Data as of Nov 4, 2026.
PBSE vs USEP: Cap, Buffer & Days Left
As of Nov 4, 2026 USEP can fall 5.6% before its buffer engages and PBSE 1.2%.
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Net assets on Nov 4, 2026: $50m for PGIM S&P 500 Buffer 20 ETF - September and $245m for Innovator U.S. Equity Ultra Buffer ETF - Sep.
PBSE: reference 0.0% since period start, fund +0.7%; buffer 0 to −20; cap +12.3%; Buffer working. Data to Nov 4, 2026.
PBSE: reference 0.0% since period start, fund +0.7%; buffer 0 to −20; cap +12.3%; Buffer working. Data to Nov 4, 2026.USEP: reference −0.1% since period start, fund +0.5%; buffer −5 to −35; cap +14.7%; In the unprotected slice. Data to Nov 4, 2026.
USEP: reference −0.1% since period start, fund +0.5%; buffer −5 to −35; cap +14.7%; In the unprotected slice. Data to Nov 4, 2026.Pair scorecard
PBSE costs 0.29 points a year less; their one-year returns differ by 0.5 points; USEP is 4.9 times larger.
Points (pts) are percentage points.
| Measure | PBSE | USEP |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.5% | +9.0% |
| Drawdown | ||
| Index fall to the buffer | 0.0% | 4.9% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.79% |
| Net assets | $50m | $245m |
| Holdings | ||
| Holdings in common | not published | |
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
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 →
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PBSE | USEP | PBSE | USEP |
| 3 months | +1.0% | +1.0% | +1.4 pts | +1.4 pts |
| 6 months | +3.5% | +3.7% | −1.0 pts | −0.8 pts |
| 1 year | +8.5% | +9.0% | −5.0 pts | −4.6 pts |
| 3 years | – | +43.2% | – | −33.2 pts |
| Since launchNot the same days: PBSE May 2024 · USEP Sep 2019 | +25.5% | +72.9% | −19.2 pts | −90.9 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
As of Nov 4, 2026. Source: ETFIQ.
USEP has fallen through its protection. The index is 0.1% below where the buffer stops, and that part of the loss is the holder’s.
Where each one stands today
PBSE resets first, on Aug 31, 2027, 300 days from now; USEP runs to Aug 31, 2027, 300 days. PBSE can still gain 11.1% before its cap, USEP 14.0%. A fall from here reaches PBSE’s buffer after 1.2% and USEP’s after 5.6%. Both track SPY, so what separates them is where each is in its own period.
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.
USEP
From its price on Nov 4, 2026, the fund can gain about 14.0% more before it reaches its cap. The fund's price can fall 5.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 4.9% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.
Questions people ask
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 USEP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pbse-vs-usep
ETFIQ. (Nov 4, 2026). PBSE against USEP. Retrieved from https://etfiq.com/compare/buffer/pbse-vs-usep
[PBSE against USEP (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/pbse-vs-usep)
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