At a glance
GOCT charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $264.1M in assets, the 8th largest of that group. Over the past year it returned +10.1% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +12.9% a year.
The short version
GOCT, the FT Vest U.S. Equity Moderate Buffer ETF – October, holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). It aims to match SPY's price return up to a cap and to absorb the first 15% of losses over each one-year period, which starts in October. Its 0.85% expense ratio is close to similar buffer funds. It does not pass along SPY's dividends, and its 3-year return was last among eight peers as of October 27, 2026.
Price history
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GOCT +10.1% 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 | |
|---|---|---|---|---|---|---|
| GOCT official prospectus, to Dec 31, 2024 | — | +8.34% | — | — | — | +12.87% |
| GOCT price data to Oct 27, 2026 | +9.8% | +10.1% | +12.9% | — | — | +12.4% |
- Over the year to Oct 27, 2026, GOCT returned +10.1%, 7th of 8 among similar funds.
- Its worst full calendar year was 2024 (+8.2%); its best was 2025 (+12.3%).
- The deepest fall in its price history was 10.5% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 10, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.8% | — |
| 2025 | +12.3% | — |
| 2024 | +8.2% | +8.34% |
| 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 |
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 $48.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.19%, +0.67%, +1.43%.
How it works
GOCT doesn't own stocks directly. It puts substantially all its assets in FLEX Options, which are exchange-traded option contracts with custom strike prices and expiration dates. These options track the SPDR S&P 500 ETF Trust (SPY), which holds the stocks in the S&P 500 Index. First Trust Advisors is the adviser, and Vest Financial LLC runs the strategy as sub-advisor. As of August 31, 2026, about 99.7% of assets sat in 16 option positions on SPY, with 0.4% in cash.
The options are set when each roughly one-year "target outcome period" begins. For the period from October 20, 2025 through October 16, 2026, the cap on gains was 12.14% before fees, or 11.30% after fees. The buffer covered the first 15% of SPY losses, or 14.15% after fees. Losses beyond 15% pass through one for one: if SPY fell 20%, the fund would aim to lose about 5% before fees. Returns are based on SPY's price only, so dividends are left out.
When one period ends, the fund buys a new set of options. The buffer stays at 15%, but the cap changes with market conditions. About a week before each period ends, the fund's website posts an expected cap range. The targets only fully apply to someone who buys on the first day and holds to the last. Anyone who buys partway through gets a different cap and buffer, depending on how far SPY and the fund have moved.
What it really costs
- GOCT 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 some stock-market upside for a buffer against the first 15% of S&P 500 losses over each one-year period.
GOCT could stand in for part of an S&P 500 holding when the goal is smaller swings. Its record is short. It launched October 20, 2023, so it missed the 2008, 2020 and 2022 bear markets. Its weakest calendar year was 2024, when it still gained 8.34%, according to the prospectus. Its deepest drop was 10.5%, from February 19 to April 8, 2025, and it recovered by June 10, 2025, about two months later. Its three-year volatility was 7.1% as of October 27, 2026.
GOCT has no recorded distributions and doesn't pass along SPY's dividends. Anyone drawing cash from it would have to sell shares. The buffer works as designed only over a full outcome period, so a sale partway through, especially in a bad year, may not get the full protection. The fee is 0.85% a year. 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 15% loss buffer and accept capped gains. The cap was 12.14% before fees for the October 2025–October 2026 period.
- Buyers who can purchase near the October reset and hold for the full one-year period, which is when the cap and buffer apply as designed.
- People willing to pay 0.85% a year, close to the 0.86% peer average, for smaller swings. Three-year volatility was 7.1% as of October 27, 2026.
Look elsewhere if
- Income seekers. The fund has no recorded distributions, and its returns leave out the dividends SPY pays.
- Investors who want the stock market's full upside. With gains capped, GOCT's 3-year return ranked last of eight buffer funds as of October 27, 2026.
- Those who prefer larger or cheaper funds. GOCT is the smallest in its peer group at about $264 million, and Innovator's PJAN charges 0.79%.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| GOCT this fund | 0.85% | $264.1M | +10.1% | +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
Does GOCT pay dividends?
No. GOCT has no recorded distributions. The fund holds options on SPY, not the stocks themselves. Its target returns are based only on SPY's price, so the dividends S&P 500 companies pay are not part of its return. Over many years, that missing income can add up to a noticeable gap compared with owning an S&P 500 index fund directly. Anyone who needs cash from this holding would have to sell shares.
What is the GOCT cap for the new outcome period?
The cap is reset every October. For the period from October 20, 2025 through October 16, 2026, it was 12.14% before fees, or 11.30% after fees. Each new cap depends on market conditions when the period starts, so it can be higher or lower than the last one. The 15% buffer stays the same. About a week before each period ends, the fund's website posts an expected cap range for the next period, though the final cap may fall outside it.
What happens if I buy GOCT in the middle of the outcome period?
Your results may differ a lot from the stated cap and buffer. Those levels are fixed when the period starts. If SPY has already risen, less room is left under the cap. If it has fallen, part of the buffer may already be used up, or the buffer may not start until losses go deeper. The prospectus also warns that the fund's value can move differently from SPY during a period. The fund's website shows where things stand within the period.
GOCT vs PJAN: what's the difference?
Both are S&P 500 buffer ETFs. PJAN, the Innovator U.S. Equity Power Buffer ETF – January, costs less: 0.79% a year versus 0.85% for GOCT. PJAN is also larger, at about $1.4 billion as of July 31, 2026, compared with about $264 million for GOCT. As of October 27, 2026, PJAN returned 10.5% over one year and 14.8% a year over three years. GOCT returned 10.1% and 12.9%. PJAN resets in January, not October, so its cap and buffer terms are worth comparing.
Is GOCT good for retirement?
It may suit retirees who want some S&P 500 exposure with less downside, but it has trade-offs. Its deepest drop was 10.5%, from February to April 2025, and it recovered in about two months. Its three-year volatility was 7.1% as of October 27, 2026. In exchange, gains are capped, it pays no income, and it costs 0.85% a year. It launched in October 2023, so it hasn't been through a bear market like 2022. Past results don't predict the future.