Which has more room to gain, PBSE or SEPT?

From their prices on Nov 4, 2026, PBSE can gain about 11.1% before its cap and SEPT about 16.2%, so SEPT has more room left this period.

Which resets first, PBSE or SEPT?

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

Which is cheaper, PBSE or SEPT?

PBSE charges 0.50% a year and SEPT charges 0.74%, so PBSE is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

PBSE vs SEPT: Cap, Buffer & Days Left

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

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Net assets: $50m on Nov 4, 2026 for PGIM S&P 500 Buffer 20 ETF - September , and $37m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer10 ETF - Sep.

PBSE on its own →SEPT on its own →

At a glance

1.2%

PBSE can fall this far before its buffer

1.2%

SEPT can fall this far before its buffer

11.1%

PBSE can still gain

16.2%

SEPT 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.

SEPT Buffer working

SEPT: reference 0.0% since period start, fund +0.5%; buffer 0 to −10; cap +17.5%; Buffer working. Data to Nov 4, 2026.

Pair scorecard

PBSE costs 0.24 points a year less; their one-year returns differ by 3.1 points; PBSE is 1.4 times larger.

Points (pts) are percentage points.

PBSE vs SEPT: Cap, Buffer & Days Left
Measure	PBSE	SEPT
Return
Measure	PBSE	SEPT
Total return, 1 year	+8.5%	+11.6%
Benchmark
Measure	PBSE	SEPT
What it tracks	SPY	SPY
Cost and size
Measure	PBSE	SEPT
Expense ratio	0.50%	0.74%
Net assets, as of Nov 3, 2026	$50m	$37m
Holdings
Measure	PBSE	SEPT
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 Score97.8PBSE30.8SEPT

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

SEPT 30.8

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 SEPT: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PBSE	SEPT	PBSE	SEPT
3 months	+1.0%	+1.1%	+1.4 pts	+1.5 pts
6 months	+3.5%	+4.6%	−1.0 pts	+0.2 pts
1 year	+8.5%	+11.6%	−5.0 pts	−1.9 pts
3 years	–	+57.4%	–	−19.1 pts
Since launchNot the same days: PBSE May 2024 · SEPT Sep 2023	+25.5%	+54.0%	−19.2 pts	−16.0 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

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 SEPT AllianzIM U.S. Equity Buffer10 ETF - Sep · Absorbs the first 10% of loss on SPY and caps the gain at 17.5%, over a period ending Aug 31, 2027

Issuer PGIM AllianzIM

Reference index SPY SPY

Buffer 20% 10%

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

Days left 300 300

Starting cap +12.3% +17.5%

Can still gain 11.1% 16.2%

Fall before buffer 1.2% 1.2%

Protection left, index points 20.0% of 20.0% 10.0% of 10.0%

Index return this period 0.0% 0.0%

Fund return this period +0.7% +0.5%

State today Buffer working Buffer working

Expense ratio 0.50% 0.74%

Net assets, PBSE as of Nov 4, 2026 and SEPT as of Nov 3, 2026 $50m $37m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

PBSE resets first, on Aug 31, 2027, 300 days from now; SEPT runs to Aug 31, 2027, 300 days. PBSE can still gain 11.1% before its cap, SEPT 16.2%. A fall from here reaches PBSE’s buffer after 1.2% and SEPT’s after 1.2%. 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.

SEPT

From its price on Nov 4, 2026, the fund can gain about 16.2% more before it reaches its cap. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, PBSE or SEPT?: From their prices on Nov 4, 2026, PBSE can gain about 11.1% before its cap and SEPT about 16.2%, so SEPT has more room left this period.
Which resets first, PBSE or SEPT?: PBSE ends its outcome period on Aug 31, 2027 and SEPT on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, PBSE or SEPT?: PBSE charges 0.50% a year and SEPT charges 0.74%, so PBSE is cheaper. Fees come from each fund's prospectus.

Other comparisons

PBSE vs CPST PBSE vs DDTS PBSE vs CPSA PBSE vs XAUG SEPT vs CPSA SEPT vs CPST SEPT vs AUGM SEPT vs XAUG

Where to next

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

Sources and dates

PBSE filings on SEC EDGAR ↗

PGIM website ↗

SEPT filings on SEC EDGAR ↗

AllianzIM page for SEPT ↗

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

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