Data as of .
NOVP vs XOCT: which one stands where?
As of Sep 21, 2026 NOVP can fall 11.1% before its buffer engages and XOCT 9.1%, and XOCT resets 15 days sooner.
These are two different products. XOCT is a floor fund, which caps how far a holder can fall. NOVP 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
XOCT resets first, on Oct 16, 2026, 25 days from now; NOVP runs to Oct 31, 2026, 40 days. NOVP can still gain 2.6% before its cap, XOCT 0.3%. A fall from here reaches NOVP’s buffer after 11.1% and XOCT’s after 9.1%. 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 | ||
|---|---|---|---|---|
| NOVP | XOCT | NOVP | XOCT | |
| 3 months | +2.7% | +2.2% | +0.4 pts | −0.1 pts |
| 6 months | +13.1% | +8.6% | −5.0 pts | −9.4 pts |
| 1 year | +12.5% | +9.6% | −4.1 pts | −7.0 pts |
| NOVP PGIM S&P 500 Buffer 12 ETF - November Absorbs the first 12% of loss on SPY and caps the gain at 15.3%, over a period ending Oct 31, 2026 | XOCT FT Vest U.S. Equity Enhance & Moderate Buffer ETF - October Absorbs the first 15% of loss on SPY and caps the gain at 10.3%, over a period ending Oct 16, 2026 | |
|---|---|---|
| Issuer | PGIM | First Trust |
| Reference index | SPY | SPY |
| Buffer | 12% | 15% |
| Outcome period | Nov 1, 2025 to Oct 31, 2026 | Oct 20, 2025 to Oct 16, 2026 |
| Days left | 40 | 25 |
| Starting cap | +15.3% | +10.3% |
| Can still gain | 2.6% | 0.3% |
| Fall before buffer | 11.1% | 9.1% |
| Protection left, index points | 12.0% of 12.0% | 15.0% of 15.0% |
| Index return this period | +13.4% | +16.5% |
| Fund return this period | +11.9% | +9.1% |
| State today | Open | At cap |
| Expense ratio | 0.50% | 0.85% |
| Net assets | $34m | $74m |
NOVP in plain words
From its price on Sep 21, 2026, the fund can gain about 2.6% more before it reaches its cap. The fund's price can fall 11.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.9% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level. 40 days remained on Sep 21, 2026. On Oct 31, 2026 the period ends and a new cap is set.
XOCT in plain words
SPY had already risen past this fund's cap of +10.3% 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 0.3% as the period runs out. The fund's price can fall 9.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.1% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 25 days remained on Sep 21, 2026. On Oct 16, 2026 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, NOVP or XOCT?
- From their prices on Sep 21, 2026, NOVP can gain about 2.6% before its cap and XOCT about 0.3%, so NOVP has more room left this period.
- Which resets first, NOVP or XOCT?
- NOVP ends its outcome period on Oct 31, 2026 and XOCT on Oct 16, 2026. A new cap is set the day after each.
- Which is cheaper, NOVP or XOCT?
- NOVP charges 0.50% a year and XOCT charges 0.85%, so NOVP 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, NOVP against XOCT, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/novp-vs-xoct Free to use with attribution; the underlying files are at Open data.