Data as of Nov 4, 2026.
SEPU vs XAUG: Cap, Buffer & Days Left
As of Nov 4, 2026 XAUG can fall 1.9% before its buffer engages and SEPU 0.6%, and XAUG resets 11 days sooner.
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Net assets on Nov 3, 2026: $164m for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Sep and $26m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - August.
SEPU: reference 0.0% since period start, fund −0.2%; buffer 0 to −15; no cap; Buffer working. Data to Nov 4, 2026.
SEPU: reference 0.0% since period start, fund −0.2%; buffer 0 to −15; no cap; 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.
Data to Nov 4, 2026.Pair scorecard
SEPU costs 0.11 points a year less; their one-year returns differ by 1.6 points; SEPU is 6.3 times larger.
Points (pts) are percentage points.
| Measure | SEPU | XAUG |
|---|---|---|
| Return | ||
| Total return, 1 year | +9.9% | +8.3% |
| Drawdown | ||
| Index fall to the buffer | 0.0% | 0.1% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.74% | 0.85% |
| Net assets, as of Nov 3, 2026 | $164m | $26m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | SEPU | XAUG | SEPU | XAUG |
| 3 months | −0.9% | +1.3% | −0.6 pts | +1.7 pts |
| 6 months | +3.3% | +3.4% | −1.2 pts | −1.1 pts |
| 1 year | +9.9% | +8.3% | −3.7 pts | −5.3 pts |
| 3 years | – | +32.7% | – | −43.7 pts |
| Since launchNot the same days: SEPU Sep 2024 · XAUG Aug 2023 | +28.5% | +33.9% | −10.4 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. SEPU 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; SEPU runs to Aug 31, 2027, 300 days. A fall from here reaches SEPU’s buffer after 0.6% and XAUG’s after 1.9%. Both track SPY, so what separates them is where each is in its own period.
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. In index terms, SPY can fall 0.0% 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. 300 days remained on Nov 4, 2026. On Aug 31, 2027 the period ends and new terms are 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. 289 days remained on Nov 4, 2026. On Aug 20, 2027 the period ends and a new cap is set.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
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.
Cite this pageCitation, APA and Markdown
ETFIQ, SEPU against XAUG, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/sepu-vs-xaug
ETFIQ. (Nov 4, 2026). SEPU against XAUG. Retrieved from https://etfiq.com/compare/buffer/sepu-vs-xaug
[SEPU against XAUG (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/sepu-vs-xaug)
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