Which has more room to gain, AUGM or SEPT?

From their prices on Oct 9, 2026, AUGM can gain about 6.4% before its cap and SEPT about 15.2%, so SEPT has more room left this period.

Which resets first, AUGM or SEPT?

AUGM ends its outcome period on Aug 20, 2027 and SEPT on Aug 31, 2027. A new cap is set the day after each.

Which is cheaper, AUGM or SEPT?

AUGM charges 0.85% a year and SEPT charges 0.74%, so SEPT is cheaper. Fees come from each fund's prospectus.

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AUGM vs SEPT: Cap, Buffer & Days Left

As of Oct 9, 2026 SEPT can fall 2.1% before its buffer engages and AUGM 1.5%, and AUGM resets 11 days sooner. Net assets: $66m on Oct 9, 2026 for FT Vest U.S. Equity Max Buffer ETF - August, and $38m on Oct 8, 2026 for AllianzIM U.S. Equity Buffer10 ETF - Sep.

SEPT costs 0.11 points a year less; their one-year returns differ by 7.0 points; AUGM is 1.7 times larger.

	AUGM	SEPT
Expense ratio	0.85%	0.74%
Net assets, as of Oct 8, 2026	$66m	$38m
Total return, 1 year	+5.7%	+12.7%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	1.7%	1.5%

1.5%

AUGM can fall this far before its buffer

2.1%

SEPT can fall this far before its buffer

6.4%

AUGM can still gain

15.2%

SEPT can still gain

AUGMFull floor

AUGM: reference +1.7% since period start, fund +0.7%; buffer Floor; cap +8.0%; Full floor. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

SEPTBetween buffer and cap

SEPT: reference +1.5% since period start, fund +1.4%; buffer 0 to −10; cap +17.5%; Between buffer and cap. Figures to Oct 9, 2026.

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

Where each one stands today

AUGM resets first, on Aug 20, 2027, 315 days from now; SEPT runs to Aug 31, 2027, 326 days. AUGM can still gain 6.4% before its cap, SEPT 15.2%. A fall from here reaches AUGM’s buffer after 1.5% and SEPT’s after 2.1%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

	Total return		Gap to the reference's price return
Window	AUGM	SEPT	AUGM	SEPT
3 months	+1.3%	+2.9%	−1.9 pts	−0.2 pts
6 months	+3.8%	+9.9%	−10.8 pts	−4.7 pts
1 year	+5.7%	+12.7%	−10.3 pts	−3.3 pts
3 years	not published	+59.0%	not published	−20.2 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

AUGM

FT Vest U.S. Equity Max Buffer ETF - August · Absorbs the whole loss on SPY and caps the gain at 8.0%, over a period ending Aug 20, 2027

SEPT

AllianzIM U.S. Equity Buffer10 ETF - Sep · Absorbs the first 10% of loss on SPY and caps the gain at 17.5%, over a period ending Aug 31, 2027

Issuer First Trust AllianzIM

Reference index SPY SPY

Buffer 100% 10%

Outcome period Aug 24, 2026 to Aug 20, 2027 Sep 1, 2026 to Aug 31, 2027

Days left 315 326

Starting cap +8.0% +17.5%

Can still gain 6.4% 15.2%

Fall before buffer 1.5% 2.1%

Protection left, index points 100.0% of 100.0% 10.0% of 10.0%

Index return this period +1.7% +1.5%

Fund return this period +0.7% +1.4%

State today Open Open

Expense ratio 0.85% 0.74%

Net assets, AUGM as of Oct 9, 2026 and SEPT as of Oct 8, 2026 $66m $38m

As of Oct 9, 2026. Source: ETFIQ.

AUGM in plain words

From its price on Oct 9, 2026, the fund can gain about 6.4% more before it reaches its cap. The fund's price can fall 1.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.7% 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. 315 days remained on Oct 9, 2026. On Aug 20, 2027 the period ends and a new cap is set.

SEPT in plain words

From its price on Oct 9, 2026, the fund can gain about 15.2% more before it reaches its cap. The fund's price can fall 2.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.5% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 326 days remained on Oct 9, 2026. On Aug 31, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, AUGM or SEPT?: From their prices on Oct 9, 2026, AUGM can gain about 6.4% before its cap and SEPT about 15.2%, so SEPT has more room left this period.
Which resets first, AUGM or SEPT?: AUGM ends its outcome period on Aug 20, 2027 and SEPT on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, AUGM or SEPT?: AUGM charges 0.85% a year and SEPT charges 0.74%, so SEPT is cheaper. Fees come from each fund's prospectus.

Other comparisons

AUGM vs CPST AUGM vs SEPP AUGM vs PBSE AUGM vs CPSA SEPT vs CPSA SEPT vs SEPW SEPT vs SEPU SEPT vs XAUG

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →AUGM on its own →SEPT on its own →How every figure is computed →Standards and sources →

Where these figures came from

AUGM filings on SEC EDGAR ↗First Trust page for AUGM ↗SEPT filings on SEC EDGAR ↗AllianzIM page for SEPT ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure 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 figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, AUGM against SEPT, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/augm-vs-sept

Open data

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