Which resets first, SEPP or SEPU?

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

Which is cheaper, SEPP or SEPU?

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

Data as of Nov 4, 2026.

Buffer ETFs

SEPP vs SEPU: Cap, Buffer & Days Left

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As of Nov 4, 2026 SEPP can fall 1.1% before its buffer engages and SEPU 0.6%.

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Net assets: $91m on Nov 4, 2026 for PGIM S&P 500 Buffer 12 ETF - September, and $164m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Sep.

SEPP on its own →SEPU on its own →

At a glance

1.1%

SEPP can fall this far before its buffer

0.6%

SEPU can fall this far before its buffer

14.7%

SEPP can still gain

uncapped

SEPU 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.

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

SEPP costs 0.24 points a year less; their one-year returns differ by 1.0 point; SEPU is 1.8 times larger.

Points (pts) are percentage points.

SEPP vs SEPU: Cap, Buffer & Days Left
Measure	SEPP	SEPU
Return
Measure	SEPP	SEPU
Total return, 1 year	+10.9%	+9.9%
Benchmark
Measure	SEPP	SEPU
What it tracks	SPY	SPY
Cost and size
Measure	SEPP	SEPU
Expense ratio	0.50%	0.74%
Net assets, as of Nov 3, 2026	$91m	$164m
Holdings
Measure	SEPP	SEPU
Holdings in common	not published

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

IQ Buffer Score56.2SEPP75.2SEPU

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

SEPU 75.2

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 SEPU: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	SEPP	SEPU	SEPP	SEPU
3 months	+1.1%	−0.9%	+1.5 pts	−0.6 pts
6 months	+4.3%	+3.3%	−0.2 pts	−1.2 pts
1 year	+10.9%	+9.9%	−2.7 pts	−3.7 pts
Since launchNot the same days: SEPP May 2024 · SEPU Sep 2024	+32.7%	+28.5%	−12.0 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

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 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 PGIM AllianzIM

Reference index SPY SPY

Buffer 12% 15%

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

Days left 300 300

Starting cap +15.9% uncapped

Can still gain 14.7% uncapped

Fall before buffer 1.1% 0.6%

Protection left, index points 12.0% of 12.0% 15.0% of 15.0%

Index return this period 0.0% 0.0%

Fund return this period +0.6% −0.2%

State today Buffer working Buffer working

Expense ratio 0.50% 0.74%

Net assets, SEPP as of Nov 4, 2026 and SEPU as of Nov 3, 2026 $91m $164m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

SEPP resets first, on Aug 31, 2027, 300 days from now; SEPU runs to Aug 31, 2027, 300 days. A fall from here reaches SEPP’s buffer after 1.1% and SEPU’s after 0.6%. 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.

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. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. On Aug 31, 2027 the period ends and new terms are set.

Questions people ask

Which resets first, SEPP or SEPU?: SEPP ends its outcome period on Aug 31, 2027 and SEPU on Aug 31, 2027. New terms are set the day after each.
Which is cheaper, SEPP or SEPU?: SEPP charges 0.50% a year and SEPU charges 0.74%, so SEPP is cheaper. Fees come from each fund's prospectus.

Other comparisons

SEPP vs SEPW SEPP vs SEPT SEPP vs DDFS SEPP vs USEP SEPU vs DDFS SEPU vs AUGM SEPU vs CPSA SEPU vs CPST

Where to next

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

Sources and dates

SEPP filings on SEC EDGAR ↗

PGIM website ↗

SEPU filings on SEC EDGAR ↗

AllianzIM page for SEPU ↗

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.

Cite this pageCitation, APA and Markdown

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

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