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Launched

FT Vest U.S. Equity Deep Buffer ETF - September

DSEPCboeFirst TrustC

$48.57−0.17 (−0.35%)

As of Nov 2, 2026, 3:58 PM ET

C46/ 100

Rank 12 of 19 in S&P 500 Deep Buffer 25-30%

C46/100Rank 12 of 19inS&P 500 Deep Buffer 25-30%
Intraday session: down, 79 prints from 48.74 to 48.57. Range 48.57 to 48.98. Use the arrow keys to read each point.48.8048.9049.0010 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$430M
1Y total return
+9.3%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
22.4K sh
52W range
low $43.28high $49.45
Launched

The ETF.net DSEP Grade

C

Score 46 out of 100

Category
S&P 500 Deep Buffer 25-30%⁠
Rank
12 of 19
Six-pillar profile for DSEP. Scores out of 100: Cost 31, Risk 49, Mission 92, Tradability 74, Holdings 38, Durability 73. Strongest: Mission (92). Weakest: Cost (31). Leans toward Mission.

Score 46 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D31 out of 100
    Rank 8 of 19

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A92 out of 100
    No data

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C49 out of 100
    Rank 11 of 19

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A74 out of 100
    Rank 4 of 19

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D38 out of 100
    Rank 12 of 12

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A73 out of 100
    Rank 5 of 19

Our read on DSEP

ETF.net Research

In short

CThe deep-buffer version of owning the S&P 500: DSEP absorbs the first 5% of a drop itself, then shields losses down to -30% over its one-year September period, in exchange for a capped upside.

Stated mandate

The Fund seeks to match the price return of the State Street® SPDR® S&P 500® ETF Trust before fees, subject to an 11.43% upside cap and protection against Underlying ETF losses between -5% and -30% during the stated outcome period.

Why people hold it

  • Deeper cover than a standard buffer fund: 25 points of downside protection, from -5% to -30% of the underlying S&P 500 ETF's price return, over each one-year outcome period.ftportfolios.com
  • September is one rung in First Trust's twelve-month deep buffer ladder (DMAR, DJUN, DDEC and the rest), so start dates can be staggered instead of hinging on one calendar month.
  • Running since 2020, with five-plus years of resetting cap and buffer each September, and a 0.85% fee that sits right at the median for deep-buffer funds.

Worth knowing

  • The shield starts only after a 5% decline, so everyday dips land in full, and the upside cap is reset each September at whatever the options market will pay.
  • 0.85% is above the cheapest end of the category: Pacer's Swan SOS Conservative funds (PSCX, PSCW, PSCQ) run 0.49%.
  • Thinly traded and built for price return, not income, so limit orders are worth using and there is no regular distribution stream.

DSEP Performance

Launched Sep 18, 2020

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.
DSEP$10,933
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. DSEP $10,933. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for DSEP. Periods over one year show the average yearly return.
PeriodDSEP
Year to date+8.5%
1 month−0.3%
3 months+1.8%
1 year+9.3%
3 yearsper year+13.2%
5 yearsper year+8.2%
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for DSEP
YearReturn barDSEP
2026 YTD+8.5%
2025+10.8%
2024+11.3%
2023+18.9%
2022−7.4%
2021+6.4%
2020+4.9%

History from Sep 21, 2020

DSEP in the news

DSEP Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

DSEP Risk

Risk pillarC49 out of 100Rank 11 of 19 in S&P 500 Deep Buffer 25-30%
How much the fund’s monthly returns vary, scaled to a year.
6.2%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.32
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−11.8%
Trough Oct 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.47
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

DSEP Cost

Compare DSEP and CTJL

Overpaying vs CTJL, tied cheapest in S&P 500 Deep Buffer 25-30%

$10,050

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • DSEP 0.85%

    $16,199

  • CTJL 0.30% Tied cheapest

    $6,149

$10,000
30 years

Cost over time

  • DSEP 0.85%
  • CTJL 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530DSEP $16,199CTJL $6,149

Year by year

YearDSEPCTJLOverpaying
10$1,508$545$963
20$5,706$2,113$3,593
30$16,199$6,149$10,050

Other funds in S&P 500 Deep Buffer 25-30%

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