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FT Vest U.S. Equity Max Buffer ETF - September (SEPM) Alternatives

ETF · Currency in USD · Last updated Jun 23, 2026

FT Vest U.S. Equity Max Buffer ETF - September is a target outcome ETF that uses FLEX options to seek SPDR S&P 500 ETF Trust price returns up to a cap while providing a defined downside buffer over the September outcome period.

FT Vest U.S. Equity Max Buffer ETF - September (SEPM) belongs to the Defined Outcome category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with SEPM. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.

Cheapest Alternatives to SEPM

SEPM charges 0.85% annually. There are 210 ETFs in the Defined Outcome category with lower expense ratios, going as low as 0.25%.

SymbolNameExpense RatioAUMInception
OCTB
Aptus October Buffer ETF0.25%—Oct 2025SEPM vs OCTB
APRB
Aptus April Buffer ETF0.25%—Oct 2025SEPM vs APRB
JANB
Aptus January Buffer ETF0.25%—Oct 2025SEPM vs JANB
JULB
Aptus July Buffer ETF0.25%—Oct 2025SEPM vs JULB
FBUF
Fidelity Dynamic Buffered Equity ETF0.48%—Apr 2024SEPM vs FBUF

Best Risk-Adjusted Alternatives to SEPM

SEPM has a PortfoliosLab risk / return rank of 90. There are 77 ETFs in the Defined Outcome category with higher risk-adjusted ranks, going as high as 99.

SymbolNameRisk / Return RankAUMInception
PMAP
PGIM S&P 500 Max Buffer ETF - April
99
—Mar 2025SEPM vs PMAP
CPSP
Calamos S&P 500 Structured Alt Protection ETF - Ap...
98
19.60MApr 2025SEPM vs CPSP
MMAX
iShares Large Cap Max Buffer Mar ETF
98
—Mar 2025SEPM vs MMAX
ZAPR
Innovator Equity Defined Protection ETF - 1 Yr Apr...
98
—Apr 2025SEPM vs ZAPR
XBAP
Innovator U.S. Equity Accelerated 9 Buffer ETF - A...
98
133.76MMar 2021SEPM vs XBAP

Top Performing SEPM Alternatives (YTD)

SEPM is at 3.08% YTD. There are 192 ETFs in the Defined Outcome category with higher YTD returns, going as high as 16.35%.

SymbolNameYTD ReturnAUMInception
NVDO
Leverage Shares 2x Capped Accelerated NVDA Monthly...
16.35%
—Aug 2025SEPM vs NVDO
TMAR
FT Vest Emerging Markets Buffer ETF - March
15.63%
—Mar 2025SEPM vs TMAR
KFEB
Innovator U.S. Small Cap Power Buffer ETF - Februa...
13.48%
—Jan 2025SEPM vs KFEB
KAPR
Innovator Russell 2000 Power Buffer ETF - April
12.76%
216.78MMar 2020SEPM vs KAPR
QMAR
FT Cboe Vest Nasdaq-100 Buffer ETF - March
12.60%
563.55MMar 2021SEPM vs QMAR

Lowest Volatility Alternatives to SEPM

SEPM has 2.54% 1-year volatility. There are 51 ETFs in the Defined Outcome category with lower 1-year volatility, going as low as 1.18%.

SymbolNameVolatility 1YAUMInception
PMAP
PGIM S&P 500 Max Buffer ETF - April1.18%—Mar 2025SEPM vs PMAP
APXM
FT Vest U.S. Equity Max Buffer ETF - April1.21%—Apr 2025SEPM vs APXM
PMMY
PGIM S&P 500 Max Buffer ETF - May1.29%—Apr 2025SEPM vs PMMY
CPSP
Calamos S&P 500 Structured Alt Protection ETF - Ap...1.37%19.60MApr 2025SEPM vs CPSP
MMAX
iShares Large Cap Max Buffer Mar ETF1.42%—Mar 2025SEPM vs MMAX

Lowest Drawdown Alternatives to SEPM

SEPM has a 1-year max drawdown of -1.82%. There are 59 ETFs in the Defined Outcome category with shallower 1-year drawdowns, going as shallow as -0.35%.

SymbolNameMax Drawdown 1YAUMInception
PMAP
PGIM S&P 500 Max Buffer ETF - April
-0.35%
—Mar 2025SEPM vs PMAP
CPSP
Calamos S&P 500 Structured Alt Protection ETF - Ap...
-0.37%
19.60MApr 2025SEPM vs CPSP
ZAPR
Innovator Equity Defined Protection ETF - 1 Yr Apr...
-0.40%
—Apr 2025SEPM vs ZAPR
MMAX
iShares Large Cap Max Buffer Mar ETF
-0.46%
—Mar 2025SEPM vs MMAX
CPSM
Calamos S&P 500 Structured Alt Protection ETF - Ma...
-0.49%
56.30MMay 2024SEPM vs CPSM

