Which has more room to gain, PBOC or XSEP?

From their prices on Nov 4, 2026, PBOC can gain about 11.6% before its cap and XSEP about 9.4%, so PBOC has more room left this period.

Which resets first, PBOC or XSEP?

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

Which is cheaper, PBOC or XSEP?

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

Data as of Nov 4, 2026.

Buffer ETFs

PBOC vs XSEP: Cap, Buffer & Days Left

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As of Nov 4, 2026 XSEP can fall 1.7% before its buffer engages and PBOC 1.2%, and XSEP 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 $99m on Nov 3, 2026 for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - September.

PBOC on its own →XSEP on its own →

At a glance

1.2%

PBOC can fall this far before its buffer

1.7%

XSEP can fall this far before its buffer

11.6%

PBOC can still gain

9.4%

XSEP 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.

XSEP Between buffer and cap

XSEP: reference +0.7% since period start, fund +0.9%; buffer 0 to −15; cap +11.2%; 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 0.7 points; XSEP is 1.5 times larger.

Points (pts) are percentage points.

PBOC vs XSEP: Cap, Buffer & Days Left
Measure	PBOC	XSEP
Return
Measure	PBOC	XSEP
Total return, 1 year	+10.0%	+9.3%
Drawdown
Measure	PBOC	XSEP
Index fall to the buffer	0.5%	0.6%
Benchmark
Measure	PBOC	XSEP
What it tracks	SPY	SPY
Cost and size
Measure	PBOC	XSEP
Expense ratio	0.50%	0.85%
Net assets, as of Nov 3, 2026	$64m	$99m
Holdings
Measure	PBOC	XSEP
Holdings in common	not published

Method

Window by window

Window by window: PBOC vs XSEP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PBOC	XSEP	PBOC	XSEP
3 months	+1.9%	+1.6%	+2.3 pts	+1.9 pts
6 months	+4.7%	+4.1%	+0.2 pts	−0.4 pts
1 year	+10.0%	+9.3%	−3.5 pts	−4.3 pts
3 years	–	+32.5%	–	−44.0 pts
Since launchNot the same days: PBOC May 2024 · XSEP Sep 2022	+26.4%	+51.6%	−18.4 pts	−53.3 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

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 XSEP FT Vest U.S. Equity Enhance & Moderate Buffer ETF - September · Absorbs the first 0% to 15% of loss on SPY and caps the gain at 11.2%, over a period ending Sep 17, 2027

Issuer PGIM First Trust

Reference index SPY SPY

Buffer 20% 0% to 15%

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

Days left 330 317

Starting cap +12.8% +11.2%

Can still gain 11.6% 9.4%

Fall before buffer 1.2% 1.7%

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

Index return this period +0.6% +0.7%

Fund return this period +0.7% +0.9%

State today Open Open

Expense ratio 0.50% 0.85%

Net assets, PBOC as of Nov 4, 2026 and XSEP as of Nov 3, 2026 $64m $99m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. XSEP 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

XSEP 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, XSEP 9.4%. A fall from here reaches PBOC’s buffer after 1.2% and XSEP’s after 1.7%. 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.

XSEP

From its price on Nov 4, 2026, the fund can gain about 9.4% 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.

Questions people ask

Which has more room to gain, PBOC or XSEP?: From their prices on Nov 4, 2026, PBOC can gain about 11.6% before its cap and XSEP about 9.4%, so PBOC has more room left this period.
Which resets first, PBOC or XSEP?: PBOC ends its outcome period on Sep 30, 2027 and XSEP on Sep 17, 2027. A new cap is set the day after each.
Which is cheaper, PBOC or XSEP?: PBOC charges 0.50% a year and XSEP charges 0.85%, so PBOC is cheaper. Fees come from each fund's prospectus.

Other comparisons

PBOC vs XBOC PBOC vs ZALT PBOC vs POCT PBOC vs FSEP XSEP vs AIOO XSEP vs QBSF XSEP vs AOCT XSEP vs APOC

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 →XSEP on its own →Method →Standards and sources →

Sources and dates

PBOC filings on SEC EDGAR ↗

PGIM website ↗

XSEP filings on SEC EDGAR ↗

First Trust page for XSEP ↗

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 XSEP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pboc-vs-xsep

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