Data as of Nov 4, 2026.
SEPW vs ZSEP: Cap, Buffer & Days Left
As of Nov 4, 2026 SEPW can fall 1.4% before its buffer engages and ZSEP 0.8%.
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Net assets: $211m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Sep, and $263m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - 1 Yr September.
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.ZSEP: reference −0.1% since period start, fund +0.6%; buffer Floor; cap +8.9%; Buffer working. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
SEPW costs 0.05 points a year less; their one-year returns differ by 2.6 points; ZSEP is 1.2 times larger.
Points (pts) are percentage points.
| Measure | SEPW | ZSEP |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.1% | +5.5% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.74% | 0.79% |
| Net assets, as of Nov 3, 2026 | $211m | $262m |
| Holdings | ||
| Holdings in common | not published | |
Risk and return
Sep 13, 2024 to Oct 30, 2026 · 111 weekly returns · each against SPYFrom Sep 2024 to Oct 2026, SEPW returned more: +19.9% to +13.0%. ZSEP swung less: 3.1% to 6.0%. ZSEP fell less at its worst: −3.7% to −7.5%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | SEPW | ZSEP | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +19.9% | +13.0% | SEPW | Price change plus distributions, reinvested. | |
| Annualized | +8.9% | +5.9% | SEPW | Total return as a yearly rate. | |
| Price return | +19.9% | +13.0% | SEPW | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 6.0% | 3.1% | ZSEP | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 4.0% | 2.1% | ZSEP | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −7.5% | −3.7% | ZSEP | Deepest fall from a high to the low after it. | |
| Upside capture | 30.5% | 15.3% | 100.0% | SEPW | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 40.8% | 19.0% | 100.0% | ZSEP | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.39 | 0.20 | 1.00 | ZSEP lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.92 | 0.87 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.77 | 0.55 | SEPW | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.14 | 0.83 | SEPW | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.117 | 0.087 | 0.121 | SEPW | Return above Treasury bills per unit of beta. |
| Calmar | 1.18 | 1.59 | ZSEP | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | −0.1% a year | −0.7% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.13 | −0.86 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −2.4% to +2.1% | −2.2% to +0.9% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.83 | −0.88 | SEPW (slight) | Return against its benchmark per unit of tracking error. | |
| Tracking error | 9.0% | 11.8% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 111 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | SEPW | ZSEP | SEPW | ZSEP |
| 3 months | +1.0% | +1.0% | +1.4 pts | +1.4 pts |
| 6 months | +3.4% | +2.5% | −1.0 pts | −2.0 pts |
| 1 year | +8.1% | +5.5% | −5.4 pts | −8.1 pts |
| 3 years | +37.7% | – | −38.7 pts | – |
| Since launchNot the same days: SEPW Sep 2023 · ZSEP Sep 2024 | +35.9% | +14.1% | −34.1 pts | −24.8 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. ZSEP 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
SEPW resets first, on Aug 31, 2027, 300 days from now; ZSEP runs to Aug 31, 2027, 300 days. SEPW can still gain 10.9% before its cap, ZSEP 8.1%. A fall from here reaches SEPW’s buffer after 1.4% and ZSEP’s after 0.8%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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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.
ZSEP
From its price on Nov 4, 2026, the fund can gain about 8.1% more before it reaches its cap. The fund's price can fall 0.8% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 99.9% of the 100.0% buffer still sits below today's SPY level.
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.
Cite this pageCitation, APA and Markdown
ETFIQ, SEPW against ZSEP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/sepw-vs-zsep
ETFIQ. (Nov 4, 2026). SEPW against ZSEP. Retrieved from https://etfiq.com/compare/buffer/sepw-vs-zsep
[SEPW against ZSEP (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/sepw-vs-zsep)
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