Data as of Nov 4, 2026.
BSEP vs PMSE: Cap, Buffer & Days Left
As of Nov 4, 2026 PMSE can fall 1.1% before its buffer engages and BSEP 0.6%.
askIQ about this page
askIQ about BSEP and PMSE
Net assets on Nov 4, 2026: $462m for Innovator U.S. Equity Buffer ETF - Sep and $7.5m for PGIM S&P 500 Max Buffer ETF - September.
BSEP: reference −0.1% since period start, fund +0.5%; buffer 0 to −9; cap +19.8%; Buffer working. Data to Nov 4, 2026.
BSEP: reference −0.1% since period start, fund +0.5%; buffer 0 to −9; cap +19.8%; Buffer working. Data to Nov 4, 2026.PMSE: reference 0.0% since period start, fund +0.7%; buffer Floor; cap +8.3%; Buffer working. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
PMSE costs 0.29 points a year less; their one-year returns differ by 6.4 points; BSEP is far larger, $462m against $7.5m.
Points (pts) are percentage points.
| Measure | BSEP | PMSE |
|---|---|---|
| Return | ||
| Total return, 1 year | +12.1% | +5.7% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.50% |
| Net assets | $462m | $7.5m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | BSEP | PMSE | BSEP | PMSE |
| 3 months | +1.3% | +1.0% | +1.7 pts | +1.3 pts |
| 6 months | +5.0% | +2.6% | +0.5 pts | −1.9 pts |
| 1 year | +12.1% | +5.7% | −1.5 pts | −7.8 pts |
| 3 years | +59.6% | – | −16.8 pts | – |
| Since launchNot the same days: BSEP Sep 2019 · PMSE Sep 2025 | +125.0% | +7.2% | −38.7 pts | −12.6 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
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. PMSE is a floor fund, which caps how far a holder can fall. BSEP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
BSEP resets first, on Aug 31, 2027, 300 days from now; PMSE runs to Aug 31, 2027, 300 days. BSEP can still gain 19.0% before its cap, PMSE 7.1%. A fall from here reaches BSEP’s buffer after 0.6% and PMSE’s after 1.1%. Both track SPY, so what separates them is where each is in its own period.
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.
PMSE
From its price on Nov 4, 2026, the fund can gain about 7.1% more before it reaches its cap. The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
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.
Cite this pageCitation, APA and Markdown
ETFIQ, BSEP against PMSE, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bsep-vs-pmse
ETFIQ. (Nov 4, 2026). BSEP against PMSE. Retrieved from https://etfiq.com/compare/buffer/bsep-vs-pmse
[BSEP against PMSE (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/bsep-vs-pmse)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.