At a glance
UXOC charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $22.1M in assets, the 8th largest of that group. Over the past year it returned +12.3% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds.
The short version
FT Vest U.S. Equity Uncapped Accelerator ETF – October (UXOC), from First Trust, holds FLEX options on the State Street SPDR S&P 500 ETF Trust (SPY), with terms that reset each October. Unlike buffer funds, it offers no loss protection: holders bear SPY's full price declines and give up its first small gains for accelerated, uncapped upside once SPY ends a period above 102% of its starting price. It charges 0.85% and has paid no distributions.
Price history
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UXOC +12.3% 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 | |
|---|---|---|---|---|---|---|
| UXOC official prospectus, to Dec 31, 2025 | — | +16.86% | — | — | — | +13.92% |
| UXOC price data to Oct 27, 2026 | +13.4% | +12.3% | — | — | — | +15.2% |
- Over the year to Oct 27, 2026, UXOC returned +12.3%, 3rd of 8 among similar funds.
- Its worst full calendar year was 2025 (+17.3%); its best was 2025 (+17.3%).
- The deepest fall in its price history was 19.9% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 27, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.4% | — |
| 2025 | +17.3% | +16.86% |
| 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 added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.56%, -0.23%, +2.97%.
How it works
UXOC is an actively managed ETF from First Trust, sub-advised by Vest Financial LLC. It puts substantially all its assets into FLEX Options on the State Street SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500 Index. These exchange-traded options let the fund set custom strike (exercise) prices and expiration dates. As of August 31, 2026, SPY options made up 98.67% of assets and cash 1.4%. The largest were calls with a $13.29 strike, which move almost one-for-one with SPY, plus bought calls at $677.68 and a sold call at $664.39.
Outcomes are set for periods of about a year. For shares held from October 20, 2025 through October 16, 2026, the fund aimed, before its 0.85% fee, to match SPY's price loss if SPY fell; to stay flat if SPY finished up but below 102% of its starting price (the “Target Upside Deductible”); and, above that level, to accelerate gains at an “Upside Rate of Return” of 120%, with no cap.
Because early gains are forgone, SPY may need to rise well past that threshold before the fund catches up. The 102% level is expected to stay constant, but the Upside Rate of Return resets each period with market conditions such as volatility. Returns exclude SPY's dividends, and mid-period buyers can see different results.
What it really costs
- UXOC charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd 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 takes the S&P 500 ETF's losses in full, pays no income and amplifies only larger gains, so it fits a small, higher-risk slice of a portfolio rather than its foundation.
UXOC launched October 18, 2024, so it has no record from the 2008, 2020 or 2022 downturns, and 2025 is its only full calendar year (a 16.86% return). Its deepest drop was 19.9%, from February 19 to April 8, 2025; it recovered by June 27, 2025, about 2.6 months later. Nothing cushioned that fall: the fund takes SPY's losses one-for-one, and its one-year beta of 1.12 (a gauge of sensitivity to market swings) shows it moved slightly more than the market. Anyone forced to sell during such a slump would lock in the loss.
It has made no distributions, and its returns exclude S&P 500 dividends, so it adds no income. Its 0.85% fee is close to the 0.86% average of comparable defined-outcome ETFs. 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 expecting strong S&P 500 gains over a full October-to-October period, who accept full losses for accelerated, uncapped upside beyond the 102% threshold.
- Those wanting a small, higher-risk satellite beside core holdings, who can buy near an outcome period's start and hold until it ends.
- Investors comfortable holding S&P 500 exposure purely through SPY FLEX options, at a 0.85% fee close to the 0.86% peer average.
Look elsewhere if
- Investors wanting downside protection: unlike buffer ETFs such as FDEC or BUFR, UXOC takes SPY's losses one-for-one and fell 19.9% in early 2025.
- Income seekers: the fund has made no distributions, and its returns exclude the dividends SPY pays on its S&P 500 stocks.
- Those who may need to sell mid-period: outcomes assume a full-period hold, and the small $22.1 million fund (August 31, 2026) may trade thinly.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| UXOC this fund | 0.85% | $22.1M | +12.3% | — |
| 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 UXOC protect against losses?
No. Unlike buffer ETFs, UXOC offers no downside protection. If the State Street SPDR S&P 500 ETF Trust (SPY) ends an outcome period lower, the fund aims to lose the same amount, before its 0.85% fee. Its deepest drop was 19.9%, from February 19 to April 8, 2025, and it recovered by June 27, 2025. In return for full losses, it seeks accelerated, uncapped gains once SPY ends a period above 102% of its starting price.
How does UXOC's 120% upside rate work?
It applies only to gains above a hurdle. For the outcome period from October 20, 2025 through October 16, 2026, UXOC was designed to gain nothing unless SPY finished above 102% of its starting price, the “Target Upside Deductible.” Above that level, it aimed for an Upside Rate of Return of 120% before fees, with no cap. Because the first gains are forgone, SPY may need to rise well past 102% before UXOC catches up. The rate resets each period, and mid-period buyers face different outcomes.
What's the difference between UXOC and FDEC?
They make opposite trade-offs. FDEC, the FT Vest US Equity Buffer ETF – December, is a buffer fund: it uses options to limit losses within a range in exchange for a cap on gains. UXOC takes losses in full but seeks uncapped, accelerated gains above 102% of SPY's starting price. Both charge 0.85%. As of October 27, 2026, one-year returns were 12.3% for UXOC and 12.9% for FDEC. FDEC is far larger, with $1.31 billion in net assets versus UXOC's $22.1 million as of August 31, 2026.
Does UXOC pay dividends?
No. UXOC has recorded no distributions. It holds FLEX options on SPY rather than the underlying stocks, and its prospectus states that its performance does not reflect the dividends SPY pays. Holders therefore give up the S&P 500's dividend income, in addition to paying the 0.85% fee. Anyone drawing income from this holding would have to sell shares, which can mean selling low after a slide like the fund's 19.9% drop in early 2025.
Is UXOC good for retirement?
UXOC is more suited to a small, higher-risk satellite role than to a core or income role. It takes SPY's losses one-for-one, has paid no distributions and charges 0.85%. Its record is short: it launched October 18, 2024, so it has no record from the 2008, 2020 or 2022 downturns, and its only full calendar year, 2025, returned 16.86%. It may suit investors who can hold for a full October-to-October outcome period. Past results don't predict future ones.