Data as of .
SEPP vs SEPW: which one stands where?
As of Sep 21, 2026 SEPP can fall 1.2% before its buffer engages and SEPW 1.2%, and SEPP resets 1 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
SEPP resets first, on Aug 31, 2027, 344 days from now; SEPW runs to Aug 31, 2027, 345 days. SEPP can still gain 14.5% before its cap, SEPW 11.1%. A fall from here reaches SEPP’s buffer after 1.2% 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 | ||
|---|---|---|---|---|
| SEPP | SEPW | SEPP | SEPW | |
| 3 months | +2.1% | +1.6% | −0.1 pts | −0.7 pts |
| 6 months | +10.6% | +7.5% | −7.4 pts | −10.6 pts |
| 1 year | +11.0% | +8.2% | −5.5 pts | −8.3 pts |
| 3 years | not published | +35.9% | not published | −42.5 pts |
| 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 | 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 | PGIM | AllianzIM |
| Reference index | SPY | SPY |
| Buffer | 12% | 20% |
| Outcome period | Sep 1, 2026 to Aug 31, 2027 | Sep 1, 2026 to Aug 31, 2027 |
| Days left | 344 | 345 |
| Starting cap | +15.9% | +12.3% |
| Can still gain | 14.5% | 11.1% |
| Fall before buffer | 1.2% | 1.2% |
| Protection left, index points | 12.0% of 12.0% | 20.0% of 20.0% |
| Index return this period | +0.9% | +0.9% |
| Fund return this period | +0.7% | +0.5% |
| State today | Open | Open |
| Expense ratio | 0.50% | 0.74% |
| Net assets | $30m | $123m |
SEPP in plain words
From its price on Sep 21, 2026, the fund can gain about 14.5% 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: 12.0% of the 12.0% buffer still sits below today's SPY level. 344 days remained on Sep 21, 2026. On Aug 31, 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. 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.
Questions people ask
- Which has more room to gain, SEPP or SEPW?
- From their prices on Sep 21, 2026, SEPP can gain about 14.5% before its cap and SEPW about 11.1%, so SEPP has more room left this period.
- Which resets first, SEPP or SEPW?
- SEPP ends its outcome period on Aug 31, 2027 and SEPW on Aug 31, 2027. A new cap is set the day after each.
- Which is cheaper, SEPP or SEPW?
- SEPP charges 0.50% a year and SEPW charges 0.74%, so SEPP 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, SEPP against SEPW, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/sepp-vs-sepw Free to use with attribution; the underlying files are at Open data.