Which has more room to gain, FSEP or PBOC?

From their prices on Nov 4, 2026, FSEP can gain about 15.1% before its cap and PBOC about 11.6%, so FSEP has more room left this period.

Which resets first, FSEP or PBOC?

FSEP ends its outcome period on Sep 17, 2027 and PBOC on Sep 30, 2027. A new cap is set the day after each.

Which is cheaper, FSEP or PBOC?

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

Data as of Nov 4, 2026.

Buffer ETFs

FSEP vs PBOC: Cap, Buffer & Days Left

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As of Nov 4, 2026 FSEP can fall 1.5% before its buffer engages and PBOC 1.2%, and FSEP resets 13 days sooner.

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Net assets: $1.4bn on Nov 3, 2026 for FT Vest U.S. Equity Buffer ETF - September, and $64m on Nov 4, 2026 for PGIM S&P 500 Buffer 20 ETF - October .

FSEP on its own →PBOC on its own →

At a glance

1.5%

FSEP can fall this far before its buffer

1.2%

PBOC can fall this far before its buffer

15.1%

FSEP can still gain

11.6%

PBOC can still gain

FSEP Between buffer and cap

FSEP: reference +0.7% since period start, fund +0.7%; buffer 0 to −10; cap +16.7%; Between buffer and cap. Data to Nov 4, 2026.

PBOC Between buffer and cap

PBOC: reference +0.6% since period start, fund +0.7%; buffer 0 to −20; cap +12.8%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

PBOC costs 0.35 points a year less; their one-year returns differ by 3.2 points; FSEP is far larger, $1.4bn against $64m.

Points (pts) are percentage points.

FSEP vs PBOC: Cap, Buffer & Days Left
Measure	FSEP	PBOC
Return
Measure	FSEP	PBOC
Total return, 1 year	+13.2%	+10.0%
Drawdown
Measure	FSEP	PBOC
Index fall to the buffer	0.7%	0.5%
Benchmark
Measure	FSEP	PBOC
What it tracks	SPY	SPY
Cost and size
Measure	FSEP	PBOC
Expense ratio	0.85%	0.50%
Net assets, as of Nov 3, 2026	$1.4bn	$64m
Holdings
Measure	FSEP	PBOC
Holdings in common	not published

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

IQ Buffer Score38.7FSEP98.1PBOC

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

FSEP 38.7

PBOC 98.1

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: FSEP vs PBOC: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FSEP	PBOC	FSEP	PBOC
3 months	+2.2%	+1.9%	+2.6 pts	+2.3 pts
6 months	+6.1%	+4.7%	+1.6 pts	+0.2 pts
1 year	+13.2%	+10.0%	−0.4 pts	−3.5 pts
3 years	+52.7%	–	−23.7 pts	–
Since launchNot the same days: FSEP Sep 2020 · PBOC May 2024	+94.7%	+26.4%	−39.8 pts	−18.4 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

FSEP FT Vest U.S. Equity Buffer ETF - September · Absorbs the first 10% of loss on SPY and caps the gain at 16.7%, over a period ending Sep 17, 2027 PBOC PGIM S&P 500 Buffer 20 ETF - October · Absorbs the first 20% of loss on SPY and caps the gain at 12.8%, over a period ending Sep 30, 2027

Issuer First Trust PGIM

Reference index SPY SPY

Buffer 10% 20%

Outcome period Sep 21, 2026 to Sep 17, 2027 Oct 1, 2026 to Sep 30, 2027

Days left 317 330

Starting cap +16.7% +12.8%

Can still gain 15.1% 11.6%

Fall before buffer 1.5% 1.2%

Protection left, index points 10.0% of 10.0% 20.0% of 20.0%

Index return this period +0.7% +0.6%

Fund return this period +0.7% +0.7%

State today Open Open

Expense ratio 0.85% 0.50%

Net assets, FSEP as of Nov 3, 2026 and PBOC as of Nov 4, 2026 $1.4bn $64m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

FSEP resets first, on Sep 17, 2027, 317 days from now; PBOC runs to Sep 30, 2027, 330 days. FSEP can still gain 15.1% before its cap, PBOC 11.6%. A fall from here reaches FSEP’s buffer after 1.5% and PBOC’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

FSEP

From its price on Nov 4, 2026, the fund can gain about 15.1% 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 number. In index terms, SPY can fall 0.7% 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. 317 days remained on Nov 4, 2026. On Sep 17, 2027 the period ends and a new cap is set.

PBOC

From its price on Nov 4, 2026, the fund can gain about 11.6% 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. In index terms, SPY can fall 0.5% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 330 days remained on Nov 4, 2026. On Sep 30, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, FSEP or PBOC?: From their prices on Nov 4, 2026, FSEP can gain about 15.1% before its cap and PBOC about 11.6%, so FSEP has more room left this period.
Which resets first, FSEP or PBOC?: FSEP ends its outcome period on Sep 17, 2027 and PBOC on Sep 30, 2027. A new cap is set the day after each.
Which is cheaper, FSEP or PBOC?: FSEP charges 0.85% a year and PBOC charges 0.50%, so PBOC is cheaper. Fees come from each fund's prospectus.

Other comparisons

FSEP vs AIOO FSEP vs OCTU FSEP vs QBSF FSEP vs XBOC PBOC vs XSEP PBOC vs XBOC PBOC vs CPST PBOC vs SEPM

Where to next

State Street® SPDR® S&P 500® ETF Trust →FSEP on its own →PBOC on its own →Method →Standards and sources →

Sources and dates

FSEP filings on SEC EDGAR ↗

First Trust page for FSEP ↗

PBOC 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.

Cite this pageCitation, APA and Markdown

ETFIQ, FSEP against PBOC, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/fsep-vs-pboc

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