Which resets first, DLAG or SEPU?

DLAG ends its outcome period on Aug 20, 2027 and SEPU on Aug 31, 2027. New terms are set the day after each.

Which is cheaper, DLAG or SEPU?

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

Data as of Nov 4, 2026.

Buffer ETFs

DLAG vs SEPU: Cap, Buffer & Days Left

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As of Nov 4, 2026 DLAG can fall 1.8% before its buffer engages and SEPU 0.6%, and DLAG resets 11 days sooner.

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Net assets on Nov 3, 2026: $20m for FT Vest U.S. Equity Dual Directional Buffer ETF - August and $164m for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Sep.

DLAG on its own →SEPU on its own →

At a glance

1.8%

DLAG can fall this far before its buffer

0.6%

SEPU can fall this far before its buffer

11.6%

DLAG can still gain

uncapped

SEPU can still gain

DLAG Between buffer and cap

DLAG: reference +0.1% since period start, fund +0.9%; buffer 0 to −10; cap +13.5%; Between buffer and cap. Data to Nov 4, 2026.

SEPU Buffer working

SEPU: reference 0.0% since period start, fund −0.2%; buffer 0 to −15; no cap; Buffer working. Data to Nov 4, 2026.

Pair scorecard

SEPU costs 0.11 points a year less; their one-year returns differ by 0.3 points; SEPU is 8.2 times larger.

Points (pts) are percentage points.

DLAG vs SEPU: Cap, Buffer & Days Left
Measure	DLAG	SEPU
Return
Measure	DLAG	SEPU
Total return, 1 year	+10.2%	+9.9%
Drawdown
Measure	DLAG	SEPU
Index fall to the buffer	0.1%	0.0%
Benchmark
Measure	DLAG	SEPU
What it tracks	SPY	SPY
Cost and size
Measure	DLAG	SEPU
Expense ratio	0.85%	0.74%
Net assets, as of Nov 3, 2026	$20m	$164m
Holdings
Measure	DLAG	SEPU
Holdings in common	not published

Method

Window by window

Window by window: DLAG vs SEPU: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	DLAG	SEPU	DLAG	SEPU
3 months	+1.2%	−0.9%	+1.6 pts	−0.6 pts
6 months	+4.1%	+3.3%	−0.4 pts	−1.2 pts
1 year	+10.2%	+9.9%	−3.4 pts	−3.7 pts
Since launchNot the same days: DLAG Sep 2025 · SEPU Sep 2024	+10.7%	+28.5%	−4.3 pts	−10.4 pts

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

Side by side

DLAG FT Vest U.S. Equity Dual Directional Buffer ETF - August · Absorbs the first 10% of loss on SPY and caps the gain at 13.5%, over a period ending Aug 20, 2027 SEPU AllianzIM U.S. Equity Buffer15 Uncapped ETF - Sep · Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Aug 31, 2027

Issuer First Trust AllianzIM

Reference index SPY SPY

Buffer 10% 15%

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

Days left 289 300

Starting cap +13.5% uncapped

Can still gain 11.6% uncapped

Fall before buffer 1.8% 0.6%

Protection left, index points 10.0% of 10.0% 15.0% of 15.0%

Index return this period +0.1% 0.0%

Fund return this period +0.9% −0.2%

State today Open Buffer working

Expense ratio 0.85% 0.74%

Net assets, as of Nov 3, 2026 $20m $164m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. SEPU is a floor fund, which caps how far a holder can fall. DLAG 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

DLAG resets first, on Aug 20, 2027, 289 days from now; SEPU runs to Aug 31, 2027, 300 days. A fall from here reaches DLAG’s buffer after 1.8% and SEPU’s after 0.6%. Both track SPY, so what separates them is where each is in its own period.

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About each fund

DLAG

From its price on Nov 4, 2026, the fund can gain about 11.6% 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 number. In index terms, SPY can fall 0.1% 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. 289 days remained on Nov 4, 2026. On Aug 20, 2027 the period ends and a new cap is set.

SEPU

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 300 days remained on Nov 4, 2026. On Aug 31, 2027 the period ends and new terms are set.

Questions people ask

Which resets first, DLAG or SEPU?: DLAG ends its outcome period on Aug 20, 2027 and SEPU on Aug 31, 2027. New terms are set the day after each.
Which is cheaper, DLAG or SEPU?: DLAG charges 0.85% a year and SEPU charges 0.74%, so SEPU is cheaper. Fees come from each fund's prospectus.

Other comparisons

DLAG vs SEPW DLAG vs USEP DLAG vs ZSEP DLAG vs SEPP SEPU vs SEPW SEPU vs USEP SEPU vs ZSEP SEPU vs PSEP

Where to next

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →DLAG on its own →SEPU on its own →Method →Standards and sources →

Sources and dates

DLAG filings on SEC EDGAR ↗

First Trust page for DLAG ↗

SEPU filings on SEC EDGAR ↗

AllianzIM page for SEPU ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

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

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ETFIQ, DLAG against SEPU, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dlag-vs-sepu

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