Which has more room to gain, PMSE or SEPP?

From their prices on Nov 4, 2026, PMSE can gain about 7.1% before its cap and SEPP about 14.7%, so SEPP has more room left this period.

Which resets first, PMSE or SEPP?

PMSE 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, PMSE or SEPP?

PMSE 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

PMSE vs SEPP: Cap, Buffer & Days Left

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

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Net assets on Nov 4, 2026: $7.5m for PGIM S&P 500 Max Buffer ETF - September and $91m for PGIM S&P 500 Buffer 12 ETF - September.

PMSE on its own →SEPP on its own →

At a glance

1.1%

PMSE can fall this far before its buffer

1.1%

SEPP can fall this far before its buffer

7.1%

PMSE can still gain

14.7%

SEPP can still gain

PMSE Buffer working

PMSE: reference 0.0% since period start, fund +0.7%; buffer Floor; cap +8.3%; Buffer working. Data to Nov 4, 2026.

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 5.2 points; SEPP is 12.1 times larger.

Points (pts) are percentage points.

PMSE vs SEPP: Cap, Buffer & Days Left
Measure	PMSE	SEPP
Return
Measure	PMSE	SEPP
Total return, 1 year	+5.7%	+10.9%
Benchmark
Measure	PMSE	SEPP
What it tracks	SPY	SPY
Cost and size
Measure	PMSE	SEPP
Expense ratio	0.50%	0.50%
Net assets	$7.5m	$91m
Holdings
Measure	PMSE	SEPP
Holdings in common	not published

Method

Window by window

Window by window: PMSE vs SEPP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PMSE	SEPP	PMSE	SEPP
3 months	+1.0%	+1.1%	+1.3 pts	+1.5 pts
6 months	+2.6%	+4.3%	−1.9 pts	−0.2 pts
1 year	+5.7%	+10.9%	−7.8 pts	−2.7 pts
Since launchNot the same days: PMSE Sep 2025 · SEPP May 2024	+7.2%	+32.7%	−12.6 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

PMSE PGIM S&P 500 Max Buffer ETF - September · Absorbs the whole loss on SPY and caps the gain at 8.3%, 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 100% 12%

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

Days left 300 300

Starting cap +8.3% +15.9%

Can still gain 7.1% 14.7%

Fall before buffer 1.1% 1.1%

Protection left, index points 100.0% of 100.0% 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 $7.5m $91m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. PMSE is a floor fund, which caps how far a holder can fall. SEPP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

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

Where each one stands today

PMSE resets first, on Aug 31, 2027, 300 days from now; SEPP runs to Aug 31, 2027, 300 days. PMSE can still gain 7.1% before its cap, SEPP 14.7%. A fall from here reaches PMSE’s buffer after 1.1% and SEPP’s after 1.1%. Both track SPY, so what separates them is where each is in its own period.

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About each fund

PMSE

From its price on Nov 4, 2026, the fund can gain about 7.1% 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. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% 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. 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, PMSE or SEPP?: From their prices on Nov 4, 2026, PMSE can gain about 7.1% before its cap and SEPP about 14.7%, so SEPP has more room left this period.
Which resets first, PMSE or SEPP?: PMSE 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, PMSE or SEPP?: PMSE and SEPP both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

PMSE vs CPST PMSE vs SEPT PMSE vs XAUG PMSE vs DDFS SEPP vs DAUG SEPP vs BSEP SEPP vs XAUG SEPP vs DDTS

Where to next

SPDR S&P 500 ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →PMSE on its own →SEPP on its own →Method →Standards and sources →

Sources and dates

PMSE and SEPP filings on SEC EDGAR ↗

PGIM website ↗

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.

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ETFIQ, PMSE against SEPP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pmse-vs-sepp

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