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Launched

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

GSEPCboeFirst TrustC

$41.90−0.11 (−0.27%)

As of Nov 2, 2026, 3:59 PM ET

C42/ 100

Rank 33 of 61 in S&P 500 Buffer 15%

C42/100Rank 33 of 61inS&P 500 Buffer 15%
Intraday session: down, 78 prints from 42.01 to 41.90. Range 41.90 to 42.24. Use the arrow keys to read each point.42.1042.2010 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$367M
1Y total return
+9.4%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
47.7K sh
52W range
low $37.40high $42.68
Launched

The ETF.net GSEP Grade

C

Score 42 out of 100

Category
S&P 500 Buffer 15%⁠
Rank
33 of 61
Six-pillar profile for GSEP. Scores out of 100: Cost 13, Risk 54, Mission 92, Tradability 73, Holdings 52, Durability 77. Strongest: Mission (92). Weakest: Cost (13). Leans toward Mission.

Score 42 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.
    F13 out of 100
    Rank 47 of 61

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A92 out of 100
    Rank 3 of 7

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C54 out of 100
    Rank 19 of 60

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A73 out of 100
    Rank 7 of 61

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C52 out of 100
    Rank 24 of 34

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A77 out of 100
    Rank 11 of 61

Our read on GSEP

ETF.net Research

In short

CA one-year hedge on a September clock: GSEP absorbs the first 15% of the decline in the big S&P 500 ETF it references, and trades that cushion for a cap on the upside. It's the September rung of First Trust's twelve-month moderate buffer ladder.

Stated mandate

The Fund seeks to match the price return of the State Street® SPDR® S&P 500® ETF Trust, subject to a predetermined upside cap and protection against the first 15% of losses during the stated outcome period.

Why people hold it

  • The cushion is written into the strategy, not left to a manager's judgment: the first 15% of the reference ETF's price decline over the outcome period is absorbed by the options package.ftportfolios.com
  • Eleven dated siblings (GJAN through GDEC) run the same 15% recipe on different start months, so entries can be staggered instead of hinging on one September reset.
  • It references SPY itself rather than an index, and holds a few hundred million dollars with steady two-way trading, so getting in and out is among the smoother experiences in its buffer group.

Worth knowing

  • 0.85% a year, above what the typical fund in this buffer group charges. That fee comes out of an upside that is capped to begin with.
  • The mandate follows SPY's price return, so S&P 500 dividends are not part of your return. That forgone income is part of what funds the buffer.
  • Buffer and cap are set for a full outcome period, September to September. Buy mid-period and you get whatever cushion and headroom remain, not the headline terms.

GSEP Performance

Launched Sep 15, 2023

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.Not enough history yet.
GSEP$10,942
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. GSEP $10,942. 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 GSEP. Periods over one year show the average yearly return.
PeriodGSEP
Year to date+8.4%
1 month−0.3%
3 months+1.7%
1 year+9.4%
3 yearsper year+12.8%
5 yearsFund is under 5 years oldper yearNo data
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 GSEP
YearReturn barGSEP
2026 YTD+8.4%
2025+10.6%
2024+10.9%
2023+4.7%

History from Sep 18, 2023

GSEP in the news

GSEP Dividends

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

No distributions in the last 12 months.

GSEP Risk

Risk pillarC54 out of 100Rank 19 of 60 in S&P 500 Buffer 15%
How much the fund’s monthly returns vary, scaled to a year.
5.8%
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.
1.36
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.
−10.1%
37 months · trough Apr 2025
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.
0.46
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.

GSEP Cost

Compare GSEP and CAUG

Overpaying vs CAUG, tied cheapest in S&P 500 Buffer 15%

$10,050

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

  • GSEP 0.85%

    $16,199

  • CAUG 0.30% Tied cheapest

    $6,149

$10,000
30 years

Cost over time

  • GSEP 0.85%
  • CAUG 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$20K051015202530GSEP $16,199CAUG $6,149

Year by year

YearGSEPCAUGOverpaying
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 Buffer 15%

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