Which resets first, OCTU or TOCT?

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

Which is cheaper, OCTU or TOCT?

OCTU charges 0.74% a year and TOCT charges 0.79%, so OCTU is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

OCTU vs TOCT: Cap, Buffer & Days Left

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As of Nov 4, 2026 TOCT can fall 5.5% before its buffer engages and OCTU 1.0%.

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Net assets: $60m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Oct, and $14m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - Oct 2027.

OCTU on its own →TOCT on its own →

At a glance

1.0%

OCTU can fall this far before its buffer

5.5%

TOCT can fall this far before its buffer

uncapped

OCTU can still gain

6.6%

TOCT 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.

TOCT At its cap

TOCT: reference +15.1% since period start, fund +4.9%; buffer Floor; cap +12.8%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

OCTU costs 0.05 points a year less; their one-year returns differ by 5.0 points; OCTU is 4.3 times larger.

Points (pts) are percentage points.

OCTU vs TOCT: Cap, Buffer & Days Left
Measure	OCTU	TOCT
Return
Measure	OCTU	TOCT
Total return, 1 year	+9.1%	+4.1%
Drawdown
Measure	OCTU	TOCT
Index fall to the buffer	0.5%	13.1%
Benchmark
Measure	OCTU	TOCT
What it tracks	SPY	SPY
Cost and size
Measure	OCTU	TOCT
Expense ratio	0.74%	0.79%
Net assets, as of Nov 3, 2026	$60m	$14m
Holdings
Measure	OCTU	TOCT
Holdings in common	not published

Method

Window by window

Window by window: OCTU vs TOCT: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	OCTU	TOCT	OCTU	TOCT
3 months	−1.1%	+0.7%	−0.7 pts	+1.1 pts
6 months	+2.8%	+1.9%	−1.7 pts	−2.6 pts
1 year	+9.1%	+4.1%	−4.5 pts	−9.4 pts
Since launchNot the same days: OCTU Oct 2024 · TOCT Oct 2025	+24.2%	+4.1%	−10.7 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

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 TOCT Innovator Equity Defined Protection ETF - Oct 2027 · Absorbs the whole loss on SPY and caps the gain at 12.8%, over a period ending Sep 30, 2027

Issuer AllianzIM Innovator

Reference index SPY SPY

Buffer 15% 100%

Outcome period Oct 1, 2026 to Sep 30, 2027 Sep 30, 2025 to Sep 30, 2027

Days left 330 330

Starting cap uncapped +12.8%

Can still gain uncapped 6.6%

Fall before buffer 1.0% 5.5%

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

Index return this period +0.5% +15.1%

Fund return this period +0.3% +4.9%

State today Uncapped At cap

Expense ratio 0.74% 0.79%

Net assets, OCTU as of Nov 3, 2026 and TOCT as of Nov 4, 2026 $60m $14m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. TOCT 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.

TOCT is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

OCTU resets first, on Sep 30, 2027, 330 days from now; TOCT runs to Sep 30, 2027, 330 days. A fall from here reaches OCTU’s buffer after 1.0% and TOCT’s after 5.5%. 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.

TOCT

SPY had already risen past this fund's cap of +12.8% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 6.6% as the period runs out. The fund's price can fall 5.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 13.1% 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. On Sep 30, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, OCTU or TOCT?: OCTU ends its outcome period on Sep 30, 2027 and TOCT on Sep 30, 2027. New terms are set the day after each.
Which is cheaper, OCTU or TOCT?: OCTU charges 0.74% a year and TOCT charges 0.79%, so OCTU is cheaper. Fees come from each fund's prospectus.

Other comparisons

OCTU vs PMOC OCTU vs SEPM OCTU vs AOCT OCTU vs PQV TOCT vs BALT TOCT vs XBOC TOCT vs PBOC TOCT 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 →OCTU on its own →TOCT on its own →Method →Standards and sources →

Sources and dates

OCTU filings on SEC EDGAR ↗

AllianzIM page for OCTU ↗

Innovator page for TOCT ↗

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 TOCT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/octu-vs-toct

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