At a glance
XTOC charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $25.6M in assets, the 8th largest of that group. Over the past year it returned +13.1% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +16.4% a year. At its worst it fell 24.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months after the low.
The short version
Innovator U.S. Equity Accelerated Plus ETF - October (XTOC) uses options on the State Street SPDR S&P 500 ETF Trust to seek three times that fund's gains, up to a cap, over one-year periods starting each October. That may appeal to investors expecting modest gains: for the period ended September 30, 2026, the cap was 14.91% before fees. It offers no loss cushion, or buffer, and aims to roughly match the ETF's declines.
Price history
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XTOC +13.1% 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 | |
|---|---|---|---|---|---|---|
| XTOC official prospectus, to Dec 31, 2024 | — | +13.76% | — | — | — | +8.13% |
| XTOC price data to Oct 27, 2026 | +12.3% | +13.1% | +16.4% | +8.3% | — | +9.2% |
- Over the year to Oct 27, 2026, XTOC returned +13.1%, 1st of 8 among similar funds.
- Its 5-year annualized return was +8.3%.
- Its worst full calendar year was 2022 (-17.9%); its best was 2023 (+25.4%).
- The deepest fall in its price history was 24.1% (Jan 4, 2022 to Oct 14, 2022), recovered by Nov 22, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.3% | — |
| 2025 | +13.9% | +13.76% |
| 2024 | +10.5% | +10.67% |
| 2023 | +25.4% | +25.79% |
| 2022 | -17.9% | -17.82% |
| 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 24% over that stretch · deepest drop along the way 24%, back to its old high 13.3 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 $3.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.60%, +0.49%, +0.98%.
How it works
XTOC's returns are tied to the State Street SPDR S&P 500 ETF Trust, which tracks the S&P 500 Index. As of July 31, 2026, the fund held three FLEX options (customizable exchange-traded contracts) on that ETF, all calls, or rights to purchase it at a set price. One, with a very low set price and worth about 99% of assets, moves nearly in step with the ETF. A call the fund owns and one it has written for others, about 23% and -22% of assets, add extra upside up to a ceiling.
Over each roughly one-year outcome period, the fund seeks three times the ETF's gain up to a cap. For October 1, 2025 through September 30, 2026, the cap was 14.91% before fees (14.12% after its 0.79% fee). In the prospectus's hypothetical table, a 5% rise in the ETF produces the full 14.91%, as does a 50% rise. There's no loss cushion, or buffer: if the ETF falls 20%, so does the fund, roughly.
When a period ends, the fund invests in new options expiring about a year later, with a new cap. Outcomes apply only to holders who stay for the full period; investing mid-period, or trading at a price away from the value of the fund's holdings, can give very different results.
What it really costs
- XTOC 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 |
|---|---|---|---|---|
| XTOC | $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 takes roughly the full losses of the S&P 500 ETF while capping gains, pays no income, and its results depend on when an investor enters each outcome period.
XTOC could add extra return in years when stocks rise modestly, but it does not soften declines. It launched in October 2021, so it has no record for the 2008 or 2020 crashes. In the 2022 bear market it fell about 24% from January 4 to October 14, 2022, and did not regain that peak until November 22, 2023, about 13 months after the low. Its worst calendar year was 2022, at -17.82%. A retiree who needed cash in a year like that would have had to take the loss. The fund has recorded no distributions, so any income would have to come from cashing in shares. It costs 0.79% a year, or $81 over one year on $10,000 in the SEC's standard example. Past results don't predict future ones, and a retirement 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 who want three times the SPDR S&P 500 ETF Trust's rise, up to a cap set each October.
- Those able to get in at the start of an October outcome period and hold to its end, the only way the stated outcomes apply.
- Investors who can accept losses roughly matching the S&P 500 ETF's; the fund fell about 24% in 2022 and recovered by November 2023.
Look elsewhere if
- Retirees needing regular income: XTOC has recorded no distributions, so spending money would have to come from cashing in shares.
- Anyone wanting downside protection: unlike buffered defined-outcome ETFs, XTOC aims to roughly match the S&P 500 ETF's losses.
- Investors wanting full S&P 500 upside: gains above the cap, 14.91% before fees for the period ended September 30, 2026, are given up.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| XTOC this fund | 0.79% | $25.6M | +13.1% | +16.4% |
| 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
How does XTOC's upside cap work?
XTOC seeks three times the gain of the State Street SPDR S&P 500 ETF Trust over a one-year outcome period, but only up to a cap set on the period's first day. For October 1, 2025 through September 30, 2026, the cap was 14.91% before fees, or 14.12% after the 0.79% management fee. The prospectus's hypothetical table shows a 5% rise in the ETF reaching the full cap, so further gains add nothing. Results apply only to holders who stay for the full period.
Does XTOC protect against losses?
No. Unlike many other defined-outcome ETFs, XTOC has no buffer, or built-in loss cushion. Over a full outcome period it aims to fall roughly as much as the State Street SPDR S&P 500 ETF Trust, plus fees. That showed in 2022: the fund lost 17.82% for the calendar year, its worst quarter was -17.16% in the three months to June 30, 2022, and it took until November 22, 2023 to recover its January 2022 peak.
What's the difference between XTOC and SPY?
SPY, the State Street SPDR S&P 500 ETF Trust, follows the S&P 500 Index with no limit on gains, while XTOC uses options on SPY to seek three times SPY's gains up to a cap and roughly match its losses. The cap was 14.91% before fees for the period ended September 30, 2026. XTOC's outcomes are measured against SPY's share price, which leaves out dividends, and XTOC has recorded no distributions. Its results also depend on when an investor gets in during each period.
How has XTOC performed?
According to its prospectus, XTOC returned -17.82% in 2022, 25.79% in 2023, 10.67% in 2024 and 13.76% in 2025. Based on share price, it returned 8.3% a year over the five years to October 27, 2026, and 13.1% over the 12 months to that date. Calendar years span parts of two October-to-September outcome periods, each with its own cap. Past results don't predict future returns.
What is XTOC's expense ratio?
XTOC's expense ratio is 0.79% a year, all of it management fee, according to its prospectus filed February 27, 2026. In the SEC's standard example, $10,000 earning 5% a year would incur about $81 in costs over one year, $252 over three, $439 over five and $978 over ten. The fee also lowered the cap for the period ended September 30, 2026, from 14.91% to 14.12%. Net assets were a modest $25.6 million as of July 31, 2026.