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Data as of Nov 4, 2026.

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Buffer ETFs

OCTP vs OCTW: Cap, Buffer & Days Left

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As of Nov 4, 2026 OCTW can fall 1.4% before its buffer engages and OCTP 1.1%.

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Net assets: $52m on Nov 4, 2026 for PGIM S&P 500 Buffer 12 ETF - October, and $443m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Oct.

OCTP on its own →OCTW on its own →
At a glance
1.1%
OCTP can fall this far before its buffer
1.4%
OCTW can fall this far before its buffer
15.1%
OCTP can still gain
11.3%
OCTW can still gain
OCTP Between buffer and cap
Between buffer and capOCTP: reference +0.6% since period start, fund +0.6%; buffer 0 to −12; cap +16.3%; Between buffer and cap. Data to Nov 4, 2026.12 pts of buffer+15.8% more to the cap−12.0% floor0% period start+16.3% cap+0.6% gain capturedTODAY · SPY +0.6%Between buffer and capOCTP: reference +0.6% since period start, fund +0.6%; buffer 0 to −12; cap +16.3%; Between buffer and cap. Data to Nov 4, 2026.12 pts+15.8% to cap−12.0% floor0% start+16.3% cap+0.6% gain capturedTODAY · SPY +0.6%

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.

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.
OCTW Between buffer and cap
Between buffer and capOCTW: reference +0.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.8%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer+12.2% more to the cap−20.0% floor0% period start+12.8% cap+0.5% gain capturedTODAY · SPY +0.5%Between buffer and capOCTW: reference +0.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.8%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer−20.0% floor0% start+12.8% cap+0.5% gain captured+12.2% more to the capTODAY · SPY +0.5%

OCTW: reference +0.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.8%; Between buffer and cap. Data to Nov 4, 2026.

OCTW: reference +0.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.8%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

OCTP costs 0.24 points a year less; their one-year returns differ by 3.2 points; OCTW is 8.5 times larger.

Points (pts) are percentage points.

OCTP vs OCTW: Cap, Buffer & Days Left
MeasureOCTPOCTW
Return
Total return, 1 year+13.0%+9.8%
Drawdown
Index fall to the buffer0.5%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.50%0.74%
Net assets, as of Nov 3, 2026$52m$443m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · OCTW scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score57.5OCTP96.7OCTW

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

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 OCTW: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowOCTPOCTWOCTPOCTW
3 months+2.4%+1.9%+2.8 pts+2.3 pts
6 months+6.2%+4.6%+1.7 pts+0.1 pts
1 year+13.0%+9.8%−0.6 pts−3.7 pts
3 years–+34.4%–−42.0 pts
Since launchNot the same days: OCTP May 2024 · OCTW Oct 2020+34.7%+69.2%−10.1 pts−58.3 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

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 OCTW AllianzIM U.S. Equity Buffer20 ETF - Oct · Absorbs the first 20% of loss on SPY and caps the gain at 12.8%, over a period ending Sep 30, 2027
Issuer PGIM AllianzIM
Reference index SPY SPY
Buffer 12% 20%
Outcome period Oct 1, 2026 to Sep 30, 2027 Oct 1, 2026 to Sep 30, 2027
Days left 330 330
Starting cap +16.3% +12.8%
Can still gain 15.1% 11.3%
Fall before buffer 1.1% 1.4%
Protection left, index points 12.0% of 12.0% 20.0% of 20.0%
Index return this period +0.6% +0.5%
Fund return this period +0.6% +0.7%
State today Open Open
Expense ratio 0.50% 0.74%
Net assets, OCTP as of Nov 4, 2026 and OCTW as of Nov 3, 2026 $52m $443m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

OCTP resets first, on Sep 30, 2027, 330 days from now; OCTW runs to Sep 30, 2027, 330 days. OCTP can still gain 15.1% before its cap, OCTW 11.3%. A fall from here reaches OCTP’s buffer after 1.1% and OCTW’s after 1.4%. Both track SPY, so what separates them is where each is in its own period.

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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.

OCTW

From its price on Nov 4, 2026, the fund can gain about 11.3% more before it reaches its cap. The fund's price can fall 1.4% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, OCTP or OCTW?
From their prices on Nov 4, 2026, OCTP can gain about 15.1% before its cap and OCTW about 11.3%, so OCTP has more room left this period.
Which resets first, OCTP or OCTW?
OCTP ends its outcome period on Sep 30, 2027 and OCTW on Sep 30, 2027. A new cap is set the day after each.
Which is cheaper, OCTP or OCTW?
OCTP charges 0.50% a year and OCTW charges 0.74%, so OCTP is cheaper. Fees come from each fund's prospectus.
Other comparisons
OCTP vs ZOCTOCTP vs OCTTOCTP vs SIXOOCTP vs OCTUOCTW vs XBOCOCTW vs OCTUOCTW vs PBOCOCTW vs CPST
Where to next
SPDR S&P 500 ETF Trust →OCTP on its own →OCTW on its own →Method →Standards and sources →
Sources and dates
OCTP filings on SEC EDGAR ↗
PGIM website ↗
OCTW filings on SEC EDGAR ↗
AllianzIM page for OCTW ↗

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 OCTW, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/octp-vs-octw

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