Data as of .
XOCT vs ZNOV: which one stands where?
As of Sep 21, 2026 XOCT can fall 9.1% before its buffer engages and ZNOV 5.8%, and XOCT resets 15 days sooner.
These are two different products. ZNOV is a floor fund, which caps how far a holder can fall. XOCT 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
XOCT resets first, on Oct 16, 2026, 25 days from now; ZNOV runs to Oct 31, 2026, 40 days. XOCT can still gain 0.3% before its cap, ZNOV 0.7%. A fall from here reaches XOCT’s buffer after 9.1% and ZNOV’s after 5.8%. 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 | ||
|---|---|---|---|---|
| XOCT | ZNOV | XOCT | ZNOV | |
| 3 months | +2.2% | +1.7% | −0.1 pts | −0.6 pts |
| 6 months | +8.6% | +5.1% | −9.4 pts | −12.9 pts |
| 1 year | +9.6% | +6.0% | −7.0 pts | −10.6 pts |
| XOCT FT Vest U.S. Equity Enhance & Moderate Buffer ETF - October Absorbs the first 15% of loss on SPY and caps the gain at 10.3%, over a period ending Oct 16, 2026 | ZNOV Innovator Equity Defined Protection ETF - 1 Yr November Absorbs the whole loss on SPY and caps the gain at 6.8%, over a period ending Oct 31, 2026 | |
|---|---|---|
| Issuer | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | 15% | 100% |
| Outcome period | Oct 20, 2025 to Oct 16, 2026 | Oct 31, 2025 to Oct 31, 2026 |
| Days left | 25 | 40 |
| Starting cap | +10.3% | +6.8% |
| Can still gain | 0.3% | 0.7% |
| Fall before buffer | 9.1% | 5.8% |
| Protection left, index points | 15.0% of 15.0% | 100.0% of 100.0% |
| Index return this period | +16.5% | +13.5% |
| Fund return this period | +9.1% | +5.4% |
| State today | At cap | At cap |
| Expense ratio | 0.85% | 0.79% |
| Net assets | $74m | $105m |
XOCT in plain words
SPY had already risen past this fund's cap of +10.3% 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 0.3% as the period runs out. The fund's price can fall 9.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.1% 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. 25 days remained on Sep 21, 2026. On Oct 16, 2026 the period ends and a new cap is set.
ZNOV in plain words
SPY had already risen past this fund's cap of +6.8% 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 0.7% as the period runs out. The fund's price can fall 5.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.9% 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. 40 days remained on Sep 21, 2026. On Oct 31, 2026 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, XOCT or ZNOV?
- From their prices on Sep 21, 2026, XOCT can gain about 0.3% before its cap and ZNOV about 0.7%, so ZNOV has more room left this period.
- Which resets first, XOCT or ZNOV?
- XOCT ends its outcome period on Oct 16, 2026 and ZNOV on Oct 31, 2026. A new cap is set the day after each.
- Which is cheaper, XOCT or ZNOV?
- XOCT charges 0.85% a year and ZNOV charges 0.79%, so ZNOV 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, XOCT against ZNOV, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/xoct-vs-znov Free to use with attribution; the underlying files are at Open data.