At a glance
SEPW charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $101.0M in assets, the 8th largest of that group. Over the past year it returned +7.7% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +12.4% a year.
The short version
AllianzIM U.S. Large Cap Buffer20 Sep ETF (SEPW) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). The aim is to absorb the first 20% of SPY's price loss over each one-year period starting September 1, in exchange for a cap on gains. Its 0.74% expense ratio is below the 0.86% average of the seven similar buffer funds compared here. But its returns trailed all seven over one and three years through October 27, 2026.
Price history
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SEPW +7.7% 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 | |
|---|---|---|---|---|---|---|
| SEPW official prospectus, to Dec 31, 2025 | — | +10.38% | — | — | — | +11.04% |
| SEPW price data to Oct 27, 2026 | +6.8% | +7.7% | +12.4% | — | — | +10.2% |
- Over the year to Oct 27, 2026, SEPW returned +7.7%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+10.4%); its best was 2024 (+11.1%).
- The deepest fall in its price history was 8.4% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.8% | — |
| 2025 | +10.4% | +10.38% |
| 2024 | +11.1% | +11.09% |
| 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 $190.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.44%, +0.37%, +0.72%.
How it works
SEPW doesn't own stocks. As of July 31, 2026, it held four FLEX options on SPY, all expiring August 31, 2026. An option is a contract giving the right to buy (a call) or sell (a put) at a set "strike" price. FLEX options trade on an exchange but have customized terms, and the Options Clearing Corporation guarantees them. The fund tracks SPY's share price only. It does not receive SPY's dividends.
The four options work together. A call with a $4.84 strike moves almost one-for-one with SPY and supplies the market exposure. A bought put at $645.11 and a sold put at $516.04 create the 20% buffer. Losses beyond that range pass through. A sold call at $711.30 sets the cap. For the outcome period from September 1, 2025 to August 31, 2026, the cap was 10.27% before fees and 9.53% after the 0.74% fee. The buffer was 19.26% after fees.
The options reset each September 1. The new cap depends on volatility and interest rates at that time, and it can change significantly. These outcomes apply only to someone who holds for the full period. Buying after SPY has risen may leave little room under the cap. Buying after it has fallen may leave less buffer.
What it really costs
- SEPW 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 |
|---|---|---|---|---|
| SEPW | $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 aims to absorb the first 20% of SPY's price losses each period, giving up some upside and all dividends for a smoother ride.
SEPW launched on August 31, 2023, so it has no record from the 2008, 2020 or 2022 sell-offs. Its buffer has not yet faced a full bear market. Its deepest drop was 8.4%, from February 19 to April 8, 2025, and it recovered by June 3, 2025, about 1.8 months later. Its weakest calendar year, 2025, still returned 10.38%. A steadier path like that may help someone who needs to sell shares in a rough year. It pays no income. The cost is 0.74% a year, or $76 in the first year on $10,000 in the SEC's standard example. Net assets were about $101 million as of July 31, 2026, the smallest of the eight buffer funds compared. Past results don't predict future ones, 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 buffer against the first 20% of SPY losses, and who can hold for each full September-to-August period.
- Cost-conscious buffer buyers: its 0.74% expense ratio was below the 0.86% average of the similar buffer funds compared here.
- People who value a smoother ride: one-year volatility was 4.6%, and its deepest drop, 8.4%, recovered in under two months.
Look elsewhere if
- Anyone needing income: SEPW recorded no distributions and does not receive the dividends paid by SPY.
- Investors who want full stock-market upside: gains were capped at 9.53% after fees for the period ending August 31, 2026.
- Those focused on returns or fund size: it ranked last of eight similar funds over one and three years, with about $101 million in assets.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SEPW this fund | 0.74% | $101.0M | +7.7% | +12.4% |
| 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 SEPW pay dividends?
No. SEPW recorded no distributions. Its prospectus says the fund will not receive or benefit from dividends paid by the SPDR S&P 500 ETF Trust (SPY). Its returns follow SPY's share price only, within the cap and buffer. Over long periods, missing dividends can add up, because dividends make up part of the S&P 500's total return. Investors who need regular income may prefer funds that pay one.
How does the SEPW 20% buffer work?
SEPW aims to absorb the first 20% of SPY's price decline over each outcome period, which runs from September 1 to August 31. After fees, the buffer for the period that ended August 31, 2026 was 19.26%. Losses beyond the buffer pass through to shareholders, and the prospectus warns that a shareholder could still lose their entire investment. The buffer applies to the full period. Buying partway through, after SPY has fallen, can leave less protection.
What is the SEPW cap?
For the outcome period from September 1, 2025 to August 31, 2026, SEPW's cap was 10.27% before fees. After its 0.74% management fee, it was 9.53%. Any SPY gains above that level were not passed on to shareholders. A new cap is set at the start of each period, based on market volatility, interest rates and other conditions. It is unlikely to stay the same and can change significantly from one year to the next.
SEPW vs PJAN: what's the difference?
Both are U.S. equity buffer ETFs, but they reset in different months: September for SEPW and January for Innovator U.S. Equity Power Buffer ETF – January (PJAN), as their names show. SEPW is cheaper, at 0.74% versus 0.79%. As of October 27, 2026, PJAN returned 10.5% over one year and 14.8% annualized over three years, compared with 7.7% and 12.4% for SEPW. PJAN was also much larger, at about $1.4 billion in net assets.
Is SEPW good for retirement?
It depends on the role it needs to fill. SEPW may suit retirees who want S&P 500 price exposure with a 20% buffer and fewer swings. Its deepest drop since launch was 8.4%, and it returned 11.09% in 2024 and 10.38% in 2025. The drawbacks: no income, capped gains, a 2023 launch that means it hasn't been tested in a major bear market, and returns that trailed every similar fund compared here over one and three years.