Which has more room to gain, AUGM or SEPW?

From their prices on Oct 13, 2026, AUGM can gain about 6.4% before its cap and SEPW about 10.5%, so SEPW has more room left this period.

Which resets first, AUGM or SEPW?

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

Which is cheaper, AUGM or SEPW?

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

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AUGM vs SEPW: Cap, Buffer & Days Left

As of Oct 13, 2026 SEPW can fall 1.8% before its buffer engages and AUGM 1.5%, and AUGM resets 11 days sooner. Net assets on Oct 13, 2026: $66m for FT Vest U.S. Equity Max Buffer ETF - August and $133m for AllianzIM U.S. Equity Buffer20 ETF - Sep.

SEPW costs 0.11 points a year less; their one-year returns differ by 3.6 points; SEPW is 2.0 times larger.

Points (pts) are percentage points.

AUGM vs SEPW: Cap, Buffer & Days Left
	AUGM	SEPW
Expense ratio	0.85%	0.74%
Net assets	$66m	$133m
Total return, 1 year	+5.7%	+9.3%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	1.6%	1.4%

1.5%

AUGM can fall this far before its buffer

1.8%

SEPW can fall this far before its buffer

6.4%

AUGM can still gain

10.5%

SEPW can still gain

AUGMFull floor

AUGM: reference +1.6% since period start, fund +0.7%; buffer Floor; cap +8.0%; Full floor. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

SEPWBetween buffer and cap

SEPW: reference +1.4% since period start, fund +1.0%; buffer 0 to −20; cap +12.3%; Between buffer and cap. Figures to Oct 13, 2026.

These are two different products. AUGM is a floor fund, which caps how far a holder can fall. SEPW 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, 311 days from now; SEPW runs to Aug 31, 2027, 322 days. AUGM can still gain 6.4% before its cap, SEPW 10.5%. A fall from here reaches AUGM’s buffer after 1.5% and SEPW’s after 1.8%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: AUGM vs SEPW: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AUGM	SEPW	AUGM	SEPW
3 months	+1.2%	+2.1%	−2.3 pts	−1.4 pts
6 months	+3.4%	+5.3%	−8.7 pts	−6.7 pts
1 year	+5.7%	+9.3%	−11.6 pts	−8.1 pts
3 years	not published	+39.1%	not published	−41.2 pts
Since launch Not the same days: AUGM Aug 2024 · SEPW Sep 2023	+14.1%	+36.4%	−24.9 pts	−36.1 pts

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

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

SEPW

AllianzIM U.S. Equity Buffer20 ETF - Sep · Absorbs the first 20% of loss on SPY and caps the gain at 12.3%, over a period ending Aug 31, 2027

Issuer First Trust AllianzIM

Reference index SPY SPY

Buffer 100% 20%

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

Days left 311 322

Starting cap +8.0% +12.3%

Can still gain 6.4% 10.5%

Fall before buffer 1.5% 1.8%

Protection left, index points 100.0% of 100.0% 20.0% of 20.0%

Index return this period +1.6% +1.4%

Fund return this period +0.7% +1.0%

State today Open Open

Expense ratio 0.85% 0.74%

Net assets $66m $133m

As of Oct 13, 2026. Source: ETFIQ.

About AUGM

From its price on Oct 13, 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 1.6% 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. 311 days remained on Oct 13, 2026. On Aug 20, 2027 the period ends and a new cap is set.

About SEPW

From its price on Oct 13, 2026, the fund can gain about 10.5% more before it reaches its cap. The fund's price can fall 1.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.4% 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. 322 days remained on Oct 13, 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 SEPW?: From their prices on Oct 13, 2026, AUGM can gain about 6.4% before its cap and SEPW about 10.5%, so SEPW has more room left this period.
Which resets first, AUGM or SEPW?: AUGM ends its outcome period on Aug 20, 2027 and SEPW on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, AUGM or SEPW?: AUGM charges 0.85% a year and SEPW charges 0.74%, so SEPW is cheaper. Fees come from each fund's prospectus.

Other comparisons

AUGM vs SEPU AUGM vs PMSE AUGM vs DDFS AUGM vs ZSEP SEPW vs CPSA SEPW vs XAUG SEPW vs ZSEP SEPW vs USEP

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 →SEPW 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 ↗SEPW filings on SEC EDGAR ↗AllianzIM page for SEPW ↗

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 pageCitation, APA and Markdown

ETFIQ, AUGM against SEPW, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/augm-vs-sepw

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