# TSEP (FT Vest Emerging Markets Buffer ETF - September)

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

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

## Key facts

- TSEP, past the cap, price drift left: −0.1%, as of Sep 11, 2026.
- TSEP, fall before the buffer: 14.9%, as of Sep 11, 2026.
- TSEP, protection left, index points: 10.0%, as of Sep 11, 2026.
- TSEP, days to reset: 7, as of Sep 11, 2026.
- TSEP, net assets: $16m (issuer page, as of Sep 11, 2026).
- TSEP, expense ratio: 0.95% (issuer page, Sep 11, 2026).

## TSEP over each window to Sep 11, 2026

| Window | Total return | EEM | Gap to EEM |
| --- | --- | --- | --- |
| 3 months | +4.2% | +0.4% | +3.7 pts |
| 6 months | +11.7% | +20.0% | −8.3 pts |
| 1 year | +16.4% | +32.3% | −15.9 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | EEM | ETFIQ |
| Buffer | 10% | ETFIQ |
| Outcome period | Sep 22, 2025 to Sep 18, 2026 | ETFIQ |
| Starting cap | +17.2% | ETFIQ |
| EEM return since period start | +28.0% | ETFIQ |
| Fund return since period start | +16.3% | ETFIQ |
| Net assets | $16m | issuer page, as of Sep 11, 2026 |
| Band state today | At cap | ETFIQ |
| Can still gain | −0.1% | issuer, fund price |
| Fall before buffer | 14.9% | issuer, fund price |
| Fall to the buffer in index terms | 21.9% | ETFIQ |
| Protection left in index points | 10.0% of 10.0% | ETFIQ |
| Days left in period | 7 | ETFIQ |
| Expense ratio | 0.95% | issuer page, Sep 11, 2026 |

## Questions

### How much can TSEP still gain?

Nothing more in index terms on Sep 11, 2026. EEM has already passed the cap of +17.2% for this period, which runs from Sep 22, 2025 to Sep 18, 2026.

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

14.9% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms EEM can fall 21.9% from that level before the buffer begins. Losses until that point are the holder's.

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

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

### When does TSEP 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 TSEP cost?

The prospectus expense ratio is 0.95% a year.


## Cite this page

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

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