Which has more room to gain, PBSE or SEPP?

From their prices on Nov 4, 2026, PBSE can gain about 11.1% before its cap and SEPP about 14.7%, so SEPP has more room left this period.

Which resets first, PBSE or SEPP?

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

Which is cheaper, PBSE or SEPP?

PBSE and SEPP both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

PBSE vs SEPP: Cap, Buffer & Days Left

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As of Nov 4, 2026 PBSE can fall 1.2% before its buffer engages and SEPP 1.1%.

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Net assets on Nov 4, 2026: $50m for PGIM S&P 500 Buffer 20 ETF - September and $91m for PGIM S&P 500 Buffer 12 ETF - September.

PBSE on its own →SEPP on its own →

At a glance

1.2%

PBSE can fall this far before its buffer

1.1%

SEPP can fall this far before its buffer

11.1%

PBSE can still gain

14.7%

SEPP can still gain

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.

SEPP Buffer working

SEPP: reference 0.0% since period start, fund +0.6%; buffer 0 to −12; cap +15.9%; Buffer working. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.50% a year; their one-year returns differ by 2.4 points; SEPP is 1.8 times larger.

Points (pts) are percentage points.

PBSE vs SEPP: Cap, Buffer & Days Left
Measure	PBSE	SEPP
Return
Measure	PBSE	SEPP
Total return, 1 year	+8.5%	+10.9%
Benchmark
Measure	PBSE	SEPP
What it tracks	SPY	SPY
Cost and size
Measure	PBSE	SEPP
Expense ratio	0.50%	0.50%
Net assets	$50m	$91m
Holdings
Measure	PBSE	SEPP
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 Score97.8PBSE56.2SEPP

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

PBSE 97.8

SEPP 56.2

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: PBSE vs SEPP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PBSE	SEPP	PBSE	SEPP
3 months	+1.0%	+1.1%	+1.4 pts	+1.5 pts
6 months	+3.5%	+4.3%	−1.0 pts	−0.2 pts
1 year	+8.5%	+10.9%	−5.0 pts	−2.7 pts
Since launchPBSE May 2024 · SEPP May 2024	+25.5%	+32.7%	−19.2 pts	−12.0 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

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 SEPP PGIM S&P 500 Buffer 12 ETF - September · Absorbs the first 12% of loss on SPY and caps the gain at 15.9%, over a period ending Aug 31, 2027

Issuer PGIM PGIM

Reference index SPY SPY

Buffer 20% 12%

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

Days left 300 300

Starting cap +12.3% +15.9%

Can still gain 11.1% 14.7%

Fall before buffer 1.2% 1.1%

Protection left, index points 20.0% of 20.0% 12.0% of 12.0%

Index return this period 0.0% 0.0%

Fund return this period +0.7% +0.6%

State today Buffer working Buffer working

Expense ratio 0.50% 0.50%

Net assets $50m $91m

As of Nov 4, 2026. Source: ETFIQ.

Both are PGIM funds, so the difference between them is the terms rather than the house.

Where each one stands today

PBSE resets first, on Aug 31, 2027, 300 days from now; SEPP runs to Aug 31, 2027, 300 days. PBSE can still gain 11.1% before its cap, SEPP 14.7%. A fall from here reaches PBSE’s buffer after 1.2% and SEPP’s after 1.1%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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.

SEPP

From its price on Nov 4, 2026, the fund can gain about 14.7% 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. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, PBSE or SEPP?: From their prices on Nov 4, 2026, PBSE can gain about 11.1% before its cap and SEPP about 14.7%, so SEPP has more room left this period.
Which resets first, PBSE or SEPP?: PBSE ends its outcome period on Aug 31, 2027 and SEPP on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, PBSE or SEPP?: PBSE and SEPP both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

PBSE vs AUGM PBSE vs CPSA PBSE vs CPST PBSE vs SEPT SEPP vs CPSA SEPP vs CPST SEPP vs AUGM SEPP vs SEPT

Where to next

SPDR S&P 500 ETF Trust →PBSE on its own →SEPP on its own →Method →Standards and sources →

Sources and dates

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

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