At a glance
BOCT charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $284.3M in assets, the 8th largest of that group. Over the past year it returned +12.6% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds; over three years it returned +17.2% a year. At its worst it fell 24.5% in the 2020 crash (S&P 500: 33.7%) and 14.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 11 months after the lows.
The short version
Innovator U.S. Equity Buffer ETF - October (BOCT) holds FLEX options on the SPDR S&P 500 ETF Trust. It aims to match S&P 500 gains up to a cap and absorb the first 9% of losses (before fees) over each one-year period starting October 1. Its 0.79% expense ratio ties for the lowest among comparable buffer funds, which average 0.86%. It is also the smallest of them, at about $284 million as of July 31, 2026.
Price history
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BOCT +12.6% 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 | |
|---|---|---|---|---|---|---|
| BOCT official prospectus, to Dec 31, 2024 | — | +14.23% | — | +10.45% | — | +10.19% |
| BOCT price data to Oct 27, 2026 | +12.2% | +12.6% | +17.2% | +10.4% | — | +10.6% |
- Over the year to Oct 27, 2026, BOCT returned +12.6%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +10.4%.
- In the 2020 COVID crash it fell 24.5% and regained its old high 4.4 months after the low.
- Its worst full calendar year was 2022 (-8.1%); its best was 2023 (+21.1%).
- The deepest fall in its price history was 24.5% (Feb 19, 2020 to Mar 23, 2020), recovered by Aug 3, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.2% | — |
| 2025 | +14.3% | +14.23% |
| 2024 | +12.4% | +12.47% |
| 2023 | +21.1% | +21.42% |
| 2022 | -8.1% | -8.16% |
| 2021 | +15.0% | +14.75% |
| 2020 | +14.7% | +14.45% |
| 2019 | +19.0% | +18.37% |
| 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 | Lost 24.5% over that stretch · deepest drop along the way 24.5%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.1% over that stretch · deepest drop along the way 14.3%, back to its old high 11.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2019 | $0.0500 |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $15.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.96%, 0.00%, +0.66%.
How it works
BOCT does not own stocks directly. It holds FLEX options, which are exchange-listed options with custom terms. They are tied to the SPDR S&P 500 ETF Trust (the "Underlying ETF"), which tracks the S&P 500. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser. As of July 31, 2026, the fund held four option positions plus 0.32% cash. A deep in-the-money call (strike $6.68) moves almost one-for-one with the Underlying ETF. A purchased put at $666.19 and a sold put at $606.24 create the buffer. A sold call at $768.64 sets the cap.
For the October 1, 2025 to September 30, 2026 period, the cap was 15.37% and the buffer covered the first 9% of losses, both before fees. After the 0.79% fee, they were 14.58% and 8.21%. The prospectus gives an example: if the Underlying ETF falls 20%, the fund aims to fall about 11% before fees. Any loss beyond 9% is passed through in full.
Each October 1, the options expire and the fund buys new ones that expire about a year later. That sets a new cap. These outcomes are measured at net asset value and apply only to shareholders who hold for the whole period. Buying or selling partway through can give very different results. The fund's website, innovatoretfs.com/boct, updates these figures daily.
What it really costs
- BOCT charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BOCT | $81 | $252 | $439 | $978 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It trades some S&P 500 upside for a partial cushion against moderate yearly losses, which can soften a portfolio's swings.
BOCT has dampened, but not removed, stock market drops. It launched in October 2018, so it has no record from 2008. In the 2020 COVID crash, it fell 24.5% from February 19 to March 23, 2020, and recovered by August 3, 2020, about 4.4 months later. The buffer protects only over a full outcome period, not mid-period swings. In 2022, it fell 14.3% from peak to trough and took 11.3 months to recover. Its worst calendar year was 2022, at -8.16%. Someone who has to sell in a bad stretch could still face real losses. It paid no distributions in the year to October 27, 2026, so it does not provide income. It costs 0.79% a year, or $978 over 10 years on $10,000 in the SEC's standard example. 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 want S&P 500 exposure with a cushion against the first 9% of losses (before fees) and accept a capped upside.
- People who can buy around October 1 and hold for the full one-year outcome period, when the stated cap and buffer apply.
- Cost-conscious buffer-fund buyers: its 0.79% expense ratio is below the 0.86% average of the comparable buffer funds.
Look elsewhere if
- Investors who need regular income: BOCT paid no distributions in the year to October 27, 2026.
- Anyone wanting full S&P 500 gains: upside was capped at 15.37% before fees for the October 2025–September 2026 period.
- Investors who buy mid-period or want protection against deep crashes; losses beyond 9% pass through in full, and it fell 24.5% in 2020.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BOCT this fund | 0.79% | $284.3M | +12.6% | +17.2% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does BOCT pay dividends?
No. BOCT made no distributions in the year to October 27, 2026, and its trailing yield was 0%. The fund holds FLEX options on the SPDR S&P 500 ETF Trust rather than the stocks themselves. Its return comes from changes in the value of those options. Investors who need regular cash from their holdings would have to sell shares to get it, or look at income-focused funds instead.
How does the BOCT buffer work?
BOCT uses options to absorb the first 9% of losses in the SPDR S&P 500 ETF Trust over a one-year outcome period, before fees. In exchange, gains are capped. For October 1, 2025 to September 30, 2026, the cap was 15.37% before fees, or 14.58% after the 0.79% fee. After fees, the net buffer was 8.21%. If the Underlying ETF fell 20%, the fund aimed to lose about 11% before fees.
What happens if I buy BOCT in the middle of the outcome period?
Your results may look very different from the stated cap and buffer. Those outcomes apply only to shareholders who hold from October 1 through September 30. A mid-period buyer gets whatever cap and buffer remain, based on how the market has moved since the period began. Innovator posts these remaining figures daily at innovatoretfs.com/boct. The outcomes are also measured at net asset value, so gaps between that value and the market price can change results.
BOCT vs BUFR: what's the difference?
BOCT is cheaper and resets once a year, while BUFR, the FT Vest Laddered Buffer ETF, is far larger and laddered. BOCT charges 0.79% compared with BUFR's 0.95%. BUFR held about $10.5 billion as of August 31, 2026. BOCT held about $284 million as of July 31. Through October 27, 2026, BOCT returned 12.6% over one year and 17.2% a year over three years. BUFR returned 11.6% and 16.8%. A laddered fund staggers its start dates, so it relies less on when you buy.
How much did BOCT lose in 2020 and 2022?
BOCT fell 24.5% from February 19 to March 23, 2020, and recovered by August 3, 2020. Even so, it finished 2020 up 14.45%, according to the prospectus. In 2022, it fell 14.3% from peak to trough and took about 11.3 months to recover. It ended that year down 8.16%, its worst calendar year. These figures show that the buffer limits losses over a full outcome period, not every drop along the way.