Which has more room to gain, PQV or SEPM?

From their prices on Nov 4, 2026, PQV can gain about 4.1% before its cap and SEPM about 6.8%, so SEPM has more room left this period.

Which resets first, PQV or SEPM?

PQV ends its outcome period on Dec 31, 2026 and SEPM on Sep 17, 2027. A new cap is set the day after each.

Which is cheaper, PQV or SEPM?

PQV charges 0.50% a year and SEPM charges 0.85%, so PQV is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

PQV vs SEPM: Cap, Buffer & Days Left

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As of Nov 4, 2026 SEPM can fall 1.4% before its buffer engages and PQV 0.9%, and PQV resets 260 days sooner.

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Net assets: $2.3m on Nov 4, 2026 for PGIM S&P 500 Quarterly Buffer 5 ETF, and $38m on Nov 3, 2026 for FT Vest U.S. Equity Max Buffer ETF - September.

PQV on its own →SEPM on its own →

At a glance

0.9%

PQV can fall this far before its buffer

1.4%

SEPM can fall this far before its buffer

4.1%

PQV can still gain

6.8%

SEPM can still gain

PQV Between buffer and cap

PQV: reference +0.6% since period start, fund +0.8%; buffer 0 to −5; cap +5.1%; Between buffer and cap. Data to Nov 4, 2026.

SEPM Full floor

SEPM: reference +0.7% since period start, fund +0.6%; buffer −0 to floor; cap +8.2%; Full floor. Data to Nov 4, 2026.

Pair scorecard

PQV costs 0.35 points a year less; SEPM is 16.5 times larger.

Points (pts) are percentage points.

PQV vs SEPM: Cap, Buffer & Days Left
Measure	PQV	SEPM
Return
Measure	PQV	SEPM
Total return, 1 year	not published	+6.4%
Drawdown
Measure	PQV	SEPM
Index fall to the buffer	0.5%	0.7%
Benchmark
Measure	PQV	SEPM
What it tracks	SPY	SPY
Cost and size
Measure	PQV	SEPM
Expense ratio	0.50%	0.85%
Net assets, as of Nov 3, 2026	$2.3m	$38m
Holdings
Measure	PQV	SEPM
Holdings in common	not published

Method

Window by window

Window by window: PQV vs SEPM: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PQV	SEPM	PQV	SEPM
3 months	+0.6%	+1.3%	+0.9 pts	+1.6 pts
6 months	–	+3.0%	–	−1.5 pts
1 year	–	+6.4%	–	−7.2 pts
Since launchNot the same days: PQV Jul 2026 · SEPM Sep 2024	+2.8%	+13.3%	0.0 pts	−21.3 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

PQV PGIM S&P 500 Quarterly Buffer 5 ETF · Absorbs the first 5% of loss on SPY and caps the gain at 5.1%, over a period ending Dec 31, 2026 SEPM FT Vest U.S. Equity Max Buffer ETF - September · Absorbs losses from 0.0% to 100.0% on SPY and caps the gain at 8.2%, over a period ending Sep 17, 2027

Issuer PGIM First Trust

Reference index SPY SPY

Buffer 5% 0% to 100%

Outcome period Oct 1, 2026 to Dec 31, 2026 Sep 21, 2026 to Sep 17, 2027

Days left 57 317

Starting cap +5.1% +8.2%

Can still gain 4.1% 6.8%

Fall before buffer 0.9% 1.4%

Protection left, index points 5.0% of 5.0% 100.0% of 100.0%

Index return this period +0.6% +0.7%

Fund return this period +0.8% +0.6%

State today Open Open

Expense ratio 0.50% 0.85%

Net assets, PQV as of Nov 4, 2026 and SEPM as of Nov 3, 2026 $2.3m $38m

As of Nov 4, 2026. Source: ETFIQ.

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

They do not reset together. PQV has 57 days of its period left and SEPM has 317, so the two are not the same bet on the same months.

Where each one stands today

PQV resets first, on Dec 31, 2026, 57 days from now; SEPM runs to Sep 17, 2027, 317 days. PQV can still gain 4.1% before its cap, SEPM 6.8%. A fall from here reaches PQV’s buffer after 0.9% and SEPM’s after 1.4%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

PQV

From its price on Nov 4, 2026, the fund can gain about 4.1% more before it reaches its cap. The fund's price can fall 0.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.5% from today's level to the point where the buffer begins. Protection left, in index points: 5.0% of the 5.0% buffer still sits below today's SPY level. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.

SEPM

From its price on Nov 4, 2026, the fund can gain about 6.8% 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. In index terms, SPY can fall 0.7% 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. 317 days remained on Nov 4, 2026. On Sep 17, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, PQV or SEPM?: From their prices on Nov 4, 2026, PQV can gain about 4.1% before its cap and SEPM about 6.8%, so SEPM has more room left this period.
Which resets first, PQV or SEPM?: PQV ends its outcome period on Dec 31, 2026 and SEPM on Sep 17, 2027. A new cap is set the day after each.
Which is cheaper, PQV or SEPM?: PQV charges 0.50% a year and SEPM charges 0.85%, so PQV is cheaper. Fees come from each fund's prospectus.

Other comparisons

PQV vs DECM PQV vs AJAN PQV vs TJAN PQV vs SQMX SEPM vs AIOO SEPM vs AOCT SEPM vs BALT SEPM vs TOCT

Where to next

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

Sources and dates

PQV filings on SEC EDGAR ↗

PGIM website ↗

SEPM filings on SEC EDGAR ↗

First Trust page for SEPM ↗

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, PQV against SEPM, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pqv-vs-sepm

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