# FSEP (FT Vest U.S. Equity Buffer ETF - September)

First Trust · Buffer ETFs · data as of Sep 11, 2026

As of Sep 11, 2026, FSEP has reached its cap.

## Key facts

- FSEP, past the cap, price drift left: 0.4%, as of Sep 11, 2026.
- FSEP, fall before the buffer: 12.0%, as of Sep 11, 2026.
- FSEP, protection left, index points: 10.0%, as of Sep 11, 2026.
- FSEP, days to reset: 7, as of Sep 11, 2026.
- FSEP, net assets: $1.3bn (issuer page, as of Sep 11, 2026).
- FSEP, expense ratio: 0.85% (issuer page, Sep 11, 2026).

## FSEP over each window to Sep 11, 2026

| Window | Total return | SPY | Gap to SPY |
| --- | --- | --- | --- |
| 3 months | +4.1% | +3.3% | +0.8 pts |
| 6 months | +12.2% | +16.0% | −3.8 pts |
| 1 year | +13.1% | +17.5% | −4.4 pts |
| 3 years | +49.1% | +77.9% | −28.8 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | SPY | ETFIQ |
| Buffer | 10% | ETFIQ |
| Outcome period | Sep 22, 2025 to Sep 18, 2026 | ETFIQ |
| Starting cap | +14.0% | ETFIQ |
| SPY return since period start | +15.2% | ETFIQ |
| Fund return since period start | +12.7% | ETFIQ |
| Net assets | $1.3bn | issuer page, as of Sep 11, 2026 |
| Band state today | At cap | ETFIQ |
| Can still gain | 0.4% | issuer, fund price |
| Fall before buffer | 12.0% | issuer, fund price |
| Fall to the buffer in index terms | 13.2% | ETFIQ |
| Protection left in index points | 10.0% of 10.0% | ETFIQ |
| Days left in period | 7 | ETFIQ |
| Expense ratio | 0.85% | issuer page, Sep 11, 2026 |

## Questions

### How much can FSEP still gain?

Nothing more in index terms on Sep 11, 2026. SPY has already passed the cap of +14.0% for this period, which runs from Sep 22, 2025 to Sep 18, 2026.

### How far can FSEP fall before the buffer helps?

12.0% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms SPY can fall 13.2% from that level before the buffer begins. Losses until that point are the holder's.

### How much of the FSEP buffer is left?

10.0% of the 10.0% buffer sat below the SPY level on Sep 11, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.

### When does FSEP reset?

The outcome period ends on Sep 18, 2026, 7 days from the data on Sep 11, 2026. A new cap is set the next day and the buffer starts again.

### What does FSEP cost?

The prospectus expense ratio is 0.85% a year.


## Cite this page

ETFIQ, FSEP, data as of Sep 11, 2026. https://etfiq.com/funds/fsep
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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