Which has more room to gain, AOCT or SEPM?

From their prices on Oct 13, 2026, AOCT can gain about 20.1% before its cap and SEPM about 6.8%, so AOCT has more room left this period.

Which resets first, AOCT or SEPM?

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

Which is cheaper, AOCT or SEPM?

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

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AOCT vs SEPM: Cap, Buffer & Days Left

As of Oct 13, 2026 SEPM can fall 1.5% before its buffer engages and AOCT 1.0%, and SEPM resets 379 days sooner. Net assets on Oct 13, 2026: $61m for Innovator Equity Defined Protection ETF - Oct 2028 and $37m for FT Vest U.S. Equity Max Buffer ETF - September.

AOCT costs 0.06 points a year less; both returned +6.7% over a year; AOCT is 1.6 times larger.

Points (pts) are percentage points.

AOCT vs SEPM: Cap, Buffer & Days Left
	AOCT	SEPM
Expense ratio	0.79%	0.85%
Net assets	$61m	$37m
Total return, 1 year	+6.7%	+6.7%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	2.0%	2.1%

1.0%

AOCT can fall this far before its buffer

1.5%

SEPM can fall this far before its buffer

20.1%

AOCT can still gain

6.8%

SEPM can still gain

AOCTFull floor

AOCT: reference +2.0% since period start, fund +1.0%; buffer Floor; cap +21.3%; Full floor. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

SEPMFull floor

SEPM: reference +2.1% since period start, fund +0.6%; buffer −0 to floor; cap +8.2%; Full floor. Figures to Oct 13, 2026.

They do not reset together. SEPM has 339 days of its period left and AOCT has 718, so the two are not the same bet on the same months.

Where each one stands today

SEPM resets first, on Sep 17, 2027, 339 days from now; AOCT runs to Sep 30, 2028, 718 days. AOCT can still gain 20.1% before its cap, SEPM 6.8%. A fall from here reaches AOCT’s buffer after 1.0% and SEPM’s after 1.5%. 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 SEPM: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AOCT	SEPM	AOCT	SEPM
3 months	+2.0%	+1.8%	−1.5 pts	−1.7 pts
6 months	+4.2%	+4.2%	−7.8 pts	−7.9 pts
1 year	+6.7%	+6.7%	−10.7 pts	−10.6 pts
Since launch Not the same days: AOCT Oct 2024 · SEPM Sep 2024	+12.6%	+13.3%	−24.2 pts	−23.2 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

SEPM

FT Vest U.S. Equity Max Buffer ETF - September · Absorbs losses from 0.0% to 100.0% on SPY and caps the gain at 8.2%, over a period ending Sep 17, 2027

Issuer Innovator First Trust

Reference index SPY SPY

Buffer 100% 0% to 100%

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

Days left 718 339

Starting cap +21.3% +8.2%

Can still gain 20.1% 6.8%

Fall before buffer 1.0% 1.5%

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

Index return this period +2.0% +2.1%

Fund return this period +1.0% +0.6%

State today Open Open

Expense ratio 0.79% 0.85%

Net assets $61m $37m

As of Oct 13, 2026. Source: ETFIQ.

About AOCT

From its price on Oct 13, 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. 718 days remained on Oct 13, 2026. On Sep 30, 2028 the period ends and a new cap is set.

About SEPM

From its price on Oct 13, 2026, the fund can gain about 6.8% 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. In index terms, SPY can fall 2.1% from today's level to the point where the buffer begins. 339 days remained on Oct 13, 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 SEPM?: From their prices on Oct 13, 2026, AOCT can gain about 20.1% before its cap and SEPM about 6.8%, so AOCT has more room left this period.
Which resets first, AOCT or SEPM?: AOCT ends its outcome period on Sep 30, 2028 and SEPM on Sep 17, 2027. A new cap is set the day after each.
Which is cheaper, AOCT or SEPM?: AOCT charges 0.79% a year and SEPM charges 0.85%, so AOCT is cheaper. Fees come from each fund's prospectus.

Other comparisons

AOCT vs DDTO AOCT vs PBOC AOCT vs DDSQ AOCT vs XSEP SEPM vs XBOC SEPM vs APOC SEPM vs CPST SEPM vs XSEP

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

Where these figures came from

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

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 SEPM, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/aoct-vs-sepm

Open data

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