Which has more room to gain, GAUG or PBSE?

From their prices on Nov 4, 2026, GAUG can gain about 12.1% before its cap and PBSE about 11.1%, so GAUG has more room left this period.

Which resets first, GAUG or PBSE?

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

Which is cheaper, GAUG or PBSE?

GAUG charges 0.85% 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

GAUG vs PBSE: Cap, Buffer & Days Left

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As of Nov 4, 2026 GAUG can fall 1.6% before its buffer engages and PBSE 1.2%, and GAUG resets 11 days sooner.

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Net assets: $414m on Nov 3, 2026 for FT Vest U.S. Equity Moderate Buffer ETF - August, and $50m on Nov 4, 2026 for PGIM S&P 500 Buffer 20 ETF - September .

GAUG on its own →PBSE on its own →

At a glance

1.6%

GAUG can fall this far before its buffer

1.2%

PBSE can fall this far before its buffer

12.1%

GAUG can still gain

11.1%

PBSE can still gain

GAUG Between buffer and cap

GAUG: reference +0.1% since period start, fund +0.7%; buffer 0 to −15; cap +13.8%; Between buffer and cap. 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 0.35 points a year less; their one-year returns differ by 0.8 points; GAUG is 8.3 times larger.

Points (pts) are percentage points.

GAUG vs PBSE: Cap, Buffer & Days Left
Measure	GAUG	PBSE
Return
Measure	GAUG	PBSE
Total return, 1 year	+9.3%	+8.5%
Drawdown
Measure	GAUG	PBSE
Index fall to the buffer	0.1%	0.0%
Benchmark
Measure	GAUG	PBSE
What it tracks	SPY	SPY
Cost and size
Measure	GAUG	PBSE
Expense ratio	0.85%	0.50%
Net assets, as of Nov 3, 2026	$414m	$50m
Holdings
Measure	GAUG	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 Score83.2GAUG97.8PBSE

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

GAUG 83.2

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: GAUG vs PBSE: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	GAUG	PBSE	GAUG	PBSE
3 months	+1.1%	+1.0%	+1.4 pts	+1.4 pts
6 months	+3.8%	+3.5%	−0.7 pts	−1.0 pts
1 year	+9.3%	+8.5%	−4.2 pts	−5.0 pts
3 years	+41.8%	–	−34.6 pts	–
Since launchNot the same days: GAUG Aug 2023 · PBSE May 2024	+42.0%	+25.5%	−32.5 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

GAUG FT Vest U.S. Equity Moderate Buffer ETF - August · Absorbs the first 15% of loss on SPY and caps the gain at 13.8%, over a period ending Aug 20, 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 First Trust PGIM

Reference index SPY SPY

Buffer 15% 20%

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

Days left 289 300

Starting cap +13.8% +12.3%

Can still gain 12.1% 11.1%

Fall before buffer 1.6% 1.2%

Protection left, index points 15.0% of 15.0% 20.0% of 20.0%

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, GAUG as of Nov 3, 2026 and PBSE as of Nov 4, 2026 $414m $50m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

GAUG resets first, on Aug 20, 2027, 289 days from now; PBSE runs to Aug 31, 2027, 300 days. GAUG can still gain 12.1% before its cap, PBSE 11.1%. A fall from here reaches GAUG’s buffer after 1.6% and PBSE’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.

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About each fund

GAUG

From its price on Nov 4, 2026, the fund can gain about 12.1% 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: 15.0% of the 15.0% 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.

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. In index terms, SPY can fall 0.0% 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. 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, GAUG or PBSE?: From their prices on Nov 4, 2026, GAUG can gain about 12.1% before its cap and PBSE about 11.1%, so GAUG has more room left this period.
Which resets first, GAUG or PBSE?: GAUG ends its outcome period on Aug 20, 2027 and PBSE on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, GAUG or PBSE?: GAUG charges 0.85% a year and PBSE charges 0.50%, so PBSE is cheaper. Fees come from each fund's prospectus.

Other comparisons

GAUG vs CPST GAUG vs CPSA GAUG vs AUGM GAUG vs SEPT PBSE vs AUGM PBSE vs CPSA PBSE vs CPST PBSE vs SEPT

Where to next

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

Sources and dates

GAUG filings on SEC EDGAR ↗

First Trust page for GAUG ↗

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

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