At a glance
FOCT charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $1.19B in assets, the 7th 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 +15.8% a year. At its worst it fell 14.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months after the low.
The short version
FT Vest U.S. Equity Buffer ETF – October (FOCT) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), not stocks. It aims to match SPY's price return up to a cap while absorbing the first 10% of losses over a one-year period that resets each October. Its 0.85% expense ratio is close to the 0.86% average of similar buffer funds, and it gives up SPY's dividends in exchange for that cushion.
Price history
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FOCT +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 | |
|---|---|---|---|---|---|---|
| FOCT official prospectus, to Dec 31, 2024 | — | +9.69% | — | — | — | +8.84% |
| FOCT price data to Oct 27, 2026 | +12.1% | +12.6% | +15.8% | +9.5% | — | +10.0% |
- Over the year to Oct 27, 2026, FOCT returned +12.6%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +9.5%.
- Its worst full calendar year was 2022 (-7.6%); its best was 2023 (+17.8%).
- The deepest fall in its price history was 14.1% (Jan 3, 2022 to Oct 12, 2022), recovered by May 26, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.1% | — |
| 2025 | +14.9% | — |
| 2024 | +9.6% | +9.69% |
| 2023 | +17.8% | +17.59% |
| 2022 | -7.6% | -7.52% |
| 2021 | — | +13.23% |
| 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 14.1% over that stretch · deepest drop along the way 14.1%, back to its old high 7.4 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 $55.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.08%, +0.67%, +1.92%.
How it works
FOCT, run by First Trust Advisors with sub-advisor Vest Financial, owns no stocks directly. Nearly all its assets (99.69% as of August 31, 2026) sit in FLEX Options: exchange-traded contracts giving the right to buy or sell at a set price on a set date, with terms the fund can customize. They reference the SPDR S&P 500 ETF Trust (SPY), which holds the stocks in the S&P 500 Index. The fund's returns exclude SPY's dividends.
The options aim for a preset result over a roughly one-year "target outcome period." From October 20, 2025 through October 16, 2026, the fund sought to match SPY's price gain up to a cap of 15.09% and to shield holders from the first 10% of SPY losses (the buffer). After fees, those figures were 14.24% and 9.15%. Beyond a 10% drop, losses pass through one for one: if SPY loses 20%, the fund loses 10% before fees.
When a period ends, the fund resets with new options. A new period began on October 16, 2026. The 10% buffer stays the same, but the cap is reset based on market conditions and is unlikely to repeat. The outcomes apply only to shares bought on day one and held to the end. Buying or selling mid-period can give very different results.
What it really costs
- FOCT 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 trades part of the S&P 500's upside for a cushion against the first 10% of yearly losses, which tends to mean smaller swings.
FOCT launched in October 2020, after the COVID crash, so the 2022 bear market is its only major test. From January 3 to October 12, 2022, it fell 14.1%, more than the 10% buffer, because the buffer only works fully over a complete outcome period. It recovered by May 26, 2023, about 7.4 months later. Its worst calendar year was 2022, at -7.52%, and its worst quarter was -9.85%, according to the prospectus. Over the year to October 27, 2026, its volatility (a measure of how much the price swings) was 7.5%, and its beta was 0.56, meaning it moved a little over half as much as the market. The fund has paid no distributions, so anyone drawing cash from it must sell shares. Selling in the middle of a period can give results quite different from the stated cap and buffer. It costs 0.85% a year. 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 price exposure with a cushion against SPY's first 10% loss, and who can buy near the October reset and hold for the full year.
- Retirees who value smaller swings: as of October 27, 2026, one-year volatility was 7.5% and beta was 0.56.
- People comparing First Trust's month-by-month buffer series, where FOCT's 0.85% fee is the same as FDEC, FJAN and FFEB.
Look elsewhere if
- Investors who need income: FOCT has paid no distributions, and its returns leave out SPY's dividends.
- Investors unwilling to give up big rally years: for October 2025 to October 2026, gains were capped at 15.09% before fees.
- Investors who want protection against severe crashes: once SPY falls more than 10% over a period, further losses pass through one for one.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FOCT this fund | 0.85% | $1.19B | +12.6% | +15.8% |
| 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 FOCT pay dividends?
No. The fund has recorded no distributions. It holds options on the SPDR S&P 500 ETF Trust (SPY), not the stocks themselves, and the prospectus says its performance does not reflect the dividends SPY pays. That gap is part of the price of the buffer. Investors who need regular cash from this holding would have to sell shares. Selling partway through an outcome period can give results different from the stated cap and buffer.
What are the FOCT cap and buffer?
For the outcome period from October 20, 2025 through October 16, 2026, FOCT's cap was 15.09% and its buffer covered SPY's first 10% of price losses, before fees. After the fund's fees, they were 14.24% and 9.15%. The buffer stays at 10% each year, but the cap is reset every October based on market conditions. About a week before each reset, the fund's website posts an expected range for the new cap, though the final cap may fall outside that range.
What happens if I buy FOCT in the middle of the outcome period?
Your results will likely differ from the stated cap and buffer. Those levels are set against SPY's price and the fund's value on the first day of the period, and they apply only to shares held for the whole period. If SPY has already risen, less upside is left before you reach the cap. If SPY has already fallen, part of the buffer may be used up. During the period, shares generally move in the same direction as SPY, but often by less.
FOCT vs BUFR: what's the difference?
FOCT resets once a year, every October, so its cap and buffer depend on when you buy. FT Vest Laddered Buffer ETF (BUFR), from the same issuer, uses a laddered approach. Laddering generally means spreading money across buffer series that reset at different times, which makes entry timing matter less. BUFR is much larger, at $10.5 billion versus FOCT's $1.19 billion as of August 31, 2026, and costs more: 0.95% versus 0.85%. As of October 27, 2026, BUFR returned 11.6% over one year versus FOCT's 12.6%.
How did FOCT do in 2022?
It lost 7.52% in calendar year 2022, according to its prospectus, a year when the S&P 500 fell much more. Its worst quarter was the one ending June 30, 2022, at -9.85%. From its peak on January 3, 2022 to its low on October 12, 2022, it fell 14.1%, more than the 10% buffer, because the buffer works fully only over a complete outcome period. It regained its peak by May 26, 2023, about 7.4 months after the low.