Which has more room to gain, GSEP or QBSF?

From their prices on Nov 4, 2026, GSEP can gain about 12.3% before its cap and QBSF about 2.1%, so GSEP has more room left this period.

Which resets first, GSEP or QBSF?

GSEP ends its outcome period on Sep 17, 2027 and QBSF on Dec 31, 2026. A new cap is set the day after each.

Which is cheaper, GSEP or QBSF?

GSEP charges 0.85% a year and QBSF charges 0.64%, so QBSF is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

GSEP vs QBSF: Cap, Buffer & Days Left

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As of Nov 4, 2026 GSEP can fall 1.7% before its buffer engages and QBSF 0.8%, and QBSF resets 260 days sooner.

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Net assets on Nov 3, 2026: $366m for FT Vest U.S. Equity Moderate Buffer ETF - September and $68m for AllianzIM U.S. Equity Buffer15 ETF - Jan.

GSEP on its own →QBSF on its own →

At a glance

1.7%

GSEP can fall this far before its buffer

0.8%

QBSF can fall this far before its buffer

12.3%

GSEP can still gain

2.1%

QBSF can still gain

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.

QBSF Between buffer and cap

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.

Data to Nov 4, 2026.

Pair scorecard

QBSF costs 0.21 points a year less; their one-year returns differ by 4.0 points; GSEP is 5.4 times larger.

Points (pts) are percentage points.

GSEP vs QBSF: Cap, Buffer & Days Left
Measure	GSEP	QBSF
Return
Measure	GSEP	QBSF
Total return, 1 year	+10.9%	+6.9%
Drawdown
Measure	GSEP	QBSF
Index fall to the buffer	0.6%	0.5%
Benchmark
Measure	GSEP	QBSF
What it tracks	SPY	SPY
Cost and size
Measure	GSEP	QBSF
Expense ratio	0.85%	0.64%
Net assets, as of Nov 3, 2026	$366m	$68m
Holdings
Measure	GSEP	QBSF
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 Score91.3GSEP83.2QBSF

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

GSEP 91.3

QBSF 83.2

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

Window by window

Window by window: GSEP vs QBSF: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	GSEP	QBSF	GSEP	QBSF
3 months	+1.9%	+1.2%	+2.3 pts	+1.6 pts
6 months	+4.9%	+3.2%	+0.4 pts	−1.3 pts
1 year	+10.9%	+6.9%	−2.7 pts	−6.6 pts
3 years	+41.6%	–	−34.8 pts	–
Since launchNot the same days: GSEP Sep 2023 · QBSF Jul 2025	+40.3%	+10.1%	−32.6 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

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 QBSF AllianzIM U.S. Equity Buffer15 ETF - Jan · Absorbs the first 15% of loss on SPY and caps the gain at 2.9%, over a period ending Dec 31, 2026

Issuer First Trust AllianzIM

Reference index SPY SPY

Buffer 0% to 15% 15%

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

Days left 317 57

Starting cap +14.1% +2.9%

Can still gain 12.3% 2.1%

Fall before buffer 1.7% 0.8%

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

Index return this period +0.7% +0.5%

Fund return this period +0.8% +0.6%

State today Open Open

Expense ratio 0.85% 0.64%

Net assets, as of Nov 3, 2026 $366m $68m

As of Nov 4, 2026. Source: ETFIQ.

They do not reset together. QBSF has 57 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

QBSF resets first, on Dec 31, 2026, 57 days from now; GSEP runs to Sep 17, 2027, 317 days. GSEP can still gain 12.3% before its cap, QBSF 2.1%. A fall from here reaches GSEP’s buffer after 1.7% and QBSF’s after 0.8%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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.

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. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, GSEP or QBSF?: From their prices on Nov 4, 2026, GSEP can gain about 12.3% before its cap and QBSF about 2.1%, so GSEP has more room left this period.
Which resets first, GSEP or QBSF?: GSEP ends its outcome period on Sep 17, 2027 and QBSF on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, GSEP or QBSF?: GSEP charges 0.85% a year and QBSF charges 0.64%, so QBSF is cheaper. Fees come from each fund's prospectus.

Other comparisons

GSEP vs OCTW GSEP vs ZALT GSEP vs POCT GSEP vs BALT QBSF vs BJAN QBSF vs JAJL QBSF vs JANW QBSF vs OCTT

Where to next

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

Sources and dates

GSEP filings on SEC EDGAR ↗

First Trust page for GSEP ↗

QBSF filings on SEC EDGAR ↗

AllianzIM page for QBSF ↗

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.

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

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