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FSEP vs TENJ

FT Vest U.S. Equity Buffer ETF - September

FSEPCCboe

iShares Large Cap 10% Target Buffer Jun ETF

TENJBCboe

Overlap

0.0%by weight

Expense ratio

TENJ −0.32pt a year

FSEP0.85%TENJ0.53%

Avg volume · 30D

FSEP 2.0×the volume

FSEP49.9KTENJ24.6K

FSEP vs TENJ Performance

Oct 31, 2025 – Nov 2, 2026

+11.1%FSEP+11.3%TENJ

Oct 31, 2025 to Nov 2, 2026. FSEP +11.1%. TENJ +11.3%. Use the arrow keys to read each point.−2.5%0%2.5%5%7.5%Oct 2025May 2026Nov 2026
Expense ratio
FSEP 0.85%
TENJ 0.53%, better
Fund size
FSEP $1.43B
TENJ $47M
1Y total return
FSEP +11.1%
TENJ +11.3%, better
Holdings
FSEP 3
TENJ 4
Avg volume (30D)
FSEP 49.9K sh, better
TENJ 24.6K sh
NAV per share
FSEP $56.90
TENJ $28.09
52W range

ETF.net Grade

FSEP: Cost 11, Risk 52, Mission not scored, Tradability 89, Holdings 54, Durability 83. TENJ: Cost 86, Risk 49, Mission not scored, Tradability 66, Holdings 51, Durability 41.
Pillar letters and Scores for FSEP, TENJ, with each pillar’s weight
PillarFSEPTENJ
Cost30% weightF11A86Higher
Mission25% weightNot scoredNot scored
Risk15% weightC52HigherC49
Tradability15% weightA89HigherB66
Holdings10% weightC54HigherC51
Durability5% weightA83HigherC41

Rank among S&P 500 Buffer 9-12% funds

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

Same Category. FSEP and TENJ are both graded against the same 77 S&P 500 Buffer 9-12% funds, so their Grades compare head to head.

S&P 500 Buffer 9-12%⁠

Category · 77 funds
See all 77 ›

TENJ ranks 3rd and FSEP 48th of 77 funds in the S&P 500 Buffer 9-12% Category.

  1. Rank 1AZALTInnovator U.S. Equity 10 Buffer ETF - QuarterlyScore 77
  2. Rank 2BAUGPPGIM S&P 500 Buffer 12 ETF - AugustScore 67
  3. Rank 3BTENJiShares Large Cap 10% Target Buffer Jun ETFScore 66
  4. Rank 4BSIXJAllianzIM U.S. Equity 6 Month Buffer10 Jan/Jul ETFScore 65
  5. Rank 48CFJULFT Vest U.S. Equity Buffer ETF - JulyScore 45
  6. Rank 48CFSEPFT Vest U.S. Equity Buffer ETF - SeptemberScore 45
  7. Rank 48CXBFRInnovator Equity Managed 10 Buffer ETFScore 45

Our read on each fund

ETF.net Research

FSEPCFT Vest U.S. Equity Buffer ETF - September

TENJBiShares Large Cap 10% Target Buffer Jun ETF

In short

FSEP The September rung of First Trust's twelve-month buffer ladder. It follows the price return of State Street's S&P 500 ETF, absorbs the first 10% of losses, and trades away upside above a cap that resets every September.

TENJ No data

Stated mandate

FSEP The fund seeks to track the price return of the State Street® SPDR® S&P 500® ETF Trust before fees and expenses, subject to a 14.00% upside cap and protection against the first 10% of losses during the stated outcome period.

TENJ No data

Why people hold it

  • FSEP The cushion is written into the mandate, not left to a manager's judgment: across each one-year period the options package absorbs the first 10% of a decline in the reference S&P 500 ETF, before fees.
  • Twelve sibling funds, one per calendar month, all at the same 0.85% fee. Pick a start month or stack several so your protection isn't tied to a single September date.
  • Running since 2020 and now a multi-billion-dollar fund with moderate trading activity, so the September vintage is a well-used rung rather than a thin experiment.

TENJ No data

Worth knowing

  • FSEP At 0.85% a year it prices above the typical buffer fund, and cheaper paths to a 10% buffer exist (BUFB at 0.10%, ZALT at 0.69%).
  • Built to be held from one September reset to the next. Buy mid-period and your effective cap and leftover cushion differ from the stated terms.
  • No distributions, so the payoff arrives in the share price. And the cushion stops at 10%; declines past that land on you alongside the reference ETF.

TENJ No data

Full FSEP profile⁠

Full TENJ profile⁠

FSEP vs TENJ Holdings

How FSEP and TENJ differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of FSEP and 0.0% of TENJ.

Level by level

  • Holdings0 in both0.0%

Sector

No Sector split for TENJ.

Country, concentration and asset class

Country by domicile

No country split for FSEP.

Concentration

Weight in the 10 largest Holdings

  • FSEP104.0%
  • TENJ102.6%

Securities held

  • FSEP2
  • TENJ2

Asset class

FSEP
Multi-Asset
TENJ
Equity

Holdings

  • Only in FSEP2
  • In both0
  • Only in TENJ2

Only in FSEP

2 securities, 100% of FSEP by weight

  • 2027-09-17 State Street® SPDR® S&P 500® ETF Trust C 7.6297.56%
  • 2027-09-17 State Street® SPDR® S&P 500® ETF Trust P 761.695.39%

Only in TENJ

2 securities, 100% of TENJ by weight

  • Ishares Core S&P Etf Trust97.64%
  • JUL27 Ivv Us P @ 748.894.03%

Weight gaps

FSEP and TENJ share no securities.

All 4 FSEP holdings⁠All TENJ 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.

FSEP vs TENJ Cost

Overpaying FSEP vs TENJ

$5,663

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

  • FSEP 0.85%

    $16,199

  • TENJ 0.53%

    $10,536

$10,000
30 years

Cost over time

  • FSEP 0.85%
  • TENJ 0.53%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530FSEP $16,199TENJ $10,536

Year by year

YearFSEPTENJOverpaying
10$1,508$953$555
20$5,706$3,658$2,048
30$16,199$10,536$5,663

Expense ratio

  • 0.85%FSEP
  • 0.53%TENJ, cheaper
  • Middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

TENJ 11th cheapest of 77 funds

FSEP 60th cheapest of 77 funds

FSEP vs TENJ Dividends

Last 12 months to Nov 2, 2026
Payout (12M)
FSEP None
TENJ No data
Last payment
FSEP No data
TENJ $0.07
Ex-dividend
FSEP No data
TENJ Dec 23, 2025
Paid on
FSEP No data
TENJ Dec 29, 2025
Frequency
FSEP No data
TENJ Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

FSEPAll FSEP payments⁠

No distribution history available.

TENJIrregular · 1 paymentAll TENJ payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 23, 2025 $0.07. Use the arrow keys to read each point.$0$0.052026YTD

FSEP vs TENJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FSEP 7.5%TENJ 8.6%since Nov 2025
Return per unit of riskSharpe ratio, 3 years
FSEP 1.43TENJ 0.90since Nov 2025
Worst fallMax drawdown, 5 years
FSEP −13.8%TENJ −5.5%since Oct 2025
Market sensitivityBeta, 5 years
FSEP 0.62TENJ 0.63

FSEP and TENJ in the news

All news⁠

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