Which has more room to gain, FSEP or TOCT?

From their prices on Nov 4, 2026, FSEP can gain about 15.1% before its cap and TOCT about 6.6%, so FSEP has more room left this period.

Which resets first, FSEP or TOCT?

FSEP 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, FSEP or TOCT?

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

Data as of Nov 4, 2026.

Buffer ETFs

FSEP vs TOCT: Cap, Buffer & Days Left

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As of Nov 4, 2026 TOCT can fall 5.5% before its buffer engages and FSEP 1.5%, and FSEP resets 13 days sooner.

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Net assets: $1.4bn on Nov 3, 2026 for FT Vest U.S. Equity Buffer ETF - September, and $14m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - Oct 2027.

FSEP on its own →TOCT on its own →

At a glance

1.5%

FSEP can fall this far before its buffer

5.5%

TOCT can fall this far before its buffer

15.1%

FSEP can still gain

6.6%

TOCT can still gain

FSEP Between buffer and cap

FSEP: reference +0.7% since period start, fund +0.7%; buffer 0 to −10; cap +16.7%; Between buffer and cap. Data to Nov 4, 2026.

TOCT At its cap

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 9.1 points; FSEP is far larger, $1.4bn against $14m.

Points (pts) are percentage points.

FSEP vs TOCT: Cap, Buffer & Days Left
Measure	FSEP	TOCT
Return
Measure	FSEP	TOCT
Total return, 1 year	+13.2%	+4.1%
Drawdown
Measure	FSEP	TOCT
Index fall to the buffer	0.7%	13.1%
Benchmark
Measure	FSEP	TOCT
What it tracks	SPY	SPY
Cost and size
Measure	FSEP	TOCT
Expense ratio	0.85%	0.79%
Net assets, as of Nov 3, 2026	$1.4bn	$14m
Holdings
Measure	FSEP	TOCT
Holdings in common	not published

Method

Window by window

Window by window: FSEP vs TOCT: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FSEP	TOCT	FSEP	TOCT
3 months	+2.2%	+0.7%	+2.6 pts	+1.1 pts
6 months	+6.1%	+1.9%	+1.6 pts	−2.6 pts
1 year	+13.2%	+4.1%	−0.4 pts	−9.4 pts
3 years	+52.7%	–	−23.7 pts	–
Since launchNot the same days: FSEP Sep 2020 · TOCT Oct 2025	+94.7%	+4.1%	−39.8 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

FSEP FT Vest U.S. Equity Buffer ETF - September · Absorbs the first 10% of loss on SPY and caps the gain at 16.7%, 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 10% 100%

Outcome period Sep 21, 2026 to Sep 17, 2027 Sep 30, 2025 to Sep 30, 2027

Days left 317 330

Starting cap +16.7% +12.8%

Can still gain 15.1% 6.6%

Fall before buffer 1.5% 5.5%

Protection left, index points 10.0% of 10.0% 100.0% of 100.0%

Index return this period +0.7% +15.1%

Fund return this period +0.7% +4.9%

State today Open At cap

Expense ratio 0.85% 0.79%

Net assets, FSEP as of Nov 3, 2026 and TOCT as of Nov 4, 2026 $1.4bn $14m

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. FSEP 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

FSEP resets first, on Sep 17, 2027, 317 days from now; TOCT runs to Sep 30, 2027, 330 days. FSEP can still gain 15.1% before its cap, TOCT 6.6%. A fall from here reaches FSEP’s buffer after 1.5% and TOCT’s after 5.5%. Both track SPY, so what separates them is where each is in its own period.

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About each fund

FSEP

From its price on Nov 4, 2026, the fund can gain about 15.1% 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 number. In index terms, SPY can fall 0.7% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% 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

Which has more room to gain, FSEP or TOCT?: From their prices on Nov 4, 2026, FSEP can gain about 15.1% before its cap and TOCT about 6.6%, so FSEP has more room left this period.
Which resets first, FSEP or TOCT?: FSEP 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, FSEP or TOCT?: FSEP charges 0.85% a year and TOCT charges 0.79%, so TOCT is cheaper. Fees come from each fund's prospectus.

Other comparisons

FSEP vs PQX FSEP vs FLAO FSEP vs PMOC FSEP vs SEPM TOCT vs XSEP TOCT vs APOC TOCT vs AIOO TOCT vs XBOC

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 →FSEP on its own →TOCT on its own →Method →Standards and sources →

Sources and dates

FSEP filings on SEC EDGAR ↗

First Trust page for FSEP ↗

Innovator page for TOCT ↗

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, FSEP against TOCT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/fsep-vs-toct

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