Data as of Nov 4, 2026.
SEPM vs TOCT: Cap, Buffer & Days Left
As of Nov 4, 2026 TOCT can fall 5.5% before its buffer engages and SEPM 1.4%, and SEPM resets 13 days sooner.
askIQ about this page
askIQ about SEPM and TOCT
Net assets: $38m on Nov 3, 2026 for FT Vest U.S. Equity Max Buffer ETF - September, and $14m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - Oct 2027.
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.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
TOCT costs 0.06 points a year less; their one-year returns differ by 2.3 points; SEPM is 2.7 times larger.
Points (pts) are percentage points.
| Measure | SEPM | TOCT |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.4% | +4.1% |
| Drawdown | ||
| Index fall to the buffer | 0.7% | 13.1% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.79% |
| Net assets, as of Nov 3, 2026 | $38m | $14m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | SEPM | TOCT | SEPM | TOCT |
| 3 months | +1.3% | +0.7% | +1.6 pts | +1.1 pts |
| 6 months | +3.0% | +1.9% | −1.5 pts | −2.6 pts |
| 1 year | +6.4% | +4.1% | −7.2 pts | −9.4 pts |
| Since launchNot the same days: SEPM Sep 2024 · TOCT Oct 2025 | +13.3% | +4.1% | −21.3 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
As of Nov 4, 2026. Source: ETFIQ.
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
SEPM resets first, on Sep 17, 2027, 317 days from now; TOCT runs to Sep 30, 2027, 330 days. SEPM can still gain 6.8% before its cap, TOCT 6.6%. A fall from here reaches SEPM’s buffer after 1.4% and TOCT’s after 5.5%. Both track SPY, so what separates them is where each is in its own period.
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.
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. 330 days remained on Nov 4, 2026. On Sep 30, 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, SEPM against TOCT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/sepm-vs-toct
ETFIQ. (Nov 4, 2026). SEPM against TOCT. Retrieved from https://etfiq.com/compare/buffer/sepm-vs-toct
[SEPM against TOCT (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/sepm-vs-toct)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.