Which has more room to gain, GSEP or XSEP?

From their prices on Nov 4, 2026, GSEP can gain about 12.3% before its cap and XSEP about 9.4%, so GSEP has more room left this period.

Which resets first, GSEP or XSEP?

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

Which is cheaper, GSEP or XSEP?

GSEP and XSEP 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

GSEP vs XSEP: Cap, Buffer & Days Left

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

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Net assets on Nov 3, 2026: $366m for FT Vest U.S. Equity Moderate Buffer ETF - September and $99m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - September.

GSEP on its own →XSEP on its own →

At a glance

1.7%

GSEP can fall this far before its buffer

1.7%

XSEP can fall this far before its buffer

12.3%

GSEP can still gain

9.4%

XSEP 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.

XSEP Between buffer and cap

XSEP: reference +0.7% since period start, fund +0.9%; buffer 0 to −15; cap +11.2%; Between buffer and cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 1.6 points; GSEP is 3.7 times larger.

Points (pts) are percentage points.

GSEP vs XSEP: Cap, Buffer & Days Left
Measure	GSEP	XSEP
Return
Measure	GSEP	XSEP
Total return, 1 year	+10.9%	+9.3%
Drawdown
Measure	GSEP	XSEP
Index fall to the buffer	0.6%
Benchmark
Measure	GSEP	XSEP
What it tracks	SPY	SPY
Cost and size
Measure	GSEP	XSEP
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$366m	$99m
Holdings
Measure	GSEP	XSEP
Holdings in common	not published

Method

Risk and return

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

GSEP XSEP

Return

Total return edge GSEP +42.1% +33.5%

Annualized edge GSEP +12.0% +9.8%

Price return edge GSEP +42.1% +33.5%

Risk

Volatility edge XSEP 6.6% 5.9%

Max drawdown edge XSEP −8.8% −7.8%

Downside capture 45.5% 35.1%

Beta 0.44 0.37

Risk-adjusted

Sharpe edge GSEP 1.08 0.86

Sortino edge GSEP 1.66 1.29

Treynor 0.162 0.136

Calmar edge GSEP (slight) 1.37 1.25

Against the benchmark

Alpha 0.0% a year −0.9% a year

Alpha t-stat 0.04 −0.61

Information ratio −1.09 −1.19

Tracking error 8.3% 9.3%

Reading

From Sep 2023 to Oct 2026, GSEP returned more: +42.1% to +33.5%. XSEP swung less: 5.9% to 6.6%. XSEP fell less at its worst: −7.8% to −8.8%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: GSEP vs XSEP: Cap, Buffer & Days Left
Measure	GSEP	XSEP	SPY	Edge	How it is measured
Return
Total return	+42.1%	+33.5%		GSEP	Price change plus distributions, reinvested.
Annualized	+12.0%	+9.8%		GSEP	Total return as a yearly rate.
Price return	+42.1%	+33.5%		GSEP	Price change alone, distributions left out.
Risk
Volatility	6.6%	5.9%		XSEP	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	4.3%	3.9%		XSEP (slight)	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−8.8%	−7.8%		XSEP	Deepest fall from a high to the low after it.
Upside capture	35.5%	26.7%	100.0%	GSEP	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	45.5%	35.1%	100.0%	XSEP	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.44	0.37	1.00	XSEP lower	How far it moves for each 1% its benchmark moves.
R squared	0.88	0.80	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	1.08	0.86		GSEP	Return above Treasury bills per unit of volatility.
Sortino	1.66	1.29		GSEP	Return above Treasury bills per unit of downside deviation.
Treynor	0.162	0.136	0.161	GSEP	Return above Treasury bills per unit of beta.
Calmar	1.37	1.25		GSEP (slight)	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	SPY	SPY	SPY		The ETF each fund is measured against.
Alpha	0.0% a year	−0.9% a year	0.0%	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	0.04	−0.61		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−2.5% to +2.6%	−3.9% to +2.1%		Both include zero	The 95% range for the yearly alpha.
Information ratio	−1.09	−1.19		GSEP (slight)	Return against its benchmark per unit of tracking error.
Tracking error	8.3%	9.3%	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: GSEP vs XSEP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	GSEP	XSEP	GSEP	XSEP
3 months	+1.9%	+1.6%	+2.3 pts	+1.9 pts
6 months	+4.9%	+4.1%	+0.4 pts	−0.4 pts
1 year	+10.9%	+9.3%	−2.7 pts	−4.3 pts
3 years	+41.6%	+32.5%	−34.8 pts	−44.0 pts
Since launchNot the same days: GSEP Sep 2023 · XSEP Sep 2022	+40.3%	+51.6%	−32.6 pts	−53.3 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

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 XSEP FT Vest U.S. Equity Enhance & Moderate Buffer ETF - September · Absorbs the first 0% to 15% of loss on SPY and caps the gain at 11.2%, over a period ending Sep 17, 2027

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 0% to 15% 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 +14.1% +11.2%

Can still gain 12.3% 9.4%

Fall before buffer 1.7% 1.7%

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

Index return this period +0.7% +0.7%

Fund return this period +0.8% +0.9%

State today Open Open

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $366m $99m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. XSEP is a floor fund, which caps how far a holder can fall. GSEP 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

GSEP resets first, on Sep 17, 2027, 317 days from now; XSEP runs to Sep 17, 2027, 317 days. GSEP can still gain 12.3% before its cap, XSEP 9.4%. A fall from here reaches GSEP’s buffer after 1.7% and XSEP’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

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.

XSEP

From its price on Nov 4, 2026, the fund can gain about 9.4% more before it reaches its cap.

Questions people ask

Which has more room to gain, GSEP or XSEP?: From their prices on Nov 4, 2026, GSEP can gain about 12.3% before its cap and XSEP about 9.4%, so GSEP has more room left this period.
Which resets first, GSEP or XSEP?: GSEP ends its outcome period on Sep 17, 2027 and XSEP on Sep 17, 2027. A new cap is set the day after each.
Which is cheaper, GSEP or XSEP?: GSEP and XSEP both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

GSEP vs XBOC GSEP vs UOCT GSEP vs ZALT GSEP vs POCT XSEP vs APOC XSEP vs AOCT XSEP vs AIOO XSEP vs CPST

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 →GSEP on its own →XSEP on its own →Method →Standards and sources →

Sources and dates

GSEP and XSEP filings on SEC EDGAR ↗

First Trust page for GSEP ↗

First Trust page for XSEP ↗

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

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