Skip to content
etf.net

Launched

AllianzIM U.S. Equity Buffer20 Sep ETF

SEPWCboeC

$34.21+0.01 (+0.03%)

As of Oct 13, 2026, 3:59 PM

C51/ 100

Rank 12 of 24 in S&P 500 Buffer 20%

C51/100Rank 12 of 24inS&P 500 Buffer 20%
Intraday session: up, 62 prints from 34.20 to 34.21. Range 34.14 to 34.23. Use the arrow keys to read each point.34.1434.1634.1834.2210 AM12 PM2 PM4 PM
Expense ratio
0.74%
Fund size
$132M
1Y total return
+10.0%
Yield · Last 12 months
—
Holdings
2
Avg volume · 30D
0M sh
NAV per share
$34.21
52W range
low $31.09high $34.71
Launched

The ETF.net SEPW Grade

Based on 5 of 6 pillars

C

Score 51 out of 100

Category
S&P 500 Buffer 20%⁠
Rank
12 of 24
Six-pillar profile for SEPW. Scores out of 100: Cost 37, Risk 48, Mission not scored, Tradability 73, Holdings 69, Durability 51. Strongest: Tradability (73). Weakest: Cost (37). Based on 5 of 6 pillars.

Score 51 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D37 out of 100
    Rank 10 of 24

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C48 out of 100
    Rank 11 of 23

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A73 out of 100
    Rank 3 of 24

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B69 out of 100
    Rank 2 of 12

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C51 out of 100
    Rank 15 of 24

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 Oct 12, 2026
Asset class
Stocks
Holdings
2
Top-10 weight
104%
Largest holding
4SPY 270831C0000575099.9%

Sectors

  • Technology41.0%
  • Financials11.1%
  • Communication9.7%
  • Health Care9.1%
  • Consumer Discretionary8.8%
  • Industrials7.4%
  • Consumer Staples4.3%
  • Energy3.4%
  • Utilities1.9%
  • Real Estate1.6%
  • Materials1.5%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
0014SPY 270831C00005750Spy 08/31/2027 5.75 C99.85%1,712$132M1
0024SPY 270831P00767130Spy 08/31/2027 767.13 P4.24%1,712$6M1

Showing 1–2 of 2 holdings

SEPW Performance

Launched Aug 31, 2023

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

Not enough history yet.Not enough history yet.
SEPW$11,004
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. SEPW $11,004. SPY $12,044. Use the arrow keys to read each point.$9,582$10,912$12,243Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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+7.1%
1 month+0.9%
3 months+2.0%
1 year+10.0%
3 yearsper year+11.5%
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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+7.1%
2025+10.4%
2024+11.1%
2023+3.7%

History from Sep 1, 2023

SEPW in the news

Filtered to SEPW · S&P 500 Buffer 20%

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 · 36 months to Sep 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.
1.32
vs 3-month T-bills · to Sep 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%
37 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.

Other funds in S&P 500 Buffer 20%

See others