Data as of Nov 4, 2026.
APOC vs SEPM: Cap, Buffer & Days Left
As of Nov 4, 2026 SEPM can fall 1.4% before its buffer engages and APOC 0.6%, and APOC resets 170 days sooner.
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Net assets: $86m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct, and $38m on Nov 3, 2026 for FT Vest U.S. Equity Max Buffer ETF - September.
APOC: reference +0.5% since period start, fund +0.5%; buffer Floor; cap +4.3%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.SEPM: reference +0.7% since period start, fund +0.6%; buffer −0 to floor; cap +8.2%; Full floor. Data to Nov 4, 2026.
SEPM: reference +0.7% since period start, fund +0.6%; buffer −0 to floor; cap +8.2%; Full floor. Data to Nov 4, 2026.Pair scorecard
APOC costs 0.06 points a year less; their one-year returns differ by 3.3 points; APOC is 2.2 times larger.
Points (pts) are percentage points.
| Measure | APOC | SEPM |
|---|---|---|
| Return | ||
| Total return, 1 year | +3.1% | +6.4% |
| Drawdown | ||
| Index fall to the buffer | 0.5% | 0.7% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.85% |
| Net assets, as of Nov 3, 2026 | $85m | $38m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | APOC | SEPM | APOC | SEPM |
| 3 months | +1.3% | +1.3% | +1.6 pts | +1.6 pts |
| 6 months | +2.5% | +3.0% | −2.0 pts | −1.5 pts |
| 1 year | +3.1% | +6.4% | −10.4 pts | −7.2 pts |
| Since launchNot the same days: APOC Oct 2024 · SEPM Sep 2024 | +6.4% | +13.3% | −28.5 pts | −21.3 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
As of Nov 4, 2026. Source: ETFIQ.
They do not reset together. APOC has 147 days of its period left and SEPM has 317, so the two are not the same bet on the same months.
Where each one stands today
APOC resets first, on Mar 31, 2027, 147 days from now; SEPM runs to Sep 17, 2027, 317 days. APOC can still gain 3.6% before its cap, SEPM 6.8%. A fall from here reaches APOC’s buffer after 0.6% and SEPM’s after 1.4%. Both track SPY, so what separates them is where each is in its own period.
APOC
From its price on Nov 4, 2026, the fund can gain about 3.6% more before it reaches its cap. The fund's price can fall 0.6% 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. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.
SEPM
From its price on Nov 4, 2026, the fund can gain about 6.8% more before it reaches its cap. The fund's price can fall 1.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.7% from today's level to the point where the buffer begins. 317 days remained on Nov 4, 2026. On Sep 17, 2027 the period ends and a new cap is set.
Questions people ask
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.
Cite this pageCitation, APA and Markdown
ETFIQ, APOC against SEPM, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/apoc-vs-sepm
ETFIQ. (Nov 4, 2026). APOC against SEPM. Retrieved from https://etfiq.com/compare/buffer/apoc-vs-sepm
[APOC against SEPM (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/apoc-vs-sepm)
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