Data as of Nov 4, 2026.
PMSE vs USEP: Cap, Buffer & Days Left
As of Nov 4, 2026 USEP can fall 5.6% before its buffer engages and PMSE 1.1%.
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Net assets on Nov 4, 2026: $7.5m for PGIM S&P 500 Max Buffer ETF - September and $245m for Innovator U.S. Equity Ultra Buffer 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.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
PMSE costs 0.29 points a year less; their one-year returns differ by 3.3 points; USEP is far larger, $245m against $7.5m.
Points (pts) are percentage points.
| Measure | PMSE | USEP |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.7% | +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 | $7.5m | $245m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PMSE | USEP | PMSE | USEP |
| 3 months | +1.0% | +1.0% | +1.3 pts | +1.4 pts |
| 6 months | +2.6% | +3.7% | −1.9 pts | −0.8 pts |
| 1 year | +5.7% | +9.0% | −7.8 pts | −4.6 pts |
| 3 years | – | +43.2% | – | −33.2 pts |
| Since launchNot the same days: PMSE Sep 2025 · USEP Sep 2019 | +7.2% | +72.9% | −12.6 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.
These are two different products. PMSE is a floor fund, which caps how far a holder can fall. USEP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
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
PMSE resets first, on Aug 31, 2027, 300 days from now; USEP runs to Aug 31, 2027, 300 days. PMSE can still gain 7.1% before its cap, USEP 14.0%. A fall from here reaches PMSE’s buffer after 1.1% and USEP’s after 5.6%. 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.
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
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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 USEP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pmse-vs-usep
ETFIQ. (Nov 4, 2026). PMSE against USEP. Retrieved from https://etfiq.com/compare/buffer/pmse-vs-usep
[PMSE against USEP (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/pmse-vs-usep)
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