At a glance
OCTJ charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $18.6M in assets, the 8th largest of that group; it paid 5.35% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +5.1% with distributions reinvested, the weakest of those 8 funds; over three years it returned +6.2% a year.
The short version
Innovator Premium Income 30 Barrier ETF - October (OCTJ) holds U.S. Treasury bills plus customized options on the S&P 500, in one-year periods starting each October 1. It aims to pay a set income rate (6.11% before fees for the period ended September 30, 2026) and avoid losses if the index falls 30% or less over a period. The trade-off: no share of stock gains, and full index losses once a drop reaches 31%.
Price history
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OCTJ +5.1% 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 | |
|---|---|---|---|---|---|---|
| OCTJ official prospectus, to Dec 31, 2024 | — | +5.71% | — | — | — | +6.23% |
| OCTJ price data to Oct 27, 2026 | +4.0% | +5.1% | +6.2% | — | — | +5.9% |
- Over the year to Oct 27, 2026, OCTJ returned +5.1%, 8th of 8 among similar funds.
- Its worst full calendar year was 2024 (+5.4%); its best was 2025 (+5.7%).
- The deepest fall in its price history was 5.4% (Mar 24, 2025 to Apr 8, 2025), recovered by May 8, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.0% | — |
| 2025 | +5.7% | +5.71% |
| 2024 | +5.4% | +5.30% |
| 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 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9600 | |
| 2025 | $1.2500 | -17.2% |
| 2024 | $1.5100 |
What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 100.15% of assets.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 100.15% |
By country
United States 100.15%By issuer
US Treasury 100.15%The bonds mature in 0.2 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $604K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.60%, +0.32%, +0.42%.
How it works
OCTJ, an actively managed ETF, holds U.S. Treasury bills (short-term government debt) and FLEX options, which are exchange-traded options with customized strike prices and expiration dates. The options reference the S&P 500 Price Return Index, which excludes dividends. As of July 31, 2026, one Treasury bill made up about 100% of the fund's $18.6 million in net assets, alongside three put options (contracts tied to index declines) expiring September 30, 2026.
Each outcome period runs from October 1 to September 30. At the start, the fund sets a Defined Distribution Rate: 6.11% before fees for the period ended September 30, 2026. The rate can change each period. Quarterly payouts come from Treasury bill interest and option premiums (money the fund collects by taking on index risk). Returns are designed to come from these payouts, not from S&P 500 gains.
The 30% barrier is measured only at the end of the period. If the index is then down 30% or less, holders are not expected to lose money. Between 30% and 31%, fund losses accelerate from 0% to 31%. Beyond that, the fund loses as much as the index, and an investor could lose everything. Prices can dip mid-period, and anyone investing after October 1 faces a barrier based on the October 1 index level, not their own entry point.
What it really costs
- OCTJ 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 |
|---|---|---|---|---|
| OCTJ | $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.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its return is designed to come from a set quarterly distribution funded by Treasury bills and option premiums, not from stock gains.
OCTJ is built to pay income, not to grow. It pays quarterly from Treasury bill interest and option premiums; the 12-month trailing yield was 5.35% ($1.28 per share) as of October 27, 2026. Launched in October 2023, it missed the 2008, 2020 and 2022 downturns. Its worst calendar year, 2024, returned 5.30%. Its deepest drop, 5.4% from March 24 to April 8, 2025, recovered by May 8, about a month later.
The risk is a cliff: if the S&P 500 ends an outcome period down 31% or more, the fund takes the full loss, just when a retiree may need cash. Prices can also dip mid-period, and the payout rate resets each October. Costs are 0.79% a year, $81 in year one on $10,000 under the SEC's standard example. 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
- Income seekers wanting quarterly payouts from Treasury bills and option premiums; the 12-month trailing yield was 5.35% as of October 27, 2026.
- Investors willing to give up all S&P 500 gains for no expected losses unless the index ends an outcome period down more than 30%.
- Patient holders who can invest near October 1 and stay through September 30, when the barrier and distribution rate are designed to apply.
Look elsewhere if
- Investors seeking stock market growth: OCTJ returned 5.1% in the year to October 27, 2026, last among eight defined-outcome funds compared.
- Investors needing crash protection: if the S&P 500 ends an outcome period down 31% or more, the fund takes the full loss.
- Those wary of small funds: net assets were $18.6 million as of July 31, 2026, after about $0.6 million of net outflows in three months.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| OCTJ this fund | 0.79% | $18.6M | +5.1% | +6.2% |
| 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 OCTJ pay monthly dividends?
No, OCTJ pays quarterly. Investors holding shares on the last business day of March, June, September and December are paid on the first business day of the next month. Over the 12 months to October 27, 2026, it paid $1.28 per share, a trailing yield of 5.35%. The money comes from Treasury bill interest and option premiums, not stock dividends, and the target rate is reset at the start of each outcome period on October 1.
Can you lose money in OCTJ?
Yes. The fund aims to avoid losses only if the S&P 500 is down 30% or less at the end of an outcome period, which runs from October 1 to September 30. Between 30% and 31%, fund losses accelerate from 0% to 31%. At 31% or worse, the fund loses as much as the index, and an investor could lose the entire investment. Its price also moves between those dates: it fell 5.4% from March 24 to April 8, 2025.
OCTJ vs PJAN: what's the difference?
Both are Innovator defined-outcome ETFs charging 0.79% a year, but they aim at different results. PJAN is a buffer fund, a type that usually tracks S&P 500 gains up to a cap while absorbing a set amount of losses. OCTJ gives up stock gains in exchange for a set distribution rate and its 30% barrier. In the year to October 27, 2026, PJAN returned 10.5% and OCTJ 5.1%. PJAN is also far larger: $1.4 billion versus $18.6 million in net assets as of July 31, 2026.
Is OCTJ good for retirement income?
It may suit retirees who want quarterly income and accept its particular crash risk. Per its prospectus, OCTJ returned 5.30% in 2024 and 5.71% in 2025, with small price swings (2.7% one-year volatility as of October 27, 2026). But it launched in October 2023 and has not faced a deep bear market. If the S&P 500 ends an outcome period down 31% or more, the full loss passes through. It also gives up stock growth that can help a portfolio keep up with inflation over long retirements.
What is OCTJ's expense ratio?
OCTJ's expense ratio is 0.79% a year, all of it management fee, per the prospectus filed February 27, 2026. In the SEC's standard example, $10,000 earning 5% a year would cost about $81 over one year, $252 over three, $439 over five and $978 over ten. That ties Innovator's PJAN and PDEC as the cheapest of eight defined-outcome funds compared; the other seven average 0.86%. The 6.11% distribution rate for the period ended September 30, 2026 was before fees.