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GSEP vs PSMO

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

GSEPCCboe

Pacer Swan SOS Moderate (October) ETF

PSMOBCboe

Overlap

Expense ratio

PSMO −0.36pt a year

GSEP0.85%PSMO0.49%

Avg volume · 30D

GSEP 6.5×the volume

GSEP47.7KPSMO7.3K

3Y return · a year

GSEP +0.2pt

GSEP+12.8%PSMO+12.6%

GSEP vs PSMO Performance

Oct 31, 2025 – Oct 30, 2026

+9.4%GSEP+10.0%PSMO

Oct 31, 2025 to Oct 30, 2026. GSEP +9.4%. PSMO +10.0%. Use the arrow keys to read each point.−2.5%0%2.5%5%Oct 2025Apr 2026Oct 2026
Expense ratio
GSEP 0.85%
PSMO 0.49%, better
Fund size
GSEP $367M
PSMO $116M
1Y total return
GSEP +9.4%
PSMO +10.0%, better
Holdings
GSEP 3
PSMO 3
Avg volume (30D)
GSEP 47.7K sh, better
PSMO 7.3K sh
NAV per share
GSEP $42.14
PSMO $33.50
52W range

ETF.net Grade

GSEP: Cost 13, Risk 54, Mission 92, Tradability 73, Holdings 52, Durability 77. PSMO: Cost 70, Risk 54, Mission 95, Tradability 64, Holdings not scored, Durability 66.
Pillar letters and Scores for GSEP, PSMO, with each pillar’s weight
PillarGSEPPSMO
Cost30% weightF13A70Higher
Mission25% weightA92A95Higher
Risk15% weightC54C54
Tradability15% weightA73HigherB64
Holdings10% weightC52Not scored
Durability5% weightA77HigherB66

Rank among S&P 500 Buffer 15% funds

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

Same Category. GSEP and PSMO are both graded against the same 51 S&P 500 Buffer 15% funds, so their Grades compare head to head.

S&P 500 Buffer 15%⁠

Category · 51 funds
See all 51 ›

PSMO ranks 1st and GSEP 25th of 51 funds in the S&P 500 Buffer 15% Category.

  1. Rank 1BPSMOPacer Swan SOS Moderate (October) ETFScore 64
  2. Rank 2BPSMJPacer Swan SOS Moderate (July) ETFScore 59
  3. Rank 25CGMAYFT Vest U.S. Equity Moderate Buffer ETF - MayScore 42
  4. Rank 25CGSEPFT Vest U.S. Equity Moderate Buffer ETF - SeptemberScore 42
  5. Rank 25CJULUAllianzIM U.S. Equity Buffer15 Uncapped Jul ETFScore 42

Our read on each fund

ETF.net Research

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

PSMOBPacer Swan SOS Moderate (October) ETF

In short

GSEP A 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.

PSMO A 15% cushion against SPY's first losses, reset every October, for 0.49% a year. Most defined-outcome funds charge more, and the trade is a cap on the upside that gets set fresh at the start of each period.

Stated mandate

GSEP 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.

PSMO The fund seeks to track the returns of the SPDR S&P 500 ETF Trust up to a stated cap while buffering the first 15% of losses during an approximately one-year outcome period.

Why people hold it

  • GSEP 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.
  • PSMO Charges 0.49% a year versus a 0.79% median across its 15%-buffer peer group, one of the lower-cost ways to own this structure.
  • Pacer's moderate SOS funds (PSMD, PSMR, PSMJ) all price at 0.49%, while the Innovator power-buffer lineup (POCT, PJUL, PJAN) runs 0.79%.
  • The reference asset is the SPDR S&P 500 ETF Trust itself, not an abstract index, so what's being buffered is a fund you can watch tick by tick.paceretfs.com

Worth knowing

  • GSEP 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.
  • PSMO Buffer and cap are engineered for the full one-year outcome period running October through September. Buy or sell mid-period and you may get neither in full.paceretfs.com
  • Upside stops at a cap reset each October. A runaway rally in the S&P 500 is the scenario this structure hands back in exchange for the 15% cushion.paceretfs.com
  • One of the quieter tickers in the buffer aisle, so spreads and order type matter more here than with the category's household names.

Full GSEP profile⁠

Full PSMO profile⁠

GSEP vs PSMO Holdings

As of
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.

GSEP vs PSMO Cost

Overpaying GSEP vs PSMO

$6,407

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

  • GSEP 0.85%

    $16,199

  • PSMO 0.49%

    $9,792

$10,000
30 years

Cost over time

  • GSEP 0.85%
  • PSMO 0.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530GSEP $16,199PSMO $9,792

Year by year

YearGSEPPSMOOverpaying
10$1,508$883$625
20$5,706$3,394$2,312
30$16,199$9,792$6,407

Expense ratio

  • 0.85%GSEP
  • 0.49%PSMO, cheaper
  • Middle half of S&P 500 Buffer 15% funds
  • Median 0.79%

PSMO 5th cheapest of 51 funds

GSEP 37th cheapest of 51 funds

GSEP vs PSMO Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
GSEP None
PSMO None

Distribution history

GSEPAll GSEP payments⁠

No distribution history available.

PSMOAll PSMO payments⁠

No distribution history available.

GSEP vs PSMO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
GSEP 5.8%, betterPSMO 5.9%
Return per unit of riskSharpe ratio, 3 years
GSEP 1.36, betterPSMO 1.31
Worst fallMax drawdown, 5 years
GSEP −10.1%since Sep 2023PSMO −9.8%
Market sensitivityBeta, 5 years
GSEP 0.46PSMO 0.41

GSEP and PSMO in the news

All news⁠

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