Data as of Nov 4, 2026.
SEPW vs XAUG: Cap, Buffer & Days Left
As of Nov 4, 2026 XAUG can fall 1.9% before its buffer engages and SEPW 1.4%, and XAUG resets 11 days sooner.
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Net assets on Nov 3, 2026: $211m for AllianzIM U.S. Equity Buffer20 ETF - Sep and $26m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - August.
SEPW: reference 0.0% since period start, fund +0.6%; buffer 0 to −20; cap +12.3%; Buffer working. Data to Nov 4, 2026.
SEPW: reference 0.0% since period start, fund +0.6%; buffer 0 to −20; cap +12.3%; 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
SEPW costs 0.11 points a year less; their one-year returns differ by 0.2 points; SEPW is 8.1 times larger.
Points (pts) are percentage points.
| Measure | SEPW | XAUG |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.1% | +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 | $211m | $26m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | SEPW | XAUG | SEPW | XAUG |
| 3 months | +1.0% | +1.3% | +1.4 pts | +1.7 pts |
| 6 months | +3.4% | +3.4% | −1.0 pts | −1.1 pts |
| 1 year | +8.1% | +8.3% | −5.4 pts | −5.3 pts |
| 3 years | +37.7% | +32.7% | −38.7 pts | −43.7 pts |
| Since launchNot the same days: SEPW Sep 2023 · XAUG Aug 2023 | +35.9% | +33.9% | −34.1 pts | −40.6 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. 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. 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, 289 days from now; SEPW runs to Aug 31, 2027, 300 days. SEPW can still gain 10.9% before its cap, XAUG 9.1%. A fall from here reaches SEPW’s buffer after 1.4% and XAUG’s after 1.9%. Both track SPY, so what separates them is where each is in its own period.
SEPW
From its price on Nov 4, 2026, the fund can gain about 10.9% more before it reaches its cap. The fund's price can fall 1.4% 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: 20.0% of the 20.0% 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
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.
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ETFIQ, SEPW against XAUG, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/sepw-vs-xaug
ETFIQ. (Nov 4, 2026). SEPW against XAUG. Retrieved from https://etfiq.com/compare/buffer/sepw-vs-xaug
[SEPW against XAUG (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/sepw-vs-xaug)
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