ETF Evaluator:
FT Vest Intl Eq Mod Bfr ETF Sep ()
Follow This ETF
(as of Aug 26)
Best Performing in Defined Outcome Over the Last Year
| 23.7% | Innovator U.S. Small Cp Pwr Buf ETF -Nov (KNOV) |
| 23.2% | Innovator U.S. Small Cp Pwr Buf ETF -Feb (KFEB) |
| 21.9% | Innovator U.S. Small Cp Pwr Buf ETF -Mar (KMAR) |
| 21.9% | Innovator US Small Cap Pwr Buff ETF™ Oct (KOCT) |
| 21.1% | FT Vest U.S. Small Cap Mod Buf ETF-Feb (SFEB) |
Risk
Index
Risk
Index
ETF Details
FT Vest Intl Eq Mod Bfr ETF Sep Overview
FT Vest Intl Eq Mod Bfr ETF Sep (YSEP) is an actively managed Nontraditional Equity Defined Outcome exchange-traded fund (ETF). First Trust launched the ETF in 2021.
The investment seeks to provide investors with returns that match the price return of the iShares MSCI EAFE ETF (the "underlying ETF").
Under normal market conditions, the fund will invest substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the price performance of the iShares MSCI EAFE ETF (the “underlying ETF”). FLEX Options are customized equity or index option contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. The fund is non-diversified.
About FT Vest Intl Eq Mod Bfr ETF Sep (YSEP)
There are 2 members of the management team with an average tenure of 3.23 years: Karan Sood (2021) and Trevor Lack (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: MSCI EAFE NR USD index with a weighting of 100%. FT Vest Intl Eq Mod Bfr ETF Sep has 6 securities in its portfolio. The top 10 holdings constitute 106.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
FT Vest Intl Eq Mod Bfr ETF Sep is part of the Equity global asset class and is within the Nontraditional Equity ETF group. FT Vest Intl Eq Mod Bfr ETF Sep has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.6% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). FT Vest Intl Eq Mod Bfr ETF Sep has 0.4% of the portfolio in cash.
Assets Under Management
The fund has $120 million in total assets, which is below the $183 million average for the Defined Outcome category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
YSEP Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The FT Vest Intl Eq Mod Bfr ETF Sep expense ratio is high compared to funds in the Defined Outcome category. FT Vest Intl Eq Mod Bfr ETF Sep has an expense ratio of 0.90%, which is 26% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. FT Vest Intl Eq Mod Bfr ETF Sep has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 3% for the Defined Outcome category.
Recently, in the month of July 2026, FT Vest Intl Eq Mod Bfr ETF Sep returned 1.4%, which earned it a grade of A, as the Defined Outcome category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
FT Vest Intl Eq Mod Bfr ETF Sep has a trailing yield of 0.00%, which is below the 0.48% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
FT Vest Intl Eq Mod Bfr ETF Sep Grades
Year to date, the ETF has returned 7.3%, 1.5 percentage points better than the category, which translates into a grade of B. The fund has returned 16.3% over the past year (grade of A) and 11.1% over the past three years (grade of D).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about FT Vest Intl Eq Mod Bfr ETF Sep, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
YSEP Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| YSEP Return (NAV) | 1.4% | 3.6% | 16.3% | 11.1% | na | na |
| YSEP Return (Price) | 1.4% | 3.3% | 16.2% | 11.1% | na | na |
| NAV +/- Price Return | -0.000% | 0.382% | 0.072% | 0.004% | na | na |
| Defined Outcome Avg | 0.2% | 2.2% | 11.3% | 11.8% | 8.6% | na |
| YSEP Grade (NAV) | A | A | A | D | na | na |
| +/- Category (NAV) | 1.2% | 1.5% | 5.0% | -0.7% | na | na |
| YSEP Tax-Cost Ratio | na | na | 0.0% | 0.0% | na | na |
YSEP Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| YSEP Return (NAV) | 7.3% | 19.8% | 4.4% | 16.0% | -9.9% | na | na | na | na | na | na |
| YSEP Return (Price) | 7.3% | 19.9% | 4.6% | 15.5% | -9.8% | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.003% | 0.005% | 0.059% | -0.032% | -0.018% | na | na | na | na | na | na |
| Defined Outcome Avg | 5.8% | 11.3% | 12.4% | 18.5% | -8.8% | 9.7% | 7.7% | 16.4% | -6.7% | 15.8% | na |
| YSEP Grade (NAV) | B | A | F | D | D | na | na | na | na | na | na |
| +/- Category | 1.5% | 8.5% | -8.0% | -2.5% | -1.2% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.43 |
| R-Squared: | 42% |
| Standard Deviation: | 8.7% |
| Category Risk Index: | 1.17 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 0.71 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 120 Mil |
| Share Class Assets: | $ 120 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.90% |
| Index Fund: | No |
| Index Tracked: | MSCI EAFE NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.9 years | |||
| Average Tenure: 3.2 years | |||
| Managers (Year): Sood Karan (2021), Lack Trevor (2025) | |||
Portfolio Composition (as of 7/30/26)
| # of Holdings: | 6 |
| % in Top 10 Holdings: | 106.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.6% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | First Trust |
| Phone Number: | 800-621-1675 |
| Website: | |
| Inception Date: | September 17, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.90% (Rating: High) |
| Category Average Expense Ratio (%): | 0.72% |
