A
vs
B
Share on XDownload as PDFOpen liveCompare their flowsAsk IQ about these two funds

BOCT vs BSEP: Cap, Buffer & Days Left

As of Oct 9, 2026 BOCT can fall 1.5% before its buffer engages and BSEP 1.4%, and BSEP resets 30 days sooner. Net assets on Oct 9, 2026: $307m for Innovator U.S. Equity Buffer ETF - Oct and $470m for Innovator U.S. Equity Buffer ETF - Sep.

Both cost 0.79% a year; their one-year returns differ by 1.7 points; BSEP is 1.5 times larger.

BOCTBSEP
Expense ratio0.79%0.79%
Net assets$307m$470m
Total return, 1 year+14.9%+13.2%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer2.0%1.5%
1.5%
BOCT can fall this far before its buffer
1.4%
BSEP can fall this far before its buffer
18.4%
BOCT can still gain
18.0%
BSEP can still gain
BOCTBetween buffer and cap
Between buffer and capBOCT: reference +2.1% since period start, fund +1.5%; buffer 0 to −9; cap +20.2%; Between buffer and cap. Figures to Oct 9, 2026.9 pts of buffer+18.1% more to the cap−9.0% floor0% period start+20.2% cap+2.1% gain capturedTODAY · SPY +2.1%Between buffer and capBOCT: reference +2.1% since period start, fund +1.5%; buffer 0 to −9; cap +20.2%; Between buffer and cap. Figures to Oct 9, 2026.9 pts+18.1% to cap−9.0% floor0% start+20.2% cap+2.1% gain capturedTODAY · SPY +2.1%

BOCT: reference +2.1% since period start, fund +1.5%; buffer 0 to −9; cap +20.2%; Between buffer and cap. Figures to Oct 9, 2026.

BOCT: reference +2.1% since period start, fund +1.5%; buffer 0 to −9; cap +20.2%; Between buffer and cap. Figures to Oct 9, 2026.

BSEPBetween buffer and cap
Between buffer and capBSEP: reference +1.5% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 9, 2026.9 pts of buffer+18.3% more to the cap−9.0% floor0% period start+19.8% cap+1.5% gain capturedTODAY · SPY +1.5%Between buffer and capBSEP: reference +1.5% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 9, 2026.9 pts+18.3% to cap−9.0% floor0% start+19.8% cap+1.5% gain capturedTODAY · SPY +1.5%

BSEP: reference +1.5% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

ETFIQ Downside Cover Score · BOCT and BSEP score the sameIf the market falls into a bear market from here, how much does the buffer absorb?
0.2, the lowest in this set99.8, the highest

A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it → How it is computed →

They do not reset together. BSEP has 326 days of its period left and BOCT has 356, so the two are not the same bet on the same months.

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

BSEP resets first, on Aug 31, 2027, 326 days from now; BOCT runs to Sep 30, 2027, 356 days. BOCT can still gain 18.4% before its cap, BSEP 18.0%. A fall from here reaches BOCT’s buffer after 1.5% and BSEP’s after 1.4%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Total returnGap to the reference's price return
WindowBOCTBSEPBOCTBSEP
3 months+4.5%+3.2%+1.4 pts+0.1 pts
6 months+12.7%+10.5%−1.9 pts−4.1 pts
1 year+14.9%+13.2%−1.1 pts−2.8 pts
3 years+55.6%+60.8%−23.6 pts−18.4 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

BOCT
Innovator U.S. Equity Buffer ETF - Oct · Absorbs the first 9% of loss on SPY and caps the gain at 20.2%, over a period ending Sep 30, 2027
BSEP
Innovator U.S. Equity Buffer ETF - Sep · Absorbs the first 9% of loss on SPY and caps the gain at 19.8%, over a period ending Aug 31, 2027
Issuer Innovator Innovator
Reference index SPY SPY
Buffer 9% 9%
Outcome period Sep 30, 2026 to Sep 30, 2027 Aug 31, 2026 to Aug 31, 2027
Days left 356 326
Starting cap +20.2% +19.8%
Can still gain 18.4% 18.0%
Fall before buffer 1.5% 1.4%
Protection left, index points 9.0% of 9.0% 9.0% of 9.0%
Index return this period +2.1% +1.5%
Fund return this period +1.5% +1.4%
State today Open Open
Expense ratio 0.79% 0.79%
Net assets $307m $470m

As of Oct 9, 2026. Source: ETFIQ.

BOCT in plain words

From its price on Oct 9, 2026, the fund can gain about 18.4% 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 2.0% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% 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.

BSEP in plain words

From its price on Oct 9, 2026, the fund can gain about 18.0% 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 figure. In index terms, SPY can fall 1.5% from today's level to the point where the buffer begins. 326 days remained on Oct 9, 2026. On Aug 31, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BOCT or BSEP?
From their prices on Oct 9, 2026, BOCT can gain about 18.4% before its cap and BSEP about 18.0%, so BOCT has more room left this period.
Which resets first, BOCT or BSEP?
BOCT ends its outcome period on Sep 30, 2027 and BSEP on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, BOCT or BSEP?
BOCT and BSEP both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.
Other comparisons
BOCT vs DSEPBOCT vs PJUNBOCT vs PDECBOCT vs POCTBSEP vs SEPWBSEP vs DDFSBSEP vs PNOVBSEP vs PJUN
SPY →BOCT on its own →BSEP on its own →How every figure is computed →Standards and sources →
Where these figures came from
BOCT and BSEP filings on SEC EDGAR ↗Innovator page for BOCT ↗Innovator page for BSEP ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

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, BOCT against BSEP, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/boct-vs-bsep

Open data

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