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QBSV vs SQMX: which one stands where?

As of Oct 1, 2026 SQMX can fall 0.4% before its buffer engages and QBSV 0.2%, and SQMX resets 13 days sooner. AllianzIM U.S. Equity Buffer5 ETF - Jan and FT Vest U.S. Equity Quarterly Max Buffer ETF.

0.2%
QBSV can fall this far before its buffer
0.4%
SQMX can fall this far before its buffer
4.9%
QBSV can still gain
2.6%
SQMX can still gain
QBSVBetween buffer and cap
Between buffer and capQBSV: reference 0.0% since period start, fund 0.0%; buffer 0 to −5; cap +5.1%; Between buffer and cap.5 pts of buffer+5.1% more to the cap−5.0% floor0% period start+5.1% capTODAY · SPY 0.0%Between buffer and capQBSV: reference 0.0% since period start, fund 0.0%; buffer 0 to −5; cap +5.1%; Between buffer and cap.5 pts−5.0% floor0% start+5.1% capTODAY · SPY 0.0%

QBSV: reference 0.0% since period start, fund 0.0%; buffer 0 to −5; cap +5.1%; Between buffer and cap.

SQMXBetween buffer and cap
Between buffer and capSQMX: reference +0.1% since period start, fund +0.2%; buffer 0 to −12; cap +3.0%; Between buffer and cap.12.5 pts of buffer−12.5% floor0% period start+3.0% capTODAY · SPY +0.1%Between buffer and capSQMX: reference +0.1% since period start, fund +0.2%; buffer 0 to −12; cap +3.0%; Between buffer and cap.12.5 pts of buffer−12.5% floor0% start+3.0% capTODAY · SPY +0.1%

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 · SQMX scores higherIf the market falls into a bear market from here, how much does the buffer absorb?
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; QBSV runs to Dec 31, 2026, 92 days. QBSV can still gain 4.9% before its cap, SQMX 2.6%. A fall from here reaches QBSV’s buffer after 0.2% 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 returnGap to the reference
WindowQBSVSQMXQBSVSQMX
3 months+2.2%+1.9%−0.3 pts−0.6 pts
6 months+8.2%+4.5%−8.8 pts−12.5 pts
1 yearnot published+7.0%not published−8.7 pts

QBSV 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

QBSV
AllianzIM U.S. Equity Buffer5 ETF - Jan · Absorbs the first 5% of loss on SPY and caps the gain at 5.1%, 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 AllianzIM First Trust
Reference index SPY SPY
Buffer 5% 12%
Outcome period Oct 1, 2026 to Dec 31, 2026 Sep 21, 2026 to Dec 18, 2026
Days left 92 79
Starting cap +5.1% +3.0%
Can still gain 4.9% 2.6%
Fall before buffer 0.2% 0.4%
Protection left, index points 5.0% of 5.0% 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 0.64% 0.85%
Net assets $27m $57m

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

QBSV in plain words

From its price on Oct 1, 2026, the fund can gain about 4.9% more before it reaches its cap. The fund's price can fall 0.2% 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: 5.0% of the 5.0% 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, QBSV or SQMX?
From their prices on Oct 1, 2026, QBSV can gain about 4.9% before its cap and SQMX about 2.6%, so QBSV has more room left this period.
Which resets first, QBSV or SQMX?
QBSV 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, QBSV or SQMX?
QBSV charges 0.64% a year and SQMX charges 0.85%, so QBSV is cheaper. Fees come from each fund's prospectus.
Other comparisons
QBSV vs OCTPQBSV vs OCTTQBSV vs OCTUQBSV vs OCTWSQMX vs PQXSQMX vs PQXVSQMX vs TJANSQMX vs XBJA
SPDR® S&P 500® ETF Trust →QBSV on its own →SQMX on its own →How every figure is computed →Standards and sources →
Where these figures came from
QBSV filings on SEC EDGAR ↗AllianzIM page for QBSV ↗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, QBSV against SQMX, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/qbsv-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.