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

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

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

## Key facts

- GSEP, past the cap, price drift left: 0.1%, as of Sep 11, 2026.
- GSEP, fall before the buffer: 10.3%, as of Sep 11, 2026.
- GSEP, protection left, index points: 15.0%, as of Sep 11, 2026.
- GSEP, days to reset: 7, as of Sep 11, 2026.
- GSEP, net assets: $343m (issuer page, as of Sep 11, 2026).
- GSEP, expense ratio: 0.85% (issuer page, Sep 11, 2026).

## GSEP over each window to Sep 11, 2026

| Window | Total return | SPY | Gap to SPY |
| --- | --- | --- | --- |
| 3 months | +3.2% | +3.3% | −0.1 pts |
| 6 months | +9.6% | +16.0% | −6.5 pts |
| 1 year | +10.6% | +17.5% | −6.9 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | SPY | ETFIQ |
| Buffer | 15% | ETFIQ |
| Outcome period | Sep 22, 2025 to Sep 18, 2026 | ETFIQ |
| Starting cap | +11.5% | ETFIQ |
| SPY return since period start | +15.2% | ETFIQ |
| Fund return since period start | +10.5% | ETFIQ |
| Net assets | $343m | issuer page, as of Sep 11, 2026 |
| Band state today | At cap | ETFIQ |
| Can still gain | 0.1% | issuer, fund price |
| Fall before buffer | 10.3% | issuer, fund price |
| Fall to the buffer in index terms | 13.2% | ETFIQ |
| Protection left in index points | 15.0% of 15.0% | ETFIQ |
| Days left in period | 7 | ETFIQ |
| Expense ratio | 0.85% | issuer page, Sep 11, 2026 |

## Questions

### How much can GSEP still gain?

Nothing more in index terms on Sep 11, 2026. SPY has already passed the cap of +11.5% for this period, which runs from Sep 22, 2025 to Sep 18, 2026.

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

10.3% 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 GSEP buffer is left?

15.0% of the 15.0% 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 GSEP 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 GSEP cost?

The prospectus expense ratio is 0.85% a year.


## Cite this page

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

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