Which has more room to gain, PQXX or SQMX?

From their prices on Oct 1, 2026, PQXX can gain about 2.4% before its cap and SQMX about 2.6%, so SQMX has more room left this period.

Which resets first, PQXX or SQMX?

PQXX ends its outcome period on Dec 31, 2026 and SQMX on Dec 18, 2026. A new cap is set the day after each.

Which is cheaper, PQXX or SQMX?

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

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PQXX vs SQMX: which one stands where?

As of Oct 1, 2026 SQMX can fall 0.4% before its buffer engages and PQXX 0.1%, and SQMX resets 13 days sooner. PGIM S&P 500 Quarterly Buffer 20 ETF and FT Vest U.S. Equity Quarterly Max Buffer ETF.

0.1%

PQXX can fall this far before its buffer

0.4%

SQMX can fall this far before its buffer

2.4%

PQXX can still gain

2.6%

SQMX can still gain

PQXXBetween buffer and cap

PQXX: reference 0.0% since period start, fund 0.0%; buffer 0 to −20; cap +2.5%; Between buffer and cap.

SQMXBetween buffer and cap

SQMX: reference +0.1% since period start, fund +0.2%; buffer 0 to −12; cap +3.0%; Between buffer and cap.

ETFIQ Downside Cover Score · PQXX scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

PQXX 99.5

SQMX 58.7

0.2, the lowest in this set99.8, the highest

A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it → How it is computed →

Where each one stands today

SQMX resets first, on Dec 18, 2026, 79 days from now; PQXX runs to Dec 31, 2026, 92 days. PQXX can still gain 2.4% before its cap, SQMX 2.6%. A fall from here reaches PQXX’s buffer after 0.1% and SQMX’s after 0.4%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	PQXX	SQMX	PQXX	SQMX
3 months	+2.4%	+1.9%	−0.1 pts	−0.6 pts
6 months	not published	+4.5%	not published	−12.5 pts
1 year	not published	+7.0%	not published	−8.7 pts

PQXX and SQMX over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

PQXX

PGIM S&P 500 Quarterly Buffer 20 ETF · Absorbs the first 20% of loss on SPY and caps the gain at 2.5%, over a period ending Dec 31, 2026

SQMX

FT Vest U.S. Equity Quarterly Max Buffer ETF · Absorbs the first 12% of loss on SPY and caps the gain at 3.0%, over a period ending Dec 18, 2026

Issuer PGIM First Trust

Reference index SPY SPY

Buffer 20% 12%

Outcome period Oct 1, 2026 to Dec 31, 2026 Sep 21, 2026 to Dec 18, 2026

Days left 92 79

Starting cap +2.5% +3.0%

Can still gain 2.4% 2.6%

Fall before buffer 0.1% 0.4%

Protection left, index points 20.0% of 20.0% 12.5% of 12.5%

Index return this period 0.0% +0.1%

Fund return this period 0.0% +0.2%

State today Open Open

Expense ratio 0.50% 0.85%

Net assets $3m $57m

PQXX and SQMX on the same fields, as of Oct 1, 2026. Source: ETFIQ.

PQXX in plain words

From its price on Oct 1, 2026, the fund can gain about 2.4% more before it reaches its cap. The fund's price can fall 0.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 92 days remained on Oct 1, 2026. On Dec 31, 2026 the period ends and a new cap is set.

SQMX in plain words

From its price on Oct 1, 2026, the fund can gain about 2.6% more before it reaches its cap. The fund's price can fall 0.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.1% from today's level to the point where the buffer begins. Protection left, in index points: 12.5% of the 12.5% buffer still sits below today's SPY level. 79 days remained on Oct 1, 2026. On Dec 18, 2026 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, PQXX or SQMX?: From their prices on Oct 1, 2026, PQXX can gain about 2.4% before its cap and SQMX about 2.6%, so SQMX has more room left this period.
Which resets first, PQXX or SQMX?: PQXX ends its outcome period on Dec 31, 2026 and SQMX on Dec 18, 2026. A new cap is set the day after each.
Which is cheaper, PQXX or SQMX?: PQXX charges 0.50% a year and SQMX charges 0.85%, so PQXX is cheaper. Fees come from each fund's prospectus.

Other comparisons

PQXX vs FSEP PQXX vs GSEP PQXX vs OCTP PQXX vs OCTT SQMX vs ZALT SQMX vs AIOO SQMX vs AJAN SQMX vs BALT

SPDR S&P 500 ETF Trust →PQXX on its own →SQMX on its own →How every figure is computed →Standards and sources →

Where these figures came from

PQXX filings on SEC EDGAR ↗PGIM website ↗SQMX filings on SEC EDGAR ↗First Trust page for SQMX ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, PQXX against SQMX, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/pqxx-vs-sqmx

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.