At a glance
QTOC charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $21.8M in assets, the 8th largest of that group. Over the past year it returned +13.5% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +20.0% a year. At its worst it fell 33.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 17 months after the low.
The short version
Innovator Growth Accelerated Plus ETF - October (QTOC) uses options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index, to aim for three times QQQ's gain over a one-year period, up to a preset cap, while roughly matching QQQ's losses. Unlike buffer ETFs, it offers no downside protection. Its 0.79% expense ratio is below the 0.86% average for the buffer funds it is compared with.
Price history
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QTOC +13.5% 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 | |
|---|---|---|---|---|---|---|
| QTOC official prospectus, to Dec 31, 2024 | — | +16.77% | — | — | — | +8.36% |
| QTOC price data to Oct 27, 2026 | +13.5% | +13.5% | +20.0% | +8.7% | — | +9.9% |
- Over the year to Oct 27, 2026, QTOC returned +13.5%, 1st of 8 among similar funds.
- Its 5-year annualized return was +8.7%.
- Its worst full calendar year was 2022 (-29.8%); its best was 2023 (+38.4%).
- The deepest fall in its price history was 33.4% (Jan 3, 2022 to Oct 14, 2022), recovered by Feb 29, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.4% | — |
| 2025 | +16.8% | +16.77% |
| 2024 | +14.9% | +14.78% |
| 2023 | +38.4% | +38.91% |
| 2022 | -29.8% | -29.95% |
| 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 | Lost 32.9% over that stretch · deepest drop along the way 33%, back to its old high 16.6 months after the low |
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 added a net $5.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.59%, +0.24%, -0.04%.
How it works
QTOC normally puts at least 80% of net assets into investments tied to the Invesco QQQ Trust, Series 1. That ETF tracks the Nasdaq-100 Index of the largest nonfinancial companies listed on Nasdaq. QTOC uses FLEX options, which are exchange-traded contracts on QQQ whose price levels and expiration dates can be customized. As of July 31, 2026, one option worth 99.5% of net assets supplied the base exposure. An owned option (about 28%) and a short option the fund owes (about −27.6%) added the extra upside and the cap.
For the one-year outcome period from October 1, 2025 through September 30, 2026, the fund aimed for three times QQQ's gain. That gain was capped at 18.84% before fees, or 18.05% after its 0.79% fee. Per the prospectus, a 5% QQQ rise becomes 15%, and any rise of 10% or more becomes 18.84%. Losses pass through about one-for-one, with no buffer (loss cushion): a 20% QQQ drop means roughly a 20% fund loss. At each period's end, the fund rolls into new one-year options with a new cap.
These outcomes apply only to shareholders who hold for the full period. They are measured at net asset value (NAV), the per-share worth of the holdings, and market prices can differ. Investors who join or leave partway may see very different results. Innovator posts updated figures daily at www.innovatoretfs.com/qtoc.
What it really costs
- QTOC 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 |
|---|---|---|---|---|
| QTOC | $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 passes through roughly the full losses of a single Nasdaq-100 ETF while capping gains each period, so it adds concentrated stock risk rather than stability or income.
QTOC could add Nasdaq-100 growth exposure that helps most when QQQ gains modestly over an outcome period, since small rises are tripled. Losses are not cushioned. It launched in September 2021, so its record doesn't cover the 2008 or 2020 crashes. Its deepest drop, 33.4%, came in the 2022 bear market, and it lost 29.95% that calendar year, per the prospectus. It regained its prior peak on February 29, 2024, about 16.5 months after the October 2022 low. Anyone drawing cash in late 2022 would have done so near the bottom.
The fund has no recorded distributions, so it provides no income, and withdrawals mean cashing out shares. It costs 0.79% a year, or $81 on $10,000 over one year and $978 over 10 years in the SEC's standard example. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Growth investors expecting modest Nasdaq-100 gains who want three times QQQ's rise, up to a yearly cap, for a 0.79% expense ratio.
- Investors able to get in near an outcome period's October start and hold the full year, the only way the stated outcomes apply.
- Long-term holders who can sit through drops like the fund's 33.4% fall in 2022, which took about 16.5 months from the low to recover.
Look elsewhere if
- Retirees who want loss protection: unlike buffer ETFs such as BUFR or PJAN, QTOC passes through roughly the full drop in QQQ's share price.
- Anyone seeking income, since the fund has no recorded distributions and any cash taken from it means cashing out shares.
- Investors wanting full upside in strong Nasdaq-100 rallies; gains stop at the cap, which was 18.84% before fees for the period ended September 30, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| QTOC this fund | 0.79% | $21.8M | +13.5% | +20.0% |
| 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 QTOC protect against losses?
No. Unlike many defined-outcome ETFs, QTOC has no buffer, meaning no cushion against a set share of losses. Over a full outcome period, it is designed to fall about as much as the Invesco QQQ Trust's share price. A 20% QQQ drop would mean roughly a 20% fund loss before fees. The fund lost 29.95% in 2022, per its prospectus, and its deepest drop was 33.4%, from January to October 2022.
What is the cap on QTOC?
The cap was 18.84% before fees, or 18.05% after the 0.79% management fee. It applied to the outcome period from October 1, 2025 through September 30, 2026, per the prospectus filed February 27, 2026. Within that limit, the fund aimed to deliver three times QQQ's gain, so a 5% QQQ rise would become 15%. A new cap is set on the first day of each roughly one-year period, when the fund rolls into new options. Innovator posts updated figures at www.innovatoretfs.com/qtoc.
What happens if you invest in QTOC in the middle of the outcome period?
Your results can differ sharply from the stated outcomes. Per the prospectus, the three-times upside, the cap and the loss terms apply only to shareholders who hold from the first day of an outcome period to the last. They are also measured at net asset value. Someone who invests after the period starts, or exits before it ends, may get very different returns. That's because the fund's price already reflects gains or losses earned so far. Innovator posts updated figures daily at www.innovatoretfs.com/qtoc.
Does QTOC pay dividends?
No. No distributions are recorded for QTOC. As of July 31, 2026, its holdings were three FLEX options on the Invesco QQQ Trust plus 0.26% in cash, rather than dividend-paying stocks. Its returns come from changes in its share price. Anyone wanting income from it would need to cash out shares.
QTOC vs BUFR: what's the difference?
The key difference is loss protection. FT Vest Laddered Buffer ETF (BUFR) is a buffer fund, built to absorb part of a decline in exchange for limited gains. QTOC takes roughly QQQ's full loss in exchange for tripled gains up to a cap. QTOC costs 0.79% a year versus 0.95% for BUFR. As of October 27, 2026, QTOC returned 13.5% over one year and 20% a year over three, versus 11.6% and 16.8% for BUFR. BUFR is far larger, with $10.5 billion in net assets as of August 31, 2026.