Which has more room to gain, OCTP or XSEP?

From their prices on Nov 4, 2026, OCTP can gain about 15.1% before its cap and XSEP about 9.4%, so OCTP has more room left this period.

Which resets first, OCTP or XSEP?

OCTP ends its outcome period on Sep 30, 2027 and XSEP on Sep 17, 2027. A new cap is set the day after each.

Which is cheaper, OCTP or XSEP?

OCTP charges 0.50% a year and XSEP charges 0.85%, so OCTP is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

OCTP vs XSEP: Cap, Buffer & Days Left

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As of Nov 4, 2026 XSEP can fall 1.7% before its buffer engages and OCTP 1.1%, and XSEP resets 13 days sooner.

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Net assets: $52m on Nov 4, 2026 for PGIM S&P 500 Buffer 12 ETF - October, and $99m on Nov 3, 2026 for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - September.

OCTP on its own →XSEP on its own →

At a glance

1.1%

OCTP can fall this far before its buffer

1.7%

XSEP can fall this far before its buffer

15.1%

OCTP can still gain

9.4%

XSEP 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.

XSEP Between buffer and cap

XSEP: reference +0.7% since period start, fund +0.9%; buffer 0 to −15; cap +11.2%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

OCTP costs 0.35 points a year less; their one-year returns differ by 3.7 points; XSEP is 1.9 times larger.

Points (pts) are percentage points.

OCTP vs XSEP: Cap, Buffer & Days Left
Measure	OCTP	XSEP
Return
Measure	OCTP	XSEP
Total return, 1 year	+13.0%	+9.3%
Drawdown
Measure	OCTP	XSEP
Index fall to the buffer	0.5%	0.6%
Benchmark
Measure	OCTP	XSEP
What it tracks	SPY	SPY
Cost and size
Measure	OCTP	XSEP
Expense ratio	0.50%	0.85%
Net assets, as of Nov 3, 2026	$52m	$99m
Holdings
Measure	OCTP	XSEP
Holdings in common	not published

Method

Window by window

Window by window: OCTP vs XSEP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	OCTP	XSEP	OCTP	XSEP
3 months	+2.4%	+1.6%	+2.8 pts	+1.9 pts
6 months	+6.2%	+4.1%	+1.7 pts	−0.4 pts
1 year	+13.0%	+9.3%	−0.6 pts	−4.3 pts
3 years	–	+32.5%	–	−44.0 pts
Since launchNot the same days: OCTP May 2024 · XSEP Sep 2022	+34.7%	+51.6%	−10.1 pts	−53.3 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 XSEP FT Vest U.S. Equity Enhance & Moderate Buffer ETF - September · Absorbs the first 0% to 15% of loss on SPY and caps the gain at 11.2%, over a period ending Sep 17, 2027

Issuer PGIM First Trust

Reference index SPY SPY

Buffer 12% 0% to 15%

Outcome period Oct 1, 2026 to Sep 30, 2027 Sep 21, 2026 to Sep 17, 2027

Days left 330 317

Starting cap +16.3% +11.2%

Can still gain 15.1% 9.4%

Fall before buffer 1.1% 1.7%

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

Index return this period +0.6% +0.7%

Fund return this period +0.6% +0.9%

State today Open Open

Expense ratio 0.50% 0.85%

Net assets, OCTP as of Nov 4, 2026 and XSEP as of Nov 3, 2026 $52m $99m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. XSEP is a floor fund, which caps how far a holder can fall. OCTP 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

XSEP resets first, on Sep 17, 2027, 317 days from now; OCTP runs to Sep 30, 2027, 330 days. OCTP can still gain 15.1% before its cap, XSEP 9.4%. A fall from here reaches OCTP’s buffer after 1.1% and XSEP’s after 1.7%. 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.

XSEP

From its price on Nov 4, 2026, the fund can gain about 9.4% more before it reaches its cap. The fund's price can fall 1.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.6% 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. 317 days remained on Nov 4, 2026. On Sep 17, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, OCTP or XSEP?: From their prices on Nov 4, 2026, OCTP can gain about 15.1% before its cap and XSEP about 9.4%, so OCTP has more room left this period.
Which resets first, OCTP or XSEP?: OCTP ends its outcome period on Sep 30, 2027 and XSEP on Sep 17, 2027. A new cap is set the day after each.
Which is cheaper, OCTP or XSEP?: OCTP charges 0.50% a year and XSEP charges 0.85%, so OCTP is cheaper. Fees come from each fund's prospectus.

Other comparisons

OCTP vs UOCT OCTP vs TOCT OCTP vs ZALT OCTP vs POCT XSEP vs OCTU XSEP vs PBOC XSEP vs CPST XSEP vs AIOO

Where to next

SPDR S&P 500 ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →OCTP on its own →XSEP on its own →Method →Standards and sources →

Sources and dates

OCTP filings on SEC EDGAR ↗

PGIM website ↗

XSEP filings on SEC EDGAR ↗

First Trust page for XSEP ↗

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

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