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Data as of Nov 4, 2026.

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Buffer ETFs

DSEP vs XBOC: Cap, Buffer & Days Left

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As of Nov 4, 2026 DSEP can fall 6.5% before its buffer engages and XBOC 0.9%, 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 $60m on Nov 4, 2026 for Innovator U.S. Equity Accelerated 9 Buffer ETF - Oct.

DSEP on its own →XBOC on its own →
At a glance
6.5%
DSEP can fall this far before its buffer
0.9%
XBOC can fall this far before its buffer
12.9%
DSEP can still gain
12.7%
XBOC can still gain
DSEP Between buffer and cap
Between buffer and capDSEP: reference +0.7% since period start, fund +0.7%; buffer −5 to −30; cap +14.6%; Between buffer and cap. Data to Nov 4, 2026.25 pts of buffer+13.9% more to the cap−30.0% floor−5.0% buffer start0% period start+14.6% capfirst 5 pts are yours to lose+0.7% gain capturedTODAY · SPY +0.7%Between buffer and capDSEP: reference +0.7% since period start, fund +0.7%; buffer −5 to −30; cap +14.6%; Between buffer and cap. Data to Nov 4, 2026.25 pts of buffer−30.0% floor−5.0% buffer start0% start+14.6% capfirst 5 pts are yours to lose+0.7% gain captured+13.9% more to the capTODAY · SPY +0.7%

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.
XBOC Between buffer and cap
Between buffer and capXBOC: reference +0.5% since period start, fund +0.8%; buffer 0 to −9; cap +13.7%; Between buffer and cap. Data to Nov 4, 2026.9 pts of buffer+13.2% more to the cap−9.0% floor0% period start+13.7% cap+0.5% gain capturedTODAY · SPY +0.5%Between buffer and capXBOC: reference +0.5% since period start, fund +0.8%; buffer 0 to −9; cap +13.7%; Between buffer and cap. Data to Nov 4, 2026.9 pts−9.0% floor0% start+13.7% cap+0.5% gain captured+13.2% more to the capTODAY · SPY +0.5%

XBOC: reference +0.5% since period start, fund +0.8%; buffer 0 to −9; cap +13.7%; Between buffer and cap. Data to Nov 4, 2026.

XBOC: reference +0.5% since period start, fund +0.8%; buffer 0 to −9; cap +13.7%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

XBOC costs 0.06 points a year less; their one-year returns differ by 0.9 points; DSEP is 7.3 times larger.

Points (pts) are percentage points.

DSEP vs XBOC: Cap, Buffer & Days Left
MeasureDSEPXBOC
Return
Total return, 1 year+10.5%+11.4%
Drawdown
Index fall to the buffer5.6%0.5%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.85%0.79%
Net assets, as of Nov 3, 2026$429m$59m
Holdings
Holdings in commonnot published

Method

Window by window

Window by window: DSEP vs XBOC: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowDSEPXBOCDSEPXBOC
3 months+1.7%+1.8%+2.1 pts+2.2 pts
6 months+5.0%+4.9%+0.5 pts+0.4 pts
1 year+10.5%+11.4%−3.1 pts−2.1 pts
3 years+42.5%+37.8%−33.9 pts−38.6 pts
Since launchNot the same days: DSEP Sep 2020 · XBOC Oct 2021+65.4%+51.6%−69.1 pts−25.0 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

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 XBOC Innovator U.S. Equity Accelerated 9 Buffer ETF - Oct · Absorbs the first 9% of loss on SPY and caps the gain at 13.7%, over a period ending Sep 30, 2027
Issuer First Trust Innovator
Reference index SPY SPY
Buffer 5% to 30% 9%
Outcome period Sep 21, 2026 to Sep 17, 2027 Sep 30, 2026 to Sep 30, 2027
Days left 317 330
Starting cap +14.6% +13.7%
Can still gain 12.9% 12.7%
Fall before buffer 6.5% 0.9%
Protection left, index points 25.0% of 25.0% 9.0% of 9.0%
Index return this period +0.7% +0.5%
Fund return this period +0.7% +0.8%
State today Open Open
Expense ratio 0.85% 0.79%
Net assets, DSEP as of Nov 3, 2026 and XBOC as of Nov 4, 2026 $429m $60m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. XBOC 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, 317 days from now; XBOC runs to Sep 30, 2027, 330 days. DSEP can still gain 12.9% before its cap, XBOC 12.7%. A fall from here reaches DSEP’s buffer after 6.5% and XBOC’s after 0.9%. Both track SPY, so what separates them is where each is in its own period.

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About each fund
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.

XBOC

From its price on Nov 4, 2026, the fund can gain about 12.7% more before it reaches its cap. The fund's price can fall 0.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.5% 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. 330 days remained on Nov 4, 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 XBOC?
From their prices on Nov 4, 2026, DSEP can gain about 12.9% before its cap and XBOC about 12.7%, so DSEP has more room left this period.
Which resets first, DSEP or XBOC?
DSEP ends its outcome period on Sep 17, 2027 and XBOC on Sep 30, 2027. A new cap is set the day after each.
Which is cheaper, DSEP or XBOC?
DSEP charges 0.85% a year and XBOC charges 0.79%, so XBOC is cheaper. Fees come from each fund's prospectus.
Other comparisons
DSEP vs TOCTDSEP vs UOCTDSEP vs POCTDSEP vs PQVXBOC vs FSEPXBOC vs OCTWXBOC vs GSEPXBOC vs ZOCT
Where to next
State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →DSEP on its own →XBOC on its own →Method →Standards and sources →
Sources and dates
DSEP filings on SEC EDGAR ↗
First Trust page for DSEP ↗
XBOC filings on SEC EDGAR ↗
Innovator page for XBOC ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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 XBOC, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dsep-vs-xboc

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