At a glance
SEPT charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $33.2M in assets, the 8th largest of that group. Over the past year it returned +10.7% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +18.1% a year.
The short version
AllianzIM U.S. Large Cap Buffer10 Sep ETF (SEPT) uses options on the SPDR S&P 500 ETF Trust (SPY) to seek SPY's price return, up to a cap, while buffering the first 10% of losses over each September-to-August period. It forgoes SPY's dividends and gains above the cap. Its 0.74% fee is lower than every similar buffer fund compared, but the fund is also the smallest, with about $33 million in assets as of July 31, 2026.
Price history
The interactive chart needs JavaScript.
SEPT +10.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SEPT official prospectus, to Dec 31, 2025 | — | +14.70% | — | — | — | +15.74% |
| SEPT price data to Oct 27, 2026 | +10.0% | +10.7% | +18.1% | — | — | +14.7% |
- Over the year to Oct 27, 2026, SEPT returned +10.7%, 6th of 8 among similar funds.
- Its worst full calendar year was 2025 (+14.9%); its best was 2024 (+16.4%).
- The deepest fall in its price history was 12.8% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.0% | — |
| 2025 | +14.9% | +14.70% |
| 2024 | +16.4% | +16.75% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $74.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.35%, +0.33%, +0.92%.
How it works
SEPT owns no stocks, only FLEX options on the SPDR S&P 500 ETF Trust (SPY). FLEX options are customized exchange-traded contracts guaranteed by the Options Clearing Corporation. Over each outcome period, September 1 to August 31, SEPT seeks SPY's share price return up to a cap, while buffering the first 10% of losses; deeper losses pass through. The cap resets each period based on option prices. For September 1, 2025 to August 31, 2026, it was 14.69%, or 13.95% after the 0.74% fee, which also trims the buffer to 9.26%.
As of July 31, 2026, SEPT held four SPY options expiring August 31, 2026. A call option with a $4.77 exercise price, about 102% of net assets, moves almost in step with SPY. Two put options, which gain as prices fall, form the buffer: one bought at $644.99 and one sold at $580.55, roughly 10% lower. A call sold at $739.81 partly funds that protection and sets the cap.
The cap and buffer apply only to shares held for the whole period. Buying after SPY has risen leaves less room before the cap; buying after it has fallen leaves less buffer. Because the options are exercisable only at expiration, the fund's mid-period price may not reflect the buffer. SEPT also receives none of SPY's dividends.
What it really costs
- SEPT charges 0.74% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $76 in the first year and $918 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SEPT | $76 | $237 | $411 | $918 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It trades capped gains and forgone dividends for a buffer against the first 10% of SPY's losses over each September-to-August period.
SEPT launched August 31, 2023, so it missed the 2008 crisis, the 2020 COVID crash and the 2022 bear market. Its deepest drop was 12.8%, from February 19 to April 8, 2025; it recovered by June 12, 2025, about two months later. That fall exceeded the 10% buffer, which is measured from each September 1 start and fully applies only at the August 31 end. Anyone forced to sell mid-period in a slump may get less protection. Its weaker full calendar year, 2025, still gained 14.7%.
SEPT has made no distributions and does not receive SPY's dividends, so drawing cash means selling shares. Its 0.74% fee is the lowest among the similar buffer funds compared, which average 0.86%; in the SEC's standard $10,000 example, costs total $918 over 10 years. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with a buffer on the first 10% of SPY's losses and can hold for full September-to-August periods.
- Investors who value smaller swings: its deepest drop since launching in 2023 was 12.8%, in early 2025, and it recovered in about two months.
- Cost-conscious investors comparing buffer funds: its 0.74% fee undercuts the seven similar funds compared, which charge 0.79% to 0.95%.
Look elsewhere if
- Income seekers: SEPT has made no distributions and does not receive SPY's dividends, so drawing cash means selling shares.
- Anyone likely to buy or sell mid-period: entering after SPY rises or falls can leave less upside or less buffer than stated.
- Investors seeking the S&P 500's full gains: the cap for September 2025 to August 2026 was 14.69% before fees, limiting gains in stronger rallies.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SEPT this fund | 0.74% | $33.2M | +10.7% | +18.1% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What is the cap on the SEPT buffer ETF?
SEPT's cap, the most it seeks to gain over an outcome period, was 14.69% before fees for September 1, 2025 to August 31, 2026, or 13.95% after its 0.74% fee. A new cap is set just before each September 1 from option prices, which reflect market volatility, interest rates and time to expiration, so it can change significantly from year to year. The cap applies to shares held all period; buying after SPY has risen leaves less room before it.
Can you lose money in a buffer ETF like SEPT?
Yes. The buffer covers only the first 10% of SPY's price losses over a full September-to-August period, or 9.26% after fees. If SPY falls further, SEPT takes the additional loss, and the prospectus warns that a shareholder could lose their entire investment. Buying after SPY has already dropped mid-period can leave less, or none, of the buffer. SEPT's deepest decline since launch was 12.8%, from February 19 to April 8, 2025.
Does SEPT pay dividends?
No. SEPT has no distributions on record. It holds options on SPY rather than the stocks themselves, and its prospectus states that it does not receive or benefit from dividends paid by SPY. Its target is SPY's share price return, which leaves dividends out. As a result, SEPT's returns can trail SPY's total return (price gains plus dividends) even before the cap applies, and anyone needing cash from it would have to sell shares.
What's the difference between SEPT and BUFR?
Both are buffer ETFs, but SEPT resets once a year on September 1, while BUFR, the FT Vest Laddered Buffer ETF, is laddered, spreading money across buffer positions that start at different times. SEPT is cheaper, at 0.74% a year against BUFR's 0.95%, but far smaller: about $33 million as of July 31, 2026, versus roughly $10.5 billion for BUFR as of August 31, 2026. Over the three years to October 27, 2026, SEPT returned 18.1% a year to BUFR's 16.8%; over one year, BUFR led, 11.6% to 10.7%.
What is SEPT's expense ratio?
SEPT's expense ratio is 0.74% a year, per its prospectus filed February 27, 2026, charged as a single unitary management fee that covers most routine costs. That is lower than every similar buffer ETF compared, which average 0.86%: FT Vest's FDEC, FJAN and FFEB charge 0.85%, Innovator's PJAN and PDEC 0.79%, and BUFR and BUFD 0.95%. In the SEC's standard example, $10,000 earning 5% a year would incur about $76 in costs after one year and $918 over 10 years.