Which has more room to gain, FSEP or XBOC?

From their prices on Nov 4, 2026, FSEP can gain about 15.1% before its cap and XBOC about 12.7%, so FSEP has more room left this period.

Which resets first, FSEP or XBOC?

FSEP 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, FSEP or XBOC?

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

Data as of Nov 4, 2026.

Buffer ETFs

FSEP vs XBOC: Cap, Buffer & Days Left

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As of Nov 4, 2026 FSEP can fall 1.5% before its buffer engages and XBOC 0.9%, 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 $60m on Nov 4, 2026 for Innovator U.S. Equity Accelerated 9 Buffer ETF - Oct.

FSEP on its own →XBOC on its own →

At a glance

1.5%

FSEP can fall this far before its buffer

0.9%

XBOC can fall this far before its buffer

15.1%

FSEP can still gain

12.7%

XBOC 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.

XBOC Between buffer and cap

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 1.8 points; FSEP is far larger, $1.4bn against $59m.

Points (pts) are percentage points.

FSEP vs XBOC: Cap, Buffer & Days Left
Measure	FSEP	XBOC
Return
Measure	FSEP	XBOC
Total return, 1 year	+13.2%	+11.4%
Drawdown
Measure	FSEP	XBOC
Index fall to the buffer	0.7%	0.5%
Benchmark
Measure	FSEP	XBOC
What it tracks	SPY	SPY
Cost and size
Measure	FSEP	XBOC
Expense ratio	0.85%	0.79%
Net assets, as of Nov 3, 2026	$1.4bn	$59m
Holdings
Measure	FSEP	XBOC
Holdings in common	not published

Method

Window by window

Window by window: FSEP vs XBOC: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FSEP	XBOC	FSEP	XBOC
3 months	+2.2%	+1.8%	+2.6 pts	+2.2 pts
6 months	+6.1%	+4.9%	+1.6 pts	+0.4 pts
1 year	+13.2%	+11.4%	−0.4 pts	−2.1 pts
3 years	+52.7%	+37.8%	−23.7 pts	−38.6 pts
Since launchNot the same days: FSEP Sep 2020 · XBOC Oct 2021	+94.7%	+51.6%	−39.8 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

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 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 10% 9%

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

Days left 317 330

Starting cap +16.7% +13.7%

Can still gain 15.1% 12.7%

Fall before buffer 1.5% 0.9%

Protection left, index points 10.0% of 10.0% 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, FSEP as of Nov 3, 2026 and XBOC as of Nov 4, 2026 $1.4bn $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. FSEP 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

FSEP resets first, on Sep 17, 2027, 317 days from now; XBOC runs to Sep 30, 2027, 330 days. FSEP can still gain 15.1% before its cap, XBOC 12.7%. A fall from here reaches FSEP’s buffer after 1.5% and XBOC’s after 0.9%. Both track SPY, so what separates them is where each is in its own period.

Alert

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.

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, FSEP or XBOC?: From their prices on Nov 4, 2026, FSEP can gain about 15.1% before its cap and XBOC about 12.7%, so FSEP has more room left this period.
Which resets first, FSEP or XBOC?: FSEP 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, FSEP or XBOC?: FSEP charges 0.85% a year and XBOC charges 0.79%, so XBOC is cheaper. Fees come from each fund's prospectus.

Other comparisons

FSEP vs QBSF FSEP vs AOCT FSEP vs APOC FSEP vs XSEP XBOC vs XSEP XBOC vs CPST XBOC vs PQX XBOC vs PQV

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 →XBOC on its own →Method →Standards and sources →

Sources and dates

FSEP filings on SEC EDGAR ↗

First Trust page for FSEP ↗

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.

Cite this pageCitation, APA and Markdown

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

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