Data as of .
SEPM vs UOCT: which one stands where?
As of Sep 21, 2026 UOCT can fall 14.6% before its buffer engages and SEPM 1.1%, and UOCT resets 352 days sooner.
These are two different products. SEPM is a floor fund, which caps how far a holder can fall. UOCT is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
They do not reset together. UOCT has 9 days of its period left and SEPM has 361, so the two are not the same bet on the same months.
Where each one stands today
UOCT resets first, on Sep 30, 2026, 9 days from now; SEPM runs to Sep 17, 2027, 361 days. SEPM can still gain 7.2% before its cap, UOCT 0.0%. A fall from here reaches SEPM’s buffer after 1.1% and UOCT’s after 14.6%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| SEPM | UOCT | SEPM | UOCT | |
| 3 months | +1.8% | +2.9% | −0.4 pts | +0.6 pts |
| 6 months | +5.7% | +10.6% | −12.4 pts | −7.5 pts |
| 1 year | +6.4% | +10.3% | −10.2 pts | −6.3 pts |
| 3 years | not published | +38.8% | not published | −39.6 pts |
| SEPM FT Vest U.S. Equity Max Buffer ETF - September Absorbs losses from 0.0% to 100.0% on SPY and caps the gain at 8.2%, over a period ending Sep 17, 2027 | UOCT Innovator U.S. Equity Ultra Buffer ETF - Oct Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 11.0%, over a period ending Sep 30, 2026 | |
|---|---|---|
| Issuer | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | 0% to 100% | 5% to 35% |
| Outcome period | Sep 21, 2026 to Sep 17, 2027 | Sep 30, 2025 to Sep 30, 2026 |
| Days left | 361 | 9 |
| Starting cap | +8.2% | +11.0% |
| Can still gain | 7.2% | 0.0% |
| Fall before buffer | 1.1% | 14.6% |
| Protection left, index points | 100.0% of 100.0% | 30.0% of 30.0% |
| Index return this period | +1.6% | +16.2% |
| Fund return this period | +0.2% | +10.2% |
| State today | Open | At cap |
| Expense ratio | 0.85% | 0.79% |
| Net assets | $44m | $178m |
SEPM in plain words
From its price on Sep 21, 2026, the fund can gain about 7.2% more before it reaches its cap. The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.6% 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. 361 days remained on Sep 21, 2026. On Sep 17, 2027 the period ends and a new cap is set.
UOCT in plain words
SPY had already risen past this fund's cap of +11.0% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.0% as the period runs out. The fund's price can fall 14.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 18.2% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. 9 days remained on Sep 21, 2026. On Sep 30, 2026 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, SEPM or UOCT?
- From their prices on Sep 21, 2026, SEPM can gain about 7.2% before its cap and UOCT about 0.0%, so SEPM has more room left this period.
- Which resets first, SEPM or UOCT?
- SEPM ends its outcome period on Sep 17, 2027 and UOCT on Sep 30, 2026. A new cap is set the day after each.
- Which is cheaper, SEPM or UOCT?
- SEPM charges 0.85% a year and UOCT charges 0.79%, so UOCT is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, SEPM against UOCT, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/sepm-vs-uoct Free to use with attribution; the underlying files are at Open data.