Which resets first, PBSE or SEPU?

PBSE ends its outcome period on Aug 31, 2027 and SEPU on Aug 31, 2027. New terms are set the day after each.

Which is cheaper, PBSE or SEPU?

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

Data as of Nov 4, 2026.

Buffer ETFs

PBSE vs SEPU: Cap, Buffer & Days Left

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As of Nov 4, 2026 PBSE can fall 1.2% before its buffer engages and SEPU 0.6%.

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Net assets: $50m on Nov 4, 2026 for PGIM S&P 500 Buffer 20 ETF - September , and $164m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Sep.

PBSE on its own →SEPU on its own →

At a glance

1.2%

PBSE can fall this far before its buffer

0.6%

SEPU can fall this far before its buffer

11.1%

PBSE can still gain

uncapped

SEPU 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.

SEPU Buffer working

SEPU: reference 0.0% since period start, fund −0.2%; buffer 0 to −15; no cap; Buffer working. Data to Nov 4, 2026.

Pair scorecard

PBSE costs 0.24 points a year less; their one-year returns differ by 1.4 points; SEPU is 3.3 times larger.

Points (pts) are percentage points.

PBSE vs SEPU: Cap, Buffer & Days Left
Measure	PBSE	SEPU
Return
Measure	PBSE	SEPU
Total return, 1 year	+8.5%	+9.9%
Benchmark
Measure	PBSE	SEPU
What it tracks	SPY	SPY
Cost and size
Measure	PBSE	SEPU
Expense ratio	0.50%	0.74%
Net assets, as of Nov 3, 2026	$50m	$164m
Holdings
Measure	PBSE	SEPU
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 Score97.8PBSE75.2SEPU

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

SEPU 75.2

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 SEPU: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PBSE	SEPU	PBSE	SEPU
3 months	+1.0%	−0.9%	+1.4 pts	−0.6 pts
6 months	+3.5%	+3.3%	−1.0 pts	−1.2 pts
1 year	+8.5%	+9.9%	−5.0 pts	−3.7 pts
Since launchNot the same days: PBSE May 2024 · SEPU Sep 2024	+25.5%	+28.5%	−19.2 pts	−10.4 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 SEPU AllianzIM U.S. Equity Buffer15 Uncapped ETF - Sep · Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Aug 31, 2027

Issuer PGIM AllianzIM

Reference index SPY SPY

Buffer 20% 15%

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

Days left 300 300

Starting cap +12.3% uncapped

Can still gain 11.1% uncapped

Fall before buffer 1.2% 0.6%

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

Index return this period 0.0% 0.0%

Fund return this period +0.7% −0.2%

State today Buffer working Buffer working

Expense ratio 0.50% 0.74%

Net assets, PBSE as of Nov 4, 2026 and SEPU as of Nov 3, 2026 $50m $164m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

PBSE resets first, on Aug 31, 2027, 300 days from now; SEPU runs to Aug 31, 2027, 300 days. A fall from here reaches PBSE’s buffer after 1.2% and SEPU’s after 0.6%. 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.

SEPU

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. On Aug 31, 2027 the period ends and new terms are set.

Questions people ask

Which resets first, PBSE or SEPU?: PBSE ends its outcome period on Aug 31, 2027 and SEPU on Aug 31, 2027. New terms are set the day after each.
Which is cheaper, PBSE or SEPU?: PBSE charges 0.50% a year and SEPU charges 0.74%, so PBSE is cheaper. Fees come from each fund's prospectus.

Other comparisons

PBSE vs SEPW PBSE vs USEP PBSE vs ZSEP PBSE vs DAUG SEPU vs CPSA SEPU vs CPST SEPU vs AUGM SEPU vs SEPT

Where to next

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

Sources and dates

PBSE filings on SEC EDGAR ↗

PGIM website ↗

SEPU filings on SEC EDGAR ↗

AllianzIM page for SEPU ↗

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 SEPU, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pbse-vs-sepu

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