Which has more room to gain, SEPP or SEPT?

From their prices on Nov 4, 2026, SEPP can gain about 14.7% before its cap and SEPT about 16.2%, so SEPT has more room left this period.

Which resets first, SEPP or SEPT?

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

Which is cheaper, SEPP or SEPT?

SEPP charges 0.50% a year and SEPT charges 0.74%, so SEPP is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

SEPP vs SEPT: Cap, Buffer & Days Left

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As of Nov 4, 2026 SEPT can fall 1.2% before its buffer engages and SEPP 1.1%.

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Net assets: $91m on Nov 4, 2026 for PGIM S&P 500 Buffer 12 ETF - September, and $37m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer10 ETF - Sep.

SEPP on its own →SEPT on its own →

At a glance

1.1%

SEPP can fall this far before its buffer

1.2%

SEPT can fall this far before its buffer

14.7%

SEPP can still gain

16.2%

SEPT can still gain

SEPP Buffer working

SEPP: reference 0.0% since period start, fund +0.6%; buffer 0 to −12; cap +15.9%; Buffer working. Data to Nov 4, 2026.

SEPT Buffer working

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

SEPP costs 0.24 points a year less; their one-year returns differ by 0.7 points; SEPP is 2.5 times larger.

Points (pts) are percentage points.

SEPP vs SEPT: Cap, Buffer & Days Left
Measure	SEPP	SEPT
Return
Measure	SEPP	SEPT
Total return, 1 year	+10.9%	+11.6%
Benchmark
Measure	SEPP	SEPT
What it tracks	SPY	SPY
Cost and size
Measure	SEPP	SEPT
Expense ratio	0.50%	0.74%
Net assets, as of Nov 3, 2026	$91m	$37m
Holdings
Measure	SEPP	SEPT
Holdings in common	not published

ETFIQ Downside Cover Score · SEPP scores higher If the market falls into a bear market from here, how much does the buffer absorb?

IQ Buffer Score56.2SEPP30.8SEPT

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

SEPP 56.2

SEPT 30.8

0.3, the lowest in this set 99.7, the highest

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 →

Method

Window by window

Window by window: SEPP vs SEPT: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	SEPP	SEPT	SEPP	SEPT
3 months	+1.1%	+1.1%	+1.5 pts	+1.5 pts
6 months	+4.3%	+4.6%	−0.2 pts	+0.2 pts
1 year	+10.9%	+11.6%	−2.7 pts	−1.9 pts
3 years	–	+57.4%	–	−19.1 pts
Since launchNot the same days: SEPP May 2024 · SEPT Sep 2023	+32.7%	+54.0%	−12.0 pts	−16.0 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

SEPP PGIM S&P 500 Buffer 12 ETF - September · Absorbs the first 12% of loss on SPY and caps the gain at 15.9%, over a period ending Aug 31, 2027 SEPT AllianzIM U.S. Equity Buffer10 ETF - Sep · Absorbs the first 10% of loss on SPY and caps the gain at 17.5%, over a period ending Aug 31, 2027

Issuer PGIM AllianzIM

Reference index SPY SPY

Buffer 12% 10%

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

Days left 300 300

Starting cap +15.9% +17.5%

Can still gain 14.7% 16.2%

Fall before buffer 1.1% 1.2%

Protection left, index points 12.0% of 12.0% 10.0% of 10.0%

Index return this period 0.0% 0.0%

Fund return this period +0.6% +0.5%

State today Buffer working Buffer working

Expense ratio 0.50% 0.74%

Net assets, SEPP as of Nov 4, 2026 and SEPT as of Nov 3, 2026 $91m $37m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

SEPP resets first, on Aug 31, 2027, 300 days from now; SEPT runs to Aug 31, 2027, 300 days. SEPP can still gain 14.7% before its cap, SEPT 16.2%. A fall from here reaches SEPP’s buffer after 1.1% and SEPT’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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.

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. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, SEPP or SEPT?: From their prices on Nov 4, 2026, SEPP can gain about 14.7% before its cap and SEPT about 16.2%, so SEPT has more room left this period.
Which resets first, SEPP or SEPT?: SEPP ends its outcome period on Aug 31, 2027 and SEPT on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, SEPP or SEPT?: SEPP charges 0.50% a year and SEPT charges 0.74%, so SEPP is cheaper. Fees come from each fund's prospectus.

Other comparisons

SEPP vs CPST SEPP vs DDTS SEPP vs CPSA SEPP vs XAUG SEPT vs DDFS SEPT vs AUGM SEPT vs CPSA SEPT vs CPST

Where to next

SPDR S&P 500 ETF Trust →SEPP on its own →SEPT on its own →Method →Standards and sources →

Sources and dates

SEPP filings on SEC EDGAR ↗

PGIM website ↗

SEPT filings on SEC EDGAR ↗

AllianzIM page for SEPT ↗

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, SEPP against SEPT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/sepp-vs-sept

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