Data as of .
APOC vs FSEP: which one stands where?
As of Sep 21, 2026 APOC can fall 3.3% before its buffer engages and FSEP 1.6%, and APOC resets 352 days sooner.
These are two different products. APOC 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. APOC has 9 days of its period left and FSEP has 361, so the two are not the same bet on the same months.
Where each one stands today
APOC resets first, on Sep 30, 2026, 9 days from now; FSEP runs to Sep 17, 2027, 361 days. APOC can still gain 0.0% before its cap, FSEP 14.9%. A fall from here reaches APOC’s buffer after 3.3% and FSEP’s after 1.6%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| APOC | FSEP | APOC | FSEP | |
| 3 months | +1.3% | +3.9% | −0.9 pts | +1.6 pts |
| 6 months | +2.6% | +13.9% | −15.4 pts | −4.1 pts |
| 1 year | +2.7% | +13.4% | −13.8 pts | −3.1 pts |
| 3 years | not published | +50.4% | not published | −28.0 pts |
| APOC Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct Absorbs the whole loss on SPY and caps the gain at 3.4%, over a period ending Sep 30, 2026 | 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 | Mar 31, 2026 to Sep 30, 2026 | Sep 21, 2026 to Sep 17, 2027 |
| Days left | 9 | 361 |
| Starting cap | +3.4% | +16.7% |
| Can still gain | 0.0% | 14.9% |
| Fall before buffer | 3.3% | 1.6% |
| Protection left, index points | 100.0% of 100.0% | 10.0% of 10.0% |
| Index return this period | +19.0% | +1.6% |
| Fund return this period | +3.0% | +0.8% |
| State today | At cap | Open |
| Expense ratio | 0.79% | 0.85% |
| Net assets | $70m | $2.3bn |
APOC in plain words
SPY had already risen past this fund's cap of +3.4% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.0% as the period runs out. The fund's price can fall 3.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.0% 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. 9 days remained on Sep 21, 2026. On Sep 30, 2026 the period ends and a new cap is set.
FSEP in plain words
From its price on Sep 21, 2026, the fund can gain about 14.9% more before it reaches its cap. The fund's price can fall 1.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.6% 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. 361 days remained on Sep 21, 2026. On Sep 17, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, APOC or FSEP?
- From their prices on Sep 21, 2026, APOC can gain about 0.0% before its cap and FSEP about 14.9%, so FSEP has more room left this period.
- Which resets first, APOC or FSEP?
- APOC ends its outcome period on Sep 30, 2026 and FSEP on Sep 17, 2027. A new cap is set the day after each.
- Which is cheaper, APOC or FSEP?
- APOC charges 0.79% a year and FSEP charges 0.85%, so APOC is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, APOC against FSEP, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/apoc-vs-fsep Free to use with attribution; the underlying files are at Open data.