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PSFJ vs SEPW

Pacer Swan SOS Flex (July) ETF

PSFJBCboe

AllianzIM U.S. Equity Buffer20 Sep ETF

SEPWCCboe

Overlap

Expense ratio

PSFJ −0.25pt a year

PSFJ0.49%SEPW0.74%

Avg volume · 30D

SEPW 4.4×the volume

PSFJ10.6KSEPW47K

3Y return · a year

PSFJ +4.1pt

PSFJ+15.9%SEPW+11.8%

PSFJ vs SEPW Performance

Oct 31, 2025 – Oct 30, 2026

+9.4%PSFJ+7.2%SEPW

Oct 31, 2025 to Oct 30, 2026. PSFJ +9.4%. SEPW +7.2%. Use the arrow keys to read each point.−2.5%0%2.5%5%Oct 2025Apr 2026Oct 2026
Expense ratio
PSFJ 0.49%, better
SEPW 0.74%
Fund size
PSFJ $57M
SEPW $213M
1Y total return
PSFJ +9.4%, better
SEPW +7.2%
Holdings
PSFJ 4
SEPW 3
Avg volume (30D)
PSFJ 10.6K sh
SEPW 47K sh, better
NAV per share
PSFJ $35.85
SEPW $34.11
52W range

ETF.net Grade

PSFJ: Cost 85, Risk 29, Mission not scored, Tradability 50, Holdings not scored, Durability 57. SEPW: Cost 37, Risk 41, Mission not scored, Tradability 83, Holdings 69, Durability 55.
Pillar letters and Scores for PSFJ, SEPW, with each pillar’s weight
PillarPSFJSEPW
Cost30% weightA85HigherD37
Mission25% weightNot scoredNot scored
Risk15% weightD29C41Higher
Tradability15% weightC50A83Higher
Holdings10% weightNot scoredB69
Durability5% weightB57HigherB55

Rank among S&P 500 Buffer 20% funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. PSFJ and SEPW are both graded against the same 24 S&P 500 Buffer 20% funds, so their Grades compare head to head.

S&P 500 Buffer 20%⁠

Category · 24 funds
See all 24 ›

PSFJ ranks 2nd and SEPW 10th of 24 funds in the S&P 500 Buffer 20% Category.

  1. Rank 1BBALTInnovator Defined Wealth Shield ETFScore 66
  2. Rank 2BPSFDPacer Swan SOS Flex (January) ETFScore 61
  3. Rank 2BPSFJPacer Swan SOS Flex (July) ETFScore 61
  4. Rank 4BPSFOPacer Swan SOS Flex (October) ETFScore 60
  5. Rank 10CAPRWAllianzIM U.S. Equity Buffer20 Apr ETFScore 52
  6. Rank 10CSEPWAllianzIM U.S. Equity Buffer20 Sep ETFScore 52
  7. Rank 12CJULWAllianzIM U.S. Equity Buffer20 Jul ETFScore 51

Our read on each fund

ETF.net Research

PSFJBPacer Swan SOS Flex (July) ETF

SEPWCAllianzIM U.S. Equity Buffer20 Sep ETF

In short

PSFJ A 20% cushion against the S&P 500's first losses, paid for with a ceiling on the upside, reset every July 1. Pacer runs the trade for less than most of the deep-buffer crowd charges.

SEPW September'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

PSFJ The Fund seeks to match, before fees and expenses, the returns of the SPDR S&P 500 ETF Trust up to a predetermined cap while buffering the first 20% of downside losses over an approximate one-year period.

SEPW 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

  • PSFJ Costs 0.49% a year against a 0.74% median for 20% S&P 500 buffer funds, and undercuts the 0.74% AllianzIM month-series funds (JUNW, AUGW, DECW) built on the same reference.
  • Deep cushion by design: it aims to absorb the first 20% of a decline in the SPDR S&P 500 ETF Trust over each roughly one-year period, before fees and expenses.paceretfs.com
  • Live since 2021, with several annual reset cycles behind it and sibling funds (PSFM, PSFD) covering other start months. One of the stronger builds in a crowded 20% buffer field.
  • SEPW Deep 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.
  • A 1940 Act ETF, not a bank-issued note, so no single issuer's balance sheet sits between the strategy and the payoff.
  • One 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

  • PSFJ The price of the cushion is a ceiling. Upside is capped at a level set when each July outcome period begins, so a roaring market leaves gains on the table.paceretfs.com
  • Buffer and cap are designed to work over the full outcome period. Buy mid-period and the cushion remaining and the room left to run differ from the stated terms.paceretfs.com
  • A smaller, thinly traded fund, so spreads can run wider than in the biggest names in the group. Income is not part of the design either.
  • SEPW Cost 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).
  • The 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.
  • Bought mid-period, the effective buffer and cap differ from the headline terms, which apply across a complete outcome period.

Full PSFJ profile⁠

Full SEPW profile⁠

PSFJ vs SEPW Holdings

As of
How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

PSFJ vs SEPW Cost

Overpaying SEPW vs PSFJ

$4,515

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PSFJ 0.49%

    $9,792

  • SEPW 0.74%

    $14,307

$10,000
30 years

Cost over time

  • PSFJ 0.49%
  • SEPW 0.74%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530SEPW $14,307PSFJ $9,792

Year by year

YearPSFJSEPWOverpaying
10$883$1,319$436
20$3,394$5,015$1,621
30$9,792$14,307$4,515

Expense ratio

  • 0.49%PSFJ, cheaper
  • 0.74%SEPW
  • Middle half of S&P 500 Buffer 20% funds
  • Median 0.74%

PSFJ cheapest of 24 funds

SEPW 10th cheapest of 24 funds

PSFJ vs SEPW Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
PSFJ None
SEPW None

Distribution history

PSFJAll PSFJ payments⁠

No distribution history available.

SEPWAll SEPW payments⁠

No distribution history available.

PSFJ vs SEPW Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
PSFJ 7.1%SEPW 4.9%, better
Return per unit of riskSharpe ratio, 3 years
PSFJ 1.51, betterSEPW 1.41
Worst fallMax drawdown, 5 years
PSFJ −12.2%since Nov 2021SEPW −8.4%since Sep 2023
Market sensitivityBeta, 5 years
PSFJ 0.55SEPW 0.39

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