At a glance
DOCT charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $394.7M in assets, the 8th largest of that group. Over the past year it returned +10.0% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +12.9% a year. At its worst it fell 9.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months after the low.
The short version
FT Vest U.S. Equity Deep Buffer ETF – October (DOCT) holds options on the SPDR S&P 500 ETF Trust (SPY), not stocks. Over each one-year period starting in October, it aims to absorb S&P 500 price losses between -5% and -30%. In exchange, gains are capped: the cap was 11.73% before fees for the period that ended October 16, 2026. It costs 0.85% a year and pays no dividends.
Price history
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DOCT +10.0% 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 | |
|---|---|---|---|---|---|---|
| DOCT official prospectus, to Dec 31, 2024 | — | +8.05% | — | — | — | +6.76% |
| DOCT price data to Oct 27, 2026 | +9.5% | +10.0% | +12.9% | +8.2% | — | +8.1% |
- Over the year to Oct 27, 2026, DOCT returned +10.0%, 7th of 8 among similar funds.
- Its 5-year annualized return was +8.2%.
- Its worst full calendar year was 2022 (-5.3%); its best was 2023 (+16.1%).
- The deepest fall in its price history was 9.9% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.5% | — |
| 2025 | +12.5% | — |
| 2024 | +8.3% | +8.05% |
| 2023 | +16.1% | +16.29% |
| 2022 | -5.3% | -5.47% |
| 2021 | — | +7.19% |
| 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 | Lost 7.8% over that stretch · deepest drop along the way 9.3%, back to its old high 10 months after the low |
What's inside
As of Aug 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 Aug 31, 2026, investors withdrew a net $3.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.19%, +0.71%, +1.45%.
How it works
First Trust runs the fund, and Vest Financial picks the investments as sub-advisor. Instead of buying stocks, the fund puts nearly all its money into FLEX Options. These are exchange-traded option contracts whose strike prices and expiration dates can be customized. They are tied to SPY, which holds the stocks in the S&P 500 Index. As of August 31, 2026, 15 option positions made up 99.68% of assets, and cash made up 0.39%. The fund follows only SPY's price, so SPY's dividends are not passed on.
The promised outcomes apply only to shares bought on the first day of an outcome period (about one year) and held to its end. The holder takes the first 5% of any SPY loss. The fund then absorbs losses from -5% to -30%, so a 30% SPY drop should mean about a 5% loss. Beyond -30%, the fund loses 25 percentage points less than SPY, with a maximum loss of about 75%. Gains stop at a cap. For October 20, 2025 through October 16, 2026, the cap was 11.73% before fees. After fees, the cap was 10.88% and the buffer ran from -5.85% to -30.85%.
Each October the fund buys new options. The buffer stays the same, but the cap resets based on market conditions at the time. Shares bought or sold in the middle of a period can behave very differently from these targets.
What it really costs
- DOCT charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- 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 gives up some stock-market upside in exchange for a sizable cushion against moderate S&P 500 declines over each one-year period.
DOCT launched in October 2020, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market, it fell 9.3% from January 4 to June 16, 2022, and took about 10 months to recover. Its 2022 calendar-year loss was 5.47%. Its deepest drop was 9.9%, from February 19 to April 8, 2025, and it recovered in about 2.5 months. The buffer only applies in full at the end of each period, though. Someone who sells shares in a bad stretch gets the market price on that day, not the buffered result. The fund paid no distributions, so any cash for spending has to come from selling shares. It costs 0.85% a year, close to the 0.86% average of similar buffer funds. Past results don't predict future ones, 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 losses between -5% and -30%, and who accept a yearly cap on gains.
- Holders who can buy near the October reset and hold through the full one-year outcome period to get the intended results.
- People who want a smoother ride: volatility was 5.3% over the year to October 27, 2026, and its deepest drop was 9.9%.
Look elsewhere if
- Retirees who need regular income: DOCT paid no distributions, and SPY's dividends are not part of its returns.
- Investors who want full stock-market gains: DOCT ranked last of 8 similar buffer funds on three-year return as of October 27, 2026.
- Buyers who don't want to track timing: buying mid-period, or wanting a ladder like BUFD's, changes the outcome you get.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DOCT this fund | 0.85% | $394.7M | +10.0% | +12.9% |
| 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
How does the DOCT deep buffer work?
DOCT holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). FLEX options are customizable options that trade on an exchange. Over each outcome period of about one year, the fund aims to match SPY's price gains up to a cap. Investors take the first 5% of losses. The options aim to absorb losses between 5% and 30%. Losses beyond 30% pass through to investors, with a maximum loss of about 75%. These targets are before fees and apply only to shares held for the whole period.
What is the upside cap on DOCT?
From October 20, 2025 through October 16, 2026, DOCT's cap was 11.73% before fees, or 10.88% after fees. After fees, the buffer covered SPY losses between 5.85% and 30.85%. A new period began October 16, 2026. Its cap was set by market conditions at the reset, so it can be higher or lower. The buffer range stays the same each period. Investors who purchase partway through a period may get results very different from the stated cap and buffer.
Does DOCT pay dividends?
No. DOCT has no recorded distributions. It holds options rather than stocks, and its target outcomes follow only SPY's price return. So it does not pass along the dividends that S&P 500 companies pay. Over long periods, dividends make up a meaningful part of the index's total return. Giving them up is a hidden cost of the buffer, on top of the cap and the 0.85% expense ratio (annual fee). DOCT is built to limit losses, not to provide income.
DOCT vs BUFD: what's the difference?
Both are First Trust FT Vest deep buffer ETFs. DOCT resets once a year in October, so results depend on when shares are purchased. BUFD, the FT Vest Laddered Deep Buffer ETF, spreads its money across buffer funds with staggered start dates. DOCT charges 0.85% a year versus 0.95% for BUFD. As of October 27, 2026, DOCT returned 10% over one year versus 9.5%, and 12.9% versus 13.9% annualized over three years. As of August 31, 2026, BUFD had about $2.04 billion in net assets and DOCT about $395 million.
Is DOCT good for retirement?
DOCT may suit retirees who want S&P 500 exposure with a cushion against moderate declines and can accept capped gains and no income. In price data since February 22, 2021, its deepest drop was 9.9%, from February 19 to April 8, 2025. It recovered by June 24, 2025. Drawbacks include the 0.85% annual fee, no dividends and results tied to the October reset. As of October 27, 2026, its three-year return ranked 8th of 8 among similar buffer funds.