−16.8 pts	–
Since launchNot the same days: BSEP Sep 2019 · PBSE May 2024	+125.0%	+25.5%	−38.7 pts	−19.2 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

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 300 300

Starting cap +19.8% +12.3%

Can still gain 19.0% 11.1%

Fall before buffer 0.6% 1.2%

Protection left, index points 8.9% of 9.0% 20.0% of 20.0%

Index return this period −0.1% 0.0%

Fund return this period +0.5% +0.7%

State today Buffer working Buffer working

Expense ratio 0.79% 0.50%

Net assets $462m $50m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

BSEP resets first, on Aug 31, 2027, 300 days from now; PBSE runs to Aug 31, 2027, 300 days. BSEP can still gain 19.0% before its cap, PBSE 11.1%. A fall from here reaches BSEP’s buffer after 0.6% and PBSE’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

BSEP

From its price on Nov 4, 2026, the fund can gain about 19.0% more before it reaches its cap. The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 8.9% of the 9.0% buffer still sits below today's SPY level. 300 days remained on Nov 4, 2026. On Aug 31, 2027 the period ends and a new cap is set.

PBSE

From its price on Nov 4, 2026, the fund can gain about 11.1% more before it reaches its cap. The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's number. 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 Nov 4, 2026, BSEP can gain about 19.0% before its cap and PBSE about 11.1%, 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 CPSA BSEP vs CPST BSEP vs SEPT BSEP vs DDTS PBSE vs DAUG PBSE vs ZSEP PBSE vs USEP PBSE vs SEPW

Where to next

SPY →BSEP on its own →PBSE on its own →Method →Standards and sources →

Sources and dates

BSEP filings on SEC EDGAR ↗

Innovator page for BSEP ↗

PBSE filings on SEC EDGAR ↗

PGIM website ↗

Links are sources, not endorsements. 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 number 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 number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, BSEP against PBSE, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bsep-vs-pbse

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