At a glance
UOCT charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $179.2M in assets, the 8th largest of that group. Over the past year it returned +10.0% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +12.6% a year. At its worst it fell 8.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months after the low.
The short version
Innovator U.S. Equity Ultra Buffer ETF - October (UOCT) holds FLEX options on the SPDR S&P 500 ETF Trust to produce a defined outcome over one-year periods that begin each October. For October 1, 2025 to September 30, 2026, it aimed to absorb losses in that S&P 500 fund between 5% and 35%. In return, gains were capped at 11.03% before fees. Its 0.79% fee is below the 0.86% average for similar buffer funds.
Price history
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UOCT +10.0% 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 | |
|---|---|---|---|---|---|---|
| UOCT official prospectus, to Dec 31, 2024 | — | +10.48% | — | +7.75% | — | +6.98% |
| UOCT price data to Oct 27, 2026 | +9.5% | +10.0% | +12.6% | +8.6% | — | +8.9% |
- Over the year to Oct 27, 2026, UOCT returned +10.0%, 7th of 8 among similar funds.
- Its 5-year annualized return was +8.6%.
- Its worst full calendar year was 2022 (-4.3%); its best was 2023 (+18.7%).
- The deepest fall in its price history was 9.2% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 10, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.5% | — |
| 2025 | +10.7% | +10.48% |
| 2024 | +9.0% | +9.12% |
| 2023 | +18.7% | +19.08% |
| 2022 | -4.3% | -4.39% |
| 2021 | +5.8% | +5.83% |
| 2020 | — | +7.58% |
| 2019 | — | +11.32% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.6% over that stretch · deepest drop along the way 8.7%, back to its old high 5.7 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 $6.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.99%, +0.21%, +0.73%.
How it works
Innovator’s UOCT aims to match the return of the State Street SPDR S&P 500 ETF Trust (the “underlying ETF”), which tracks the S&P 500 Index, within limits. It does this mainly with FLEX Options: customizable, exchange-listed contracts to buy or sell the underlying ETF at agreed prices on a set date. As of July 31, 2026, four such options made up about 99.75% of net assets.
Each “outcome period” lasts about a year. For October 1, 2025 to September 30, 2026, gains were capped at 11.03% before fees, or 10.24% after the 0.79% management fee. The “ultra” buffer aimed to absorb underlying ETF losses between 5% and 35%. Holders bore the first 5% of losses and any losses beyond 35%. So a 20% drop in the underlying ETF would mean a 5% fund loss, and a 50% drop a 20% loss, before fees.
When a period ends, the fund cashes out its options and buys a new set, with a new cap. The outcomes apply only to shareholders who hold for the whole period, measured at net asset value (NAV, the per-share value of the holdings). Buying mid-period, selling early, or trading at a price away from NAV can give very different returns. Innovator posts updated figures daily at www.innovatoretfs.com/uoct. Nothing is guaranteed.
What it really costs
- UOCT 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 |
|---|---|---|---|---|
| UOCT | $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
UOCT trades much of the S&P 500's upside for a buffer against moderate losses, and its declines have been far smaller than the stock market's.
UOCT may offer a gentler way to hold US large-company stocks. It fell 8.7% from January 4 to October 12, 2022, and recovered in 5.7 months. Its worst calendar year was 2022, at -4.39%. Its deepest drop was 9.2%, from February to April 2025, and it recovered in 2.1 months. Its worst quarter was -7.45%, in early 2020. The fund launched after the 2008 crisis. The buffer has limits: it stops at 35%, and selling partway through a period may bring less protection. That matters for anyone who may need cash in a bad year. The fund paid no distributions in the year through October 27, 2026, so cash would have to come from selling shares. In the SEC's standard $10,000 example, costs are $81 after one year and $978 after ten. 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 buffer against 5%–35% losses and accept a cap (11.03% before fees for the period starting October 2025).
- Holders who can buy near October 1 and keep shares for the full one-year outcome period to get the stated buffer and cap.
- Fee-conscious buffer buyers: its 0.79% expense ratio is tied for lowest among eight buffer funds compared, below the 0.86% peer average.
Look elsewhere if
- Anyone who needs regular cash payouts: UOCT paid no distributions in the year through October 27, 2026.
- Investors who want more upside: its 12.6% three-year annualized return ranked last of eight buffer funds as of October 27, 2026.
- Those who want protection beyond 35% losses or a larger fund: assets were $179 million as of July 31, 2026, smallest among its peers.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| UOCT this fund | 0.79% | $179.2M | +10.0% | +12.6% |
| 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 UOCT pay dividends?
No. UOCT paid no distributions in the year through October 27, 2026, so its yield was 0%. The fund holds FLEX options on the SPDR S&P 500 ETF Trust rather than the stocks themselves, and its returns come from changes in those options' value. Retirees who need cash from this holding would have to sell shares. That works best near the end of an outcome period, when the buffer and cap are designed to apply in full.
How does the UOCT buffer work?
Over each one-year outcome period, UOCT aims to absorb losses in the SPDR S&P 500 ETF Trust between 5% and 35%. Holders take the first 5% of losses and any losses beyond 35%. For October 1, 2025 to September 30, 2026, gains were capped at 11.03% before fees, or 10.24% after the 0.79% fee. In the prospectus example, a 50% fall in the underlying fund means a 20% loss for UOCT before fees.
What happens if you buy UOCT after October 1?
You may get a different cap and buffer from the stated ones. The outcomes apply only to shares held from the first day of the period to the last. If the S&P 500 fund has already risen, less upside may remain before the cap. If it has already fallen, part of the buffer may be used up, or you may face losses before the buffer starts. Innovator posts the remaining cap and buffer daily at innovatoretfs.com/uoct.
UOCT vs PJAN: what's the difference?
Both are Innovator buffer ETFs with the same 0.79% expense ratio. UOCT's outcome period resets each October. PJAN's name indicates a January reset and a "Power" buffer rather than UOCT's "Ultra" 5%–35% buffer, so its prospectus is the place to compare buffer and cap levels. As of October 27, 2026, PJAN returned 10.5% over one year and 14.8% a year over three years. UOCT returned 10% and 12.6%. PJAN is much larger: $1.4 billion versus $179 million as of July 31, 2026.
Is UOCT good for retirement?
UOCT may suit retirees who value smaller declines over full stock-market gains. Its worst calendar year was 2022, at -4.39%, and its deepest drop was 9.2% in early 2025, which it recovered in 2.1 months. The trade-offs: it pays no income, its gains are capped each period, and it gives no protection beyond a 35% loss. Its three-year return ranked last of eight similar buffer funds as of October 27, 2026.