Data as of .
SEPM vs XSEP: which one stands where?
As of Sep 21, 2026 XSEP can fall 1.2% 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. XSEP 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
SEPM resets first, on Sep 17, 2027, 361 days from now; XSEP runs to Sep 17, 2027, 361 days. SEPM can still gain 7.2% before its cap, XSEP 9.9%. A fall from here reaches SEPM’s buffer after 1.1% and XSEP’s after 1.2%. 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 | ||
|---|---|---|---|---|
| SEPM | XSEP | SEPM | XSEP | |
| 3 months | +1.8% | +2.0% | −0.4 pts | −0.3 pts |
| 6 months | +5.7% | +8.3% | −12.4 pts | −9.7 pts |
| 1 year | +6.4% | +8.8% | −10.2 pts | −7.7 pts |
| 3 years | not published | +31.3% | not published | −47.1 pts |
| 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 | 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 100% | 0% to 15% |
| Outcome period | Sep 21, 2026 to Sep 17, 2027 | Sep 21, 2026 to Sep 17, 2027 |
| Days left | 361 | 361 |
| Starting cap | +8.2% | +11.2% |
| Can still gain | 7.2% | 9.9% |
| Fall before buffer | 1.1% | 1.2% |
| Protection left, index points | 100.0% of 100.0% | 15.0% of 15.0% |
| Index return this period | +1.6% | +1.6% |
| Fund return this period | +0.2% | +0.4% |
| State today | Open | Open |
| Expense ratio | 0.85% | 0.85% |
| Net assets | $44m | $164m |
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. In index terms, SPY can fall 1.6% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% 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.
XSEP in plain words
From its price on Sep 21, 2026, the fund can gain about 9.9% more before it reaches its cap. The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.
Questions people ask
- Which has more room to gain, SEPM or XSEP?
- From their prices on Sep 21, 2026, SEPM can gain about 7.2% before its cap and XSEP about 9.9%, so XSEP has more room left this period.
- Which resets first, SEPM or XSEP?
- SEPM 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, SEPM or XSEP?
- SEPM charges 0.85% a year and XSEP charges 0.85%, so SEPM 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, SEPM against XSEP, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/sepm-vs-xsep Free to use with attribution; the underlying files are at Open data.