Which has more room to gain, AOCT or PBOC?

From their prices on Oct 9, 2026, AOCT can gain about 20.1% before its cap and PBOC about 11.2%, so AOCT has more room left this period.

Which resets first, AOCT or PBOC?

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

Which is cheaper, AOCT or PBOC?

AOCT charges 0.79% a year and PBOC charges 0.50%, so PBOC is cheaper. Fees come from each fund's prospectus.

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AOCT vs PBOC: Cap, Buffer & Days Left

As of Oct 9, 2026 PBOC can fall 1.5% before its buffer engages and AOCT 1.0%, and PBOC resets 366 days sooner. Net assets on Oct 9, 2026: $56m for Innovator Equity Defined Protection ETF - Oct 2028 and $61m for PGIM S&P 500 Buffer 20 ETF - October .

PBOC costs 0.29 points a year less; their one-year returns differ by 4.1 points.

	AOCT	PBOC
Expense ratio	0.79%	0.50%
Net assets	$56m	$61m
Total return, 1 year	+6.5%	+10.6%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	2.0%

1.0%

AOCT can fall this far before its buffer

1.5%

PBOC can fall this far before its buffer

20.1%

AOCT can still gain

11.2%

PBOC 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.

PBOCBetween buffer and cap

PBOC: reference +2.1% since period start, fund +1.0%; buffer 0 to −20; cap +12.8%; 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. PBOC 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. PBOC has 356 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

PBOC resets first, on Sep 30, 2027, 356 days from now; AOCT runs to Sep 30, 2028, 722 days. AOCT can still gain 20.1% before its cap, PBOC 11.2%. A fall from here reaches AOCT’s buffer after 1.0% and PBOC’s after 1.5%. 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	PBOC	AOCT	PBOC
3 months	+2.1%	+3.1%	−1.0 pts	0.0 pts
6 months	+4.5%	+8.0%	−10.1 pts	−6.5 pts
1 year	+6.5%	+10.6%	−9.5 pts	−5.4 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

PBOC

PGIM S&P 500 Buffer 20 ETF - October · Absorbs the first 20% of loss on SPY and caps the gain at 12.8%, over a period ending Sep 30, 2027

Issuer Innovator PGIM

Reference index SPY SPY

Buffer 100% 20%

Outcome period Sep 30, 2026 to Sep 30, 2028 Oct 1, 2026 to Sep 30, 2027

Days left 722 356

Starting cap +21.3% +12.8%

Can still gain 20.1% 11.2%

Fall before buffer 1.0% 1.5%

Protection left, index points 100.0% of 100.0% 20.0% of 20.0%

Index return this period +2.1% +2.1%

Fund return this period +1.0% +1.0%

State today Open Open

Expense ratio 0.79% 0.50%

Net assets $56m $61m

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.

PBOC in plain words

From its price on Oct 9, 2026, the fund can gain about 11.2% 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 figure. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 356 days remained on Oct 9, 2026. On Sep 30, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, AOCT or PBOC?: From their prices on Oct 9, 2026, AOCT can gain about 20.1% before its cap and PBOC about 11.2%, so AOCT has more room left this period.
Which resets first, AOCT or PBOC?: AOCT ends its outcome period on Sep 30, 2028 and PBOC on Sep 30, 2027. A new cap is set the day after each.
Which is cheaper, AOCT or PBOC?: AOCT charges 0.79% a year and PBOC charges 0.50%, so PBOC is cheaper. Fees come from each fund's prospectus.

Other comparisons

AOCT vs PMOC AOCT vs PQXV AOCT vs PQXX AOCT vs PQV PBOC vs XBOC PBOC vs CPST PBOC vs SEPM PBOC vs XSEP

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

Where these figures came from

Innovator page for AOCT ↗PBOC filings on SEC EDGAR ↗PGIM website ↗

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 PBOC, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/aoct-vs-pboc

Open data

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