Data as of Nov 4, 2026.
SEPP vs XAUG: Cap, Buffer & Days Left
As of Nov 4, 2026 XAUG can fall 1.9% before its buffer engages and SEPP 1.1%, and XAUG resets 11 days sooner.
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Net assets: $91m on Nov 4, 2026 for PGIM S&P 500 Buffer 12 ETF - September, and $26m on Nov 3, 2026 for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - August.
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.XAUG: reference +0.1% since period start, fund +1.1%; buffer 0 to −15; cap +11.1%; Between buffer and cap. Data to Nov 4, 2026.
XAUG: reference +0.1% since period start, fund +1.1%; buffer 0 to −15; cap +11.1%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
SEPP costs 0.35 points a year less; their one-year returns differ by 2.6 points; SEPP is 3.5 times larger.
Points (pts) are percentage points.
| Measure | SEPP | XAUG |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.9% | +8.3% |
| Drawdown | ||
| Index fall to the buffer | 0.0% | 0.1% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.85% |
| Net assets, as of Nov 3, 2026 | $91m | $26m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | SEPP | XAUG | SEPP | XAUG |
| 3 months | +1.1% | +1.3% | +1.5 pts | +1.7 pts |
| 6 months | +4.3% | +3.4% | −0.2 pts | −1.1 pts |
| 1 year | +10.9% | +8.3% | −2.7 pts | −5.3 pts |
| 3 years | – | +32.7% | – | −43.7 pts |
| Since launchNot the same days: SEPP May 2024 · XAUG Aug 2023 | +32.7% | +33.9% | −12.0 pts | −40.6 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.
These are two different products. XAUG is a floor fund, which caps how far a holder can fall. SEPP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
XAUG resets first, on Aug 20, 2027, 289 days from now; SEPP runs to Aug 31, 2027, 300 days. SEPP can still gain 14.7% before its cap, XAUG 9.1%. A fall from here reaches SEPP’s buffer after 1.1% and XAUG’s after 1.9%. Both track SPY, so what separates them is where each is in its own period.
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.
XAUG
From its price on Nov 4, 2026, the fund can gain about 9.1% more before it reaches its cap. The fund's price can fall 1.9% 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.
Questions people ask
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How this is computed
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 XAUG, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/sepp-vs-xaug
ETFIQ. (Nov 4, 2026). SEPP against XAUG. Retrieved from https://etfiq.com/compare/buffer/sepp-vs-xaug
[SEPP against XAUG (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/sepp-vs-xaug)
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