XSEP ETF — FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September

FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September (XSEP)

Updated October 16, 2026.

XSEP is an ETF. its expense ratio is 0.85%. Total return is 50.8% over the past 4.1 years, 64.0 points behind SPY at 114.8%.

FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - September is an ETF that invests in customized equity options (FLEX Options) referencing the S&P 500 ETF Trust to provide moderate downside protection while maintaining equity exposure. The fund has an expense ratio of 0.85% and does not currently distribute income on a regular schedule. It appeals to equity investors seeking a defined level of downside buffer rather than traditional dividend income.

XSEP performance versus SPY

Price and return data through 2026-10-16.

Total return is 50.8% over the past 4.1 years, 64.0 points behind SPY at 114.8%. Over the past year its total return — price change plus distributions reinvested — is 9.7%. Its deepest 1-year drawdown was 3.5%.

XSEP key facts

Issuer

First Trust

Asset type

ETF

Asset class

Equity

Inception date

09/21/2022

Expense ratio

0.85%

Distribution frequency

None

Last close

$45.35 (as of 2026-10-16)

AUM

$100,394,115

Average volume

6675.0

Beta

0.34

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: First Trust or company page; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

XSEP risks and drawbacks

Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 3.5%.

Who may consider XSEP — and who may not

It is a weaker fit for investors who need monthly cash flow (XSEP does not currently distribute); investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on XSEP

• All tickers starting with X

Tagged: Downside Protection, Options, Target.

Frequently asked questions

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