Data as of Nov 4, 2026.
DSEP vs GSEP: Cap, Buffer & Days Left
As of Nov 4, 2026 DSEP can fall 6.5% before its buffer engages and GSEP 1.7%.
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Net assets on Nov 3, 2026: $429m for FT Vest U.S. Equity Deep Buffer ETF - September and $366m for FT Vest U.S. Equity Moderate Buffer ETF - September.
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.
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.GSEP: reference +0.7% since period start, fund +0.8%; buffer 0 to −15; cap +14.1%; Between buffer and cap. Data to Nov 4, 2026.
GSEP: reference +0.7% since period start, fund +0.8%; buffer 0 to −15; cap +14.1%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
Both cost 0.85% a year; their one-year returns differ by 0.4 points; DSEP is 1.2 times larger.
Points (pts) are percentage points.
| Measure | DSEP | GSEP |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.5% | +10.9% |
| Drawdown | ||
| Index fall to the buffer | 5.6% | 0.6% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.85% |
| Net assets, as of Nov 3, 2026 | $429m | $366m |
| Holdings | ||
| Holdings in common | not published | |
How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed
Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →
Risk and return
Sep 29, 2023 to Oct 30, 2026 · 161 weekly returns · each against SPYFrom Sep 2023 to Oct 2026, DSEP returned slightly more: +43.1% to +42.1%. DSEP and GSEP swung about the same: 6.7% and 6.6%. DSEP and GSEP fell about the same at their worst: −8.8% and −8.8%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | DSEP | GSEP | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +43.1% | +42.1% | DSEP (slight) | Price change plus distributions, reinvested. | |
| Annualized | +12.3% | +12.0% | DSEP (slight) | Total return as a yearly rate. | |
| Price return | +43.1% | +42.1% | DSEP (slight) | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 6.7% | 6.6% | Tie | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 4.3% | 4.3% | Tie | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −8.8% | −8.8% | Tie | Deepest fall from a high to the low after it. | |
| Upside capture | 37.5% | 35.5% | 100.0% | DSEP (slight) | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 48.4% | 45.5% | 100.0% | GSEP (slight) | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.45 | 0.44 | 1.00 | Tie | How far it moves for each 1% its benchmark moves. |
| R squared | 0.90 | 0.88 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 1.09 | 1.08 | Tie | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.72 | 1.66 | DSEP (slight) | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.163 | 0.162 | 0.161 | Tie | Return above Treasury bills per unit of beta. |
| Calmar | 1.39 | 1.37 | Tie | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | +0.1% a year | 0.0% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.06 | 0.04 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −2.3% to +2.5% | −2.5% to +2.6% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −1.09 | −1.09 | Tie | Return against its benchmark per unit of tracking error. | |
| Tracking error | 8.1% | 8.3% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 161 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | DSEP | GSEP | DSEP | GSEP |
| 3 months | +1.7% | +1.9% | +2.1 pts | +2.3 pts |
| 6 months | +5.0% | +4.9% | +0.5 pts | +0.4 pts |
| 1 year | +10.5% | +10.9% | −3.1 pts | −2.7 pts |
| 3 years | +42.5% | +41.6% | −33.9 pts | −34.8 pts |
| Since launchNot the same days: DSEP Sep 2020 · GSEP Sep 2023 | +65.4% | +40.3% | −69.1 pts | −32.6 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
Both are First Trust funds, so the difference between them is the terms rather than the house.
Where each one stands today
DSEP resets first, on Sep 17, 2027, 317 days from now; GSEP runs to Sep 17, 2027, 317 days. DSEP can still gain 12.9% before its cap, GSEP 12.3%. A fall from here reaches DSEP’s buffer after 6.5% and GSEP’s after 1.7%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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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.
GSEP
From its price on Nov 4, 2026, the fund can gain about 12.3% more before it reaches its cap. The fund's price can fall 1.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.6% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.
Questions people ask
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How this is computed
It is a place in a set, not a rating or a recommendation.
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 GSEP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dsep-vs-gsep
ETFIQ. (Nov 4, 2026). DSEP against GSEP. Retrieved from https://etfiq.com/compare/buffer/dsep-vs-gsep
[DSEP against GSEP (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/dsep-vs-gsep)
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