Which has more room to gain, FLAO or GSEP?

From their prices on Nov 4, 2026, FLAO can gain about 6.2% before its cap and GSEP about 12.3%, so GSEP has more room left this period.

Which resets first, FLAO or GSEP?

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

Which is cheaper, FLAO or GSEP?

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

Data as of Nov 4, 2026.

Buffer ETFs

FLAO vs GSEP: Cap, Buffer & Days Left

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As of Nov 4, 2026 FLAO can fall 5.8% before its buffer engages and GSEP 1.7%, 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 $366m for FT Vest U.S. Equity Moderate Buffer ETF - September.

FLAO on its own →GSEP on its own →

At a glance

5.8%

FLAO can fall this far before its buffer

1.7%

GSEP can fall this far before its buffer

6.2%

FLAO can still gain

12.3%

GSEP 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.

GSEP Between buffer and cap

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

FLAO costs 0.11 points a year less; their one-year returns differ by 8.2 points; GSEP is far larger, $366m against $8.6m.

Points (pts) are percentage points.

FLAO vs GSEP: Cap, Buffer & Days Left
Measure	FLAO	GSEP
Return
Measure	FLAO	GSEP
Total return, 1 year	+2.7%	+10.9%
Drawdown
Measure	FLAO	GSEP
Index fall to the buffer	5.5%	0.6%
Benchmark
Measure	FLAO	GSEP
What it tracks	SPY	SPY
Cost and size
Measure	FLAO	GSEP
Expense ratio	0.74%	0.85%
Net assets, as of Nov 3, 2026	$8.6m	$366m
Holdings
Measure	FLAO	GSEP
Holdings in common	not published

Method

Window by window

Window by window: FLAO vs GSEP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FLAO	GSEP	FLAO	GSEP
3 months	+1.2%	+1.9%	+1.6 pts	+2.3 pts
6 months	+3.1%	+4.9%	−1.4 pts	+0.4 pts
1 year	+2.7%	+10.9%	−10.8 pts	−2.7 pts
3 years	–	+41.6%	–	−34.8 pts
Since launchNot the same days: FLAO Apr 2024 · GSEP Sep 2023	+15.5%	+40.3%	−31.4 pts	−32.6 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 GSEP FT Vest U.S. Equity Moderate Buffer ETF - September · Absorbs the first 0% to 15% of loss on SPY and caps the gain at 14.1%, over a period ending Sep 17, 2027

Issuer AllianzIM First Trust

Reference index SPY SPY

Buffer 5% to 100% 0% to 15%

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

Days left 147 317

Starting cap +7.1% +14.1%

Can still gain 6.2% 12.3%

Fall before buffer 5.8% 1.7%

Protection left, index points 95.0% of 95.0% 15.0% of 15.0%

Index return this period +0.5% +0.7%

Fund return this period +0.5% +0.8%

State today Open Open

Expense ratio 0.74% 0.85%

Net assets, as of Nov 3, 2026 $8.6m $366m

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. GSEP 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 GSEP 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; GSEP runs to Sep 17, 2027, 317 days. FLAO can still gain 6.2% before its cap, GSEP 12.3%. A fall from here reaches FLAO’s buffer after 5.8% and GSEP’s after 1.7%. Both track SPY, so what separates them is where each is in its own period.

Alert

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.

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. 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 GSEP?: From their prices on Nov 4, 2026, FLAO can gain about 6.2% before its cap and GSEP about 12.3%, so GSEP has more room left this period.
Which resets first, FLAO or GSEP?: FLAO ends its outcome period on Mar 31, 2027 and GSEP on Sep 17, 2027. A new cap is set the day after each.
Which is cheaper, FLAO or GSEP?: FLAO charges 0.74% a year and GSEP charges 0.85%, so FLAO is cheaper. Fees come from each fund's prospectus.

Other comparisons

FLAO vs FSEP FLAO vs PQXV FLAO vs PQXX FLAO vs PQV GSEP vs PQX GSEP vs PMOC GSEP vs TOCT GSEP vs PQXV

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 →GSEP on its own →Method →Standards and sources →

Sources and dates

FLAO filings on SEC EDGAR ↗

AllianzIM page for FLAO ↗

GSEP filings on SEC EDGAR ↗

First Trust page for GSEP ↗

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 GSEP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/flao-vs-gsep

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