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Data as of Nov 4, 2026.

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Buffer ETFs

OCTW vs PQV: Cap, Buffer & Days Left

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As of Nov 4, 2026 OCTW can fall 1.4% before its buffer engages and PQV 0.9%, and PQV resets 273 days sooner.

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Net assets: $443m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Oct, and $2.3m on Nov 4, 2026 for PGIM S&P 500 Quarterly Buffer 5 ETF.

OCTW on its own →PQV on its own →
At a glance
1.4%
OCTW can fall this far before its buffer
0.9%
PQV can fall this far before its buffer
11.3%
OCTW can still gain
4.1%
PQV can still gain
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.
PQV Between buffer and cap
Between buffer and capPQV: reference +0.6% since period start, fund +0.8%; buffer 0 to −5; cap +5.1%; Between buffer and cap. Data to Nov 4, 2026.5 pts−5.0% floor0% period start+5.1% cap+0.6% gain captured+4.5% more to the capTODAY · SPY +0.6%Between buffer and capPQV: reference +0.6% since period start, fund +0.8%; buffer 0 to −5; cap +5.1%; Between buffer and cap. Data to Nov 4, 2026.−5.0% floor0% start+5.1% cap5 pts of buffer+0.6% gain captured+4.5% more to the capTODAY · SPY +0.6%

PQV: reference +0.6% since period start, fund +0.8%; buffer 0 to −5; cap +5.1%; Between buffer and cap. Data to Nov 4, 2026.

PQV: reference +0.6% since period start, fund +0.8%; buffer 0 to −5; cap +5.1%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

PQV costs 0.24 points a year less; OCTW is far larger, $443m against $2.3m.

Points (pts) are percentage points.

OCTW vs PQV: Cap, Buffer & Days Left
MeasureOCTWPQV
Return
Total return, 1 year+9.8%not published
Drawdown
Index fall to the buffer0.5%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.74%0.50%
Net assets, as of Nov 3, 2026$443m$2.3m
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 Score96.7OCTW4.1PQV

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: OCTW vs PQV: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowOCTWPQVOCTWPQV
3 months+1.9%+0.6%+2.3 pts+0.9 pts
6 months+4.6%–+0.1 pts–
1 year+9.8%–−3.7 pts–
3 years+34.4%–−42.0 pts–
Since launchNot the same days: OCTW Oct 2020 · PQV Jul 2026+69.2%+2.8%−58.3 pts0.0 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

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 PQV PGIM S&P 500 Quarterly Buffer 5 ETF · Absorbs the first 5% of loss on SPY and caps the gain at 5.1%, over a period ending Dec 31, 2026
Issuer AllianzIM PGIM
Reference index SPY SPY
Buffer 20% 5%
Outcome period Oct 1, 2026 to Sep 30, 2027 Oct 1, 2026 to Dec 31, 2026
Days left 330 57
Starting cap +12.8% +5.1%
Can still gain 11.3% 4.1%
Fall before buffer 1.4% 0.9%
Protection left, index points 20.0% of 20.0% 5.0% of 5.0%
Index return this period +0.5% +0.6%
Fund return this period +0.7% +0.8%
State today Open Open
Expense ratio 0.74% 0.50%
Net assets, OCTW as of Nov 3, 2026 and PQV as of Nov 4, 2026 $443m $2.3m

As of Nov 4, 2026. Source: ETFIQ.

They do not reset together. PQV has 57 days of its period left and OCTW has 330, so the two are not the same bet on the same months.

Where each one stands today

PQV resets first, on Dec 31, 2026, 57 days from now; OCTW runs to Sep 30, 2027, 330 days. OCTW can still gain 11.3% before its cap, PQV 4.1%. A fall from here reaches OCTW’s buffer after 1.4% and PQV’s after 0.9%. Both track SPY, so what separates them is where each is in its own period.

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About each fund
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. In index terms, SPY can fall 0.5% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% 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.

PQV

From its price on Nov 4, 2026, the fund can gain about 4.1% more before it reaches its cap. The fund's price can fall 0.9% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 5.0% of the 5.0% buffer still sits below today's SPY level. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, OCTW or PQV?
From their prices on Nov 4, 2026, OCTW can gain about 11.3% before its cap and PQV about 4.1%, so OCTW has more room left this period.
Which resets first, OCTW or PQV?
OCTW ends its outcome period on Sep 30, 2027 and PQV on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, OCTW or PQV?
OCTW charges 0.74% a year and PQV charges 0.50%, so PQV is cheaper. Fees come from each fund's prospectus.
Other comparisons
OCTW vs XBOCOCTW vs PBOCOCTW vs AIOOOCTW vs AOCTPQV vs PJANPQV vs BALTPQV vs DDECPQV vs GDEC
Where to next
SPDR® S&P 500® ETF Trust →OCTW on its own →PQV on its own →Method →Standards and sources →
Sources and dates
OCTW filings on SEC EDGAR ↗
AllianzIM page for OCTW ↗
PQV filings on SEC EDGAR ↗
PGIM website ↗

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.

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ETFIQ, OCTW against PQV, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/octw-vs-pqv

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