Which has more room to gain, DSEP or FLAO?

From their prices on Nov 4, 2026, DSEP can gain about 12.9% before its cap and FLAO about 6.2%, so DSEP has more room left this period.

Which resets first, DSEP or FLAO?

DSEP ends its outcome period on Sep 17, 2027 and FLAO on Mar 31, 2027. A new cap is set the day after each.

Which is cheaper, DSEP or FLAO?

DSEP charges 0.85% a year and FLAO charges 0.74%, so FLAO is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

DSEP vs FLAO: Cap, Buffer & Days Left

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As of Nov 4, 2026 DSEP can fall 6.5% before its buffer engages and FLAO 5.8%, and FLAO resets 170 days sooner.

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Net assets on Nov 3, 2026: $429m for FT Vest U.S. Equity Deep Buffer ETF - September and $8.6m for AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF - Apr.

DSEP on its own →FLAO on its own →

At a glance

6.5%

DSEP can fall this far before its buffer

5.8%

FLAO can fall this far before its buffer

12.9%

DSEP can still gain

6.2%

FLAO can still gain

DSEP Between buffer and cap

DSEP: reference +0.7% since period start, fund +0.7%; buffer −5 to −30; cap +14.6%; Between buffer and cap. Data to Nov 4, 2026.

FLAO Full floor

FLAO: reference +0.5% since period start, fund +0.5%; buffer −5 to floor; cap +7.1%; Full floor. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

FLAO costs 0.11 points a year less; their one-year returns differ by 7.8 points; DSEP is far larger, $429m against $8.6m.

Points (pts) are percentage points.

DSEP vs FLAO: Cap, Buffer & Days Left
Measure	DSEP	FLAO
Return
Measure	DSEP	FLAO
Total return, 1 year	+10.5%	+2.7%
Drawdown
Measure	DSEP	FLAO
Index fall to the buffer	5.6%	5.5%
Benchmark
Measure	DSEP	FLAO
What it tracks	SPY	SPY
Cost and size
Measure	DSEP	FLAO
Expense ratio	0.85%	0.74%
Net assets, as of Nov 3, 2026	$429m	$8.6m
Holdings
Measure	DSEP	FLAO
Holdings in common	not published

Method

Window by window

Window by window: DSEP vs FLAO: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	DSEP	FLAO	DSEP	FLAO
3 months	+1.7%	+1.2%	+2.1 pts	+1.6 pts
6 months	+5.0%	+3.1%	+0.5 pts	−1.4 pts
1 year	+10.5%	+2.7%	−3.1 pts	−10.8 pts
3 years	+42.5%	–	−33.9 pts	–
Since launchNot the same days: DSEP Sep 2020 · FLAO Apr 2024	+65.4%	+15.5%	−69.1 pts	−31.4 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

DSEP FT Vest U.S. Equity Deep Buffer ETF - September · Absorbs losses from 5.0% to 30.0% on SPY and caps the gain at 14.6%, over a period ending Sep 17, 2027 FLAO AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF - Apr · Absorbs losses from 5.0% to 100.0% on SPY and caps the gain at 7.1%, over a period ending Mar 31, 2027

Issuer First Trust AllianzIM

Reference index SPY SPY

Buffer 5% to 30% 5% to 100%

Outcome period Sep 21, 2026 to Sep 17, 2027 Oct 1, 2026 to Mar 31, 2027

Days left 317 147

Starting cap +14.6% +7.1%

Can still gain 12.9% 6.2%

Fall before buffer 6.5% 5.8%

Protection left, index points 25.0% of 25.0% 95.0% of 95.0%

Index return this period +0.7% +0.5%

Fund return this period +0.7% +0.5%

State today Open Open

Expense ratio 0.85% 0.74%

Net assets, as of Nov 3, 2026 $429m $8.6m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. FLAO is a floor fund, which caps how far a holder can fall. DSEP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

They do not reset together. FLAO has 147 days of its period left and DSEP has 317, so the two are not the same bet on the same months.

Where each one stands today

FLAO resets first, on Mar 31, 2027, 147 days from now; DSEP runs to Sep 17, 2027, 317 days. DSEP can still gain 12.9% before its cap, FLAO 6.2%. A fall from here reaches DSEP’s buffer after 6.5% and FLAO’s after 5.8%. Both track SPY, so what separates them is where each is in its own period.

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About each fund

DSEP

From its price on Nov 4, 2026, the fund can gain about 12.9% more before it reaches its cap. The fund's price can fall 6.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 5.6% from today's level to the point where the buffer begins. Protection left, in index points: 25.0% of the 25.0% buffer still sits below today's SPY level. 317 days remained on Nov 4, 2026. On Sep 17, 2027 the period ends and a new cap is set.

FLAO

From its price on Nov 4, 2026, the fund can gain about 6.2% more before it reaches its cap. The fund's price can fall 5.8% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 5.5% from today's level to the point where the buffer begins. Protection left, in index points: 95.0% of the 95.0% buffer still sits below today's SPY level. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, DSEP or FLAO?: From their prices on Nov 4, 2026, DSEP can gain about 12.9% before its cap and FLAO about 6.2%, so DSEP has more room left this period.
Which resets first, DSEP or FLAO?: DSEP ends its outcome period on Sep 17, 2027 and FLAO on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, DSEP or FLAO?: DSEP charges 0.85% a year and FLAO charges 0.74%, so FLAO is cheaper. Fees come from each fund's prospectus.

Other comparisons

DSEP vs PQX DSEP vs PMOC DSEP vs TOCT DSEP vs PQXV FLAO vs GMAR FLAO vs BAPR FLAO vs OCTW FLAO vs DMAR

Where to next

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →DSEP on its own →FLAO on its own →Method →Standards and sources →

Sources and dates

DSEP filings on SEC EDGAR ↗

First Trust page for DSEP ↗

FLAO filings on SEC EDGAR ↗

AllianzIM page for FLAO ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, DSEP against FLAO, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dsep-vs-flao

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