At a glance
NOCT charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $225.6M in assets, the 8th largest of that group. Over the past year it returned +10.4% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +15.2% a year. At its worst it fell 13.6% in the 2020 crash (S&P 500: 33.7%) and 15.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 8 months after the lows.
The short version
Innovator Growth-100 Power Buffer ETF – October (NOCT) holds FLEX options on the Invesco QQQ Trust, an ETF that tracks the Nasdaq-100 Index. The options are set up to absorb the first 15% of losses over each one-year outcome period starting October 1, and in exchange gains are capped. For the period ending September 30, 2026, that cap was 14.25% before fees. Its 0.79% expense ratio is below the 0.86% average of similar buffer funds.
Price history
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NOCT +10.4% 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 | |
|---|---|---|---|---|---|---|
| NOCT official prospectus, to Dec 31, 2024 | — | +12.68% | — | +9.87% | — | +10.69% |
| NOCT price data to Oct 27, 2026 | +10.2% | +10.4% | +15.2% | +9.8% | — | +10.9% |
- Over the year to Oct 27, 2026, NOCT returned +10.4%, 7th of 8 among similar funds.
- Its 5-year annualized return was +9.8%.
- In the 2020 COVID crash it fell 13.6% and regained its old high 2.1 months after the low.
- Its worst full calendar year was 2022 (-13.4%); its best was 2023 (+30.7%).
- The deepest fall in its price history was 16.2% (Jan 3, 2022 to Oct 14, 2022), recovered by May 26, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.2% | — |
| 2025 | +12.8% | +12.68% |
| 2024 | +12.1% | +12.06% |
| 2023 | +30.7% | +30.83% |
| 2022 | -13.4% | -13.51% |
| 2021 | +12.1% | +12.02% |
| 2020 | +11.6% | +11.60% |
| 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 10.8% over that stretch · deepest drop along the way 13.6%, back to its old high 2.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15.7% over that stretch · deepest drop along the way 15.8%, back to its old high 7.5 months after the low |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.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 $17.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.85%, +0.15%, -0.42%.
How it works
NOCT does not pick stocks. It invests at least 80% of net assets in holdings that give exposure to the Invesco QQQ Trust, Series 1. That ETF tracks the Nasdaq-100 Index, which covers the largest US and international nonfinancial companies listed on the Nasdaq Stock Market. NOCT doesn't own those shares directly. It holds FLEX options on QQQ. These are exchange-listed options whose strike prices and expiration dates can be customized. As of July 31, 2026, its filing showed four option positions on QQQ and 0.32% in cash. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser.
The options are set on the first day of each one-year outcome period. For October 1, 2025 to September 30, 2026, the fund aimed to absorb the first 15% of QQQ losses and capped gains at 14.25%, both before fees. After the 0.79% fee, the prospectus puts them at a 14.21% buffer and a 13.46% cap. If QQQ fell 20%, the fund aimed to lose 5%. Losses beyond 15% pass through one-for-one.
When a period ends, the fund cashes out its options and buys a new set expiring about a year later, with a new cap. The stated outcomes apply only to shares held for the whole period, measured at net asset value (NAV). Buying after the start or selling early can give very different results. The market price can also differ from NAV.
What it really costs
- NOCT 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 |
|---|---|---|---|---|
| NOCT | $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 aims to cushion Nasdaq-100 losses in exchange for capped gains, and its one-year beta (sensitivity to market moves) was 0.58 as of October 27, 2026.
NOCT can soften, but not remove, the swings of a growth-heavy stock holding. It launched in October 2019, so it has no record from 2008. In the 2020 COVID crash it fell 13.6% between February 20 and March 18, 2020, and recovered by May 20, about two months later. Its deepest drop was 16.2%, from January 3 to October 14, 2022, and it took about 7.4 months to recover, on May 26, 2023. Its worst calendar year was 2022, at −13.5%. The buffer is measured over a full outcome period, so selling partway through a slump can lock in losses.
NOCT made no distributions in the year to October 27, 2026, so it provides no income. In the SEC's standard example, costs on $10,000 come to $81 over one year and $978 over ten. 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 Nasdaq-100 exposure through QQQ and accept a cap on gains (14.25% before fees for 2025–26) in exchange for a 15% loss buffer.
- Buyers who can buy near October 1 and hold for the full outcome period, when the stated buffer and cap apply as designed.
- Buffer-fund users focused on cost: its 0.79% expense ratio matches the lowest among the similar funds compared, which averaged 0.86%.
Look elsewhere if
- Anyone who needs portfolio income: NOCT made no distributions in the year to October 27, 2026.
- Investors who want full Nasdaq-100 upside. If QQQ rose 50% in a period, the fund's return would stop at the cap.
- Those uneasy with concentration or small size: it holds options on one ETF, is non-diversified, and is the smallest of eight buffer funds compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| NOCT this fund | 0.79% | $225.6M | +10.4% | +15.2% |
| 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 NOCT pay dividends?
No. NOCT made no distributions in the year to October 27, 2026, so its trailing yield was 0%. The fund holds FLEX options on the Invesco QQQ Trust rather than the stocks themselves, and its return comes from changes in the value of those options. Investors who need regular cash from their portfolio would have to sell shares or rely on other holdings for income.
How does the NOCT buffer work?
NOCT aims to absorb the first 15% of losses in the Invesco QQQ Trust over a one-year outcome period, before fees. For October 1, 2025 to September 30, 2026, it paired that buffer with a 14.25% cap on gains. After the 0.79% fee, that becomes a 14.21% buffer and a 13.46% cap. If QQQ fell 50% over the period, the fund aimed to lose 35%. These outcomes apply only to shares held for the full period.
Can you buy NOCT after the October 1 start date?
Yes, but the results can differ sharply from the stated buffer and cap. Those figures assume shares are held from the first day of the outcome period to the last. A mid-period buyer starts from a different price, so the buffer left may be smaller or larger, and the room before the cap may be limited. Innovator posts updated figures daily at innovatoretfs.com/noct so buyers can see where things stand.
NOCT vs PJAN: what's the difference?
The main differences are the underlying market and the reset date. Both are Innovator Power Buffer ETFs with a 0.79% expense ratio. NOCT holds options on the Invesco QQQ Trust, which tracks the Nasdaq-100, and resets each October. PJAN, as its name indicates, covers US equities and resets in January. As of October 27, 2026, PJAN returned 10.5% over one year and 14.8% a year over three years. NOCT returned 10.4% and 15.2%. PJAN had $1.4 billion in net assets as of July 31, 2026.
Is NOCT good for retirement?
It depends on the role it plays. NOCT has cushioned some declines. Its worst calendar year was 2022, at −13.5%, and its deepest drop of 16.2% was recovered by May 26, 2023, about 7.4 months later. But it pays no income, caps gains, and charges 0.79%, which comes to $978 over ten years on $10,000 in the SEC's standard example. It may suit retirees who want growth exposure with a cushion and can hold through full outcome periods.