Data as of Nov 4, 2026.
PMSE vs SEPW: Cap, Buffer & Days Left
As of Nov 4, 2026 SEPW can fall 1.4% 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 $211m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Sep.
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.SEPW: reference 0.0% since period start, fund +0.6%; buffer 0 to −20; cap +12.3%; Buffer working. Data to Nov 4, 2026.
SEPW: reference 0.0% since period start, fund +0.6%; buffer 0 to −20; cap +12.3%; Buffer working. Data to Nov 4, 2026.Pair scorecard
PMSE costs 0.24 points a year less; their one-year returns differ by 2.4 points; SEPW is far larger, $211m against $7.5m.
Points (pts) are percentage points.
| Measure | PMSE | SEPW |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.7% | +8.1% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.74% |
| Net assets, as of Nov 3, 2026 | $7.5m | $211m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PMSE | SEPW | PMSE | SEPW |
| 3 months | +1.0% | +1.0% | +1.3 pts | +1.4 pts |
| 6 months | +2.6% | +3.4% | −1.9 pts | −1.0 pts |
| 1 year | +5.7% | +8.1% | −7.8 pts | −5.4 pts |
| 3 years | – | +37.7% | – | −38.7 pts |
| Since launchNot the same days: PMSE Sep 2025 · SEPW Sep 2023 | +7.2% | +35.9% | −12.6 pts | −34.1 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.
These are two different products. PMSE is a floor fund, which caps how far a holder can fall. SEPW 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; SEPW runs to Aug 31, 2027, 300 days. PMSE can still gain 7.1% before its cap, SEPW 10.9%. A fall from here reaches PMSE’s buffer after 1.1% and SEPW’s after 1.4%. Both track SPY, so what separates them is where each is in its own period.
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.
SEPW
From its price on Nov 4, 2026, the fund can gain about 10.9% more before it reaches its cap. The fund's price can fall 1.4% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 20.0% of the 20.0% 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
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 SEPW, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pmse-vs-sepw
ETFIQ. (Nov 4, 2026). PMSE against SEPW. Retrieved from https://etfiq.com/compare/buffer/pmse-vs-sepw
[PMSE against SEPW (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/pmse-vs-sepw)
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