At a glance
RSSE charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $35.7M in assets, the 8th largest of that group. Over the past year it returned +12.0% with distributions reinvested (S&P 500: +11.5%), 4th of those 8 funds.
The short version
FT Vest U.S. Equity Equal Weight Buffer ETF - September (RSSE) is a First Trust buffer ETF that holds FLEX Options on the Invesco S&P 500 Equal Weight ETF, which weights every S&P 500 company equally. From September 21, 2026, to September 17, 2027, it aims to absorb the first 10% of that fund's price losses, with gains capped at 16.52% before fees. It costs 0.85% a year and has recorded no distributions.
Price history
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RSSE +12.0% 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 | |
|---|---|---|---|---|---|---|
| RSSE official prospectus, to Dec 31, 2025 | — | +8.08% | — | — | — | +6.01% |
| RSSE price data to Oct 27, 2026 | +11.7% | +12.0% | — | — | — | +9.0% |
- Over the year to Oct 27, 2026, RSSE returned +12.0%, 4th of 8 among similar funds.
- Its worst full calendar year was 2025 (+7.8%); its best was 2025 (+7.8%).
- The deepest fall in its price history was 11.4% (Dec 2, 2024 to Apr 8, 2025), recovered by Jul 1, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.7% | — |
| 2025 | +7.8% | +8.08% |
| 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 withdrew a net $3.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.62%, +0.99%, +1.67%.
How it works
RSSE does not own stocks directly. It puts substantially all of its assets into FLEX Options, which are option contracts that trade on an exchange but let the buyer customize terms such as strike prices and expiration dates. These options reference the Invesco S&P 500 Equal Weight ETF (RSP), which aims to hold every stock in the S&P 500 Equal Weight Index in the index's proportions. As of August 31, 2026, about 99.7% of assets sat in 15 option positions on that fund, with 0.37% in cash. Vest Financial, the sub-advisor, manages the options.
The options are set up for a "target outcome period" of about one year. From September 21, 2026, to September 17, 2027, the fund aims to match RSP's price gains up to 16.52% and absorb the first 10% of its losses. Any losses beyond 10% pass through one for one. After the 0.85% fee, the cap is 15.67% and the buffer is 9.15%. The fund tracks price only, so RSP's dividends are left out.
Each September the fund resets with a new set of options. The 10% buffer stays the same, but the cap is set from market conditions at the time and will likely change. These outcomes apply only to shares held for the full period. Entering partway through or selling early can produce very different results, and the fund's value may not keep pace with RSP's moves during the period.
What it really costs
- RSSE 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
- 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
It aims to soften the first 10% of yearly price losses in an equal-weight U.S. stock fund, and in exchange it gives up gains above a cap.
RSSE launched on September 20, 2024, so it has no record through the 2008, 2020 or 2022 sell-offs. Its only full calendar year, 2025, returned 8.08%. Its deepest drop was 11.4%, from December 2, 2024, to April 8, 2025, and it was back to its earlier high by July 1, 2025, about 2.8 months later. Selling near that low would still have locked in a loss, because the buffer is designed to work fully only at the end of each period. The fund has recorded no distributions, so taking cash from it means selling shares. Its 0.85% expense ratio is close to the 0.86% average of similar buffer funds. With about $36 million in assets as of August 31, 2026, it is also small. 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 equal-weight S&P 500 exposure, with the first 10% of price losses buffered over each September-to-September period.
- Holders who can invest near the start of a period, such as September 21, 2026, and hold until it ends.
- People willing to give up gains above a cap (16.52% before fees through September 17, 2027) in exchange for a smoother ride.
Look elsewhere if
- Anyone who needs income: RSSE has recorded no distributions, and its returns leave out the dividends paid by the Invesco S&P 500 Equal Weight ETF.
- Investors wary of small funds: with about $36 million in assets as of August 31, 2026, it was the smallest of eight buffer funds compared.
- Those seeking protection from severe crashes: once the reference fund falls more than 10% over a period, further losses pass through one for one.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| RSSE this fund | 0.85% | $35.7M | +12.0% | — |
| 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 RSSE pay dividends?
No. RSSE has recorded no distributions. The fund holds FLEX Options, not stocks, and its target outcomes are based only on the price return of the Invesco S&P 500 Equal Weight ETF. The dividends that fund pays are not passed through. To get cash from RSSE, an investor would have to sell shares. Giving up those dividends is part of the cost of the buffer compared with owning the equal-weight fund directly.
How does the RSSE buffer work?
RSSE aims to absorb the first 10% of price losses in the Invesco S&P 500 Equal Weight ETF over each one-year period, before fees. For September 21, 2026, to September 17, 2027, if that fund fell 20%, RSSE would aim to lose about 10%. In exchange, gains are capped at 16.52% before fees. After the 0.85% fee, the buffer is 9.15% and the cap is 15.67%. These results apply only to shares held for the whole period.
Can I get the full RSSE buffer if I invest mid-period?
Not necessarily. The stated cap and buffer apply to shares bought on the first day of a period and held until it ends. Shares bought later start from a different price, so the buffer and upside left may be larger or smaller than the stated figures. Selling before the period ends also gives up the intended outcome. During the period, the fund's value may not move as much as the Invesco S&P 500 Equal Weight ETF does.
What's the difference between RSSE and FDEC?
Both are FT Vest buffer ETFs from First Trust that charge 0.85% a year, but they reset in different months: RSSE in September and FDEC in December. RSSE's options reference the Invesco S&P 500 Equal Weight ETF, while FDEC's name has no equal-weight label, so check its prospectus for its reference asset. As of October 27, 2026, FDEC returned 12.9% over one year, compared with 12% for RSSE. FDEC is much larger, with about $1.3 billion in assets compared with about $36 million for RSSE as of August 31, 2026.
Is RSSE good for retirement?
It may suit retirees who want equal-weight U.S. stock exposure with some protection against moderate yearly losses, but there are trade-offs. Gains are capped, dividends are left out, the fund costs 0.85% a year, and protection runs out once losses pass 10%. Its record is short. It returned 8.08% in 2025, and its deepest drop since its September 20, 2024 launch was 11.4%, which it recovered in about 2.8 months. It has not been through a major bear market.