Which has more room to gain, SEPM or XSEP?

From their prices on Nov 4, 2026, SEPM can gain about 6.8% before its cap and XSEP about 9.4%, 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 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

SEPM vs XSEP: Cap, Buffer & Days Left

Share on X Download as PDF

As of Nov 4, 2026 XSEP can fall 1.7% before its buffer engages and SEPM 1.4%.

askIQ about this page

askIQ about SEPM and XSEP

Net assets on Nov 3, 2026: $38m for FT Vest U.S. Equity Max Buffer ETF - September and $99m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - September.

SEPM on its own →XSEP on its own →

At a glance

1.4%

SEPM can fall this far before its buffer

1.7%

XSEP can fall this far before its buffer

6.8%

SEPM can still gain

9.4%

XSEP can still gain

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.

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.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 2.9 points; XSEP is 2.6 times larger.

Points (pts) are percentage points.

SEPM vs XSEP: Cap, Buffer & Days Left
Measure	SEPM	XSEP
Return
Measure	SEPM	XSEP
Total return, 1 year	+6.4%	+9.3%
Drawdown
Measure	SEPM	XSEP
Index fall to the buffer	0.7%	0.6%
Benchmark
Measure	SEPM	XSEP
What it tracks	SPY	SPY
Cost and size
Measure	SEPM	XSEP
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$38m	$99m
Holdings
Measure	SEPM	XSEP
Holdings in common	not published

Method

Window by window

Window by window: SEPM vs XSEP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	SEPM	XSEP	SEPM	XSEP
3 months	+1.3%	+1.6%	+1.6 pts	+1.9 pts
6 months	+3.0%	+4.1%	−1.5 pts	−0.4 pts
1 year	+6.4%	+9.3%	−7.2 pts	−4.3 pts
3 years	–	+32.5%	–	−44.0 pts
Since launchNot the same days: SEPM Sep 2024 · XSEP Sep 2022	+13.3%	+51.6%	−21.3 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

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 317 317

Starting cap +8.2% +11.2%

Can still gain 6.8% 9.4%

Fall before buffer 1.4% 1.7%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period +0.7% +0.7%

Fund return this period +0.6% +0.9%

State today Open Open

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $38m $99m

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. 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, 317 days from now; XSEP runs to Sep 17, 2027, 317 days. SEPM can still gain 6.8% before its cap, XSEP 9.4%. A fall from here reaches SEPM’s buffer after 1.4% and XSEP’s after 1.7%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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. In index terms, SPY can fall 0.7% 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. 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. 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.

Questions people ask

Which has more room to gain, SEPM or XSEP?: From their prices on Nov 4, 2026, SEPM can gain about 6.8% before its cap and XSEP about 9.4%, 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 and XSEP both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

SEPM vs APOC SEPM vs DDSQ SEPM vs SIXO SEPM vs OCTT XSEP vs DDTO XSEP vs CPST XSEP vs CPSO XSEP vs OCTP

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

Sources and dates

SEPM and XSEP filings on SEC EDGAR ↗

First Trust page for SEPM ↗

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

Open data →

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