# SEPU (AllianzIM U.S. Equity Buffer15 Uncapped ETF - Sep)

AllianzIM · Buffer ETFs · data as of Sep 11, 2026

As of Sep 11, 2026, SEPU has no cap on its upside, and resets in 354 days.

## Key facts

- SEPU, can still gain: uncapped, as of Sep 11, 2026.
- SEPU, fall before the buffer: 0.3%, as of Sep 11, 2026.
- SEPU, protection left, index points: 14.6%, as of Sep 11, 2026.
- SEPU, days to reset: 354, as of Sep 11, 2026.
- SEPU, net assets: $160m (issuer page, as of Sep 10, 2026).
- SEPU, expense ratio: 0.74% (issuer page, Sep 11, 2026).

## SEPU over each window to Sep 11, 2026

| Window | Total return | SPY | Gap to SPY |
| --- | --- | --- | --- |
| 3 months | +2.6% | +3.3% | −0.7 pts |
| 6 months | +11.7% | +16.0% | −4.3 pts |
| 1 year | +12.3% | +17.5% | −5.3 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | SPY | ETFIQ |
| Buffer | 15% | ETFIQ |
| Outcome period | Sep 1, 2026 to Aug 31, 2027 | ETFIQ |
| Starting cap | uncapped | ETFIQ |
| SPY return since period start | −0.4% | ETFIQ |
| Fund return since period start | −0.4% | ETFIQ |
| Net assets | $160m | issuer page, as of Sep 10, 2026 |
| Band state today | Buffer working | ETFIQ |
| Can still gain | uncapped | issuer, fund price |
| Fall before buffer | 0.3% | issuer, fund price |
| Fall to the buffer in index terms | 0.0% | ETFIQ |
| Protection left in index points | 14.6% of 15.0% | ETFIQ |
| Days left in period | 354 | ETFIQ |
| Expense ratio | 0.74% | issuer page, Sep 11, 2026 |

## Questions

### Does SEPU have a cap?

No. SEPU takes a share of any further rise in SPY, so there is no ceiling on the upside this period.

### How far can SEPU fall before the buffer helps?

0.3% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms SPY can fall 0.0% from that level before the buffer begins. Losses until that point are the holder's.

### How much of the SEPU buffer is left?

14.6% of the 15.0% buffer sat below the SPY level on Sep 11, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.

### When does SEPU reset?

The outcome period ends on Aug 31, 2027, 354 days from the data on Sep 11, 2026. A new cap is set the next day and the buffer starts again.

### What does SEPU cost?

The prospectus expense ratio is 0.74% a year.


## Cite this page

ETFIQ, SEPU, data as of Sep 11, 2026. https://etfiq.com/funds/sepu
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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