Data as of .
DSEP vs TOCT: which one stands where?
As of Sep 21, 2026 DSEP can fall 6.6% before its buffer engages and TOCT 4.8%, and DSEP resets 13 days sooner.
These are two different products. TOCT is a floor fund, which caps how far a holder can fall. DSEP 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
DSEP resets first, on Sep 17, 2027, 361 days from now; TOCT runs to Sep 30, 2027, 374 days. DSEP can still gain 12.8% before its cap, TOCT 7.5%. A fall from here reaches DSEP’s buffer after 6.6% and TOCT’s after 4.8%. 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 | ||
|---|---|---|---|---|
| DSEP | TOCT | DSEP | TOCT | |
| 3 months | +3.1% | +0.7% | +0.8 pts | −1.5 pts |
| 6 months | +11.2% | +3.9% | −6.8 pts | −14.1 pts |
| 1 year | +10.8% | not published | −5.7 pts | not published |
| 3 years | +40.5% | not published | −37.9 pts | not published |
| DSEP FT Vest U.S. Equity Deep Buffer ETF - September Absorbs losses from 5.0% to 30.0% on SPY and caps the gain at 14.6%, over a period ending Sep 17, 2027 | TOCT Innovator Equity Defined Protection ETF - Oct 2027 Absorbs the whole loss on SPY and caps the gain at 12.8%, over a period ending Sep 30, 2027 | |
|---|---|---|
| Issuer | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | 5% to 30% | 100% |
| Outcome period | Sep 21, 2026 to Sep 17, 2027 | Sep 30, 2025 to Sep 30, 2027 |
| Days left | 361 | 374 |
| Starting cap | +14.6% | +12.8% |
| Can still gain | 12.8% | 7.5% |
| Fall before buffer | 6.6% | 4.8% |
| Protection left, index points | 25.0% of 25.0% | 100.0% of 100.0% |
| Index return this period | +1.6% | +16.2% |
| Fund return this period | +0.8% | +4.2% |
| State today | Open | At cap |
| Expense ratio | 0.85% | 0.79% |
| Net assets | $613m | $14m |
DSEP in plain words
From its price on Sep 21, 2026, the fund can gain about 12.8% more before it reaches its cap. The fund's price can fall 6.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.5% from today's level to the point where the buffer begins. Protection left, in index points: 25.0% of the 25.0% 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.
TOCT in plain words
SPY had already risen past this fund's cap of +12.8% 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 7.5% as the period runs out. The fund's price can fall 4.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 13.9% 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. 374 days remained on Sep 21, 2026. On Sep 30, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, DSEP or TOCT?
- From their prices on Sep 21, 2026, DSEP can gain about 12.8% before its cap and TOCT about 7.5%, so DSEP has more room left this period.
- Which resets first, DSEP or TOCT?
- DSEP ends its outcome period on Sep 17, 2027 and TOCT on Sep 30, 2027. A new cap is set the day after each.
- Which is cheaper, DSEP or TOCT?
- DSEP charges 0.85% a year and TOCT charges 0.79%, so TOCT 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, DSEP against TOCT, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/dsep-vs-toct Free to use with attribution; the underlying files are at Open data.