Data as of .
SEPP vs XAUG: which one stands where?
As of Sep 21, 2026 XAUG can fall 1.6% before its buffer engages and SEPP 1.2%, and XAUG resets 11 days sooner.
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, 333 days from now; SEPP runs to Aug 31, 2027, 344 days. SEPP can still gain 14.5% before its cap, XAUG 9.5%. A fall from here reaches SEPP’s buffer after 1.2% and XAUG’s after 1.6%. 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 | XAUG | SEPP | XAUG | |
| 3 months | +2.1% | +1.4% | −0.1 pts | −0.9 pts |
| 6 months | +10.6% | +7.0% | −7.4 pts | −11.0 pts |
| 1 year | +11.0% | +7.9% | −5.5 pts | −8.7 pts |
| 3 years | not published | +31.6% | not published | −46.8 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 | XAUG FT Vest U.S. Equity Enhance & Moderate Buffer ETF - August Absorbs the first 15% of loss on SPY and caps the gain at 11.1%, over a period ending Aug 20, 2027 | |
|---|---|---|
| Issuer | PGIM | First Trust |
| Reference index | SPY | SPY |
| Buffer | 12% | 15% |
| Outcome period | Sep 1, 2026 to Aug 31, 2027 | Aug 24, 2026 to Aug 20, 2027 |
| Days left | 344 | 333 |
| Starting cap | +15.9% | +11.1% |
| Can still gain | 14.5% | 9.5% |
| Fall before buffer | 1.2% | 1.6% |
| Protection left, index points | 12.0% of 12.0% | 15.0% of 15.0% |
| Index return this period | +0.9% | +1.1% |
| Fund return this period | +0.7% | +0.8% |
| State today | Open | Open |
| Expense ratio | 0.50% | 0.85% |
| Net assets | $30m | $26m |
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.
XAUG in plain words
From its price on Sep 21, 2026, the fund can gain about 9.5% 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 figure. In index terms, SPY can fall 1.0% 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. 333 days remained on Sep 21, 2026. On Aug 20, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, SEPP or XAUG?
- From their prices on Sep 21, 2026, SEPP can gain about 14.5% before its cap and XAUG about 9.5%, so SEPP has more room left this period.
- Which resets first, SEPP or XAUG?
- SEPP ends its outcome period on Aug 31, 2027 and XAUG on Aug 20, 2027. A new cap is set the day after each.
- Which is cheaper, SEPP or XAUG?
- SEPP charges 0.50% a year and XAUG charges 0.85%, 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 XAUG, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/sepp-vs-xaug Free to use with attribution; the underlying files are at Open data.