Which has more room to gain, AOCT or DSEP?

From their prices on Oct 9, 2026, AOCT can gain about 20.1% before its cap and DSEP about 12.2%, so AOCT has more room left this period.

Which resets first, AOCT or DSEP?

AOCT ends its outcome period on Sep 30, 2028 and DSEP on Sep 17, 2027. A new cap is set the day after each.

Which is cheaper, AOCT or DSEP?

AOCT charges 0.79% a year and DSEP charges 0.85%, so AOCT is cheaper. Fees come from each fund's prospectus.

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AOCT vs DSEP: Cap, Buffer & Days Left

As of Oct 9, 2026 DSEP can fall 7.1% before its buffer engages and AOCT 1.0%, and DSEP resets 379 days sooner. Net assets on Oct 9, 2026: $56m for Innovator Equity Defined Protection ETF - Oct 2028 and $422m for FT Vest U.S. Equity Deep Buffer ETF - September.

AOCT costs 0.06 points a year less; their one-year returns differ by 5.1 points; DSEP is 7.5 times larger.

	AOCT	DSEP
Expense ratio	0.79%	0.85%
Net assets	$56m	$422m
Total return, 1 year	+6.5%	+11.6%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	2.0%	7.1%

1.0%

AOCT can fall this far before its buffer

7.1%

DSEP can fall this far before its buffer

20.1%

AOCT can still gain

12.2%

DSEP can still gain

AOCTFull floor

AOCT: reference +2.1% since period start, fund +1.0%; buffer Floor; cap +21.3%; Full floor. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

DSEPBetween buffer and cap

DSEP: reference +2.2% since period start, fund +1.3%; buffer −5 to −30; cap +14.6%; Between buffer and cap. Figures to Oct 9, 2026.

These are two different products. AOCT is a floor fund, which caps how far a holder can fall. DSEP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

They do not reset together. DSEP has 343 days of its period left and AOCT has 722, so the two are not the same bet on the same months.

Where each one stands today

DSEP resets first, on Sep 17, 2027, 343 days from now; AOCT runs to Sep 30, 2028, 722 days. AOCT can still gain 20.1% before its cap, DSEP 12.2%. A fall from here reaches AOCT’s buffer after 1.0% and DSEP’s after 7.1%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

	Total return		Gap to the reference's price return
Window	AOCT	DSEP	AOCT	DSEP
3 months	+2.1%	+3.5%	−1.0 pts	+0.3 pts
6 months	+4.5%	+9.6%	−10.1 pts	−5.0 pts
1 year	+6.5%	+11.6%	−9.5 pts	−4.4 pts
3 years	not published	+43.7%	not published	−35.4 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

AOCT

Innovator Equity Defined Protection ETF - Oct 2028 · Absorbs the whole loss on SPY and caps the gain at 21.3%, over a period ending Sep 30, 2028

DSEP

FT Vest U.S. Equity Deep Buffer ETF - September · Absorbs losses from 5.0% to 30.0% on SPY and caps the gain at 14.6%, over a period ending Sep 17, 2027

Issuer Innovator First Trust

Reference index SPY SPY

Buffer 100% 5% to 30%

Outcome period Sep 30, 2026 to Sep 30, 2028 Sep 21, 2026 to Sep 17, 2027

Days left 722 343

Starting cap +21.3% +14.6%

Can still gain 20.1% 12.2%

Fall before buffer 1.0% 7.1%

Protection left, index points 100.0% of 100.0% 25.0% of 25.0%

Index return this period +2.1% +2.2%

Fund return this period +1.0% +1.3%

State today Open Open

Expense ratio 0.79% 0.85%

Net assets $56m $422m

As of Oct 9, 2026. Source: ETFIQ.

AOCT in plain words

From its price on Oct 9, 2026, the fund can gain about 20.1% more before it reaches its cap. The fund's price can fall 1.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.0% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 722 days remained on Oct 9, 2026. On Sep 30, 2028 the period ends and a new cap is set.

DSEP in plain words

From its price on Oct 9, 2026, the fund can gain about 12.2% more before it reaches its cap. The fund's price can fall 7.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.1% from today's level to the point where the buffer begins. Protection left, in index points: 25.0% of the 25.0% buffer still sits below today's SPY level. 343 days remained on Oct 9, 2026. On Sep 17, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, AOCT or DSEP?: From their prices on Oct 9, 2026, AOCT can gain about 20.1% before its cap and DSEP about 12.2%, so AOCT has more room left this period.
Which resets first, AOCT or DSEP?: AOCT ends its outcome period on Sep 30, 2028 and DSEP on Sep 17, 2027. A new cap is set the day after each.
Which is cheaper, AOCT or DSEP?: AOCT charges 0.79% a year and DSEP charges 0.85%, so AOCT is cheaper. Fees come from each fund's prospectus.

Other comparisons

AOCT vs GSEP AOCT vs OCTW AOCT vs BOCT AOCT vs ZALT DSEP vs OCTT DSEP vs OCTU DSEP vs XBOC DSEP vs PBOC

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →AOCT on its own →DSEP on its own →How every figure is computed →Standards and sources →

Where these figures came from

Innovator page for AOCT ↗DSEP filings on SEC EDGAR ↗First Trust page for DSEP ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, AOCT against DSEP, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/aoct-vs-dsep

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.