Which has more room to gain, BOCT or SEPM?

From their prices on Oct 2, 2026, BOCT can gain about 19.4% before its cap and SEPM about 7.1%, so BOCT has more room left this period.

Which resets first, BOCT or SEPM?

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

Which is cheaper, BOCT or SEPM?

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

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BOCT vs SEPM: which one stands where?

As of Oct 2, 2026 SEPM can fall 1.2% before its buffer engages and BOCT 0.7%, and SEPM resets 13 days sooner. Innovator U.S. Equity Buffer ETF - Oct and FT Vest U.S. Equity Max Buffer ETF - September.

BOCT costs 0.06 points a year less; their one-year returns differ by 8.1 points; BOCT is 8.3 times larger.

	BOCT	SEPM
Expense ratio	0.79%	0.85%
Net assets	$292m	$35m
Total return, 1 year	+14.3%	+6.2%
What it tracks	SPY	SPY
Holdings in common	not published

0.7%

BOCT can fall this far before its buffer

1.2%

SEPM can fall this far before its buffer

19.4%

BOCT can still gain

7.1%

SEPM can still gain

BOCTBetween buffer and cap

BOCT: reference +0.9% since period start, fund +0.7%; buffer 0 to −9; cap +20.2%; Between buffer and cap.

SEPMFull floor

SEPM: reference +1.0% since period start, fund +0.3%; buffer −0 to floor; cap +8.2%; Full floor.

These are two different products. SEPM is a floor fund, which caps how far a holder can fall. BOCT is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Where each one stands today

SEPM resets first, on Sep 17, 2027, 350 days from now; BOCT runs to Sep 30, 2027, 363 days. BOCT can still gain 19.4% before its cap, SEPM 7.1%. A fall from here reaches BOCT’s buffer after 0.7% and SEPM’s after 1.2%. 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

	Total return		Gap to the reference
Window	BOCT	SEPM	BOCT	SEPM
3 months	+4.6%	+1.8%	+1.0 pts	−1.8 pts
6 months	+14.8%	+5.4%	−3.2 pts	−12.6 pts
1 year	+14.3%	+6.2%	−1.9 pts	−10.0 pts
3 years	+58.1%	not published	−31.2 pts	not published

BOCT and SEPM over each window. Every figure is an ETFIQ calculation with distributions reinvested. 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

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 9% 0% to 100%

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

Days left 363 350

Starting cap +20.2% +8.2%

Can still gain 19.4% 7.1%

Fall before buffer 0.7% 1.2%

Protection left, index points 9.0% of 9.0% 100.0% of 100.0%

Index return this period +0.9% +1.0%

Fund return this period +0.7% +0.3%

State today Open Open

Expense ratio 0.79% 0.85%

Net assets $292m $35m

BOCT and SEPM on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BOCT in plain words

From its price on Oct 2, 2026, the fund can gain about 19.4% more before it reaches its cap. The fund's price can fall 0.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.9% 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. 363 days remained on Oct 2, 2026. On Sep 30, 2027 the period ends and a new cap is set.

SEPM in plain words

From its price on Oct 2, 2026, the fund can gain about 7.1% 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 figure. In index terms, SPY can fall 1.0% 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. 350 days remained on Oct 2, 2026. On Sep 17, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BOCT or SEPM?: From their prices on Oct 2, 2026, BOCT can gain about 19.4% before its cap and SEPM about 7.1%, so BOCT has more room left this period.
Which resets first, BOCT or SEPM?: BOCT ends its outcome period on Sep 30, 2027 and SEPM on Sep 17, 2027. A new cap is set the day after each.
Which is cheaper, BOCT or SEPM?: BOCT charges 0.79% a year and SEPM charges 0.85%, so BOCT is cheaper. Fees come from each fund's prospectus.

Other comparisons

BOCT vs PMOC BOCT vs PNOV BOCT vs POCT BOCT vs PQV SEPM vs TOCT SEPM vs XBOC SEPM vs XSEP SEPM vs ZALT

SPY →BOCT on its own →SEPM on its own →How every figure is computed →Standards and sources →

Where these figures came from

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

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BOCT against SEPM, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/boct-vs-sepm

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.