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DSEP vs UFEB

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

DSEPCCboe

Innovator U.S. Equity Ultra Buffer ETF

UFEBBCboe

Overlap

Expense ratio

UFEB −0.06pt a year

DSEP0.85%UFEB0.79%

Avg volume · 30D

UFEB 1.5×the volume

DSEP22.4KUFEB32.8K

5Y return · a year

DSEP +0.9pt

DSEP+8.2%UFEB+7.3%

DSEP vs UFEB Performance

Oct 29, 2021 – Oct 30, 2026

+48.6%DSEP+42.2%UFEB

Oct 29, 2021 to Oct 30, 2026. DSEP +48.6%. UFEB +42.2%. Use the arrow keys to read each point.−10%0%10%20%30%Oct 2021Apr 2024Oct 2026
Expense ratio
DSEP 0.85%
UFEB 0.79%, better
Fund size
DSEP $430M
UFEB $167M
1Y total return
DSEP +9.3%
UFEB +9.7%, better
Holdings
DSEP 3
UFEB 3
Avg volume (30D)
DSEP 22.4K sh
UFEB 32.8K sh, better
NAV per share
DSEP $48.84
UFEB $39.55
52W range

ETF.net Grade

DSEP: Cost 31, Risk 49, Mission 92, Tradability 74, Holdings 38, Durability 73. UFEB: Cost 67, Risk 64, Mission not scored, Tradability 63, Holdings not scored, Durability 45.
Pillar letters and Scores for DSEP, UFEB, with each pillar’s weight
PillarDSEPUFEB
Cost30% weightD31B67Higher
Mission25% weightA92Not scored
Risk15% weightC49B64Higher
Tradability15% weightA74HigherB63
Holdings10% weightD38Not scored
Durability5% weightA73HigherC45

Rank among S&P 500 Deep Buffer 25-30% funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DSEP and UFEB are both graded against the same 19 S&P 500 Deep Buffer 25-30% funds, so their Grades compare head to head.

S&P 500 Deep Buffer 25-30%⁠

Category · 19 funds
See all 19 ›

UFEB ranks 1st and DSEP 12th of 19 funds in the S&P 500 Deep Buffer 25-30% Category.

  1. Rank 1BPSCXPacer Swan SOS Conservative (January) ETFScore 63
  2. Rank 1BUFEBInnovator U.S. Equity Ultra Buffer ETFScore 63
  3. Rank 3BPSCQPacer Swan SOS Conservative (October) ETFScore 60
  4. Rank 12CDJUNFT Vest U.S. Equity Deep Buffer ETF - JuneScore 46
  5. Rank 12CDSEPFT Vest U.S. Equity Deep Buffer ETF - SeptemberScore 46
  6. Rank 14CDOCTFT Vest U.S. Equity Deep Buffer ETF - OctoberScore 45

Our read on each fund

ETF.net Research

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

UFEBBInnovator U.S. Equity Ultra Buffer ETF

In short

DSEP The 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.

UFEB No data

Stated mandate

DSEP 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.

UFEB No data

Why people hold it

  • DSEP 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.

UFEB No data

Worth knowing

  • DSEP 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.

UFEB No data

Full DSEP profile⁠

Full UFEB profile⁠

DSEP vs UFEB Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DSEP vs UFEB Cost

Overpaying DSEP vs UFEB

$1,025

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

  • DSEP 0.85%

    $16,199

  • UFEB 0.79%

    $15,174

$10,000
30 years

Cost over time

  • DSEP 0.85%
  • UFEB 0.79%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530DSEP $16,199UFEB $15,174

Year by year

YearDSEPUFEBOverpaying
10$1,508$1,405$103
20$5,706$5,331$375
30$16,199$15,174$1,025

Expense ratio

  • 0.85%DSEP
  • 0.79%UFEB, cheaper
  • Middle half of S&P 500 Deep Buffer 25-30% funds
  • Median 0.85%

UFEB 7th cheapest of 19 funds

DSEP 8th cheapest of 19 funds

DSEP vs UFEB Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
DSEP None
UFEB None

Distribution history

DSEPAll DSEP payments⁠

No distribution history available.

UFEBAll UFEB payments⁠

No distribution history available.

DSEP vs UFEB Risk

Fall from peak · 5 years

  • DSEP
  • UFEB
Oct 29, 2021 to Oct 30, 2026. Worst fall: DSEP −11.8% · Oct 2022. Use the arrow keys to read each point.−12.5%−10%−7.5%−5%−2.5%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
DSEP 6.2%UFEB 5.9%, better
Return per unit of riskSharpe ratio, 3 years
DSEP 1.32UFEB 1.43, better
Worst fallMax drawdown, 5 years
DSEP −11.8%UFEB −9.0%, better
Market sensitivityBeta, 5 years
DSEP 0.47UFEB 0.46

DSEP and UFEB in the news

All news⁠

Popular comparisons

  • DSEPCvsPSCXB

    FT Vest U.S. Equity Deep Buffer ETF - September · Pacer Swan SOS Conservative (January) ETF

    Expense ratio
    0.85% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • UFEBBvsPSCXB

    Innovator U.S. Equity Ultra Buffer ETF · Pacer Swan SOS Conservative (January) ETF

    Expense ratio
    0.79% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • DSEPCvsPSCQB

    FT Vest U.S. Equity Deep Buffer ETF - September · Pacer Swan SOS Conservative (October) ETF

    Expense ratio
    0.85% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • UFEBBvsPSCQB

    Innovator U.S. Equity Ultra Buffer ETF · Pacer Swan SOS Conservative (October) ETF

    Expense ratio
    0.79% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • DSEPCvsDFEBC

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

    Expense ratio
    0.85% · 0.85%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • UFEBBvsDFEBC

    Innovator U.S. Equity Ultra Buffer ETF · FT Vest U.S. Equity Deep Buffer ETF - February

    Expense ratio
    0.79% · 0.85%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.