At a glance
AOCT charges 0.79% a year. It has $83.2M in assets. Over the past year it returned +5.9% with distributions reinvested (S&P 500: +11.5%).
The short version
Innovator Equity Defined Protection ETF - 2 Yr to October 2026 (AOCT) is an Innovator fund with a defined-outcome design. Its name says it aims to give stock market exposure with downside protection over a two-year period ending in October 2026. So far it has been very steady: its 1-year volatility was 2.6% as of October 27, 2026. The trade-offs are a 0.79% expense ratio and no distributions.
Price history
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AOCT +5.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AOCT price data to Oct 27, 2026 | +5.2% | +5.9% | — | — | — | +5.8% |
- Over the year to Oct 27, 2026, AOCT returned +5.9%.
- Its worst full calendar year was 2025 (+6.9%); its best was 2025 (+6.9%).
- The deepest fall in its price history was 3.7% (Feb 19, 2025 to Apr 8, 2025), recovered by May 15, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +5.2% |
| 2025 | +6.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
How it works
The fund's prospectus wasn't available for this review, so the exact mechanics can't be confirmed here. That includes the stock index or ETF it tracks, its level of protection and any cap on gains. The ticker also didn't appear in the SEC's ticker files. That can mean a fund was renamed, closed or isn't registered with the SEC.
The name points to a "defined outcome" fund. Funds of this kind usually hold options, which are contracts that give the right to buy or sell an asset at a set price by a set date. The options are linked to a stock index or ETF. Together they set a range of results for a fixed "outcome period": protection against some or all losses, in exchange for a cap on how much the fund can gain.
That range typically applies only to someone who buys on the first day of the period and holds to the last. Buying or selling partway through can give a quite different result. The name says this fund's period runs to October 2026. Prices here run through October 27, 2026, so the period was ending. Anyone holding or considering the fund may want to check Innovator's documents to see what happens next.
What it really costs
- AOCT charges 0.79% a year.
In a retirement portfolio
Its name describes downside protection, and its 1-year beta of 0.14 shows it moved far less than the stock market.
AOCT launched on October 1, 2024, so it wasn't around for the 2008, 2020 or 2022 downturns. Its deepest drop was 3.7%, from February 19 to April 8, 2025. It recovered by May 15, 2025, in about 1.2 months. It returned 6.88% in 2025, its only full calendar year, and 5.9% over the year to October 27, 2026. Someone drawing on savings would have faced only small losses if they had to sell in that stretch. However, the fund pays no distributions, so any income would have to come from selling shares. The 0.79% expense ratio is high next to plain index funds. The protection may also apply only within the outcome period that ends in October 2026. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who value a smooth ride: 1-year volatility was 2.6% and the deepest drop was 3.7% as of October 27, 2026.
- People who understand defined-outcome funds and can hold for a full outcome period, which the name says ends October 2026.
- Investors close to needing their money who want some stock exposure but less risk of a large loss.
Look elsewhere if
- Income seekers: no distributions have been recorded for this fund.
- Cost-conscious investors: a 0.79% expense ratio costs far more than a plain stock index fund.
- Long-term investors who want full stock market gains. Protected funds of this type usually cap upside, and the fund's 1-year return was 5.9%.
Close alternatives
Matched by legacy category (no holdings report for this fund).
No close alternatives found.
Questions investors ask
What is AOCT ETF?
AOCT is the Innovator Equity Defined Protection ETF - 2 Yr to October 2026. It launched on October 1, 2024. Its name describes a defined-outcome fund that aims to give stock market exposure with downside protection over a two-year period ending in October 2026. Funds like this usually use options to protect against losses in exchange for a cap on gains. The prospectus wasn't available for this review, so details such as the cap aren't confirmed here.
Does AOCT pay dividends?
No. No distributions have been recorded for AOCT. That's common for options-based defined-outcome funds, whose returns come from changes in the share price rather than income. Anyone who needs regular cash from this fund would have to sell shares. Retirees who want steady payouts may want to compare it with funds built to pay dividends or interest.
What happens to AOCT after October 2026?
The name says AOCT's outcome period runs to October 2026, and prices here run through October 27, 2026. Defined-outcome funds often start a new period with a new cap and protection level, but this fund's plans can't be confirmed here. Its ticker also didn't appear in the SEC's ticker files, which can mean a fund was renamed or closed. Innovator's own documents are the place to check.
How risky is AOCT?
AOCT has been much calmer than the stock market so far. As of October 27, 2026, its 1-year volatility was 2.6% and its beta was 0.14, which means it moved only a small fraction as much as the market. Its deepest drop was 3.7% in early 2025, and it recovered in about 1.2 months. Its history is only about two years long, though, and it hasn't been tested in a major bear market.
Is AOCT's 0.79% expense ratio high?
Yes, compared with plain stock index funds, though it's in line with what options-based protection funds tend to charge. The 0.79% expense ratio pays for the options strategy behind the fund's protection. No comparison group of similar funds was available for this review, so its cost can't be ranked against close rivals. That fee comes out of returns every year, whether or not the protection is ever needed.