At a glance
YSEP charges 0.9% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $124.8M in assets, the 8th largest of that group. Over the past year it returned +10.1% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +15.0% a year. At its worst it fell 21.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months after the low.
The short version
FT Vest International Equity Moderate Buffer ETF - September (YSEP) holds FLEX options on the iShares MSCI EAFE ETF, which owns large and mid-sized companies in developed markets outside the US and Canada. Over each roughly one-year period starting in September, it aims to absorb the first 15% of that fund's price loss in exchange for a cap on gains. It costs 0.9% a year and pays no dividends.
Price history
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YSEP +10.1% 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 | |
|---|---|---|---|---|---|---|
| YSEP official prospectus, to Dec 31, 2024 | — | +4.37% | — | — | — | +2.62% |
| YSEP price data to Oct 27, 2026 | +8.8% | +10.1% | +15.0% | +7.2% | — | +7.2% |
- Over the year to Oct 27, 2026, YSEP returned +10.1%, 7th of 8 among similar funds.
- Its 5-year annualized return was +7.2%.
- Its worst full calendar year was 2022 (-9.8%); its best was 2025 (+19.9%).
- The deepest fall in its price history was 22.6% (Nov 5, 2021 to Sep 27, 2022), recovered by Jul 26, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.8% | — |
| 2025 | +19.9% | — |
| 2024 | +4.6% | +4.37% |
| 2023 | +15.5% | +15.99% |
| 2022 | -9.8% | -9.93% |
| 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 | Lost 21.1% over that stretch · deepest drop along the way 21.7%, back to its old high 9.5 months after the low |
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 $4.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.69%, +1.38%, +1.58%.
How it works
YSEP does not own stocks directly. It puts substantially all of its assets into FLEX options, which are exchange-traded option contracts with custom strike prices and expiration dates. The options are tied to the price of the iShares MSCI EAFE ETF. BlackRock Fund Advisors runs that ETF, which tracks the MSCI EAFE Index. First Trust sponsors YSEP, and Vest Financial picks the options as sub-advisor. As of August 31, 2026, 14 option positions made up about 99.7% of assets. The fund tracks only the ETF's price, so it misses the dividends that ETF pays.
Each Target Outcome Period lasts about a year. For September 22, 2025 to September 18, 2026, gains were capped at 13.14%, or 12.24% after fees. The fund aimed to absorb the first 15% of losses, or 14.10% after fees. Losses beyond 15% pass through one for one, so if the ETF fell 20%, the fund would lose about 5% before fees. Each September the fund buys new options. The buffer stays at 15%, but the cap is reset to fit market conditions. About a week before each period ends, the fund's website posts an expected range for the next cap.
These outcomes apply only to shares bought on the first day of a period and held to the end. If you buy or sell partway through, your results can be very different. During a period, the share price may also move less than the ETF does.
What it really costs
- YSEP charges 0.9% a year, versus an average of 0.86% for the similar funds below (6th 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 adds stocks from developed markets outside North America, with smaller price swings than owning them outright, but no income.
YSEP could add international stocks with smaller swings: one-year volatility (how much the price moves around) was 7.6% and beta (how closely it follows the market) was 0.45 as of October 27, 2026. But the buffer applies to a full outcome period, not day to day. In the 2022 bear market the price fell 21.7% between January 12 and September 27, 2022. Its deepest drop, 22.6%, took about 10 months to recover, ending July 26, 2023. Even so, its worst calendar year, 2022, ended with a smaller loss of 9.93%. Someone forced to sell partway through a period could lock in losses far larger than the buffer suggests. The fund pays no distributions, and its 0.9% expense ratio is above the 0.86% average of similar buffer funds. It launched in 2021, so it has no record from 2008 or 2020. Past results don't predict the future, 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 developed-market stocks outside the US and Canada, with the first 15% of yearly price losses absorbed, and who accept capped gains.
- Holders who can buy near the September reset and keep their shares through each one-year outcome period.
- People who value smoother results: one-year volatility was 7.6% and beta 0.45 as of October 27, 2026.
Look elsewhere if
- Anyone who needs income: the fund has paid no distributions and doesn't capture dividends from the iShares MSCI EAFE ETF.
- Cost-focused investors: the 0.9% expense ratio is above the 0.86% average of similar buffer funds and far above plain index funds.
- Those wanting a large, heavily traded fund: at about $125 million in net assets (August 31, 2026), it is the smallest in its comparison group.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| YSEP this fund | 0.9% | $124.8M | +10.1% | +15.0% |
| 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 YSEP pay dividends?
No. The fund has recorded no distributions. It holds options on the iShares MSCI EAFE ETF instead of the stocks themselves, and its returns follow only that ETF's price. The dividends paid by the ETF's companies don't reach YSEP holders. That missing dividend income is part of what you give up for the buffer, and it matters for anyone who wants a portfolio that pays out cash.
How does the YSEP buffer work?
Over each one-year outcome period, YSEP aims to absorb the first 15% of price losses in the iShares MSCI EAFE ETF, or 14.10% after fees. Losses beyond that pass through one for one. In return, gains are capped. For September 22, 2025 to September 18, 2026, the cap was 13.14%, or 12.24% after fees. Each September the cap resets to fit market conditions. These outcomes apply only if you hold for the whole period.
What's the difference between YSEP and FDEC?
Both are FT Vest buffer ETFs built from FLEX options, but they track different markets. FT Vest US Equity Buffer ETF - December (FDEC) tracks US stocks. YSEP tracks the iShares MSCI EAFE ETF, which holds developed-market stocks outside the US and Canada. FDEC charges 0.85% against YSEP's 0.9%. As of October 27, 2026, FDEC returned 12.9% over one year and averaged 18.5% a year over three. YSEP returned 10.1% and averaged 15%.
How has YSEP performed since launch?
Results have been mixed. As of December 31, 2024, the prospectus shows a one-year return of 4.37% and an average of 2.62% a year since its September 2021 launch. Calendar-year returns were -9.93% in 2022, 15.99% in 2023 and 4.37% in 2024. Based on price, it returned 19.88% in 2025. As of October 27, 2026, it averaged 7.2% a year over five years and 15% over three.
What happens if I buy YSEP in the middle of the outcome period?
Your results may look very different from the stated cap and buffer. Both levels are set from prices on the first day of each period. If the fund has already gained, you have less upside left before the cap. If it has already fallen, part of the buffer may be used up. The fund's website shows where a period stands, and it's worth checking before buying partway through.