Other ETFs from First Trust

The 10 most viewed First Trust ETFs shown here include CIBR, GRID, NFTY and span 13 categories. AUM among these funds goes as high as $14B.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
CIBR
First Trust NASDAQ Cybersecurity ETFCybersecurity, Technology Equities
18
17.18%
13.59BJul 2015SEPM vs CIBR
GRID
First Trust NASDAQ Clean Edge Smart Grid Infrastru...Alternative Energy Equities
78
29.16%
11.60BNov 2009SEPM vs GRID
NFTY
First Trust India NIFTY 50 Equal Weight ETFAsia Pacific Equities, Equal Weight
6
-6.07%
136.58MFeb 2012SEPM vs NFTY
AIRR
First Trust RBA American Industrial Renaissance ET...Building & Construction
85
35.61%
11.14BMar 2014SEPM vs AIRR
FDL
First Trust Morningstar Dividend Leaders Index Fun...Large Cap Value Equities, Dividend
65
11.33%
9.22BMar 2006SEPM vs FDL
IGLD
FT Vest Gold Strategy Target Income ETFGold, Derivative Income, Precious Metals
20
-3.67%
543.16MMar 2021SEPM vs IGLD
FTXL
First Trust Nasdaq Semiconductor ETFSemiconductors, Technology Equities
97
129.34%
2.89BSep 2016SEPM vs FTXL
TDIV
First Trust NASDAQ Technology Dividend Index FundTechnology Equities, Dividend
61
21.87%
4.90BAug 2012SEPM vs TDIV
QCLN
First Trust NASDAQ Clean Edge Green Energy Index F...Alternative Energy Equities
85
46.37%
880.41MFeb 2007SEPM vs QCLN
KNG
FT Vest S&P 500 Dividend Aristocrats Target Income...Dividend, S&P 500
28
4.17%
3.32BMar 2018SEPM vs KNG

Often Compared With SEPM

Investors most often compare SEPM with DBE, COMT, DMAX. These 20 comparison targets span 7 categories, based on PortfoliosLab usage data.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
DBE
Invesco DB Energy FundOil & Gas
32
54.94%
94.72MJan 2007SEPM vs DBE
COMT
iShares GSCI Commodity Dynamic Roll Strategy ETFCommodities
31
25.05%
1.16BOct 2014SEPM vs COMT
DMAX
iShares Large Cap Max Buffer December ETFDefined Outcome
95
2.34%
136.56MDec 2024SEPM vs DMAX
PBFR
PGIM Laddered S&P 500 Buffer 20 ETFDefined Outcome, S&P 500
91
4.45%
154.43MJun 2024SEPM vs PBFR
PMJL
PGIM S&P 500 Max Buffer ETF - JulyDefined Outcome—
2.92%
—Jun 2025SEPM vs PMJL
PBQQ
PGIM Laddered Nasdaq-100 Buffer 12 ETFDefined Outcome, Nasdaq-100
90
9.03%
15.14MDec 2024SEPM vs PBQQ
DBO
Invesco DB Oil FundOil & Gas
26
51.89%
240.68MJan 2007SEPM vs DBO
IBIC
iShares iBonds Oct 2026 Term TIPS ETFInflation-Protected Bonds
98
2.39%
85.97MSep 2023SEPM vs IBIC
BUFP
PGIM Laddered S&P 500 Buffer 12 ETFDefined Outcome, S&P 500
88
6.33%
183.97MJun 2024SEPM vs BUFP
PMJA
PGIM S&P 500 Max Buffer ETF - JanuaryDefined Outcome, S&P 500
94
2.36%
4.58MDec 2024SEPM vs PMJA
PQJA
PGIM Nasdaq-100 Buffer 12 ETF - JanuaryDefined Outcome, Nasdaq-100
82
8.48%
6.00MDec 2024SEPM vs PQJA
BNO
United States Brent Oil Fund LPOil & Gas
23
52.26%
883.37MJun 2010SEPM vs BNO
CAOS
Alpha Architect Tail Risk ETFOptions Trading
36
0.75%
668.40MAug 2013SEPM vs CAOS
SMAX
iShares Large Cap Max Buffer Sep ETFDefined Outcome
93
3.21%
—Sep 2024SEPM vs SMAX
ZMAY
Innovator Equity Defined Protection ETF - 1 Yr MayDefined Outcome
96
1.95%
—May 2025SEPM vs ZMAY
PMFB
PGIM S&P 500 Max Buffer ETF - FebruaryDefined Outcome, S&P 500
95
2.52%
—Jan 2025SEPM vs PMFB
PQAP
PGIM Nasdaq-100 Buffer 12 ETF - AprilDefined Outcome, Nasdaq-100
97
11.74%
7.34MDec 2024SEPM vs PQAP
GSG
iShares S&P GSCI Commodity-Indexed TrustCommodities
32
26.84%
938.89MJul 2006SEPM vs GSG
LJUL
Innovator Premium Income 15 Buffer ETF - JulyDefined Outcome
97
2.02%
—Jun 2024SEPM vs LJUL
EAPR
Innovator Emerging Markets Power Buffer ETF - Apri...Defined Outcome
92
12.29%
103.73MMar 2021SEPM vs EAPR

Compare SEPM with Any Fund or Stock

Compare SEPM with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.

 

Diversifiers

Pair SEPM with funds that move differently

FT Vest U.S. Equity Max Buffer ETF - September alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to SEPM.

Explore SEPM Diversifiers