Data as of Nov 4, 2026.
GAUG vs SEPP: Cap, Buffer & Days Left
As of Nov 4, 2026 GAUG can fall 1.6% before its buffer engages and SEPP 1.1%, and GAUG resets 11 days sooner.
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Net assets: $414m on Nov 3, 2026 for FT Vest U.S. Equity Moderate Buffer ETF - August, and $91m on Nov 4, 2026 for PGIM S&P 500 Buffer 12 ETF - September.
GAUG: reference +0.1% since period start, fund +0.7%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Data to Nov 4, 2026.
GAUG: reference +0.1% since period start, fund +0.7%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Data to Nov 4, 2026.SEPP: reference 0.0% since period start, fund +0.6%; buffer 0 to −12; cap +15.9%; Buffer working. Data to Nov 4, 2026.
SEPP: reference 0.0% since period start, fund +0.6%; buffer 0 to −12; cap +15.9%; Buffer working. Data to Nov 4, 2026.Pair scorecard
SEPP costs 0.35 points a year less; their one-year returns differ by 1.6 points; GAUG is 4.5 times larger.
Points (pts) are percentage points.
| Measure | GAUG | SEPP |
|---|---|---|
| Return | ||
| Total return, 1 year | +9.3% | +10.9% |
| Drawdown | ||
| Index fall to the buffer | 0.1% | 0.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.50% |
| Net assets, as of Nov 3, 2026 | $414m | $91m |
| Holdings | ||
| Holdings in common | not published | |
How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed
Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | GAUG | SEPP | GAUG | SEPP |
| 3 months | +1.1% | +1.1% | +1.4 pts | +1.5 pts |
| 6 months | +3.8% | +4.3% | −0.7 pts | −0.2 pts |
| 1 year | +9.3% | +10.9% | −4.2 pts | −2.7 pts |
| 3 years | +41.8% | – | −34.6 pts | – |
| Since launchNot the same days: GAUG Aug 2023 · SEPP May 2024 | +42.0% | +32.7% | −32.5 pts | −12.0 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
Where each one stands today
GAUG resets first, on Aug 20, 2027, 289 days from now; SEPP runs to Aug 31, 2027, 300 days. GAUG can still gain 12.1% before its cap, SEPP 14.7%. A fall from here reaches GAUG’s buffer after 1.6% and SEPP’s after 1.1%. Both track SPY, so what separates them is where each is in its own period.
GAUG
From its price on Nov 4, 2026, the fund can gain about 12.1% more before it reaches its cap. The fund's price can fall 1.6% 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: 15.0% of the 15.0% 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.
SEPP
From its price on Nov 4, 2026, the fund can gain about 14.7% more before it reaches its cap. The fund's price can fall 1.1% 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: 12.0% of the 12.0% buffer still sits below today's SPY level. 300 days remained on Nov 4, 2026. On Aug 31, 2027 the period ends and a new cap is set.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
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, GAUG against SEPP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/gaug-vs-sepp
ETFIQ. (Nov 4, 2026). GAUG against SEPP. Retrieved from https://etfiq.com/compare/buffer/gaug-vs-sepp
[GAUG against SEPP (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/gaug-vs-sepp)
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