FT Vest U.S. Equity Deep Buffer ETF - September
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- FT Vest U.S. Equity Deep Buffer ETF - September (DSEP) is an actively managed exchange-traded fund that seeks to deliver returns, before fees and expenses, matching those of the SPDR S&P 500 ETF Trust (SPY) up to a predefined cap, while buffering against SPY losses of between -5% and -30% over a one-year target outcome period typically running from late September to mid-September annually; the fund achieves this through investments substantially in FLEX Options referencing SPY performance, supplemented by cash equivalents for collateral. Launched on September 18, 2020, and domiciled in the United States, DSEP trades on the Cboe BZX exchange with total net assets of approximately $265 million and an expense ratio of 0.85%; it is advised by First Trust Advisors L.P., based in Wheaton, Illinois, and sub-advised by Vest Financial LLC, headquartered in McLean, Virginia and founded in 2012 as a specialist in Target Outcome Investments. The fund's portfolio is non-diversified, with over 99% allocated to top FLEX Option holdings tied to SPY September 2025 expirations, providing indirect exposure to large-cap U.S. equities across sectors like technology (34.59%), financials (13.76%), and consumer cyclicals (10.80%), while maintaining U.S.-centric operations available to investors in the United States. Recent developments include the June 2025 launch of three new target outcome ETFs by First Trust in partnership with Vest Financial, expanding the lineup to 118 funds with over $29.7 billion in assets and underscoring ongoing collaboration on buffered strategies; additionally, portfolio manager Trevor Lack joined Vest in January 2025, enhancing management for DSEP alongside Karan Sood. As of the latest outcome period starting September 23, 2024, the fund targeted an upside cap of around 11.48% before fees with its deep buffer mechanics, positioning it within the defined outcome ETF category for risk-managed U.S. equity access amid volatile markets.