Data as of Nov 4, 2026.
QBSV vs XSEP: Cap, Buffer & Days Left
As of Nov 4, 2026 XSEP can fall 1.7% before its buffer engages and QBSV 0.9%, and QBSV resets 260 days sooner.
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Net assets on Nov 3, 2026: $28m for AllianzIM U.S. Equity Buffer5 ETF - Jan and $99m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - September.
QBSV: reference +0.5% since period start, fund +0.7%; buffer 0 to −5; cap +5.1%; Between buffer and cap. Data to Nov 4, 2026.
QBSV: reference +0.5% since period start, fund +0.7%; buffer 0 to −5; cap +5.1%; Between buffer and cap. Data to Nov 4, 2026.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.
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.Pair scorecard
QBSV costs 0.21 points a year less; XSEP is 3.5 times larger.
Points (pts) are percentage points.
| Measure | QBSV | XSEP |
|---|---|---|
| Return | ||
| Total return, 1 year | not published | +9.3% |
| Drawdown | ||
| Index fall to the buffer | 0.5% | 0.6% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.64% | 0.85% |
| Net assets, as of Nov 3, 2026 | $28m | $99m |
| Holdings | ||
| Holdings in common | not published | |
Risk and return
Apr 10, 2026 to Oct 30, 2026 · 29 weekly returnsFrom Apr 2026 to Oct 2026, XSEP returned slightly more: +5.8% to +5.4%. XSEP fell less at its worst: −0.9% to −1.5%.
Full scorecard
3 measures, with how each is measured Open ↓
| Measure | QBSV | XSEP | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +5.4% | +5.8% | XSEP (slight) | Price change plus distributions, reinvested. |
| Price return | +5.4% | +5.8% | XSEP (slight) | Price change alone, distributions left out. |
| Risk | ||||
| Max drawdown | −1.5% | −0.9% | XSEP | Deepest fall from a high to the low after it. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 29 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | QBSV | XSEP | QBSV | XSEP |
| 3 months | +0.5% | +1.6% | +0.9 pts | +1.9 pts |
| 6 months | +3.9% | +4.1% | −0.6 pts | −0.4 pts |
| 1 year | – | +9.3% | – | −4.3 pts |
| 3 years | – | +32.5% | – | −44.0 pts |
| Since launchNot the same days: QBSV Apr 2026 · XSEP Sep 2022 | +8.6% | +51.6% | −8.5 pts | −53.3 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
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. QBSV is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
They do not reset together. QBSV has 57 days of its period left and XSEP has 317, so the two are not the same bet on the same months.
Where each one stands today
QBSV resets first, on Dec 31, 2026, 57 days from now; XSEP runs to Sep 17, 2027, 317 days. QBSV can still gain 4.2% before its cap, XSEP 9.4%. A fall from here reaches QBSV’s buffer after 0.9% and XSEP’s after 1.7%. Both track SPY, so what separates them is where each is in its own period.
No client brief for this pair: ETFIQ prints no one-year total return for QBSV.
QBSV
From its price on Nov 4, 2026, the fund can gain about 4.2% more before it reaches its cap. The fund's price can fall 0.9% 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: 5.0% of the 5.0% 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.
XSEP
From its price on Nov 4, 2026, the fund can gain about 9.4% 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.
Questions people ask
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, QBSV against XSEP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/qbsv-vs-xsep
ETFIQ. (Nov 4, 2026). QBSV against XSEP. Retrieved from https://etfiq.com/compare/buffer/qbsv-vs-xsep
[QBSV against XSEP (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/qbsv-vs-xsep)
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