Which has more room to gain, AOCT or FSEP?

From their prices on Oct 9, 2026, AOCT can gain about 20.1% before its cap and FSEP about 14.2%, so AOCT has more room left this period.

Which resets first, AOCT or FSEP?

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

Which is cheaper, AOCT or FSEP?

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

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AOCT vs FSEP: Cap, Buffer & Days Left

As of Oct 9, 2026 FSEP can fall 2.2% before its buffer engages and AOCT 1.0%, and FSEP resets 379 days sooner. Net assets on Oct 9, 2026: $56m for Innovator Equity Defined Protection ETF - Oct 2028 and $1.4bn for FT Vest U.S. Equity Buffer ETF - September.

AOCT costs 0.06 points a year less; their one-year returns differ by 7.7 points; FSEP is far larger, $1.4bn against $56m.

Points (pts) are percentage points.

AOCT vs FSEP: Cap, Buffer & Days Left
	AOCT	FSEP
Expense ratio	0.79%	0.85%
Net assets	$56m	$1.4bn
Total return, 1 year	+6.5%	+14.2%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	2.0%	2.2%

1.0%

AOCT can fall this far before its buffer

2.2%

FSEP can fall this far before its buffer

20.1%

AOCT can still gain

14.2%

FSEP 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.

FSEPBetween buffer and cap

FSEP: reference +2.2% since period start, fund +1.4%; buffer 0 to −10; cap +16.7%; 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. 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 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

FSEP 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, FSEP 14.2%. A fall from here reaches AOCT’s buffer after 1.0% and FSEP’s after 2.2%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: AOCT vs FSEP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AOCT	FSEP	AOCT	FSEP
3 months	+2.1%	+4.3%	−1.0 pts	+1.1 pts
6 months	+4.5%	+11.8%	−10.1 pts	−2.8 pts
1 year	+6.5%	+14.2%	−9.5 pts	−1.8 pts
3 years	not published	+54.2%	not published	−25.0 pts
Since launch Not the same days: AOCT Oct 2024 · FSEP Sep 2020	+12.5%	+96.2%	−24.4 pts	−41.9 pts

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

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

FSEP

FT Vest U.S. Equity Buffer ETF - September · Absorbs the first 10% of loss on SPY and caps the gain at 16.7%, over a period ending Sep 17, 2027

Issuer Innovator First Trust

Reference index SPY SPY

Buffer 100% 10%

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

Days left 722 343

Starting cap +21.3% +16.7%

Can still gain 20.1% 14.2%

Fall before buffer 1.0% 2.2%

Protection left, index points 100.0% of 100.0% 10.0% of 10.0%

Index return this period +2.1% +2.2%

Fund return this period +1.0% +1.4%

State today Open Open

Expense ratio 0.79% 0.85%

Net assets $56m $1.4bn

As of Oct 9, 2026. Source: ETFIQ.

About AOCT

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.

About FSEP

From its price on Oct 9, 2026, the fund can gain about 14.2% more before it reaches its cap. The fund's price can fall 2.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.2% 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. 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 FSEP?: From their prices on Oct 9, 2026, AOCT can gain about 20.1% before its cap and FSEP about 14.2%, so AOCT has more room left this period.
Which resets first, AOCT or FSEP?: AOCT ends its outcome period on Sep 30, 2028 and FSEP on Sep 17, 2027. A new cap is set the day after each.
Which is cheaper, AOCT or FSEP?: AOCT charges 0.79% a year and FSEP charges 0.85%, so AOCT is cheaper. Fees come from each fund's prospectus.

Other comparisons

AOCT vs BALT AOCT vs DSEP AOCT vs DDFO AOCT vs SIXO FSEP vs OCTT FSEP vs XBOC FSEP vs OCTU FSEP vs PBOC

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

Where these figures came from

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

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 pageCitation, APA and Markdown

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

Open data

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