Which resets first, OCTP or OCTU?

OCTP ends its outcome period on Sep 30, 2027 and OCTU on Sep 30, 2027. New terms are set the day after each.

Which is cheaper, OCTP or OCTU?

OCTP charges 0.50% a year and OCTU charges 0.74%, so OCTP is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

OCTP vs OCTU: Cap, Buffer & Days Left

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As of Nov 4, 2026 OCTP can fall 1.1% before its buffer engages and OCTU 1.0%.

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Net assets: $52m on Nov 4, 2026 for PGIM S&P 500 Buffer 12 ETF - October, and $60m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Oct.

OCTP on its own →OCTU on its own →

At a glance

1.1%

OCTP can fall this far before its buffer

1.0%

OCTU can fall this far before its buffer

15.1%

OCTP can still gain

uncapped

OCTU can still gain

OCTP Between buffer and cap

OCTP: reference +0.6% since period start, fund +0.6%; buffer 0 to −12; cap +16.3%; Between buffer and cap. Data to Nov 4, 2026.

OCTU No cap

OCTU: reference +0.5% since period start, fund +0.3%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.

Pair scorecard

OCTP costs 0.24 points a year less; their one-year returns differ by 3.9 points; OCTU is 1.2 times larger.

Points (pts) are percentage points.

OCTP vs OCTU: Cap, Buffer & Days Left
Measure	OCTP	OCTU
Return
Measure	OCTP	OCTU
Total return, 1 year	+13.0%	+9.1%
Drawdown
Measure	OCTP	OCTU
Index fall to the buffer	0.5%
Benchmark
Measure	OCTP	OCTU
What it tracks	SPY	SPY
Cost and size
Measure	OCTP	OCTU
Expense ratio	0.50%	0.74%
Net assets, as of Nov 3, 2026	$52m	$60m
Holdings
Measure	OCTP	OCTU
Holdings in common	not published

ETFIQ Downside Cover Score · OCTU scores higher If the market falls into a bear market from here, how much does the buffer absorb?

IQ Buffer Score57.5OCTP83.2OCTU

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

OCTP 57.5

OCTU 83.2

0.3, the lowest in this set 99.7, the highest

Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →

Method

Window by window

Window by window: OCTP vs OCTU: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	OCTP	OCTU	OCTP	OCTU
3 months	+2.4%	−1.1%	+2.8 pts	−0.7 pts
6 months	+6.2%	+2.8%	+1.7 pts	−1.7 pts
1 year	+13.0%	+9.1%	−0.6 pts	−4.5 pts
Since launchNot the same days: OCTP May 2024 · OCTU Oct 2024	+34.7%	+24.2%	−10.1 pts	−10.7 pts

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

Side by side

OCTP PGIM S&P 500 Buffer 12 ETF - October · Absorbs the first 12% of loss on SPY and caps the gain at 16.3%, over a period ending Sep 30, 2027 OCTU AllianzIM U.S. Equity Buffer15 Uncapped ETF - Oct · Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Sep 30, 2027

Issuer PGIM AllianzIM

Reference index SPY SPY

Buffer 12% 15%

Outcome period Oct 1, 2026 to Sep 30, 2027 Oct 1, 2026 to Sep 30, 2027

Days left 330 330

Starting cap +16.3% uncapped

Can still gain 15.1% uncapped

Fall before buffer 1.1% 1.0%

Protection left, index points 12.0% of 12.0% 15.0% of 15.0%

Index return this period +0.6% +0.5%

Fund return this period +0.6% +0.3%

State today Open Uncapped

Expense ratio 0.50% 0.74%

Net assets, OCTP as of Nov 4, 2026 and OCTU as of Nov 3, 2026 $52m $60m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

OCTP resets first, on Sep 30, 2027, 330 days from now; OCTU runs to Sep 30, 2027, 330 days. A fall from here reaches OCTP’s buffer after 1.1% and OCTU’s after 1.0%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

OCTP

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 1.1% 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: 12.0% of the 12.0% 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.

OCTU

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 1.0% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. On Sep 30, 2027 the period ends and new terms are set.

Questions people ask

Which resets first, OCTP or OCTU?: OCTP ends its outcome period on Sep 30, 2027 and OCTU on Sep 30, 2027. New terms are set the day after each.
Which is cheaper, OCTP or OCTU?: OCTP charges 0.50% a year and OCTU charges 0.74%, so OCTP is cheaper. Fees come from each fund's prospectus.

Other comparisons

OCTP vs XBOC OCTP vs PBOC OCTP vs AIOO OCTP vs AOCT OCTU vs CPST OCTU vs SEPM OCTU vs TOCT OCTU vs PMOC

Where to next

SPDR S&P 500 ETF Trust →OCTP on its own →OCTU on its own →Method →Standards and sources →

Sources and dates

OCTP filings on SEC EDGAR ↗

PGIM website ↗

OCTU filings on SEC EDGAR ↗

AllianzIM page for OCTU ↗

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

How this is computed

It is a place in a set, not a rating or a recommendation.

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, OCTP against OCTU, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/octp-vs-octu

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