At a glance
EOCT charges 0.89% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $105.2M in assets, the 8th largest of that group. Over the past year it returned +8.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +16.0% a year. At its worst it fell 18.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 21 months after the low.
The short version
Innovator Emerging Markets Power Buffer ETF - October (EOCT) uses FLEX options on the iShares MSCI Emerging Markets ETF to deliver a defined outcome over one-year periods that start each October 1. For the period ending September 30, 2026, it aimed to absorb the first 15% of losses while capping gains at 15.20%, before fees. Few buffer funds target emerging markets. It is also small, with $105 million in assets as of July 31, 2026, and charges 0.89% a year.
Price history
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EOCT +8.5% 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 | |
|---|---|---|---|---|---|---|
| EOCT official prospectus, to Dec 31, 2024 | — | +21.97% | — | — | — | +5.67% |
| EOCT price data to Oct 27, 2026 | +8.1% | +8.5% | +16.0% | +6.1% | — | +6.5% |
- Over the year to Oct 27, 2026, EOCT returned +8.5%, 8th of 8 among similar funds.
- Its 5-year annualized return was +6.1%.
- Its worst full calendar year was 2022 (-10.8%); its best was 2025 (+22.0%).
- The deepest fall in its price history was 20.4% (Oct 19, 2021 to Oct 24, 2022), recovered by Jul 10, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.2% | — |
| 2025 | +22.0% | +21.97% |
| 2024 | +9.7% | +9.75% |
| 2023 | +6.3% | +6.28% |
| 2022 | -10.8% | -10.77% |
| 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 17.5% over that stretch · deepest drop along the way 18.9%, back to its old high 20.9 months after the low |
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 $9.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.31%, +0.43%, +0.20%.
How it works
EOCT does not pick stocks. It puts at least 80% of its net assets into investments tied to the iShares MSCI Emerging Markets ETF. That fund tracks the MSCI Emerging Markets Index, which covers mid-sized and large companies in emerging-market countries and is reviewed every quarter. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser.
The fund holds FLEX options, which are exchange-traded options with custom strike prices and expiration dates. As of July 31, 2026, it held four. A call option with a strike of $0.53, worth about 108% of assets, tracks the ETF's price almost one-for-one. A bought put at $53.40 and a sold put at $45.39 create the 15% buffer. A sold call at $61.52 sets the cap.
For October 1, 2025 to September 30, 2026, the cap was 15.20% and the buffer was 15%, before fees. After the 0.89% fee, they were 14.31% and 14.11%. Losses beyond 15% fall on shareholders one-for-one: a 20% drop in the ETF means about a 5% loss before fees. These outcomes apply only to investors who hold for the whole period. Buying later or selling early can produce very different results. At the end of each period, the options are cashed out, new ones are bought, and a new cap is set.
What it really costs
- EOCT charges 0.89% a year, versus an average of 0.86% for the similar funds below (6th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $91 in the first year and $1,096 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EOCT | $91 | $284 | $493 | $1,096 |
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 adds emerging-market stocks to a portfolio, but its options structure trims both the swings and the upside compared with owning those stocks directly.
EOCT's returns have swung less than most stock funds. Its three-year volatility, a measure of how much returns vary, was 9.9% as of October 27, 2026. It launched in October 2021, so it has no record from the 2008 or 2020 crashes. It lost 10.77% in 2022, its worst calendar year. Its deepest drop was 20.4%, from October 2021 to October 2022. It took about 20.5 months to recover, in July 2024. The buffer is measured only at the end of a full outcome period. Along the way, the price can fall further than the buffer suggests, which matters for anyone who has to sell in a bad year. The fund has made no distributions, so it provides no income. On the SEC's standard $10,000 example, the first year costs $91. 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 emerging-market stocks with a 15% buffer against losses over each one-year period, and who accept a cap near 15% on gains.
- Holders who can buy near October 1 and hold to September 30, the only window where the stated cap and buffer fully apply.
- Investors who don't need cash payouts, since the fund has made no distributions and all returns come through the share price.
Look elsewhere if
- Retirees who need regular income, because EOCT has made no distributions.
- Investors who want the full upside of emerging markets: if the iShares ETF gained 50% in a period, EOCT's return was capped at 15.20% before fees.
- Anyone who needs protection from deep losses. Losses beyond 15% are borne one-for-one, and the fund once fell 20.4% from its peak.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| EOCT this fund | 0.89% | $105.2M | +8.5% | +16.0% |
| 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 EOCT pay dividends?
No. The fund has made no distributions, so all gains and losses show up in the share price. EOCT holds FLEX options on the iShares MSCI Emerging Markets ETF, not the emerging-market stocks themselves. Its returns come from changes in the value of those options. Investors who rely on regular cash payments may want to compare it with funds that pay dividends.
What happens if I buy EOCT after October 1?
Your results may differ a lot from the stated cap and buffer. Those outcomes apply only to investors who hold from the first day of the outcome period to the last. If the ETF has already risen, less of the cap is left and the buffer may not start until prices fall further. If it has fallen, more upside may remain. Innovator updates the remaining cap and buffer daily at innovatoretfs.com/eoct.
What is EOCT's expense ratio?
EOCT charges 0.89% a year, according to its prospectus filed February 27, 2026. In the SEC's standard example ($10,000 invested, 5% annual return), that comes to $91 after one year, $493 after five years and $1,096 after ten. That is a bit above the 0.86% average of similar buffer funds. Innovator's U.S. Equity Power Buffer ETFs charge 0.79%, and FT Vest's laddered buffer funds charge 0.95%.
What's the difference between EOCT and PJAN?
Both are Innovator Power Buffer ETFs that use FLEX options, but they track different markets. EOCT follows the iShares MSCI Emerging Markets ETF and resets each October. PJAN follows U.S. stocks and resets each January. PJAN costs less (0.79% vs 0.89%) and is much larger, with $1.44 billion in net assets as of July 31, 2026. As of October 27, 2026, PJAN returned 10.5% over one year vs. EOCT's 8.5%. Over three years, EOCT averaged 16% a year vs. PJAN's 14.8%.
Can you lose money in EOCT?
Yes. The buffer covers only the first 15% of the underlying ETF's losses in each outcome period, before fees, and success is not guaranteed. Losses beyond that are passed through one-for-one. The fund lost 10.77% in 2022. Between October 2021 and October 2022, it fell 20.4% from its peak, and it did not recover until July 2024. It is also a non-diversified fund and depends entirely on emerging-market stocks.