Data as of Nov 4, 2026.
AOCT vs FSEP: Cap, Buffer & Days Left
As of Nov 4, 2026 FSEP can fall 1.5% before its buffer engages and AOCT 1.1%, and FSEP resets 379 days sooner.
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Net assets: $69m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - Oct 2028, and $1.4bn on Nov 3, 2026 for FT Vest U.S. Equity Buffer ETF - September.
AOCT: reference +0.5% since period start, fund +1.0%; buffer Floor; cap +21.3%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.FSEP: reference +0.7% since period start, fund +0.7%; buffer 0 to −10; cap +16.7%; Between buffer and cap. Data to Nov 4, 2026.
FSEP: reference +0.7% since period start, fund +0.7%; buffer 0 to −10; cap +16.7%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
AOCT costs 0.06 points a year less; their one-year returns differ by 6.7 points; FSEP is far larger, $1.4bn against $68m.
Points (pts) are percentage points.
| Measure | AOCT | FSEP |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.5% | +13.2% |
| Drawdown | ||
| Index fall to the buffer | 0.5% | 0.7% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.85% |
| Net assets, as of Nov 3, 2026 | $68m | $1.4bn |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | AOCT | FSEP | AOCT | FSEP |
| 3 months | +1.7% | +2.2% | +2.1 pts | +2.6 pts |
| 6 months | +3.2% | +6.1% | −1.2 pts | +1.6 pts |
| 1 year | +6.5% | +13.2% | −7.1 pts | −0.4 pts |
| 3 years | – | +52.7% | – | −23.7 pts |
| Since launchNot the same days: AOCT Oct 2024 · FSEP Sep 2020 | +12.6% | +94.7% | −22.3 pts | −39.8 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. AOCT is a floor fund, which caps how far a holder can fall. FSEP 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. FSEP has 317 days of its period left and AOCT has 696, so the two are not the same bet on the same months.
Where each one stands today
FSEP resets first, on Sep 17, 2027, 317 days from now; AOCT runs to Sep 30, 2028, 696 days. AOCT can still gain 20.0% before its cap, FSEP 15.1%. A fall from here reaches AOCT’s buffer after 1.1% and FSEP’s after 1.5%. Both track SPY, so what separates them is where each is in its own period.
AOCT
From its price on Nov 4, 2026, the fund can gain about 20.0% more before it reaches its cap. The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.5% 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. 696 days remained on Nov 4, 2026. On Sep 30, 2028 the period ends and a new cap is set.
FSEP
From its price on Nov 4, 2026, the fund can gain about 15.1% more before it reaches its cap. The fund's price can fall 1.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.7% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 317 days remained on Nov 4, 2026. On Sep 17, 2027 the period ends and a new cap is set.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, AOCT against FSEP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/aoct-vs-fsep
ETFIQ. (Nov 4, 2026). AOCT against FSEP. Retrieved from https://etfiq.com/compare/buffer/aoct-vs-fsep
[AOCT against FSEP (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/aoct-vs-fsep)
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