Data as of .
SEPW vs XAUG: which one stands where?
As of Sep 21, 2026 XAUG can fall 1.6% before its buffer engages and SEPW 1.2%, and XAUG resets 12 days sooner.
These are two different products. XAUG is a floor fund, which caps how far a holder can fall. SEPW 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; SEPW runs to Aug 31, 2027, 345 days. SEPW can still gain 11.1% before its cap, XAUG 9.5%. A fall from here reaches SEPW’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 | ||
|---|---|---|---|---|
| SEPW | XAUG | SEPW | XAUG | |
| 3 months | +1.6% | +1.4% | −0.7 pts | −0.9 pts |
| 6 months | +7.5% | +7.0% | −10.6 pts | −11.0 pts |
| 1 year | +8.2% | +7.9% | −8.3 pts | −8.7 pts |
| 3 years | +35.9% | +31.6% | −42.5 pts | −46.8 pts |
| 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 | 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 | AllianzIM | First Trust |
| Reference index | SPY | SPY |
| Buffer | 20% | 15% |
| Outcome period | Sep 1, 2026 to Aug 31, 2027 | Aug 24, 2026 to Aug 20, 2027 |
| Days left | 345 | 333 |
| Starting cap | +12.3% | +11.1% |
| Can still gain | 11.1% | 9.5% |
| Fall before buffer | 1.2% | 1.6% |
| Protection left, index points | 20.0% of 20.0% | 15.0% of 15.0% |
| Index return this period | +0.9% | +1.1% |
| Fund return this period | +0.5% | +0.8% |
| State today | Open | Open |
| Expense ratio | 0.74% | 0.85% |
| Net assets | $123m | $26m |
SEPW in plain words
From its price on Sep 21, 2026, the fund can gain about 11.1% 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: 20.0% of the 20.0% buffer still sits below today's SPY level. 345 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, SEPW or XAUG?
- From their prices on Sep 21, 2026, SEPW can gain about 11.1% before its cap and XAUG about 9.5%, so SEPW has more room left this period.
- Which resets first, SEPW or XAUG?
- SEPW 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, SEPW or XAUG?
- SEPW charges 0.74% a year and XAUG charges 0.85%, so SEPW 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, SEPW against XAUG, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/sepw-vs-xaug Free to use with attribution; the underlying files are at Open data.