Data as of Nov 4, 2026.
FSEP vs QBSF: Cap, Buffer & Days Left
As of Nov 4, 2026 FSEP can fall 1.5% before its buffer engages and QBSF 0.8%, and QBSF resets 260 days sooner.
askIQ about this page
askIQ about FSEP and QBSF
Net assets on Nov 3, 2026: $1.4bn for FT Vest U.S. Equity Buffer ETF - September and $68m for AllianzIM U.S. Equity Buffer15 ETF - Jan.
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.
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.QBSF: reference +0.5% since period start, fund +0.6%; buffer 0 to −15; cap +2.9%; Between buffer and cap. Data to Nov 4, 2026.
QBSF: reference +0.5% since period start, fund +0.6%; buffer 0 to −15; cap +2.9%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
QBSF costs 0.21 points a year less; their one-year returns differ by 6.3 points; FSEP is far larger, $1.4bn against $68m.
Points (pts) are percentage points.
| Measure | FSEP | QBSF |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.2% | +6.9% |
| Drawdown | ||
| Index fall to the buffer | 0.7% | 0.5% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.64% |
| Net assets, as of Nov 3, 2026 | $1.4bn | $68m |
| 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 →
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | FSEP | QBSF | FSEP | QBSF |
| 3 months | +2.2% | +1.2% | +2.6 pts | +1.6 pts |
| 6 months | +6.1% | +3.2% | +1.6 pts | −1.3 pts |
| 1 year | +13.2% | +6.9% | −0.4 pts | −6.6 pts |
| 3 years | +52.7% | – | −23.7 pts | – |
| Since launchNot the same days: FSEP Sep 2020 · QBSF Jul 2025 | +94.7% | +10.1% | −39.8 pts | −14.0 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
As of Nov 4, 2026. Source: ETFIQ.
They do not reset together. QBSF has 57 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
QBSF resets first, on Dec 31, 2026, 57 days from now; FSEP runs to Sep 17, 2027, 317 days. FSEP can still gain 15.1% before its cap, QBSF 2.1%. A fall from here reaches FSEP’s buffer after 1.5% and QBSF’s after 0.8%. Both track SPY, so what separates them is where each is in its own period.
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.
QBSF
From its price on Nov 4, 2026, the fund can gain about 2.1% more before it reaches its cap. The fund's price can fall 0.8% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.5% 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. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.
Questions people ask
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 QBSF, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/fsep-vs-qbsf
ETFIQ. (Nov 4, 2026). FSEP against QBSF. Retrieved from https://etfiq.com/compare/buffer/fsep-vs-qbsf
[FSEP against QBSF (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/fsep-vs-qbsf)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.