Data as of .
FSEP vs SEPM: which one stands where?
As of Sep 21, 2026 FSEP can fall 1.6% before its buffer engages and SEPM 1.1%.
These are two different products. SEPM 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.
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, 361 days from now; SEPM runs to Sep 17, 2027, 361 days. FSEP can still gain 14.9% before its cap, SEPM 7.2%. A fall from here reaches FSEP’s buffer after 1.6% and SEPM’s after 1.1%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| FSEP | SEPM | FSEP | SEPM | |
| 3 months | +3.9% | +1.8% | +1.6 pts | −0.4 pts |
| 6 months | +13.9% | +5.7% | −4.1 pts | −12.4 pts |
| 1 year | +13.4% | +6.4% | −3.1 pts | −10.2 pts |
| 3 years | +50.4% | not published | −28.0 pts | not published |
| 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 | SEPM FT Vest U.S. Equity Max Buffer ETF - September Absorbs losses from 0.0% to 100.0% on SPY and caps the gain at 8.2%, over a period ending Sep 17, 2027 | |
|---|---|---|
| Issuer | First Trust | First Trust |
| Reference index | SPY | SPY |
| Buffer | 10% | 0% to 100% |
| Outcome period | Sep 21, 2026 to Sep 17, 2027 | Sep 21, 2026 to Sep 17, 2027 |
| Days left | 361 | 361 |
| Starting cap | +16.7% | +8.2% |
| Can still gain | 14.9% | 7.2% |
| Fall before buffer | 1.6% | 1.1% |
| Protection left, index points | 10.0% of 10.0% | 100.0% of 100.0% |
| Index return this period | +1.6% | +1.6% |
| Fund return this period | +0.8% | +0.2% |
| State today | Open | Open |
| Expense ratio | 0.85% | 0.85% |
| Net assets | $2.3bn | $44m |
FSEP in plain words
From its price on Sep 21, 2026, the fund can gain about 14.9% more before it reaches its cap. The fund's price can fall 1.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.6% 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. 361 days remained on Sep 21, 2026. On Sep 17, 2027 the period ends and a new cap is set.
SEPM in plain words
From its price on Sep 21, 2026, the fund can gain about 7.2% more before it reaches its cap. The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.
Questions people ask
- Which has more room to gain, FSEP or SEPM?
- From their prices on Sep 21, 2026, FSEP can gain about 14.9% before its cap and SEPM about 7.2%, so FSEP has more room left this period.
- Which resets first, FSEP or SEPM?
- FSEP ends its outcome period on Sep 17, 2027 and SEPM on Sep 17, 2027. A new cap is set the day after each.
- Which is cheaper, FSEP or SEPM?
- FSEP charges 0.85% a year and SEPM charges 0.85%, so FSEP is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, FSEP against SEPM, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/fsep-vs-sepm Free to use with attribution; the underlying files are at Open data.