At a glance
GSEP charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $342.2M in assets, the 8th largest of that group. Over the past year it returned +9.9% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +13.6% a year.
The short version
FT Vest U.S. Equity Moderate Buffer ETF – September (GSEP) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), not stocks. Over each roughly one-year period starting in September, it aims to absorb the first 15% of SPY's price losses, and in return it caps gains. Its 0.85% expense ratio is close to the 0.86% average of similar buffer funds. It pays no distributions, and its returns leave out SPY's dividends.
Price history
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GSEP +9.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GSEP official prospectus, to Dec 31, 2024 | — | +10.90% | — | — | — | +12.45% |
| GSEP price data to Oct 27, 2026 | +9.4% | +9.9% | +13.6% | — | — | +11.5% |
- Over the year to Oct 27, 2026, GSEP returned +9.9%, 7th of 8 among similar funds.
- Its worst full calendar year was 2025 (+10.6%); its best was 2024 (+10.8%).
- The deepest fall in its price history was 10.1% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 6, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.4% | — |
| 2025 | +10.6% | — |
| 2024 | +10.8% | +10.90% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Aug 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2026, investors added a net $3.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.22%, +0.73%, +1.43%.
How it works
GSEP does not pick or weight stocks. According to its prospectus filed December 29, 2025, it puts substantially all its assets in FLEX Options on SPY, which tracks the S&P 500. FLEX Options are exchange-traded option contracts whose strike prices and expiration dates can be customized. The sub-advisor, Vest Financial, buys a set of these options at the start of each "Target Outcome Period." As of August 31, 2026, 16 option positions made up 99.78% of assets and cash made up 0.27%.
For the period from September 22, 2025 through September 18, 2026, the options aimed to match SPY's price gains up to a cap of 11.48% and to absorb the first 15% of losses, before fees. After the 0.85% fee, the cap was 10.63% and the buffer was 14.15%. If SPY falls more than 15%, the fund takes the extra losses one for one. For example, a 20% drop in SPY means a loss of about 5%. SPY's dividends are not included.
At the end of each period, the fund rolls into new options. The 15% buffer stays the same, but the cap is reset to fit market conditions, so the period that began September 18, 2026 has a different cap. The stated outcomes apply only to shareholders who hold from the first day of a period to the last. Buyers who come in partway through can get very different results.
What it really costs
- GSEP charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
Its options aim to absorb the first 15% of SPY's price losses in each period, in exchange for giving up gains above a cap.
GSEP launched September 15, 2023, so it has no record from the 2008, 2020 or 2022 sell-offs. Its deepest drop was 10.1%, from February 19 to April 8, 2025. It recovered by June 6, 2025, in about two months. It gained in both of its full calendar years: 10.85% in 2024 and 10.56% in 2025. For retirees who may have to sell in a bad year, the buffer may soften losses. The full buffer, though, only applies to shares held for the whole period, and any drop beyond 15% passes straight through. The fund has paid no distributions, so it provides no income, and it gives up SPY's dividends. It costs 0.85% a year. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with a cushion against the first 15% of SPY's price losses each period, and who accept capped gains.
- Holders who can buy near the September reset and keep shares for the full one-year period that the buffer and cap are built around.
- People who prefer a smoother ride: as of October 27, 2026, three-year volatility was 7.3% and the deepest drop was 10.1%.
Look elsewhere if
- Anyone who needs income: GSEP has paid no distributions, and its returns leave out the dividends SPY pays.
- Investors who want full stock-market gains: anything above each period's cap is lost (11.48% before fees for the period ending September 18, 2026).
- Cost-conscious buyers: the 0.85% fee is far above many plain S&P 500 index funds, and Innovator's PJAN and PDEC charge 0.79%.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| GSEP this fund | 0.85% | $342.2M | +9.9% | +13.6% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does GSEP pay dividends?
No. GSEP has no recorded distributions. It holds options on SPY rather than SPY shares, and its target outcomes are based on SPY's price alone. That means it doesn't collect the dividends that S&P 500 companies pay. A retiree who wants regular cash from this fund would have to sell shares, and selling partway through a period can lead to results that differ from the stated buffer and cap.
What is the cap on GSEP?
For the period from September 22, 2025 through September 18, 2026, the cap was 11.48% before fees and 10.63% after fees. A new cap is set at each September reset based on market conditions, so the period that began September 18, 2026 has a different cap. About a week before each reset, the fund's website posts an expected cap range. The 15% buffer stays the same from period to period.
Can you lose money in GSEP?
Yes. If SPY falls more than 15% over a period, GSEP takes the extra losses one for one, and the prospectus warns that an investor could lose everything. The buffer is not guaranteed. Buyers who come in mid-period may have less protection left than the full 15%. The fund also carries risks from FLEX options and their counterparties. Because it may create and redeem shares for cash, it may also be less tax-efficient than other ETFs.
GSEP vs BUFR: what's the difference?
Both are First Trust buffer funds sub-advised by Vest. GSEP resets once a year, in September, with a 15% buffer. BUFR is laddered, which generally means it spreads money across buffer funds that reset in different months. BUFR charges 0.95% versus GSEP's 0.85%. It held $10.5 billion as of August 31, 2026, versus GSEP's $342 million. As of October 27, 2026, BUFR returned 11.6% over one year and 16.8% a year over three years, versus 9.9% and 13.6% for GSEP.
How has GSEP performed since launch?
According to its prospectus, GSEP returned 10.9% in 2024 and averaged 12.45% a year from its September 2023 launch through December 31, 2024. Based on price, it returned 10.56% in 2025 and 9.42% in 2026 through October 27, 2026. Its three-year return through that date was 13.6% a year, the lowest of eight similar buffer funds. Its one-year return of 9.9% ranked seventh of eight. The cap limits how much it can gain in strong years.