Data as of .
FAUG vs SEPW: which one stands where?
As of Sep 21, 2026 FAUG can fall 1.8% before its buffer engages and SEPW 1.2%, and FAUG resets 12 days sooner.
ETFIQ Downside Cover Score: SEPW scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
Where each one stands today
FAUG resets first, on Aug 20, 2027, 333 days from now; SEPW runs to Aug 31, 2027, 345 days. FAUG can still gain 15.2% before its cap, SEPW 11.1%. A fall from here reaches FAUG’s buffer after 1.8% and SEPW’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| FAUG | SEPW | FAUG | SEPW | |
| 3 months | +2.2% | +1.6% | 0.0 pts | −0.7 pts |
| 6 months | +11.5% | +7.5% | −6.5 pts | −10.6 pts |
| 1 year | +11.4% | +8.2% | −5.2 pts | −8.3 pts |
| 3 years | +50.0% | +35.9% | −28.4 pts | −42.5 pts |
| FAUG FT Vest U.S. Equity Buffer ETF - August Absorbs the first 10% of loss on SPY and caps the gain at 17.2%, 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 | 10% | 20% |
| Outcome period | Aug 24, 2026 to Aug 20, 2027 | Sep 1, 2026 to Aug 31, 2027 |
| Days left | 333 | 345 |
| Starting cap | +17.2% | +12.3% |
| Can still gain | 15.2% | 11.1% |
| Fall before buffer | 1.8% | 1.2% |
| Protection left, index points | 10.0% of 10.0% | 20.0% of 20.0% |
| Index return this period | +1.1% | +0.9% |
| Fund return this period | +1.0% | +0.5% |
| State today | Open | Open |
| Expense ratio | 0.85% | 0.74% |
| Net assets | $1.3bn | $123m |
FAUG in plain words
From its price on Sep 21, 2026, the fund can gain about 15.2% 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 1.0% 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. 333 days remained on Sep 21, 2026. On Aug 20, 2027 the period ends and a new cap is set.
SEPW in plain words
From its price on Sep 21, 2026, the fund can gain about 11.1% more before it reaches its cap. The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.9% 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. 345 days remained on Sep 21, 2026. On Aug 31, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, FAUG or SEPW?
- From their prices on Sep 21, 2026, FAUG can gain about 15.2% before its cap and SEPW about 11.1%, so FAUG has more room left this period.
- Which resets first, FAUG or SEPW?
- FAUG 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, FAUG or SEPW?
- FAUG charges 0.85% a year and SEPW charges 0.74%, so SEPW is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, FAUG against SEPW, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/faug-vs-sepw Free to use with attribution; the underlying files are at Open data.