# XSEP (FT Vest U.S. Equity Enhance & Moderate Buffer ETF - September)

First Trust · Buffer ETFs · data as of Sep 21, 2026

As of Sep 21, 2026, XSEP is between its buffer and cap, with SPY up 1.6% since the period began.

## Key facts

- XSEP, can still gain: 9.9%, as of Sep 21, 2026.
- XSEP, fall before the buffer: 1.2%, as of Sep 21, 2026.
- XSEP, protection left, index points: 15.0%, as of Sep 21, 2026.
- XSEP, days to reset: 361, as of Sep 21, 2026.
- XSEP, net assets: $164m (issuer page, as of Sep 18, 2026).
- XSEP, expense ratio: 0.85% (issuer page, Sep 21, 2026).

## XSEP over each window to Sep 21, 2026

| Window | Total return | SPY | Gap to SPY |
| --- | --- | --- | --- |
| 3 months | +2.0% | +2.3% | −0.3 pts |
| 6 months | +8.3% | +18.0% | −9.7 pts |
| 1 year | +8.8% | +16.6% | −7.7 pts |
| 3 years | +31.3% | +78.4% | −47.1 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | SPY | ETFIQ |
| Buffer | 0% to 15% | ETFIQ |
| Outcome period | Sep 21, 2026 to Sep 17, 2027 | ETFIQ |
| Starting cap | +11.2% | ETFIQ |
| SPY return since period start | +1.6% | ETFIQ |
| Fund return since period start | +0.4% | ETFIQ |
| Net assets | $164m | issuer page, as of Sep 18, 2026 |
| Band state today | Open | ETFIQ |
| Can still gain | 9.9% | issuer, fund price |
| Fall before buffer | 1.2% | issuer, fund price |
| Fall to the buffer in index terms | 1.6% | ETFIQ |
| Protection left in index points | 15.0% of 15.0% | ETFIQ |
| Days left in period | 361 | ETFIQ |
| Expense ratio | 0.85% | issuer page, Sep 21, 2026 |

## Questions

### How much can XSEP still gain?

About 9.9% from its price on Sep 21, 2026, before it reaches its cap, by the issuer's published figure. The cap for the period was set at +11.2%.

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

1.2% in fund-price terms on Sep 21, 2026, by the issuer's figure. In index terms SPY can fall 1.6% from that level before the buffer begins. Losses until that point are the holder's.

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

15.0% of the 15.0% buffer sat below the SPY level on Sep 21, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.

### When does XSEP reset?

The outcome period ends on Sep 17, 2027, 361 days from the data on Sep 21, 2026. A new cap is set the next day and the buffer starts again.

### What does XSEP cost?

The prospectus expense ratio is 0.85% a year.


## Cite this page

ETFIQ, XSEP, data as of Sep 21, 2026. https://etfiq.com/funds/xsep
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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