Which has more room to gain, FLAO or FSEP?

From their prices on Nov 4, 2026, FLAO can gain about 6.2% before its cap and FSEP about 15.1%, so FSEP has more room left this period.

Which resets first, FLAO or FSEP?

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

Which is cheaper, FLAO or FSEP?

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

Data as of Nov 4, 2026.

Buffer ETFs

FLAO vs FSEP: Cap, Buffer & Days Left

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As of Nov 4, 2026 FLAO can fall 5.8% before its buffer engages and FSEP 1.5%, and FLAO resets 170 days sooner.

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Net assets on Nov 3, 2026: $8.6m for AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF - Apr and $1.4bn for FT Vest U.S. Equity Buffer ETF - September.

FLAO on its own →FSEP on its own →

At a glance

5.8%

FLAO can fall this far before its buffer

1.5%

FSEP can fall this far before its buffer

6.2%

FLAO can still gain

15.1%

FSEP can still gain

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.

FSEP Between buffer and cap

FSEP: reference +0.7% since period start, fund +0.7%; buffer 0 to −10; cap +16.7%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

FLAO costs 0.11 points a year less; their one-year returns differ by 10.5 points; FSEP is far larger, $1.4bn against $8.6m.

Points (pts) are percentage points.

FLAO vs FSEP: Cap, Buffer & Days Left
Measure	FLAO	FSEP
Return
Measure	FLAO	FSEP
Total return, 1 year	+2.7%	+13.2%
Drawdown
Measure	FLAO	FSEP
Index fall to the buffer	5.5%	0.7%
Benchmark
Measure	FLAO	FSEP
What it tracks	SPY	SPY
Cost and size
Measure	FLAO	FSEP
Expense ratio	0.74%	0.85%
Net assets, as of Nov 3, 2026	$8.6m	$1.4bn
Holdings
Measure	FLAO	FSEP
Holdings in common	not published

Method

Window by window

Window by window: FLAO vs FSEP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FLAO	FSEP	FLAO	FSEP
3 months	+1.2%	+2.2%	+1.6 pts	+2.6 pts
6 months	+3.1%	+6.1%	−1.4 pts	+1.6 pts
1 year	+2.7%	+13.2%	−10.8 pts	−0.4 pts
3 years	–	+52.7%	–	−23.7 pts
Since launchNot the same days: FLAO Apr 2024 · FSEP Sep 2020	+15.5%	+94.7%	−31.4 pts	−39.8 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

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 FSEP FT Vest U.S. Equity Buffer ETF - September · Absorbs the first 10% of loss on SPY and caps the gain at 16.7%, over a period ending Sep 17, 2027

Issuer AllianzIM First Trust

Reference index SPY SPY

Buffer 5% to 100% 10%

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

Days left 147 317

Starting cap +7.1% +16.7%

Can still gain 6.2% 15.1%

Fall before buffer 5.8% 1.5%

Protection left, index points 95.0% of 95.0% 10.0% of 10.0%

Index return this period +0.5% +0.7%

Fund return this period +0.5% +0.7%

State today Open Open

Expense ratio 0.74% 0.85%

Net assets, as of Nov 3, 2026 $8.6m $1.4bn

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. FSEP 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 FSEP 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; FSEP runs to Sep 17, 2027, 317 days. FLAO can still gain 6.2% before its cap, FSEP 15.1%. A fall from here reaches FLAO’s buffer after 5.8% and FSEP’s after 1.5%. Both track SPY, so what separates them is where each is in its own period.

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About each fund

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.

FSEP

From its price on Nov 4, 2026, the fund can gain about 15.1% more before it reaches its cap. The fund's price can fall 1.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.7% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% 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.

Questions people ask

Which has more room to gain, FLAO or FSEP?: From their prices on Nov 4, 2026, FLAO can gain about 6.2% before its cap and FSEP about 15.1%, so FSEP has more room left this period.
Which resets first, FLAO or FSEP?: FLAO ends its outcome period on Mar 31, 2027 and FSEP on Sep 17, 2027. A new cap is set the day after each.
Which is cheaper, FLAO or FSEP?: FLAO charges 0.74% a year and FSEP charges 0.85%, so FLAO is cheaper. Fees come from each fund's prospectus.

Other comparisons

FLAO vs FMAR FLAO vs ARLU FLAO vs APRT FLAO vs APRP FSEP vs PQX FSEP vs PQXV FSEP vs PQXX FSEP vs PQV

Where to next

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

Sources and dates

FLAO filings on SEC EDGAR ↗

AllianzIM page for FLAO ↗

FSEP filings on SEC EDGAR ↗

First Trust page for FSEP ↗

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

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