Data as of Nov 4, 2026.
DSEP vs TOCT: Cap, Buffer & Days Left
As of Nov 4, 2026 DSEP can fall 6.5% before its buffer engages and TOCT 5.5%, and DSEP resets 13 days sooner.
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Net assets: $429m on Nov 3, 2026 for FT Vest U.S. Equity Deep Buffer ETF - September, and $14m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - Oct 2027.
DSEP: reference +0.7% since period start, fund +0.7%; buffer −5 to −30; cap +14.6%; Between buffer and cap. Data to Nov 4, 2026.
DSEP: reference +0.7% since period start, fund +0.7%; buffer −5 to −30; cap +14.6%; Between buffer and cap. Data to Nov 4, 2026.TOCT: reference +15.1% since period start, fund +4.9%; buffer Floor; cap +12.8%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
TOCT costs 0.06 points a year less; their one-year returns differ by 6.4 points; DSEP is far larger, $429m against $14m.
Points (pts) are percentage points.
| Measure | DSEP | TOCT |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.5% | +4.1% |
| Drawdown | ||
| Index fall to the buffer | 5.6% | 13.1% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.79% |
| Net assets, as of Nov 3, 2026 | $429m | $14m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | DSEP | TOCT | DSEP | TOCT |
| 3 months | +1.7% | +0.7% | +2.1 pts | +1.1 pts |
| 6 months | +5.0% | +1.9% | +0.5 pts | −2.6 pts |
| 1 year | +10.5% | +4.1% | −3.1 pts | −9.4 pts |
| 3 years | +42.5% | – | −33.9 pts | – |
| Since launchNot the same days: DSEP Sep 2020 · TOCT Oct 2025 | +65.4% | +4.1% | −69.1 pts | −10.7 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
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.
TOCT is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
DSEP resets first, on Sep 17, 2027, 317 days from now; TOCT runs to Sep 30, 2027, 330 days. DSEP can still gain 12.9% before its cap, TOCT 6.6%. A fall from here reaches DSEP’s buffer after 6.5% and TOCT’s after 5.5%. Both track SPY, so what separates them is where each is in its own period.
DSEP
From its price on Nov 4, 2026, the fund can gain about 12.9% more before it reaches its cap. The fund's price can fall 6.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 5.6% 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. 317 days remained on Nov 4, 2026. On Sep 17, 2027 the period ends and a new cap is set.
TOCT
SPY had already risen past this fund's cap of +12.8% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 6.6% as the period runs out. The fund's price can fall 5.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 13.1% 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. 330 days remained on Nov 4, 2026. On Sep 30, 2027 the period ends and a new cap is set.
Questions people ask
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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.
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ETFIQ, DSEP against TOCT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dsep-vs-toct
ETFIQ. (Nov 4, 2026). DSEP against TOCT. Retrieved from https://etfiq.com/compare/buffer/dsep-vs-toct
[DSEP against TOCT (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/dsep-vs-toct)
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