FSEP Fees and Costs — FT Vest U.S. Equity Buffer ETF - September
Data updated: 2026-09-21
The net expense ratio is 0.85%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $163K in broker commissions, 0.0199% of average net assets, and portfolio turnover was 0%.
FSEP Fees and Expenses
Annual operating expenses and sales charges of FSEP. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.85% |
| Fee waiver | — |
| Net expense ratio | 0.85% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
FSEP Costs Over Time
On $10,000 invested in FSEP, assuming 5% a year before costs, total costs come to $546 over 5 years, cutting the return by 0.91% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.85%) | $89 | $279 | $484 |
| Trading costs (broker commissions) | $2 | $7 | $11 |
| Lost growth on money paid in costs | $0 | $14 | $50 |
| Total costs | $91 | $299 | $546 |
| Value after costs | $10,409 | $11,277 | $12,217 |
| Impact on return, per year | 0.91% | 0.91% | 0.91% |
FSEP Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0199%
- Total broker commissions: $163K
- Bought from dealers (principal trades, not a cost): $677.1M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
FSEP Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| X-CHANGE FINANCIAL ACCESS, LLC | $100K | 61.10% |
| SUSQUEHANNA FINANCIAL GROUP, LLLP | $47K | 28.98% |
| Wolverine Execution Services LLC | $16K | 9.92% |
FSEP Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $515.2M | 76.09% |
| GOLDMAN SACHS & CO. LLC | $151.5M | 22.37% |
| J.P. Morgan Securities LLC | $10.4M | 1.54% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.