At a glance
POCT charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $963.5M in assets, the 8th largest of that group. Over the past year it returned +10.6% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +13.2% a year. At its worst it fell 18.8% in the 2020 crash (S&P 500: 33.7%) and 9.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 6 months after the lows.
The short version
Innovator U.S. Equity Power Buffer ETF - October (POCT) uses FLEX options on the SPDR S&P 500 ETF Trust (SPY) to follow the S&P 500 within set limits over a one-year period that starts each October 1. It aims to absorb the first 15% of SPY losses. In return, gains are capped: the cap was 11.81% before fees for the period ending September 30, 2026. Its 0.79% expense ratio is the lowest of eight similar buffer funds.
Price history
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POCT +10.6% 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 | |
|---|---|---|---|---|---|---|
| POCT official prospectus, to Dec 31, 2024 | — | +10.94% | — | +9.54% | — | +8.71% |
| POCT price data to Oct 27, 2026 | +9.9% | +10.6% | +13.2% | +9.9% | — | +9.0% |
- Over the year to Oct 27, 2026, POCT returned +10.6%, 6th of 8 among similar funds.
- Its 5-year annualized return was +9.9%.
- In the 2020 COVID crash it fell 18.8% and regained its old high 3.7 months after the low.
- Its worst full calendar year was 2022 (-1.3%); its best was 2023 (+20.1%).
- The deepest fall in its price history was 18.8% (Feb 19, 2020 to Mar 23, 2020), recovered by Jul 15, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.9% | — |
| 2025 | +11.0% | +10.94% |
| 2024 | +9.5% | +9.52% |
| 2023 | +20.1% | +20.27% |
| 2022 | -1.3% | -1.09% |
| 2021 | +9.4% | +9.13% |
| 2020 | +10.4% | +10.20% |
| 2019 | +12.8% | +12.72% |
| 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 18.8% over that stretch · deepest drop along the way 18.8%, back to its old high 3.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 6.8% over that stretch · deepest drop along the way 9.7%, back to its old high 5.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2019 | $0.5600 |
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 $112.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.05%, +0.17%, +0.76%.
How it works
POCT doesn't pick stocks. Innovator Capital Management runs it, with Milliman Financial Risk Management as sub-adviser. At least 80% of its net assets go into investments tied to the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500. Most of that exposure comes from FLEX options. These are exchange-traded options whose strike prices and expiration dates can be customized, and POCT's expire about one year out. As of July 31, 2026, four option positions on SPY made up 99.76% of the fund, and cash was 0.31%.
Together, the options produce set "outcomes" for anyone who holds shares from October 1 to September 30. For the period from October 1, 2025 to September 30, 2026, the cap on gains was 11.81% (11.02% after the 0.79% fee). The buffer covered the first 15% of SPY losses (14.21% after the fee). The prospectus gives examples, before fees: if SPY rises 20%, the fund gains 11.81%. If SPY falls 20%, the fund loses 5%. Holders bear every loss beyond 15% in full.
When a period ends, the options expire and the fund collects their cash value. It then buys a new set, and a new cap is set, which may be higher or lower than the last one. Investors who buy or sell partway through can get very different results. Innovator's website updates these figures daily. The fund is non-diversified, and through the S&P 500 it leans heavily on technology stocks.
What it really costs
- POCT 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 |
|---|---|---|---|---|
| POCT | $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 keeps S&P 500 exposure but uses options to cushion the first 15% of losses over each yearly period, in exchange for capped gains.
POCT could soften the stock part of a portfolio. It launched in October 2018, so it has no 2008 record. In the 2020 COVID crash it fell 18.8% from February 19 to March 23, 2020, and recovered by July 15, 2020, about 3.7 months later. That shows a buffer doesn't stop losses in the middle of a period: someone who had to sell then took the full drop. In 2022 its deepest decline was 9.7%, and it recovered in 5.5 months. It lost just 1.09% that calendar year.
It paid no distributions in the year to October 27, 2026, so cash for spending has to come from selling shares. In the SEC's standard $10,000 example, costs come to $81 after one year and $978 after ten. The cap also limits gains in strong years. 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 (11.81% before fees for the period ending September 30, 2026).
- People who can buy near October 1 and hold until September 30, the window in which the stated cap and buffer apply.
- Cost-conscious buffer buyers: its 0.79% expense ratio was the lowest of eight similar buffer funds, which averaged 0.86%.
Look elsewhere if
- Income seekers: it paid no distributions in the year to October 27, 2026, and it holds options rather than the dividend-paying stocks.
- Investors who want more upside: its 13.2% annualized three-year return ranked last of eight buffer funds as of October 27, 2026.
- Anyone likely to buy mid-period or sell before September 30, whose results may differ sharply from the stated cap and buffer.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| POCT this fund | 0.79% | $963.5M | +10.6% | +13.2% |
| 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
How does the POCT buffer work?
POCT uses FLEX options on the SPDR S&P 500 ETF Trust (SPY) to absorb the first 15% of SPY losses over a period that runs from October 1 to September 30. Holders bear all losses beyond 15%. In exchange, gains are capped: the cap was 11.81% before fees (11.02% after the 0.79% fee) for the period ending September 30, 2026. A new cap is set each October, and it can be higher or lower.
What happens if I buy POCT in the middle of the outcome period?
Your results can be very different from the stated 15% buffer and cap. Those figures apply only to holders who own shares from the first day of the period to the last. If SPY has already risen, less room may be left under the cap. If it has fallen, part of the buffer may already be used up. Innovator's website updates these figures daily, and the fund's market price can also differ from its net asset value.
Does POCT pay dividends?
No. POCT paid no distributions in the year to October 27, 2026. It gets its S&P 500 exposure through options on SPY instead of owning the stocks, so holders don't collect the index's dividends directly. Its returns come from changes in share price. Anyone who wants regular cash from it would need to sell shares, which could happen at a poor time in the middle of a period.
What's the difference between POCT and PJAN or BUFR?
PJAN uses the same Innovator Power Buffer design and also charges 0.79%, but its yearly period resets in January instead of October. As of October 27, 2026, PJAN returned 14.8% a year over three years, compared with 13.2% for POCT. BUFR, a laddered buffer fund from FT Vest, charges 0.95% and returned 16.8% a year over three years. Its net assets were about $10.5 billion, compared with about $963 million for POCT.
How did POCT do in the 2020 crash and 2022 bear market?
POCT fell 18.8% from February 19 to March 23, 2020, which was more than its 15% buffer suggests. The buffer applies only at the end of the period, and the crash came in the middle of it. The fund recovered by July 15, 2020. In 2022 its deepest drop was 9.7%, it recovered by November 30, 2022, and it lost 1.09% for the calendar year.