At a glance
XBOC charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $65.4M in assets, the 8th largest of that group. Over the past year it returned +10.3% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +12.7% a year. At its worst it fell 13.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months after the low.
The short version
Innovator U.S. Equity Accelerated 9 Buffer ETF - October (XBOC) uses options on the State Street SPDR S&P 500 ETF Trust to seek twice that fund's gains, up to a cap. It also seeks to cushion the first 9% of that ETF's losses over one-year periods starting each October. For the period ending September 30, 2026, the cap was 11.70% before fees, and its 0.79% annual fee undercuts the 0.86% buffer-fund average.
Price history
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XBOC +10.3% 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 | |
|---|---|---|---|---|---|---|
| XBOC official prospectus, to Dec 31, 2024 | — | +10.82% | — | — | — | +8.17% |
| XBOC price data to Oct 27, 2026 | +9.3% | +10.3% | +12.7% | +8.2% | — | +8.7% |
- Over the year to Oct 27, 2026, XBOC returned +10.3%, 7th of 8 among similar funds.
- Its 5-year annualized return was +8.2%.
- Its worst full calendar year was 2022 (-7.6%); its best was 2023 (+20.1%).
- The deepest fall in its price history was 13.4% (Jan 4, 2022 to Oct 12, 2022), recovered by Jun 1, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.3% | — |
| 2025 | +11.2% | +10.82% |
| 2024 | +8.4% | +8.86% |
| 2023 | +20.1% | +20.11% |
| 2022 | -7.6% | -7.82% |
| 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 13.3% over that stretch · deepest drop along the way 13.4%, back to its old high 7.6 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 $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.88%, +0.38%, +0.78%.
How it works
XBOC does not buy stocks directly. Under normal conditions it puts at least 80% of its net assets into investments tied to SPY, which tracks the S&P 500 Index. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser. As of July 31, 2026, the fund held five FLEX option positions on SPY plus 0.32% in cash. The options are set once a year and held to expiry, so portfolio turnover was 0%.
For the outcome period from October 1, 2025, through September 30, 2026, the fund aimed to return twice SPY's gain, up to a cap of 11.70% (10.91% after its 0.79% fee). Before fees, a 5% SPY gain was designed to produce 10%. A 10% or larger gain produced the 11.70% cap. On the downside, the buffer covered the first 9% of SPY losses (8.21% after fees). Losses beyond that hit the fund one-for-one, so a 20% SPY drop meant about an 11% fund loss.
This is not a daily-reset leveraged fund. The doubling applies to gains measured over the full period and does not apply to losses. These outcomes apply only to shares held from the first day to the last. Buyers who come in mid-period may get very different results. When a period ends, the options settle in cash, the fund buys new ones expiring about a year later, and a new cap is set. Innovator posts updated figures daily at innovatoretfs.com/xboc.
What it really costs
- XBOC 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 |
|---|---|---|---|---|
| XBOC | $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
XBOC holds US large-company stocks through options with a 9% loss buffer each year, which has made it far less volatile than the S&P 500, but its gains are capped.
The fund launched on October 1, 2021, so it did not exist during the 2008 or 2020 crashes. In the 2022 bear market it fell 13.4% from January 4 to October 12, 2022. It recovered by June 1, 2023, about 7.6 months after the low. Its worst calendar year was 2022, at -7.82%. Over the year to October 27, 2026, its beta was 0.44, meaning it moved less than half as much as the market. The fund recorded no distributions, so any income has to come from selling shares. The buffer applies only to shares held for the full outcome period, so selling partway through a bad year may not get the full cushion. Costs are 0.79% a year: $81 in the first year and $978 over 10 years on $10,000 in the SEC's standard example. 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 expecting modest stock gains: in the period through September 2026, a 5% rise in the underlying ETF was designed to return 10% before fees.
- Retirees wanting a smoother ride: as of October 27, 2026, its beta was 0.44, meaning it typically moved under half as much as the market.
- Cost-conscious buffer buyers: its 0.79% expense ratio ties Innovator's Power Buffer funds as the lowest among similar funds, below the 0.86% average.
Look elsewhere if
- Mid-period buyers: the 9% buffer and cap apply only to shares held from October 1 through September 30; late buyers can see very different results.
- Income seekers: no distributions are recorded for the fund, so retirees needing cash from it would have to sell shares.
- Those wanting fuller stock gains: as of October 27, 2026, its 12.7% three-year annualized return ranked last among eight similar funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| XBOC this fund | 0.79% | $65.4M | +10.3% | +12.7% |
| 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
Is XBOC a leveraged ETF?
Not in the usual daily-reset sense. XBOC uses FLEX options on SPY to aim for twice SPY's gains over a one-year outcome period, up to a cap. That cap was 11.70% before fees for October 1, 2025, through September 30, 2026. Losses are not doubled. The fund absorbs the first 9% of SPY losses, then falls one-for-one. Because results are measured over the full year, it does not carry the daily compounding drift of daily-leveraged funds.
Does XBOC pay dividends?
No. The fund recorded no distributions. It holds options on SPY rather than SPY shares, and options holders do not receive the dividends paid by the stocks in the S&P 500. Investors who want cash from XBOC have to sell shares. That matters for retirees who draw income, especially if a sale falls in a down year before the outcome period ends.
What happens if I buy XBOC in the middle of the outcome period?
Your results may differ a lot from the stated cap and buffer. Those figures apply only to shares held from the first day of the period to the last. If SPY has already risen, much of the cap may be used up. If SPY has already fallen, part of the buffer may be gone. Innovator publishes the remaining cap and buffer daily at innovatoretfs.com/xboc. A new period with a new cap begins each October 1.
XBOC vs SPY: what's the difference?
SPY holds all the stocks in the S&P 500. You get its full gains and losses, plus dividends. XBOC holds options on SPY. It doubles SPY's gains up to an annual cap, absorbs the first 9% of losses, pays no distributions, and charges 0.79% a year. Over the year to October 27, 2026, XBOC's beta to the market was 0.44 and its volatility was 6.2%. In strong years, XBOC gives up a lot of the gain.
How has XBOC performed since launch?
According to its prospectus, XBOC returned -7.82% in 2022, 20.11% in 2023, 8.86% in 2024 and 10.82% in 2025. Its strongest quarter was 6.75% (ended June 30, 2025), and its weakest was -9.57% (ended June 30, 2022). Based on market prices as of October 27, 2026, it returned 10.3% over one year, 12.7% a year over three years, and 8.2% a year over five years. Past performance does not predict future results.