Data as of Nov 4, 2026.
OCTW vs SEPM: Cap, Buffer & Days Left
As of Nov 4, 2026 SEPM can fall 1.4% before its buffer engages and OCTW 1.4%, and SEPM resets 13 days sooner.
askIQ about this page
askIQ about OCTW and SEPM
Net assets on Nov 3, 2026: $443m for AllianzIM U.S. Equity Buffer20 ETF - Oct and $38m for FT Vest U.S. Equity Max Buffer ETF - September.
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.SEPM: reference +0.7% since period start, fund +0.6%; buffer −0 to floor; cap +8.2%; Full floor. Data to Nov 4, 2026.
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
OCTW costs 0.11 points a year less; their one-year returns differ by 3.4 points; OCTW is 11.7 times larger.
Points (pts) are percentage points.
| Measure | OCTW | SEPM |
|---|---|---|
| Return | ||
| Total return, 1 year | +9.8% | +6.4% |
| Drawdown | ||
| Index fall to the buffer | 0.5% | 0.7% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.74% | 0.85% |
| Net assets, as of Nov 3, 2026 | $443m | $38m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | OCTW | SEPM | OCTW | SEPM |
| 3 months | +1.9% | +1.3% | +2.3 pts | +1.6 pts |
| 6 months | +4.6% | +3.0% | +0.1 pts | −1.5 pts |
| 1 year | +9.8% | +6.4% | −3.7 pts | −7.2 pts |
| 3 years | +34.4% | – | −42.0 pts | – |
| Since launchNot the same days: OCTW Oct 2020 · SEPM Sep 2024 | +69.2% | +13.3% | −58.3 pts | −21.3 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
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. OCTW 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; OCTW runs to Sep 30, 2027, 330 days. OCTW can still gain 11.3% before its cap, SEPM 6.8%. A fall from here reaches OCTW’s buffer after 1.4% and SEPM’s after 1.4%. Both track SPY, so what separates them is where each is in its own period.
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.
SEPM
From its price on Nov 4, 2026, the fund can gain about 6.8% more before it reaches its cap. 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
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, OCTW against SEPM, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/octw-vs-sepm
ETFIQ. (Nov 4, 2026). OCTW against SEPM. Retrieved from https://etfiq.com/compare/buffer/octw-vs-sepm
[OCTW against SEPM (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/octw-vs-sepm)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.