Which has more room to gain, BOCT or XSEP?

From their prices on Oct 13, 2026, BOCT can gain about 18.4% before its cap and XSEP about 9.2%, so BOCT has more room left this period.

Which resets first, BOCT or XSEP?

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

Which is cheaper, BOCT or XSEP?

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

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BOCT vs XSEP: Cap, Buffer & Days Left

As of Oct 13, 2026 XSEP can fall 1.8% before its buffer engages and BOCT 1.5%, and XSEP resets 13 days sooner. Net assets on Oct 13, 2026: $307m for Innovator U.S. Equity Buffer ETF - Oct and $99m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - September.

BOCT costs 0.06 points a year less; their one-year returns differ by 6.2 points; BOCT is 3.1 times larger.

Points (pts) are percentage points.

BOCT vs XSEP: Cap, Buffer & Days Left
	BOCT	XSEP
Expense ratio	0.79%	0.85%
Net assets	$307m	$99m
Total return, 1 year	+16.0%	+9.8%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	2.0%	2.1%

1.5%

BOCT can fall this far before its buffer

1.8%

XSEP can fall this far before its buffer

18.4%

BOCT can still gain

9.2%

XSEP can still gain

BOCTBetween buffer and cap

BOCT: reference +2.0% since period start, fund +1.5%; buffer 0 to −9; cap +20.2%; Between buffer and cap. Figures to Oct 13, 2026.

XSEPBetween buffer and cap

XSEP: reference +2.1% since period start, fund +1.0%; buffer 0 to −15; cap +11.2%; Between buffer and cap. Figures to Oct 13, 2026.

These are two different products. XSEP 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

XSEP resets first, on Sep 17, 2027, 339 days from now; BOCT runs to Sep 30, 2027, 352 days. BOCT can still gain 18.4% before its cap, XSEP 9.2%. A fall from here reaches BOCT’s buffer after 1.5% and XSEP’s after 1.8%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BOCT vs XSEP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BOCT	XSEP	BOCT	XSEP
3 months	+4.6%	+2.3%	+1.1 pts	−1.2 pts
6 months	+11.0%	+5.7%	−1.0 pts	−6.4 pts
1 year	+16.0%	+9.8%	−1.4 pts	−7.5 pts
3 years	+56.5%	+33.9%	−23.8 pts	−46.5 pts
Since launch Not the same days: BOCT Oct 2018 · XSEP Sep 2022	+127.7%	+51.6%	−39.0 pts	−56.3 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

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

XSEP

FT Vest U.S. Equity Enhance & Moderate Buffer ETF - September · Absorbs the first 0% to 15% of loss on SPY and caps the gain at 11.2%, over a period ending Sep 17, 2027

Issuer Innovator First Trust

Reference index SPY SPY

Buffer 9% 0% to 15%

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

Days left 352 339

Starting cap +20.2% +11.2%

Can still gain 18.4% 9.2%

Fall before buffer 1.5% 1.8%

Protection left, index points 9.0% of 9.0% 15.0% of 15.0%

Index return this period +2.0% +2.1%

Fund return this period +1.5% +1.0%

State today Open Open

Expense ratio 0.79% 0.85%

Net assets $307m $99m

As of Oct 13, 2026. Source: ETFIQ.

About BOCT

From its price on Oct 13, 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. 352 days remained on Oct 13, 2026. On Sep 30, 2027 the period ends and a new cap is set.

About XSEP

From its price on Oct 13, 2026, the fund can gain about 9.2% more before it reaches its cap. The fund's price can fall 1.8% 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. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 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, BOCT or XSEP?: From their prices on Oct 13, 2026, BOCT can gain about 18.4% before its cap and XSEP about 9.2%, so BOCT has more room left this period.
Which resets first, BOCT or XSEP?: BOCT ends its outcome period on Sep 30, 2027 and XSEP on Sep 17, 2027. A new cap is set the day after each.
Which is cheaper, BOCT or XSEP?: BOCT charges 0.79% a year and XSEP charges 0.85%, so BOCT is cheaper. Fees come from each fund's prospectus.

Other comparisons

BOCT vs DDSQ BOCT vs XBOC BOCT vs UOCT BOCT vs OCTP XSEP vs PQX XSEP vs PQXV XSEP vs PQXX XSEP vs PQV

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BOCT on its own →XSEP 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 ↗XSEP filings on SEC EDGAR ↗First Trust page for XSEP ↗

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, BOCT against XSEP, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/boct-vs-xsep

Open data

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