Data as of .
TOCT vs XSEP: which one stands where?
As of Sep 21, 2026 TOCT can fall 4.8% before its buffer engages and XSEP 1.2%, and XSEP resets 13 days sooner.
These are two different products. TOCT is a floor fund, which caps how far a holder can fall. XSEP 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
XSEP resets first, on Sep 17, 2027, 361 days from now; TOCT runs to Sep 30, 2027, 374 days. TOCT can still gain 7.5% before its cap, XSEP 9.9%. A fall from here reaches TOCT’s buffer after 4.8% and XSEP’s after 1.2%. 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 | ||
|---|---|---|---|---|
| TOCT | XSEP | TOCT | XSEP | |
| 3 months | +0.7% | +2.0% | −1.5 pts | −0.3 pts |
| 6 months | +3.9% | +8.3% | −14.1 pts | −9.7 pts |
| 1 year | not published | +8.8% | not published | −7.7 pts |
| 3 years | not published | +31.3% | not published | −47.1 pts |
| 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 | XSEP FT Vest U.S. Equity Enhance & Moderate Buffer ETF - September Absorbs the first 0% to 15% of loss on SPY and caps the gain at 11.2%, over a period ending Sep 17, 2027 | |
|---|---|---|
| Issuer | Innovator | First Trust |
| Reference index | SPY | SPY |
| Buffer | 100% | 0% to 15% |
| Outcome period | Sep 30, 2025 to Sep 30, 2027 | Sep 21, 2026 to Sep 17, 2027 |
| Days left | 374 | 361 |
| Starting cap | +12.8% | +11.2% |
| Can still gain | 7.5% | 9.9% |
| Fall before buffer | 4.8% | 1.2% |
| Protection left, index points | 100.0% of 100.0% | 15.0% of 15.0% |
| Index return this period | +16.2% | +1.6% |
| Fund return this period | +4.2% | +0.4% |
| State today | At cap | Open |
| Expense ratio | 0.79% | 0.85% |
| Net assets | $14m | $164m |
TOCT in plain words
SPY had already risen past this fund's cap of +12.8% 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 7.5% as the period runs out. The fund's price can fall 4.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 13.9% 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. 374 days remained on Sep 21, 2026. On Sep 30, 2027 the period ends and a new cap is set.
XSEP in plain words
From its price on Sep 21, 2026, the fund can gain about 9.9% 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 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: 15.0% of the 15.0% 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.
Questions people ask
- Which has more room to gain, TOCT or XSEP?
- From their prices on Sep 21, 2026, TOCT can gain about 7.5% before its cap and XSEP about 9.9%, so XSEP has more room left this period.
- Which resets first, TOCT or XSEP?
- TOCT ends its outcome period on Sep 30, 2027 and XSEP on Sep 17, 2027. A new cap is set the day after each.
- Which is cheaper, TOCT or XSEP?
- TOCT charges 0.79% a year and XSEP charges 0.85%, so TOCT 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, TOCT against XSEP, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/toct-vs-xsep Free to use with attribution; the underlying files are at Open data.