Which has more room to gain, PBOC or SEPM?

From their prices on Nov 4, 2026, PBOC can gain about 11.6% before its cap and SEPM about 6.8%, so PBOC has more room left this period.

Which resets first, PBOC or SEPM?

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

Which is cheaper, PBOC or SEPM?

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

Data as of Nov 4, 2026.

Buffer ETFs

PBOC vs SEPM: Cap, Buffer & Days Left

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As of Nov 4, 2026 SEPM can fall 1.4% before its buffer engages and PBOC 1.2%, and SEPM resets 13 days sooner.

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Net assets: $64m on Nov 4, 2026 for PGIM S&P 500 Buffer 20 ETF - October , and $38m on Nov 3, 2026 for FT Vest U.S. Equity Max Buffer ETF - September.

PBOC on its own →SEPM on its own →

At a glance

1.2%

PBOC can fall this far before its buffer

1.4%

SEPM can fall this far before its buffer

11.6%

PBOC can still gain

6.8%

SEPM can still gain

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.

SEPM Full floor

SEPM: reference +0.7% since period start, fund +0.6%; buffer −0 to floor; cap +8.2%; Full floor. Data to Nov 4, 2026.

Pair scorecard

PBOC costs 0.35 points a year less; their one-year returns differ by 3.6 points; PBOC is 1.7 times larger.

Points (pts) are percentage points.

PBOC vs SEPM: Cap, Buffer & Days Left
Measure	PBOC	SEPM
Return
Measure	PBOC	SEPM
Total return, 1 year	+10.0%	+6.4%
Drawdown
Measure	PBOC	SEPM
Index fall to the buffer	0.5%	0.7%
Benchmark
Measure	PBOC	SEPM
What it tracks	SPY	SPY
Cost and size
Measure	PBOC	SEPM
Expense ratio	0.50%	0.85%
Net assets, as of Nov 3, 2026	$64m	$38m
Holdings
Measure	PBOC	SEPM
Holdings in common	not published

Method

Window by window

Window by window: PBOC vs SEPM: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PBOC	SEPM	PBOC	SEPM
3 months	+1.9%	+1.3%	+2.3 pts	+1.6 pts
6 months	+4.7%	+3.0%	+0.2 pts	−1.5 pts
1 year	+10.0%	+6.4%	−3.5 pts	−7.2 pts
Since launchNot the same days: PBOC May 2024 · SEPM Sep 2024	+26.4%	+13.3%	−18.4 pts	−21.3 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

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 SEPM FT Vest U.S. Equity Max Buffer ETF - September · Absorbs losses from 0.0% to 100.0% on SPY and caps the gain at 8.2%, over a period ending Sep 17, 2027

Issuer PGIM First Trust

Reference index SPY SPY

Buffer 20% 0% to 100%

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

Days left 330 317

Starting cap +12.8% +8.2%

Can still gain 11.6% 6.8%

Fall before buffer 1.2% 1.4%

Protection left, index points 20.0% of 20.0% 100.0% of 100.0%

Index return this period +0.6% +0.7%

Fund return this period +0.7% +0.6%

State today Open Open

Expense ratio 0.50% 0.85%

Net assets, PBOC as of Nov 4, 2026 and SEPM as of Nov 3, 2026 $64m $38m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. SEPM is a floor fund, which caps how far a holder can fall. PBOC 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

SEPM resets first, on Sep 17, 2027, 317 days from now; PBOC runs to Sep 30, 2027, 330 days. PBOC can still gain 11.6% before its cap, SEPM 6.8%. A fall from here reaches PBOC’s buffer after 1.2% and SEPM’s after 1.4%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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.

SEPM

From its price on Nov 4, 2026, the fund can gain about 6.8% more before it reaches its cap. The fund's price can fall 1.4% 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: 100.0% of the 100.0% 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.

Questions people ask

Which has more room to gain, PBOC or SEPM?: From their prices on Nov 4, 2026, PBOC can gain about 11.6% before its cap and SEPM about 6.8%, so PBOC has more room left this period.
Which resets first, PBOC or SEPM?: PBOC ends its outcome period on Sep 30, 2027 and SEPM on Sep 17, 2027. A new cap is set the day after each.
Which is cheaper, PBOC or SEPM?: PBOC charges 0.50% a year and SEPM charges 0.85%, so PBOC is cheaper. Fees come from each fund's prospectus.

Other comparisons

PBOC vs DDTO PBOC vs CPST PBOC vs XBOC PBOC vs AIOO SEPM vs FLAO SEPM vs PQXX SEPM vs PQV SEPM vs AIOO

Where to next

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

Sources and dates

PBOC filings on SEC EDGAR ↗

PGIM website ↗

SEPM filings on SEC EDGAR ↗

First Trust page for SEPM ↗

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

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