Which has more room to gain, FAUG or PMSE?

From their prices on Nov 4, 2026, FAUG can gain about 15.5% before its cap and PMSE about 7.1%, so FAUG has more room left this period.

Which resets first, FAUG or PMSE?

FAUG ends its outcome period on Aug 20, 2027 and PMSE on Aug 31, 2027. A new cap is set the day after each.

Which is cheaper, FAUG or PMSE?

FAUG charges 0.85% a year and PMSE charges 0.50%, so PMSE is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

FAUG vs PMSE: Cap, Buffer & Days Left

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As of Nov 4, 2026 FAUG can fall 1.6% before its buffer engages and PMSE 1.1%, and FAUG resets 11 days sooner.

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Net assets: $1.4bn on Nov 3, 2026 for FT Vest U.S. Equity Buffer ETF - August, and $7.5m on Nov 4, 2026 for PGIM S&P 500 Max Buffer ETF - September.

FAUG on its own →PMSE on its own →

At a glance

1.6%

FAUG can fall this far before its buffer

1.1%

PMSE can fall this far before its buffer

15.5%

FAUG can still gain

7.1%

PMSE can still gain

FAUG Between buffer and cap

FAUG: reference +0.1% since period start, fund +0.7%; buffer 0 to −10; cap +17.2%; Between buffer and cap. Data to Nov 4, 2026.

PMSE Buffer working

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 0.35 points a year less; their one-year returns differ by 5.4 points; FAUG is far larger, $1.4bn against $7.5m.

Points (pts) are percentage points.

FAUG vs PMSE: Cap, Buffer & Days Left
Measure	FAUG	PMSE
Return
Measure	FAUG	PMSE
Total return, 1 year	+11.1%	+5.7%
Drawdown
Measure	FAUG	PMSE
Index fall to the buffer	0.1%	0.0%
Benchmark
Measure	FAUG	PMSE
What it tracks	SPY	SPY
Cost and size
Measure	FAUG	PMSE
Expense ratio	0.85%	0.50%
Net assets, as of Nov 3, 2026	$1.4bn	$7.5m
Holdings
Measure	FAUG	PMSE
Holdings in common	not published

Method

Window by window

Window by window: FAUG vs PMSE: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FAUG	PMSE	FAUG	PMSE
3 months	+1.0%	+1.0%	+1.4 pts	+1.3 pts
6 months	+4.4%	+2.6%	−0.1 pts	−1.9 pts
1 year	+11.1%	+5.7%	−2.5 pts	−7.8 pts
3 years	+52.8%	–	−23.6 pts	–
Since launchNot the same days: FAUG Nov 2019 · PMSE Sep 2025	+92.1%	+7.2%	−56.8 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

FAUG FT Vest U.S. Equity Buffer ETF - August · Absorbs the first 10% of loss on SPY and caps the gain at 17.2%, over a period ending Aug 20, 2027 PMSE PGIM S&P 500 Max Buffer ETF - September · Absorbs the whole loss on SPY and caps the gain at 8.3%, over a period ending Aug 31, 2027

Issuer First Trust PGIM

Reference index SPY SPY

Buffer 10% 100%

Outcome period Aug 24, 2026 to Aug 20, 2027 Sep 1, 2026 to Aug 31, 2027

Days left 289 300

Starting cap +17.2% +8.3%

Can still gain 15.5% 7.1%

Fall before buffer 1.6% 1.1%

Protection left, index points 10.0% of 10.0% 100.0% of 100.0%

Index return this period +0.1% 0.0%

Fund return this period +0.7% +0.7%

State today Open Buffer working

Expense ratio 0.85% 0.50%

Net assets, FAUG as of Nov 3, 2026 and PMSE as of Nov 4, 2026 $1.4bn $7.5m

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. FAUG 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

FAUG resets first, on Aug 20, 2027, 289 days from now; PMSE runs to Aug 31, 2027, 300 days. FAUG can still gain 15.5% before its cap, PMSE 7.1%. A fall from here reaches FAUG’s buffer after 1.6% and PMSE’s after 1.1%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

FAUG

From its price on Nov 4, 2026, the fund can gain about 15.5% more before it reaches its cap. The fund's price can fall 1.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.1% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 289 days remained on Nov 4, 2026. On Aug 20, 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. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% 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.

Questions people ask

Which has more room to gain, FAUG or PMSE?: From their prices on Nov 4, 2026, FAUG can gain about 15.5% before its cap and PMSE about 7.1%, so FAUG has more room left this period.
Which resets first, FAUG or PMSE?: FAUG ends its outcome period on Aug 20, 2027 and PMSE on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, FAUG or PMSE?: FAUG charges 0.85% a year and PMSE charges 0.50%, so PMSE is cheaper. Fees come from each fund's prospectus.

Other comparisons

FAUG vs XAUG FAUG vs SEPT FAUG vs CPST FAUG vs PBSE PMSE vs PSEP PMSE vs GAUG PMSE vs SEPU PMSE vs AUGM

Where to next

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →FAUG on its own →PMSE on its own →Method →Standards and sources →

Sources and dates

FAUG filings on SEC EDGAR ↗

First Trust page for FAUG ↗

PMSE filings on SEC EDGAR ↗

PGIM website ↗

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.

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ETFIQ, FAUG against PMSE, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/faug-vs-pmse

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