Which has more room to gain, SEPM or ZOCT?

From their prices on Nov 4, 2026, SEPM can gain about 6.8% before its cap and ZOCT about 8.5%, so ZOCT has more room left this period.

Which resets first, SEPM or ZOCT?

SEPM ends its outcome period on Sep 17, 2027 and ZOCT on Sep 30, 2027. A new cap is set the day after each.

Which is cheaper, SEPM or ZOCT?

SEPM charges 0.85% a year and ZOCT charges 0.79%, so ZOCT is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

SEPM vs ZOCT: Cap, Buffer & Days Left

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As of Nov 4, 2026 SEPM can fall 1.4% before its buffer engages and ZOCT 0.8%, and SEPM resets 13 days sooner.

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Net assets: $38m on Nov 3, 2026 for FT Vest U.S. Equity Max Buffer ETF - September, and $227m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - 1 Yr October.

SEPM on its own →ZOCT on its own →

At a glance

1.4%

SEPM can fall this far before its buffer

0.8%

ZOCT can fall this far before its buffer

6.8%

SEPM can still gain

8.5%

ZOCT can still gain

SEPM Full floor

SEPM: reference +0.7% since period start, fund +0.6%; buffer −0 to floor; cap +8.2%; Full floor. Data to Nov 4, 2026.

ZOCT Full floor

ZOCT: reference +0.5% since period start, fund +0.8%; buffer Floor; cap +9.4%; Full floor. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

ZOCT costs 0.06 points a year less; their one-year returns differ by 0.2 points; ZOCT is 5.9 times larger.

Points (pts) are percentage points.

SEPM vs ZOCT: Cap, Buffer & Days Left
Measure	SEPM	ZOCT
Return
Measure	SEPM	ZOCT
Total return, 1 year	+6.4%	+6.2%
Drawdown
Measure	SEPM	ZOCT
Index fall to the buffer	0.7%	0.5%
Benchmark
Measure	SEPM	ZOCT
What it tracks	SPY	SPY
Cost and size
Measure	SEPM	ZOCT
Expense ratio	0.85%	0.79%
Net assets, as of Nov 3, 2026	$38m	$225m
Holdings
Measure	SEPM	ZOCT
Holdings in common	not published

Method

Window by window

Window by window: SEPM vs ZOCT: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	SEPM	ZOCT	SEPM	ZOCT
3 months	+1.3%	+1.7%	+1.6 pts	+2.1 pts
6 months	+3.0%	+3.4%	−1.5 pts	−1.1 pts
1 year	+6.4%	+6.2%	−7.2 pts	−7.3 pts
Since launchNot the same days: SEPM Sep 2024 · ZOCT Oct 2024	+13.3%	+12.8%	−21.3 pts	−22.0 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

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 ZOCT Innovator Equity Defined Protection ETF - 1 Yr October · Absorbs the whole loss on SPY and caps the gain at 9.4%, over a period ending Sep 30, 2027

Issuer First Trust Innovator

Reference index SPY SPY

Buffer 0% to 100% 100%

Outcome period Sep 21, 2026 to Sep 17, 2027 Sep 30, 2026 to Sep 30, 2027

Days left 317 330

Starting cap +8.2% +9.4%

Can still gain 6.8% 8.5%

Fall before buffer 1.4% 0.8%

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

Index return this period +0.7% +0.5%

Fund return this period +0.6% +0.8%

State today Open Open

Expense ratio 0.85% 0.79%

Net assets, SEPM as of Nov 3, 2026 and ZOCT as of Nov 4, 2026 $38m $227m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

SEPM resets first, on Sep 17, 2027, 317 days from now; ZOCT runs to Sep 30, 2027, 330 days. SEPM can still gain 6.8% before its cap, ZOCT 8.5%. A fall from here reaches SEPM’s buffer after 1.4% and ZOCT’s after 0.8%. Both track SPY, so what separates them is where each is in its own period.

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About each fund

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.

ZOCT

From its price on Nov 4, 2026, the fund can gain about 8.5% more before it reaches its cap. The fund's price can fall 0.8% 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. 330 days remained on Nov 4, 2026. On Sep 30, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, SEPM or ZOCT?: From their prices on Nov 4, 2026, SEPM can gain about 6.8% before its cap and ZOCT about 8.5%, so ZOCT has more room left this period.
Which resets first, SEPM or ZOCT?: SEPM ends its outcome period on Sep 17, 2027 and ZOCT on Sep 30, 2027. A new cap is set the day after each.
Which is cheaper, SEPM or ZOCT?: SEPM charges 0.85% a year and ZOCT charges 0.79%, so ZOCT is cheaper. Fees come from each fund's prospectus.

Other comparisons

SEPM vs EALT SEPM vs BOCT SEPM vs GSEP SEPM vs DSEP ZOCT vs DDTO ZOCT vs CPST ZOCT vs CPSO ZOCT vs OCTP

Where to next

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

Sources and dates

SEPM filings on SEC EDGAR ↗

First Trust page for SEPM ↗

ZOCT filings on SEC EDGAR ↗

Innovator page for ZOCT ↗

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 ZOCT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/sepm-vs-zoct

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