Which has more room to gain, PMSE or SEPT?

From their prices on Nov 4, 2026, PMSE can gain about 7.1% before its cap and SEPT about 16.2%, so SEPT has more room left this period.

Which resets first, PMSE or SEPT?

PMSE 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, PMSE or SEPT?

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

Data as of Nov 4, 2026.

Buffer ETFs

PMSE 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 PMSE 1.1%.

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Net assets: $7.5m on Nov 4, 2026 for PGIM S&P 500 Max Buffer ETF - September, and $37m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer10 ETF - Sep.

PMSE on its own →SEPT on its own →

At a glance

1.1%

PMSE can fall this far before its buffer

1.2%

SEPT can fall this far before its buffer

7.1%

PMSE can still gain

16.2%

SEPT 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.

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

PMSE costs 0.24 points a year less; their one-year returns differ by 5.9 points; SEPT is 4.9 times larger.

Points (pts) are percentage points.

PMSE vs SEPT: Cap, Buffer & Days Left
Measure	PMSE	SEPT
Return
Measure	PMSE	SEPT
Total return, 1 year	+5.7%	+11.6%
Benchmark
Measure	PMSE	SEPT
What it tracks	SPY	SPY
Cost and size
Measure	PMSE	SEPT
Expense ratio	0.50%	0.74%
Net assets, as of Nov 3, 2026	$7.5m	$37m
Holdings
Measure	PMSE	SEPT
Holdings in common	not published

Method

Window by window

Window by window: PMSE vs SEPT: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PMSE	SEPT	PMSE	SEPT
3 months	+1.0%	+1.1%	+1.3 pts	+1.5 pts
6 months	+2.6%	+4.6%	−1.9 pts	+0.2 pts
1 year	+5.7%	+11.6%	−7.8 pts	−1.9 pts
3 years	–	+57.4%	–	−19.1 pts
Since launchNot the same days: PMSE Sep 2025 · SEPT Sep 2023	+7.2%	+54.0%	−12.6 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

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 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 100% 10%

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

Days left 300 300

Starting cap +8.3% +17.5%

Can still gain 7.1% 16.2%

Fall before buffer 1.1% 1.2%

Protection left, index points 100.0% of 100.0% 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, PMSE as of Nov 4, 2026 and SEPT as of Nov 3, 2026 $7.5m $37m

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. SEPT is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Where each one stands today

PMSE resets first, on Aug 31, 2027, 300 days from now; SEPT runs to Aug 31, 2027, 300 days. PMSE can still gain 7.1% before its cap, SEPT 16.2%. A fall from here reaches PMSE’s buffer after 1.1% 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

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.

SEPT

From its price on Nov 4, 2026, the fund can gain about 16.2% 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. 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, PMSE or SEPT?: From their prices on Nov 4, 2026, PMSE can gain about 7.1% before its cap and SEPT about 16.2%, so SEPT has more room left this period.
Which resets first, PMSE or SEPT?: PMSE 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, PMSE or SEPT?: PMSE charges 0.50% a year and SEPT charges 0.74%, so PMSE is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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 →SEPT on its own →Method →Standards and sources →

Sources and dates

PMSE 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

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

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