Which has more room to gain, AOCT or PBOC?

From their prices on Nov 4, 2026, AOCT can gain about 20.0% before its cap and PBOC about 11.6%, 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.

Data as of Nov 4, 2026.

Buffer ETFs

AOCT vs PBOC: Cap, Buffer & Days Left

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As of Nov 4, 2026 PBOC can fall 1.2% before its buffer engages and AOCT 1.1%, and PBOC resets 366 days sooner.

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Net assets on Nov 4, 2026: $69m for Innovator Equity Defined Protection ETF - Oct 2028 and $64m for PGIM S&P 500 Buffer 20 ETF - October .

AOCT on its own →PBOC on its own →

At a glance

1.1%

AOCT can fall this far before its buffer

1.2%

PBOC can fall this far before its buffer

20.0%

AOCT can still gain

11.6%

PBOC can still gain

AOCT Full floor

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.

PBOC Between buffer and cap

PBOC: reference +0.6% since period start, fund +0.7%; buffer 0 to −20; cap +12.8%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

PBOC costs 0.29 points a year less; their one-year returns differ by 3.5 points; AOCT is 1.1 times larger.

Points (pts) are percentage points.

AOCT vs PBOC: Cap, Buffer & Days Left
Measure	AOCT	PBOC
Return
Measure	AOCT	PBOC
Total return, 1 year	+6.5%	+10.0%
Drawdown
Measure	AOCT	PBOC
Index fall to the buffer	0.5%
Benchmark
Measure	AOCT	PBOC
What it tracks	SPY	SPY
Cost and size
Measure	AOCT	PBOC
Expense ratio	0.79%	0.50%
Net assets	$69m	$64m
Holdings
Measure	AOCT	PBOC
Holdings in common	not published

Method

Window by window

Window by window: AOCT vs PBOC: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AOCT	PBOC	AOCT	PBOC
3 months	+1.7%	+1.9%	+2.1 pts	+2.3 pts
6 months	+3.2%	+4.7%	−1.2 pts	+0.2 pts
1 year	+6.5%	+10.0%	−7.1 pts	−3.5 pts
Since launchNot the same days: AOCT Oct 2024 · PBOC May 2024	+12.6%	+26.4%	−22.3 pts	−18.4 pts

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

Side by side

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 696 330

Starting cap +21.3% +12.8%

Can still gain 20.0% 11.6%

Fall before buffer 1.1% 1.2%

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

Index return this period +0.5% +0.6%

Fund return this period +1.0% +0.7%

State today Open Open

Expense ratio 0.79% 0.50%

Net assets $69m $64m

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. 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 330 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

PBOC resets first, on Sep 30, 2027, 330 days from now; AOCT runs to Sep 30, 2028, 696 days. AOCT can still gain 20.0% before its cap, PBOC 11.6%. A fall from here reaches AOCT’s buffer after 1.1% and PBOC’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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.

PBOC

From its price on Nov 4, 2026, the fund can gain about 11.6% more before it reaches its cap. The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 330 days remained on Nov 4, 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 Nov 4, 2026, AOCT can gain about 20.0% before its cap and PBOC about 11.6%, 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 OCTW AOCT vs OCTU AOCT vs QBSF AOCT vs XBOC PBOC vs XBOC PBOC vs XSEP PBOC vs CPST PBOC vs SEPM

Where to next

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

Sources and dates

Innovator page for AOCT ↗

PBOC filings on SEC EDGAR ↗

PGIM website ↗

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 PBOC, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/aoct-vs-pboc

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