At a glance
QCOC charges 0.9% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $63.3M in assets, the 8th largest of that group. Over the past year it returned +10.9% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds.
The short version
FT Vest Nasdaq-100 Conservative Buffer ETF – October (QCOC), from First Trust, holds options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. Over each one-year period starting in October, it aims to absorb the first 20% of QQQ's price losses. In exchange, it caps gains: the cap was 12.41% before fees for the period that ended October 16, 2026. Its 0.90% expense ratio is above the 0.86% average for similar buffer funds.
Price history
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QCOC +10.9% 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 | |
|---|---|---|---|---|---|---|
| QCOC price data to Oct 27, 2026 | +10.7% | +10.9% | — | — | — | +11.9% |
- Over the year to Oct 27, 2026, QCOC returned +10.9%, 6th of 8 among similar funds.
- Its worst full calendar year was 2025 (+11.2%); its best was 2025 (+11.2%).
- The deepest fall in its price history was 10.4% (Feb 14, 2025 to Apr 8, 2025), recovered by Jun 2, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +10.7% |
| 2025 | +11.2% |
| 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 $6.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.21%, -0.38%, +2.14%.
How it works
QCOC does not own stocks directly. It invests almost all of its assets in FLEX Options. These are exchange-traded option contracts whose strike prices and expiration dates can be customized. The options reference the Invesco QQQ Trust, Series 1. QQQ is itself a unit investment trust that holds every stock in the Nasdaq-100 Index, which covers 100 of the largest non-financial companies listed on Nasdaq. As of August 31, 2026, the fund held 18 option positions on QQQ, making up 99.72% of assets, plus 0.36% in cash. Vest Financial is the sub-advisor.
The options are set up for a "target outcome" over a period of about one year. For October 20, 2025 through October 16, 2026, the fund aimed to match QQQ's price gains up to a 12.41% cap and to absorb the first 20% of its losses. After fees, those figures were 11.51% and 19.10%. Losses beyond 20% pass through one for one: if QQQ fell 30%, the fund would lose about 10% before fees. QQQ's dividends are not included in the fund's returns.
At the end of each period, the fund buys a new set of options. The buffer stays at 20%, but the cap is reset based on market conditions at the time. These outcomes apply only to shares held for a full period. Investors who come in partway through, or exit early, may get very different results.
What it really costs
- QCOC charges 0.9% a year, versus an average of 0.86% for the similar funds below (6th 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 away Nasdaq-100 gains above a yearly cap in exchange for a 20% buffer against QQQ price losses, and its swings have been well below the market's.
QCOC launched on October 18, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 11.18%. Its deepest drop was 10.4%, from February 14 to April 8, 2025. It recovered by June 2, 2025, about 1.8 months later. That dip shows the buffer is measured only at the end of the period, and shares can still fall in the meantime. This matters for anyone who might need to cash out during a bad stretch. In the year to October 27, 2026, volatility was 6.4% and beta was 0.46 (beta measures how much a fund moves when the market moves). The fund has made no distributions, so it provides no income. Its 0.90% expense ratio is above the 0.86% peer average. 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 but would give up gains above a yearly cap (12.41% for the period ended October 2026) to buffer 20% of losses.
- Holders able to enter near the October start of a period and hold all year, which is when the cap and buffer are designed to apply.
- Those who prefer smaller swings: one-year volatility was 6.4% and beta 0.46 as of October 27, 2026.
Look elsewhere if
- Anyone who needs income: the fund has made no distributions, and QQQ's dividends are not passed through to holders.
- Cost-focused investors: the 0.90% expense ratio is above the 0.86% peer average, and the Innovator buffer funds PJAN and PDEC charge 0.79%.
- Those wary of small funds: with $63.3 million in net assets as of August 31, 2026, it is the smallest of eight buffer peers.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| QCOC this fund | 0.9% | $63.3M | +10.9% | — |
| 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 QCOC pay dividends?
No. The fund has made no distributions. It holds FLEX Options on the Invesco QQQ Trust rather than the Nasdaq-100 stocks themselves. The prospectus says its returns will not reflect the dividends QQQ pays. Investors who want income from Nasdaq-100 companies will not get it here. They are giving up those dividends, and any gains above the cap, in exchange for the 20% downside buffer.
How does the QCOC buffer work?
Over each one-year outcome period, QCOC aims to absorb the first 20% of QQQ's price losses. Losses beyond 20% pass through one for one. In exchange, gains are capped. For October 20, 2025 through October 16, 2026, the cap was 12.41% before fees. After fees, the cap was 11.51% and the buffer 19.10%. The buffer stays at 20% each period, but the cap resets with market conditions.
What happens if I invest in QCOC partway through the year?
The results can be very different from the stated cap and buffer. Those levels are fixed at the start of each period. Someone who enters after QQQ has already risen may have little room left before the cap. Someone who enters after a drop may have less buffer left. Shares also move during the period. QCOC fell 10.4% from February 14 to April 8, 2025, despite the 20% buffer.
QCOC vs BUFD: what's the difference?
Both are FT Vest buffer ETFs, but they are built differently. QCOC uses one October-to-October outcome period on QQQ. BUFD, the FT Vest Laddered Deep Buffer ETF, spreads its money across buffer positions with staggered start dates. BUFD costs 0.95% compared with QCOC's 0.90%. As of October 27, 2026, it returned 9.5% over one year, versus 10.9% for QCOC. BUFD is far larger, with about $2.04 billion in net assets versus QCOC's $63.3 million.
What is QCOC's expense ratio?
QCOC's expense ratio is 0.90%, according to its prospectus filed December 29, 2025. That is above the 0.86% average of similar buffer funds and ranks sixth of eight on cost. Innovator's PJAN and PDEC charge 0.79%. FT Vest's own S&P-style buffer funds, such as FDEC and FJAN, charge 0.85%. The fee is already built into the after-fee cap of 11.51% and buffer of 19.10%.