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Launched

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

XSEPCboeFirst TrustC

$45.20−0.05 (−0.11%)

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

C51/ 100

Rank 3 of 7 in S&P 500 Accelerated, 15% Buffer

C51/100Rank 3 of 7inS&P 500 Accelerated, 15% Buffer
Intraday session: down, 78 prints from 45.25 to 45.20. Range 45.16 to 45.45. Use the arrow keys to read each point.45.1545.3045.3545.4045.4510 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$99M
1Y total return
+8.2%
Yield · Last 12 months
No data
Holdings
4
Avg volume · 30D
13.4K sh
52W range
low $41.13high $45.71
Launched

The ETF.net XSEP Grade

C

Score 51 out of 100

Category
S&P 500 Accelerated, 15% Buffer⁠
Rank
3 of 7
Six-pillar profile for XSEP. Scores out of 100: Cost 40, Risk 44, Mission 91, Tradability 75, Holdings 53, Durability 66. Strongest: Mission (91). Weakest: Cost (40). Leans toward Mission.

Score 51 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.
    C40 out of 100
    Rank 2 of 7

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A91 out of 100
    No data

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C44 out of 100
    Rank 5 of 7

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A75 out of 100
    Rank 2 of 7

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C53 out of 100
    Rank 5 of 5

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B66 out of 100
    Rank 3 of 7

Our read on XSEP

ETF.net Research

In short

CMost buffer ETFs trade away upside for protection. XSEP doubles it: about 2x the price move of the S&P 500 ETF it references, up to a yearly cap, with the first 15% of losses absorbed.

Stated mandate

The Fund seeks about twice the positive price return of the State Street SPDR S&P 500 ETF Trust, subject to a 9.58% upside cap, while protecting the first 15% of losses during the September 22, 2025–September 18, 2026 outcome period.

Why people hold it

  • The "enhance" is literal: the fund aims for roughly 2x any positive price move in the S&P 500 ETF it references, up to a cap set when each September period starts.ftportfolios.com
  • Downside first: it absorbs the reference ETF's first 15% of losses, before fees, across the one-year outcome period.sec.gov
  • A 1940 Act ETF built on FLEX options rather than a bank-issued note, so no issuer credit risk, and you can trade it any market day.sec.gov
  • One of twelve monthly-dated siblings in First Trust's Enhance & Moderate lineup, so a fresh cap and a reset 15% buffer arrive every September.ftportfolios.com

Worth knowing

  • The doubled upside is paid for with a ceiling: above the cap you stop participating. Cap and buffer are calibrated for holders of the full September-to-September period.sec.gov
  • It follows price return only, so the S&P 500's dividends sit outside the math.sec.gov
  • The 0.85% expense ratio prices above the median of its buffer-ETF peer group, and the fund is thinly traded, so limit orders earn their keep.

XSEP Holdings

Holdings pillarC53 out of 100Rank 5 of 5 in S&P 500 Accelerated, 15% Buffer
Asset class
Other
Holdings
4
Top-10 weight
111%
Largest holding
2027-09-17 State Street® SPDR® S&P 500® ETF Trust C 7.6997.3%

Sectors

  • Technology38.5%
  • Financials12.1%
  • Communication9.6%
  • Consumer Discretionary9.3%
  • Health Care9.3%
  • Industrials7.8%
  • Consumer Staples4.5%
  • Energy3.4%
  • Utilities2.0%
  • Real Estate1.8%
  • Materials1.7%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No data2027-09-17 State Street® SPDR® S&P 500® ETF Trust C 7.6997.32%1,291$96.1M1
2No data2027-09-17 State Street® SPDR® S&P 500® ETF Trust C 761.697.91%1,291$7.81M1
3No data2027-09-17 State Street® SPDR® S&P 500® ETF Trust P 761.775.18%1,291$5.11M1
4No dataUS Dollar1.08%1,069,897$1.07M408

Showing 1–4 of 4 holdings

XSEP Performance

Launched Sep 21, 2022

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.
XSEP$10,822
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. XSEP $10,822. 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 XSEP. Periods over one year show the average yearly return.
PeriodXSEP
Year to date+6.8%
1 month−0.1%
3 months+1.2%
1 year+8.2%
3 yearsper year+10.4%
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 XSEP
YearReturn barXSEP
2026 YTD+6.8%
2025+8.9%
2024+8.4%
2023+16.1%
2022+2.8%

History from Sep 22, 2022

XSEP in the news

XSEP Dividends

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

No distributions in the last 12 months.

XSEP Risk

Risk pillarC44 out of 100Rank 5 of 7 in S&P 500 Accelerated, 15% Buffer
How much the fund’s monthly returns vary, scaled to a year.
4.6%
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.
1.23
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.
−9.2%
49 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.
0.35
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.

XSEP Cost

Compare XSEP and CTAU

Overpaying vs CTAU, cheapest in S&P 500 Accelerated, 15% Buffer

$10,050

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

  • XSEP 0.85%

    $16,199

  • CTAU 0.30% Cheapest

    $6,149

$10,000
30 years

Cost over time

  • XSEP 0.85%
  • CTAU 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$20K051015202530XSEP $16,199CTAU $6,149

Year by year

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

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