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Data as of Nov 4, 2026.

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Buffer ETFs

GSEP vs PQXX: Cap, Buffer & Days Left

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As of Nov 4, 2026 GSEP can fall 1.7% before its buffer engages and PQXX 0.6%, and PQXX resets 260 days sooner.

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Net assets: $366m on Nov 3, 2026 for FT Vest U.S. Equity Moderate Buffer ETF - September, and $3.6m on Nov 4, 2026 for PGIM S&P 500 Quarterly Buffer 20 ETF.

GSEP on its own →PQXX on its own →
At a glance
1.7%
GSEP can fall this far before its buffer
0.6%
PQXX can fall this far before its buffer
12.3%
GSEP can still gain
1.9%
PQXX can still gain
GSEP Between buffer and cap
Between buffer and capGSEP: reference +0.7% since period start, fund +0.8%; buffer 0 to −15; cap +14.1%; Between buffer and cap. Data to Nov 4, 2026.15 pts of buffer+13.4% more to the cap−15.0% floor0% period start+14.1% cap+0.7% gain capturedTODAY · SPY +0.7%Between buffer and capGSEP: reference +0.7% since period start, fund +0.8%; buffer 0 to −15; cap +14.1%; Between buffer and cap. Data to Nov 4, 2026.15 pts−15.0% floor0% start+14.1% cap+0.7% gain captured+13.4% more to the capTODAY · SPY +0.7%

GSEP: reference +0.7% since period start, fund +0.8%; buffer 0 to −15; cap +14.1%; Between buffer and cap. Data to Nov 4, 2026.

GSEP: reference +0.7% since period start, fund +0.8%; buffer 0 to −15; cap +14.1%; Between buffer and cap. Data to Nov 4, 2026.
PQXX Between buffer and cap
Between buffer and capPQXX: reference +0.6% since period start, fund +0.5%; buffer 0 to −20; cap +2.5%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer−20.0% floor0% period start+2.5% cap+0.6% gain captured+2% more to the capTODAY · SPY +0.6%Between buffer and capPQXX: reference +0.6% since period start, fund +0.5%; buffer 0 to −20; cap +2.5%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer−20.0% floor0% start+2.5% cap+0.6% gain captured+2% more to the capTODAY · SPY +0.6%

PQXX: reference +0.6% since period start, fund +0.5%; buffer 0 to −20; cap +2.5%; Between buffer and cap. Data to Nov 4, 2026.

PQXX: reference +0.6% since period start, fund +0.5%; buffer 0 to −20; cap +2.5%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

PQXX costs 0.35 points a year less; GSEP is far larger, $366m against $3.6m.

Points (pts) are percentage points.

GSEP vs PQXX: Cap, Buffer & Days Left
MeasureGSEPPQXX
Return
Total return, 1 year+10.9%not published
Drawdown
Index fall to the buffer0.6%0.5%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.85%0.50%
Net assets, as of Nov 3, 2026$366m$3.6m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · PQXX scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score91.3GSEP98.8PQXX

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

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: GSEP vs PQXX: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowGSEPPQXXGSEPPQXX
3 months+1.9%+1.4%+2.3 pts+1.7 pts
6 months+4.9%–+0.4 pts–
1 year+10.9%–−2.7 pts–
3 years+41.6%–−34.8 pts–
Since launchNot the same days: GSEP Sep 2023 · PQXX Jul 2026+40.3%+2.4%−32.6 pts−0.4 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

GSEP FT Vest U.S. Equity Moderate Buffer ETF - September · Absorbs the first 0% to 15% of loss on SPY and caps the gain at 14.1%, over a period ending Sep 17, 2027 PQXX PGIM S&P 500 Quarterly Buffer 20 ETF · Absorbs the first 20% of loss on SPY and caps the gain at 2.5%, over a period ending Dec 31, 2026
Issuer First Trust PGIM
Reference index SPY SPY
Buffer 0% to 15% 20%
Outcome period Sep 21, 2026 to Sep 17, 2027 Oct 1, 2026 to Dec 31, 2026
Days left 317 57
Starting cap +14.1% +2.5%
Can still gain 12.3% 1.9%
Fall before buffer 1.7% 0.6%
Protection left, index points 15.0% of 15.0% 20.0% of 20.0%
Index return this period +0.7% +0.6%
Fund return this period +0.8% +0.5%
State today Open Open
Expense ratio 0.85% 0.50%
Net assets, GSEP as of Nov 3, 2026 and PQXX as of Nov 4, 2026 $366m $3.6m

As of Nov 4, 2026. Source: ETFIQ.

They do not reset together. PQXX has 57 days of its period left and GSEP has 317, so the two are not the same bet on the same months.

Where each one stands today

PQXX resets first, on Dec 31, 2026, 57 days from now; GSEP runs to Sep 17, 2027, 317 days. GSEP can still gain 12.3% before its cap, PQXX 1.9%. A fall from here reaches GSEP’s buffer after 1.7% and PQXX’s after 0.6%. Both track SPY, so what separates them is where each is in its own period.

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About each fund
GSEP

From its price on Nov 4, 2026, the fund can gain about 12.3% more before it reaches its cap. The fund's price can fall 1.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.6% 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. 317 days remained on Nov 4, 2026. On Sep 17, 2027 the period ends and a new cap is set.

PQXX

From its price on Nov 4, 2026, the fund can gain about 1.9% 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 0.5% 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. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, GSEP or PQXX?
From their prices on Nov 4, 2026, GSEP can gain about 12.3% before its cap and PQXX about 1.9%, so GSEP has more room left this period.
Which resets first, GSEP or PQXX?
GSEP ends its outcome period on Sep 17, 2027 and PQXX on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, GSEP or PQXX?
GSEP charges 0.85% a year and PQXX charges 0.50%, so PQXX is cheaper. Fees come from each fund's prospectus.
Other comparisons
GSEP vs QBSFGSEP vs AOCTGSEP vs XSEPGSEP vs SIXOPQXX vs BOCTPQXX vs BJANPQXX vs GDECPQXX vs JAJL
Where to next
State Street® SPDR® S&P 500® ETF Trust →GSEP on its own →PQXX on its own →Method →Standards and sources →
Sources and dates
GSEP filings on SEC EDGAR ↗
First Trust page for GSEP ↗
PQXX 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, GSEP against PQXX, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/gsep-vs-pqxx

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.