Which has more room to gain, PMSE or ZSEP?

From their prices on Nov 4, 2026, PMSE can gain about 7.1% before its cap and ZSEP about 8.1%, so ZSEP has more room left this period.

Which resets first, PMSE or ZSEP?

PMSE ends its outcome period on Aug 31, 2027 and ZSEP on Aug 31, 2027. A new cap is set the day after each.

Which is cheaper, PMSE or ZSEP?

PMSE charges 0.50% a year and ZSEP charges 0.79%, so PMSE is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

PMSE vs ZSEP: Cap, Buffer & Days Left

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As of Nov 4, 2026 PMSE can fall 1.1% before its buffer engages and ZSEP 0.8%.

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Net assets on Nov 4, 2026: $7.5m for PGIM S&P 500 Max Buffer ETF - September and $263m for Innovator Equity Defined Protection ETF - 1 Yr September.

PMSE on its own →ZSEP on its own →

At a glance

1.1%

PMSE can fall this far before its buffer

0.8%

ZSEP can fall this far before its buffer

7.1%

PMSE can still gain

8.1%

ZSEP 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.

ZSEP Buffer working

ZSEP: reference −0.1% since period start, fund +0.6%; buffer Floor; cap +8.9%; Buffer working. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

PMSE costs 0.29 points a year less; their one-year returns differ by 0.2 points; ZSEP is far larger, $263m against $7.5m.

Points (pts) are percentage points.

PMSE vs ZSEP: Cap, Buffer & Days Left
Measure	PMSE	ZSEP
Return
Measure	PMSE	ZSEP
Total return, 1 year	+5.7%	+5.5%
Benchmark
Measure	PMSE	ZSEP
What it tracks	SPY	SPY
Cost and size
Measure	PMSE	ZSEP
Expense ratio	0.50%	0.79%
Net assets	$7.5m	$263m
Holdings
Measure	PMSE	ZSEP
Holdings in common	not published

Method

Window by window

Window by window: PMSE vs ZSEP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PMSE	ZSEP	PMSE	ZSEP
3 months	+1.0%	+1.0%	+1.3 pts	+1.4 pts
6 months	+2.6%	+2.5%	−1.9 pts	−2.0 pts
1 year	+5.7%	+5.5%	−7.8 pts	−8.1 pts
Since launchNot the same days: PMSE Sep 2025 · ZSEP Sep 2024	+7.2%	+14.1%	−12.6 pts	−24.8 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 ZSEP Innovator Equity Defined Protection ETF - 1 Yr September · Absorbs the whole loss on SPY and caps the gain at 8.9%, over a period ending Aug 31, 2027

Issuer PGIM Innovator

Reference index SPY SPY

Buffer 100% 100%

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

Days left 300 300

Starting cap +8.3% +8.9%

Can still gain 7.1% 8.1%

Fall before buffer 1.1% 0.8%

Protection left, index points 100.0% of 100.0% 99.9% of 100.0%

Index return this period 0.0% −0.1%

Fund return this period +0.7% +0.6%

State today Buffer working Buffer working

Expense ratio 0.50% 0.79%

Net assets $7.5m $263m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

PMSE resets first, on Aug 31, 2027, 300 days from now; ZSEP runs to Aug 31, 2027, 300 days. PMSE can still gain 7.1% before its cap, ZSEP 8.1%. A fall from here reaches PMSE’s buffer after 1.1% and ZSEP’s after 0.8%. 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.

ZSEP

From its price on Nov 4, 2026, the fund can gain about 8.1% more before it reaches its cap. The fund's price can fall 0.8% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 99.9% of the 100.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, PMSE or ZSEP?: From their prices on Nov 4, 2026, PMSE can gain about 7.1% before its cap and ZSEP about 8.1%, so ZSEP has more room left this period.
Which resets first, PMSE or ZSEP?: PMSE ends its outcome period on Aug 31, 2027 and ZSEP on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, PMSE or ZSEP?: PMSE charges 0.50% a year and ZSEP charges 0.79%, so PMSE is cheaper. Fees come from each fund's prospectus.

Other comparisons

PMSE vs PSEP PMSE vs FAUG PMSE vs XAUG PMSE vs USEP ZSEP vs DDTS ZSEP vs SEPT ZSEP vs CPST ZSEP vs CPSA

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

Sources and dates

PMSE filings on SEC EDGAR ↗

PGIM website ↗

ZSEP filings on SEC EDGAR ↗

Innovator page for ZSEP ↗

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 ZSEP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pmse-vs-zsep

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