Which has more room to gain, FSEP or GSEP?

From their prices on Nov 4, 2026, FSEP can gain about 15.1% before its cap and GSEP about 12.3%, so FSEP has more room left this period.

Which resets first, FSEP or GSEP?

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

Which is cheaper, FSEP or GSEP?

FSEP and GSEP both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

FSEP vs GSEP: Cap, Buffer & Days Left

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As of Nov 4, 2026 GSEP can fall 1.7% before its buffer engages and FSEP 1.5%.

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Net assets on Nov 3, 2026: $1.4bn for FT Vest U.S. Equity Buffer ETF - September and $366m for FT Vest U.S. Equity Moderate Buffer ETF - September.

FSEP on its own →GSEP on its own →

At a glance

1.5%

FSEP can fall this far before its buffer

1.7%

GSEP can fall this far before its buffer

15.1%

FSEP can still gain

12.3%

GSEP can still gain

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.

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

Both cost 0.85% a year; their one-year returns differ by 2.3 points; FSEP is 3.8 times larger.

Points (pts) are percentage points.

FSEP vs GSEP: Cap, Buffer & Days Left
Measure	FSEP	GSEP
Return
Measure	FSEP	GSEP
Total return, 1 year	+13.2%	+10.9%
Drawdown
Measure	FSEP	GSEP
Index fall to the buffer	0.7%	0.6%
Benchmark
Measure	FSEP	GSEP
What it tracks	SPY	SPY
Cost and size
Measure	FSEP	GSEP
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$1.4bn	$366m
Holdings
Measure	FSEP	GSEP
Holdings in common	not published

ETFIQ Downside Cover Score · GSEP scores higher If the market falls into a bear market from here, how much does the buffer absorb?

IQ Buffer Score38.7FSEP91.3GSEP

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

FSEP 38.7

GSEP 91.3

0.3, the lowest in this set 99.7, the highest

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 →

Method

Risk and return

Sep 29, 2023 to Oct 30, 2026 · 161 weekly returns · each against SPY

FSEP GSEP

Return

Total return edge FSEP +53.5% +42.1%

Annualized edge FSEP +14.9% +12.0%

Price return edge FSEP +53.5% +42.1%

Risk

Volatility edge GSEP 8.5% 6.6%

Max drawdown edge GSEP −11.3% −8.8%

Downside capture 60.4% 45.5%

Beta 0.58 0.44

Risk-adjusted

Sharpe edge FSEP (slight) 1.14 1.08

Sortino edge FSEP (slight) 1.79 1.66

Treynor 0.169 0.162

Calmar edge GSEP (slight) 1.31 1.37

Against the benchmark

Alpha +0.4% a year 0.0% a year

Alpha t-stat 0.32 0.04

Information ratio −0.99 −1.09

Tracking error 6.4% 8.3%

Reading

From Sep 2023 to Oct 2026, FSEP returned more: +53.5% to +42.1%. GSEP swung less: 6.6% to 8.5%. GSEP fell less at its worst: −8.8% to −11.3%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: FSEP vs GSEP: Cap, Buffer & Days Left
Measure	FSEP	GSEP	SPY	Edge	How it is measured
Return
Total return	+53.5%	+42.1%		FSEP	Price change plus distributions, reinvested.
Annualized	+14.9%	+12.0%		FSEP	Total return as a yearly rate.
Price return	+53.5%	+42.1%		FSEP	Price change alone, distributions left out.
Risk
Volatility	8.5%	6.6%		GSEP	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	5.5%	4.3%		GSEP	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−11.3%	−8.8%		GSEP	Deepest fall from a high to the low after it.
Upside capture	49.3%	35.5%	100.0%	FSEP	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	60.4%	45.5%	100.0%	GSEP	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.58	0.44	1.00	GSEP lower	How far it moves for each 1% its benchmark moves.
R squared	0.92	0.88	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	1.14	1.08		FSEP (slight)	Return above Treasury bills per unit of volatility.
Sortino	1.79	1.66		FSEP (slight)	Return above Treasury bills per unit of downside deviation.
Treynor	0.169	0.162	0.161	FSEP (slight)	Return above Treasury bills per unit of beta.
Calmar	1.31	1.37		GSEP (slight)	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	SPY	SPY	SPY		The ETF each fund is measured against.
Alpha	+0.4% a year	0.0% a year	0.0%	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	0.32	0.04		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−2.3% to +3.1%	−2.5% to +2.6%		Both include zero	The 95% range for the yearly alpha.
Information ratio	−0.99	−1.09		FSEP (slight)	Return against its benchmark per unit of tracking error.
Tracking error	6.4%	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

Window by window: FSEP vs GSEP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FSEP	GSEP	FSEP	GSEP
3 months	+2.2%	+1.9%	+2.6 pts	+2.3 pts
6 months	+6.1%	+4.9%	+1.6 pts	+0.4 pts
1 year	+13.2%	+10.9%	−0.4 pts	−2.7 pts
3 years	+52.7%	+41.6%	−23.7 pts	−34.8 pts
Since launchNot the same days: FSEP Sep 2020 · GSEP Sep 2023	+94.7%	+40.3%	−39.8 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

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 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 First Trust First Trust

Reference index SPY SPY

Buffer 10% 0% to 15%

Outcome period Sep 21, 2026 to Sep 17, 2027 Sep 21, 2026 to Sep 17, 2027

Days left 317 317

Starting cap +16.7% +14.1%

Can still gain 15.1% 12.3%

Fall before buffer 1.5% 1.7%

Protection left, index points 10.0% of 10.0% 15.0% of 15.0%

Index return this period +0.7% +0.7%

Fund return this period +0.7% +0.8%

State today Open Open

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $1.4bn $366m

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

FSEP resets first, on Sep 17, 2027, 317 days from now; GSEP runs to Sep 17, 2027, 317 days. FSEP can still gain 15.1% before its cap, GSEP 12.3%. A fall from here reaches FSEP’s buffer after 1.5% 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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About each fund

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.

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

Which has more room to gain, FSEP or GSEP?: From their prices on Nov 4, 2026, FSEP can gain about 15.1% before its cap and GSEP about 12.3%, so FSEP has more room left this period.
Which resets first, FSEP or GSEP?: FSEP ends its outcome period on Sep 17, 2027 and GSEP on Sep 17, 2027. A new cap is set the day after each.
Which is cheaper, FSEP or GSEP?: FSEP and GSEP both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

FSEP vs OCTW FSEP vs ZOCT FSEP vs OCTT FSEP vs APOC GSEP vs OCTW GSEP vs APOC GSEP vs PMOC GSEP vs ZALT

Where to next

State Street® SPDR® S&P 500® ETF Trust →FSEP on its own →GSEP on its own →Method →Standards and sources →

Sources and dates

FSEP and GSEP filings on SEC EDGAR ↗

First Trust page for FSEP ↗

First Trust page for GSEP ↗

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

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.

Cite this pageCitation, APA and Markdown

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

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