Which has more room to gain, FSEP or SEPM?

From their prices on Nov 4, 2026, FSEP can gain about 15.1% before its cap and SEPM about 6.8%, 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 and SEPM 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 SEPM: Cap, Buffer & Days Left

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As of Nov 4, 2026 FSEP can fall 1.5% before its buffer engages and SEPM 1.4%.

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Net assets on Nov 3, 2026: $1.4bn for FT Vest U.S. Equity Buffer ETF - September and $38m for FT Vest U.S. Equity Max Buffer ETF - September.

FSEP on its own →SEPM on its own →

At a glance

1.5%

FSEP can fall this far before its buffer

1.4%

SEPM can fall this far before its buffer

15.1%

FSEP can still gain

6.8%

SEPM 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.

SEPM Full floor

SEPM: reference +0.7% since period start, fund +0.6%; buffer −0 to floor; cap +8.2%; Full floor. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 6.8 points; FSEP is far larger, $1.4bn against $38m.

Points (pts) are percentage points.

FSEP vs SEPM: Cap, Buffer & Days Left
Measure	FSEP	SEPM
Return
Measure	FSEP	SEPM
Total return, 1 year	+13.2%	+6.4%
Drawdown
Measure	FSEP	SEPM
Index fall to the buffer	0.7%
Benchmark
Measure	FSEP	SEPM
What it tracks	SPY	SPY
Cost and size
Measure	FSEP	SEPM
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$1.4bn	$38m
Holdings
Measure	FSEP	SEPM
Holdings in common	not published

Method

Window by window

Window by window: FSEP vs SEPM: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FSEP	SEPM	FSEP	SEPM
3 months	+2.2%	+1.3%	+2.6 pts	+1.6 pts
6 months	+6.1%	+3.0%	+1.6 pts	−1.5 pts
1 year	+13.2%	+6.4%	−0.4 pts	−7.2 pts
3 years	+52.7%	–	−23.7 pts	–
Since launchNot the same days: FSEP Sep 2020 · SEPM Sep 2024	+94.7%	+13.3%	−39.8 pts	−21.3 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

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 317 317

Starting cap +16.7% +8.2%

Can still gain 15.1% 6.8%

Fall before buffer 1.5% 1.4%

Protection left, index points 10.0% of 10.0% 100.0% of 100.0%

Index return this period +0.7% +0.7%

Fund return this period +0.7% +0.6%

State today Open Open

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $1.4bn $38m

As of Nov 4, 2026. Source: ETFIQ.

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, 317 days from now; SEPM runs to Sep 17, 2027, 317 days. FSEP can still gain 15.1% before its cap, SEPM 6.8%. A fall from here reaches FSEP’s buffer after 1.5% and SEPM’s after 1.4%. Both track SPY, so what separates them is where each is in its own period.

Alert

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.

SEPM

From its price on Nov 4, 2026, the fund can gain about 6.8% more before it reaches its cap. The fund's price can fall 1.4% from here before the buffer starts absorbing losses, by the issuer's number. 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 Nov 4, 2026, FSEP can gain about 15.1% before its cap and SEPM about 6.8%, 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 and SEPM both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

FSEP vs POCT FSEP vs DDTO FSEP vs CPST FSEP vs CPSO SEPM vs XSEP SEPM vs APOC SEPM vs AIOO SEPM vs XBOC

Where to next

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

Sources and dates

FSEP and SEPM filings on SEC EDGAR ↗

First Trust page for FSEP ↗

First Trust page for SEPM ↗

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.

Cite this pageCitation, APA and Markdown

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

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.