At a glance
SEPU charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $157.0M in assets, the 8th largest of that group. Over the past year it returned +9.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
AllianzIM U.S. Equity Buffer15 Uncapped Sep ETF (SEPU) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). It aims to absorb the first 15% of SPY's price losses over each September-to-August outcome period. Gains have no fixed cap. Instead, the fund subtracts a "spread" from SPY's gains, which was 3.45% before fees for the period ending August 31, 2026. At 0.74% a year, it was the cheapest of eight buffer funds compared.
Price history
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SEPU +9.1% 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 | |
|---|---|---|---|---|---|---|
| SEPU official prospectus, to Dec 31, 2025 | — | +12.08% | — | — | — | +11.52% |
| SEPU price data to Oct 27, 2026 | +9.9% | +9.1% | — | — | — | +12.6% |
- Over the year to Oct 27, 2026, SEPU returned +9.1%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+12.3%); its best was 2025 (+12.3%).
- The deepest fall in its price history was 11.8% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 30, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.9% | — |
| 2025 | +12.3% | +12.08% |
| 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 added a net $2.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.64%, -1.43%, -0.25%.
How it works
SEPU doesn't own stocks. As of July 31, 2026, it held three FLEX options on SPY, the SPDR S&P 500 ETF Trust. SPY holds the stocks in the S&P 500 at their index weights. FLEX options trade on an exchange but have custom strike prices and expiration dates, and the Options Clearing Corporation guarantees them. A call option is the right to purchase at a set price, and a put is the right to sell. A deep in-the-money call (strike $27.09) made up nearly all of the fund's assets and tracks SPY's price. A purchased put at $667.30 and a written put at $548.29 form the buffer. All three expire August 31, 2026.
The options are set at the start of each one-year outcome period, which runs September 1 to August 31. They are held until they expire, so portfolio turnover was 0%. If SPY's price falls, the fund aims to absorb the first 15% of losses, or 14.26% after the 0.74% fee. Losses beyond that pass through. If SPY rises, the fund gains only on the part above the spread: 3.45% before fees and 4.19% after fees for the September 2025 to August 2026 period. Gains above the spread aren't capped.
Three mechanics matter. The spread resets each September and can change significantly. The fund tracks SPY's price only, so it gives up SPY's dividends. And the stated outcomes apply only to someone who holds for the whole period. Investors who enter or exit mid-period get a different buffer and spread.
What it really costs
- SEPU 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 |
|---|---|---|---|---|
| SEPU | $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 keeps S&P 500 price exposure but uses options to absorb the first 15% of losses over each September-to-August period.
SEPU could soften stock-market losses for someone who wants S&P 500 exposure with fewer deep drops. It launched August 30, 2024, so it has no record from the 2008, 2020 or 2022 bear markets. Its deepest fall was 11.8%, from February 19 to April 8, 2025. It recovered by June 30, 2025, about 2.7 months later. That drop shows the buffer is not a floor partway through a period. It applies in full only at the end of the outcome period on August 31. Anyone forced to cash out mid-period in a bad year could lose more than the buffer suggests. Its only full calendar year, 2025, returned 12.08%. It pays no income and gives up SPY's dividends. It costs 0.74% a year, or $76 in the first year on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 price exposure with a 15% buffer over each September-to-August period, without a fixed cap on gains.
- Cost-conscious buffer-fund investors: its 0.74% expense ratio was the lowest of eight buffer funds compared, where the average was 0.86%.
- People who can hold from September 1 to August 31, when the buffer and spread apply as designed.
Look elsewhere if
- Anyone who needs income: SEPU recorded no distributions and doesn't receive SPY's dividends.
- Investors who may need to cash out mid-period: it fell 11.8% in early 2025 despite the buffer.
- Those who want a long record or a large fund: it launched August 2024 and had about $157 million in net assets as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SEPU this fund | 0.74% | $157.0M | +9.1% | — |
| 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
Does SEPU pay dividends?
No. SEPU recorded no distributions. Its prospectus says the fund doesn't receive or benefit from dividends paid by SPY, so its returns track SPY's share price only. Over time that gap matters, because dividends make up part of the S&P 500's total return. Investors who need regular income would have to get it from other holdings or by selling shares.
What is the spread on SEPU?
The spread is the gain SPY's price must exceed before SEPU shares in any upside. For the outcome period from September 1, 2025 to August 31, 2026, it was 3.45% before fees, or 4.19% after the 0.74% management fee. It is the price paid for the 15% downside buffer. A new spread is set each September based on interest rates, market volatility and option costs, and it can change significantly.
SEPU vs BUFR: what's the difference?
Both are buffer ETFs, but they differ in cost, size and design. SEPU charges 0.74% a year, while the FT Vest Laddered Buffer ETF (BUFR) charges 0.95%. BUFR had about $10.5 billion in net assets as of August 31, 2026. SEPU had about $157 million as of July 31, 2026. A laddered fund generally spreads money across several start dates, while SEPU resets once a year on September 1. Over the year to October 27, 2026, BUFR's price return was 11.6% and SEPU's was 9.1%.
Can you lose money in SEPU?
Yes. The buffer covers only the first 15% of SPY's price losses (14.26% after fees), and only for someone who holds from September 1 to August 31. Losses beyond that pass through, and the prospectus warns that a shareholder could lose their entire investment. The fund can also fall during a period: it dropped 11.8% between February 19 and April 8, 2025. The buffer also depends on the Options Clearing Corporation meeting its obligations.
What is SEPU's expense ratio?
SEPU's expense ratio is 0.74%, according to its prospectus filed February 27, 2026. That was the lowest of eight buffer funds compared, where the average was 0.86%. In the SEC's standard example, with $10,000 invested and a 5% annual return, costs come to about $76 after one year, $411 after five years and $918 after ten. The fee also shrinks the buffer from 15% to 14.26% and raises the spread from 3.45% to 4.19%.