Data as of Nov 4, 2026.
GAUG vs PMSE: Cap, Buffer & Days Left
As of Nov 4, 2026 GAUG can fall 1.6% before its buffer engages and PMSE 1.1%, and GAUG resets 11 days sooner.
askIQ about this page
askIQ about GAUG and PMSE
Net assets: $414m on Nov 3, 2026 for FT Vest U.S. Equity Moderate Buffer ETF - August, and $7.5m on Nov 4, 2026 for PGIM S&P 500 Max Buffer ETF - September.
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.
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.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 3.6 points; GAUG is far larger, $414m against $7.5m.
Points (pts) are percentage points.
| Measure | GAUG | PMSE |
|---|---|---|
| Return | ||
| Total return, 1 year | +9.3% | +5.7% |
| Drawdown | ||
| Index fall to the buffer | 0.1% | 0.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.50% |
| Net assets, as of Nov 3, 2026 | $414m | $7.5m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | GAUG | PMSE | GAUG | PMSE |
| 3 months | +1.1% | +1.0% | +1.4 pts | +1.3 pts |
| 6 months | +3.8% | +2.6% | −0.7 pts | −1.9 pts |
| 1 year | +9.3% | +5.7% | −4.2 pts | −7.8 pts |
| 3 years | +41.8% | – | −34.6 pts | – |
| Since launchNot the same days: GAUG Aug 2023 · PMSE Sep 2025 | +42.0% | +7.2% | −32.5 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. GAUG 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
GAUG resets first, on Aug 20, 2027, 289 days from now; PMSE runs to Aug 31, 2027, 300 days. GAUG can still gain 12.1% before its cap, PMSE 7.1%. A fall from here reaches GAUG’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.
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.
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
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, GAUG against PMSE, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/gaug-vs-pmse
ETFIQ. (Nov 4, 2026). GAUG against PMSE. Retrieved from https://etfiq.com/compare/buffer/gaug-vs-pmse
[GAUG against PMSE (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/gaug-vs-pmse)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.