Which resets first, OCTU or SEPM?

OCTU ends its outcome period on Sep 30, 2027 and SEPM on Sep 17, 2027. New terms are set the day after each.

Which is cheaper, OCTU or SEPM?

OCTU charges 0.74% a year and SEPM charges 0.85%, so OCTU is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

OCTU vs SEPM: Cap, Buffer & Days Left

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As of Nov 4, 2026 SEPM can fall 1.4% before its buffer engages and OCTU 1.0%, and SEPM resets 13 days sooner.

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Net assets on Nov 3, 2026: $60m for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Oct and $38m for FT Vest U.S. Equity Max Buffer ETF - September.

OCTU on its own →SEPM on its own →

At a glance

1.0%

OCTU can fall this far before its buffer

1.4%

SEPM can fall this far before its buffer

uncapped

OCTU can still gain

6.8%

SEPM can still gain

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.

SEPM Full floor

SEPM: reference +0.7% since period start, fund +0.6%; buffer −0 to floor; cap +8.2%; Full floor. Data to Nov 4, 2026.

Pair scorecard

OCTU costs 0.11 points a year less; their one-year returns differ by 2.7 points; OCTU is 1.6 times larger.

Points (pts) are percentage points.

OCTU vs SEPM: Cap, Buffer & Days Left
Measure	OCTU	SEPM
Return
Measure	OCTU	SEPM
Total return, 1 year	+9.1%	+6.4%
Drawdown
Measure	OCTU	SEPM
Index fall to the buffer	0.5%	0.7%
Benchmark
Measure	OCTU	SEPM
What it tracks	SPY	SPY
Cost and size
Measure	OCTU	SEPM
Expense ratio	0.74%	0.85%
Net assets, as of Nov 3, 2026	$60m	$38m
Holdings
Measure	OCTU	SEPM
Holdings in common	not published

Method

Window by window

Window by window: OCTU vs SEPM: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	OCTU	SEPM	OCTU	SEPM
3 months	−1.1%	+1.3%	−0.7 pts	+1.6 pts
6 months	+2.8%	+3.0%	−1.7 pts	−1.5 pts
1 year	+9.1%	+6.4%	−4.5 pts	−7.2 pts
Since launchNot the same days: OCTU Oct 2024 · SEPM Sep 2024	+24.2%	+13.3%	−10.7 pts	−21.3 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

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 SEPM FT Vest U.S. Equity Max Buffer ETF - September · Absorbs losses from 0.0% to 100.0% on SPY and caps the gain at 8.2%, over a period ending Sep 17, 2027

Issuer AllianzIM First Trust

Reference index SPY SPY

Buffer 15% 0% to 100%

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

Days left 330 317

Starting cap uncapped +8.2%

Can still gain uncapped 6.8%

Fall before buffer 1.0% 1.4%

Protection left, index points 15.0% of 15.0% 100.0% of 100.0%

Index return this period +0.5% +0.7%

Fund return this period +0.3% +0.6%

State today Uncapped Open

Expense ratio 0.74% 0.85%

Net assets, as of Nov 3, 2026 $60m $38m

As of Nov 4, 2026. Source: ETFIQ.

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

SEPM resets first, on Sep 17, 2027, 317 days from now; OCTU runs to Sep 30, 2027, 330 days. A fall from here reaches OCTU’s buffer after 1.0% and SEPM’s after 1.4%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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. In index terms, SPY can fall 0.5% 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. 330 days remained on Nov 4, 2026. On Sep 30, 2027 the period ends and new terms are set.

SEPM

From its price on Nov 4, 2026, the fund can gain about 6.8% 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. In index terms, SPY can fall 0.7% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% 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 resets first, OCTU or SEPM?: OCTU ends its outcome period on Sep 30, 2027 and SEPM on Sep 17, 2027. New terms are set the day after each.
Which is cheaper, OCTU or SEPM?: OCTU charges 0.74% a year and SEPM charges 0.85%, so OCTU is cheaper. Fees come from each fund's prospectus.

Other comparisons

OCTU vs DDTO OCTU vs CPST OCTU vs CPSO OCTU vs QBSV SEPM vs XBOC SEPM vs AIOO SEPM vs QBSF SEPM vs AOCT

Where to next

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

Sources and dates

OCTU filings on SEC EDGAR ↗

AllianzIM page for OCTU ↗

SEPM filings on SEC EDGAR ↗

First Trust page for SEPM ↗

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

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