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SEPW

GradeCChicago Board Options Exchange

AllianzIM U.S. Equity Buffer20 Sep ETF

Buffered · AllianzIM · Inception 2023-08-31

$33.95−0.12 (−0.34%)

As of Sep 23, 2026, 3:14 PM EDT

History starts Sep 1, 2023.
Intraday session: down, 68 prints from 34.07 to 33.95. Range 33.92 to 34.12. Use the arrow keys to read each point.$34.00$34.05$34.1010 AM12 PM2 PM4 PM
Expense ratio
0.74%
Fund size
$124M
1Y return
+8.6%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$34.03
52W range
low $31.08high $34.71

The ETF.net SEPW Grade

C

48/ 100

Rank 15 of 24 in S&P 500 Buffer 20%⁠

Confidence Medium

Six-pillar profile for SEPW. Scores out of 100: Cost 37, Risk 43, Mission not scored, Tradability 64, Holdings 69, Durability 51. Strongest: Holdings (69). Weakest: Cost (37). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 48 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 37
    Category rank21/24 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 43
    Category rank17/22 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 64
    Category rank6/24 · top 25%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 69
    Category rank2/12 · top 17%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 51
    Category rank16/24 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on SEPW

ETF.net Research

CSeptember's door into AllianzIM's deep-buffer series: SEPW absorbs the first 20% of a year's decline in the SPDR S&P 500 ETF Trust's share price, and trades away upside above a cap that resets every September 1.

Stated mandate

The fund seeks to track the share-price return of the SPDR S&P 500 ETF Trust through the current outcome period, subject to an upside cap, while protecting the first 20% of underlying losses. Fees reduce the stated cap and buffer.

Why people hold it

  1. 01Deep end of the buffer world: the first 20% of the reference ETF's price decline over a full outcome period is absorbed. Fees reduce the stated buffer and cap.
  2. 02A 1940 Act ETF, not a bank-issued note, so no single issuer's balance sheet sits between the strategy and the payoff.
  3. 03One month in a series: March and May siblings run the same 20% buffer on the same reference, so the start date isn't dictated by a single point on the calendar.

Worth knowing

  1. 01Cost sits at the top of the deep-buffer group: 0.74%, against 0.50% at PGIM's laddered PBFR and 0.49% at the Pacer Swan flex funds (PSFJ, PSFM).
  2. 02The reference is a share price, so S&P 500 dividends don't count toward the capped return, and income isn't part of the design.
  3. 03Bought mid-period, the effective buffer and cap differ from the headline terms, which apply across a complete outcome period.

SEPW Holdings

As of Sep 20, 2026, 9:12 AM
Asset class
Stocks
Holdings
5
Top-10 weight
104%
Largest holding
4SPY 270831C0000575098.7%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
0014SPY 270831C00005750SPY 08/31/2027 5.75 C98.70%1,623$122M1
0024SPY 270831P00767130SPY 08/31/2027 767.13 P5.02%1,623$6M1
003—Cash&Other0.01%14,932$15K50

Showing 1–3 of 3 holdings

SEPW Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

SEPW$10,864
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. SEPW $10,864. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for SEPW. Periods over one year show the average yearly return.
PeriodSEPW
Year to date+6.7%
1 month+0.6%
3 months+2.3%
1 year+8.6%
3 years+11.6%per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for SEPW
YearReturn barSEPW
2026 YTD+6.7%
2025+10.4%
2024+11.1%
2023+3.7%

History from Sep 1, 2023

SEPW in the news

ETF.net Research hasn’t filed on SEPW yet — coverage lands here as it’s written.

SEPW Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

SEPW Risk

How much the fund’s monthly returns vary, scaled to a year.
5.0%
Annualised · 35 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.37
vs 3-month T-bills · 35 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−8.4%
36 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.39
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

SEPW Cost

Expense ratio0.74%
  • The middle half of S&P 500 Buffer 20% funds
  • Median 0.74%

9 of the 24 S&P 500 Buffer 20% funds charge less.

SEPW costs $74.00 a year on $10,000. The median S&P 500 Buffer 20% fund costs $74.00.