The Series 4 screen and Series 5 processor without the always-on display, ECG or blood oxygen sensor, at $279.
Released September 18, 2020 · Discontinued September 12, 2022 · From $279 (40mm GPS)

The SE is the cheap one. Apple took the Series 4's larger screen and the Series 5's S5 processor, removed the always-on display, the ECG sensor and the blood oxygen sensor, and charged $279. What remains is most of a modern Apple Watch: fall detection, emergency SOS, the full-size display, heart rate monitoring and all the fitness tracking that most owners actually use it for. Apple aimed it at first-time buyers and at parents setting one up for a child through Family Setup, which arrived alongside it. It has been the right recommendation for most people ever since, which is awkward for the company selling the more expensive ones.
The first SE dropped below $300 by leaving out ECG and blood oxygen, and reviewers treated it as the way in.