Which has more room to gain, PBOC or TOCT?

From their prices on Nov 4, 2026, PBOC can gain about 11.6% before its cap and TOCT about 6.6%, so PBOC has more room left this period.

Which resets first, PBOC or TOCT?

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

Which is cheaper, PBOC or TOCT?

PBOC charges 0.50% a year and TOCT charges 0.79%, so PBOC is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

PBOC 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 PBOC 1.2%.

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Net assets on Nov 4, 2026: $64m for PGIM S&P 500 Buffer 20 ETF - October and $14m for Innovator Equity Defined Protection ETF - Oct 2027.

PBOC on its own →TOCT on its own →

At a glance

1.2%

PBOC can fall this far before its buffer

5.5%

TOCT can fall this far before its buffer

11.6%

PBOC can still gain

6.6%

TOCT can still gain

PBOC Between buffer and cap

PBOC: reference +0.6% since period start, fund +0.7%; buffer 0 to −20; cap +12.8%; Between buffer and 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

PBOC costs 0.29 points a year less; their one-year returns differ by 5.9 points; PBOC is 4.6 times larger.

Points (pts) are percentage points.

PBOC vs TOCT: Cap, Buffer & Days Left
Measure	PBOC	TOCT
Return
Measure	PBOC	TOCT
Total return, 1 year	+10.0%	+4.1%
Drawdown
Measure	PBOC	TOCT
Index fall to the buffer	0.5%	13.1%
Benchmark
Measure	PBOC	TOCT
What it tracks	SPY	SPY
Cost and size
Measure	PBOC	TOCT
Expense ratio	0.50%	0.79%
Net assets	$64m	$14m
Holdings
Measure	PBOC	TOCT
Holdings in common	not published

Method

Window by window

Window by window: PBOC vs TOCT: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PBOC	TOCT	PBOC	TOCT
3 months	+1.9%	+0.7%	+2.3 pts	+1.1 pts
6 months	+4.7%	+1.9%	+0.2 pts	−2.6 pts
1 year	+10.0%	+4.1%	−3.5 pts	−9.4 pts
Since launchNot the same days: PBOC May 2024 · TOCT Oct 2025	+26.4%	+4.1%	−18.4 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

PBOC PGIM S&P 500 Buffer 20 ETF - October · Absorbs the first 20% of loss on SPY and caps the gain at 12.8%, 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 PGIM Innovator

Reference index SPY SPY

Buffer 20% 100%

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

Days left 330 330

Starting cap +12.8% +12.8%

Can still gain 11.6% 6.6%

Fall before buffer 1.2% 5.5%

Protection left, index points 20.0% of 20.0% 100.0% of 100.0%

Index return this period +0.6% +15.1%

Fund return this period +0.7% +4.9%

State today Open At cap

Expense ratio 0.50% 0.79%

Net assets $64m $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. PBOC 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

PBOC resets first, on Sep 30, 2027, 330 days from now; TOCT runs to Sep 30, 2027, 330 days. PBOC can still gain 11.6% before its cap, TOCT 6.6%. A fall from here reaches PBOC’s buffer after 1.2% 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

PBOC

From its price on Nov 4, 2026, the fund can gain about 11.6% more before it reaches its cap. The fund's price can fall 1.2% 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.

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.

Questions people ask

Which has more room to gain, PBOC or TOCT?: From their prices on Nov 4, 2026, PBOC can gain about 11.6% before its cap and TOCT about 6.6%, so PBOC has more room left this period.
Which resets first, PBOC or TOCT?: PBOC ends its outcome period on Sep 30, 2027 and TOCT on Sep 30, 2027. A new cap is set the day after each.
Which is cheaper, PBOC or TOCT?: PBOC charges 0.50% a year and TOCT charges 0.79%, so PBOC is cheaper. Fees come from each fund's prospectus.

Other comparisons

PBOC vs SEPM PBOC vs PQX PBOC vs FLAO PBOC vs PMOC TOCT vs DDTO TOCT vs CPSO TOCT vs PQX TOCT vs FLAO

Where to next

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

Sources and dates

PBOC filings on SEC EDGAR ↗

PGIM website ↗

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

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