GSEP

GSEP is an actively managed “buffer” ETF that uses exchange-traded FLEX options tied to SPY’s price return to shape outcomes over a defined one-year window that starts in September.

It targets protection against the first ~15% of SPY losses and caps gains around ~11.

30% before fees (about 10. 46% cap and 14. 15% buffer after fees). To get the intended buffer/cap profile, you generally need to hold it for the full Target Outcome Period, because the option package resets each year and the cap can change with market conditions.