Data as of Nov 4, 2026.
GAUG vs SEPT: Cap, Buffer & Days Left
As of Nov 4, 2026 GAUG can fall 1.6% before its buffer engages and SEPT 1.2%, and GAUG resets 11 days sooner.
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Net assets on Nov 3, 2026: $414m for FT Vest U.S. Equity Moderate Buffer ETF - August and $37m for AllianzIM U.S. Equity Buffer10 ETF - Sep.
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.SEPT: reference 0.0% since period start, fund +0.5%; buffer 0 to −10; cap +17.5%; Buffer working. Data to Nov 4, 2026.
SEPT: reference 0.0% since period start, fund +0.5%; buffer 0 to −10; cap +17.5%; Buffer working. Data to Nov 4, 2026.Pair scorecard
SEPT costs 0.11 points a year less; their one-year returns differ by 2.3 points; GAUG is 11.2 times larger.
Points (pts) are percentage points.
| Measure | GAUG | SEPT |
|---|---|---|
| Return | ||
| Total return, 1 year | +9.3% | +11.6% |
| Drawdown | ||
| Index fall to the buffer | 0.1% | 0.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.74% |
| Net assets, as of Nov 3, 2026 | $414m | $37m |
| 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 | SEPT | GAUG | SEPT |
| 3 months | +1.1% | +1.1% | +1.4 pts | +1.5 pts |
| 6 months | +3.8% | +4.6% | −0.7 pts | +0.2 pts |
| 1 year | +9.3% | +11.6% | −4.2 pts | −1.9 pts |
| 3 years | +41.8% | +57.4% | −34.6 pts | −19.1 pts |
| Since launchNot the same days: GAUG Aug 2023 · SEPT Sep 2023 | +42.0% | +54.0% | −32.5 pts | −16.0 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
As of Nov 4, 2026. Source: ETFIQ.
Where each one stands today
GAUG resets first, on Aug 20, 2027, 289 days from now; SEPT runs to Aug 31, 2027, 300 days. GAUG can still gain 12.1% before its cap, SEPT 16.2%. A fall from here reaches GAUG’s buffer after 1.6% and SEPT’s after 1.2%. 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.
SEPT
From its price on Nov 4, 2026, the fund can gain about 16.2% 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 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: 10.0% of the 10.0% 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 SEPT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/gaug-vs-sept
ETFIQ. (Nov 4, 2026). GAUG against SEPT. Retrieved from https://etfiq.com/compare/buffer/gaug-vs-sept
[GAUG against SEPT (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/gaug-vs-sept)
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