Skip to content
etf.net

PMSE vs SQMX

PGIM S&P 500 Max Buffer ETF - September

PMSEBCboe

FT Vest U.S. Equity Quarterly Max Buffer ETF

SQMXCCboe

Overlap

Expense ratio

PMSE −0.35pt a year

PMSE0.50%SQMX0.85%

Avg volume · 30D

SQMX 3.6×the volume

PMSE2.61KSQMX9.29K

PMSE vs SQMX Performance

Oct 31, 2025 – Oct 30, 2026

+5.2%PMSE+6.0%SQMX

Oct 31, 2025 to Oct 30, 2026. PMSE +5.2%. SQMX +6.0%. Use the arrow keys to read each point.0%2%4%Oct 2025May 2026Oct 2026
Expense ratio
PMSE 0.50%, better
SQMX 0.85%
Fund size
PMSE $8M
SQMX $55M
1Y total return
PMSE +5.2%
SQMX +6.0%, better
Holdings
PMSE 4
SQMX 3
Avg volume (30D)
PMSE 2.61K sh
SQMX 9.29K sh, better
NAV per share
PMSE $26.80
SQMX $34.87
52W range

ETF.net Grade

PMSE: Cost 76, Risk 45, Mission not scored, Tradability 37, Holdings not scored, Durability 24. SQMX: Cost 21, Risk 40, Mission not scored, Tradability 92, Holdings 48, Durability 80.
Pillar letters and Scores for PMSE, SQMX, with each pillar’s weight
PillarPMSESQMX
Cost30% weightA76HigherF21
Mission25% weightNot scoredNot scored
Risk15% weightC45HigherC40
Tradability15% weightD37A92Higher
Holdings10% weightNot scoredC48
Durability5% weightF24A80Higher

Rank among S&P 500 Max Buffer funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. PMSE and SQMX are both graded against the same 20 S&P 500 Max Buffer funds, so their Grades compare head to head.

S&P 500 Max Buffer⁠

Category · 20 funds
See all 20 ›

PMSE ranks 2nd and SQMX 12th of 20 funds in the S&P 500 Max Buffer Category.

  1. Rank 1BPMDEPGIM S&P 500 Max Buffer ETF - DecemberScore 63
  2. Rank 2BPMJLPGIM S&P 500 Max Buffer ETF - JulyScore 56
  3. Rank 2BPMSEPGIM S&P 500 Max Buffer ETF - SeptemberScore 56
  4. Rank 4BPMJNPGIM S&P 500 Max Buffer ETF - JuneScore 55
  5. Rank 10BPMAUPGIM S&P 500 Max Buffer ETF - AugustScore 53
  6. Rank 12CSQMXFT Vest U.S. Equity Quarterly Max Buffer ETFScore 46
  7. Rank 13CDECMFT Vest U.S. Equity Max Buffer ETF - DecemberScore 44

Our read on each fund

ETF.net Research

PMSEBPGIM S&P 500 Max Buffer ETF - September

SQMXCFT Vest U.S. Equity Quarterly Max Buffer ETF

In short

PMSE No data

SQMX Most buffer ETFs fix the cushion and let the cap float. SQMX flips it: each quarter it buys the deepest cushion the options market will sell against S&P 500 declines, then takes whatever upside is left, with a 3% cap floor by design.

Stated mandate

PMSE No data

SQMX The Fund seeks returns matching the price return of the State Street SPDR S&P 500 ETF Trust up to a preset cap while protecting the first 12.62% of losses over an approximately three-month target period.

Why people hold it

PMSE No data

  • SQMX Buffer first, upside second. Each roughly three-month period targets the maximum available cushion against declines, and the design sets a minimum 3% upside cap.businesswire.com
  • Resets four times a year, so a fresh cushion and cap get struck every quarter rather than once every twelve months.businesswire.com
  • The reference is the SPDR S&P 500 ETF Trust itself, built with FLEX options, and the payoff keys off its price return: plain large-cap America, dividends excluded.businesswire.com
  • Sits inside First Trust's Target Outcome range, one of the largest defined-outcome ETF families, with Vest Financial running the options sleeve as sub-advisor.businesswire.com

Worth knowing

PMSE No data

  • SQMX Runs 0.85% a year against a roughly 0.79% median for S&P 500 buffer funds, and the buffer is quoted before fees, so expenses come out of the cushioned result. DHDG and MARM charge the same.businesswire.com
  • Buy after day one of a period and your cushion and cap differ from the posted terms; the full stated buffer may not be available at that entry point.businesswire.com
  • A 2024 launch that trades thinly next to the biggest buffer names, so the bid-ask spread can matter as much as the fee, and it has not been paying distributions.

Full PMSE profile⁠

Full SQMX profile⁠

PMSE vs SQMX Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

PMSE vs SQMX Cost

Overpaying SQMX vs PMSE

$6,220

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PMSE 0.50%

    $9,979

  • SQMX 0.85%

    $16,199

$10,000
30 years

Cost over time

  • PMSE 0.50%
  • SQMX 0.85%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530SQMX $16,199PMSE $9,979

Year by year

YearPMSESQMXOverpaying
10$900$1,508$608
20$3,460$5,706$2,246
30$9,979$16,199$6,220

Expense ratio

  • 0.50%PMSE, cheaper
  • 0.85%SQMX
  • Middle half of S&P 500 Max Buffer funds
  • Median 0.52%

PMSE cheapest of 20 funds

SQMX 12th cheapest of 20 funds

PMSE vs SQMX Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
PMSE None
SQMX None

Distribution history

PMSEAll PMSE payments⁠

No distribution history available.

SQMXAll SQMX payments⁠

No distribution history available.

PMSE vs SQMX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
PMSE 2.2%since Oct 2025SQMX 2.8%since Feb 2025
Return per unit of riskSharpe ratio, 3 years
PMSE 0.55since Oct 2025SQMX 0.94since Feb 2025
Worst fallMax drawdown, 5 years
PMSE −1.4%since Sep 2025SQMX −7.0%since Jan 2025
Market sensitivityBeta, 5 years
PMSE 0.16SQMX 0.20

Popular comparisons

  • PMSEBvsPMDEB

    PGIM S&P 500 Max Buffer ETF - September · PGIM S&P 500 Max Buffer ETF - December

    Expense ratio
    0.50% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SQMXCvsPMDEB

    FT Vest U.S. Equity Quarterly Max Buffer ETF · PGIM S&P 500 Max Buffer ETF - December

    Expense ratio
    0.85% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PMSEBvsPMJLB

    PGIM S&P 500 Max Buffer ETF - September · PGIM S&P 500 Max Buffer ETF - July

    Expense ratio
    0.50% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SQMXCvsPMJLB

    FT Vest U.S. Equity Quarterly Max Buffer ETF · PGIM S&P 500 Max Buffer ETF - July

    Expense ratio
    0.85% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PMSEBvsPMJNB

    PGIM S&P 500 Max Buffer ETF - September · PGIM S&P 500 Max Buffer ETF - June

    Expense ratio
    0.50% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SQMXCvsPMJNB

    FT Vest U.S. Equity Quarterly Max Buffer ETF · PGIM S&P 500 Max Buffer ETF - June

    Expense ratio
    0.85% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.