At a glance
ZOCT charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $104.8M in assets, the 8th largest of that group. Over the past year it returned +5.6% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
The Innovator Equity Defined Protection ETF - 1 Yr October (ZOCT) uses FLEX options on the SPDR S&P 500 ETF Trust (SPY) to try to absorb 100% of that fund's losses over each one-year period that starts October 1. In return, gains are tightly capped. For October 1, 2025 to September 30, 2026, the cap was 6.52% before its 0.79% fee and 5.73% after it.
Price history
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ZOCT +5.6% 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 | |
|---|---|---|---|---|---|---|
| ZOCT official prospectus, to Dec 31, 2024 | — | +6.28% | — | — | — | +5.76% |
| ZOCT price data to Oct 27, 2026 | +5.5% | +5.6% | — | — | — | +6.0% |
- Over the year to Oct 27, 2026, ZOCT returned +5.6%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+6.2%); its best was 2025 (+6.2%).
- The deepest fall in its price history was 3.2% (Feb 20, 2025 to Apr 8, 2025), recovered by May 15, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.5% | — |
| 2025 | +6.2% | +6.28% |
| 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 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 $11.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.91%, +0.21%, +0.50%.
How it works
Innovator Capital Management, with Milliman Financial Risk Management as sub-adviser, puts at least 80% of net assets into investments tied to the SPDR S&P 500 ETF Trust (SPY), an S&P 500 Index fund. It uses FLEX Options, exchange-traded options with customizable terms. As of July 31, 2026, three SPY options made up 99.81% of net assets: one that mimics owning SPY, a bought put (a right to sell at a set price) that supplies the buffer, and a sold call that gives up gains past the cap.
The options run for a one-year “outcome period.” For October 1, 2025 to September 30, 2026, the fund aimed to match SPY's gains up to a 6.52% cap before fees (5.73% after the 0.79% fee) while buffering 100% of SPY losses (99.21% after the fee). Before fees, a 20% SPY drop would have meant 0%, and a 20% gain 6.52%. The buffer is a goal, not a guarantee.
When a period ends, the fund takes the expiring options' cash value and buys new ones expiring about a year later; the period that began October 1, 2026 has its own cap. The targets apply only to shares held the full period, measured on net asset value, not market price. Buying mid-period can mean a very different cap and buffer; innovatoretfs.com/zoct posts updated figures daily.
What it really costs
- ZOCT 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 |
|---|---|---|---|---|
| ZOCT | $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 aims to give up nearly all S&P 500 losses over each one-year period, trading away most of the upside to do so.
ZOCT could hold money a retiree wants tied to the S&P 500 but doesn't want to see fall over a full outcome period. It launched October 1, 2024, so it has no record from the 2008, 2020 or 2022 sell-offs. Its only full calendar year, 2025, returned 6.28%. Its deepest drop was 3.2%, from February 20 to April 8, 2025, and it recovered by May 15, 2025, about 1.2 months later. Someone who sells partway through a period may get less protection than the buffer suggests. The fund has paid no distributions, so any income would have to come from selling shares. In the SEC's standard example, the 0.79% fee costs $81 in the first year and $978 over 10 years on a $10,000 investment. 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 who want S&P 500 exposure with a buffer against 100% of SPY losses over a full year, and who accept a cap such as 6.52%.
- Holders who can buy near October 1 and hold to September 30, the window in which the fund's stated outcomes apply.
- Buffer-fund shoppers watching costs: its 0.79% fee ties for lowest among eight similar funds, below the 0.86% average.
Look elsewhere if
- Investors who need income: ZOCT recorded no distributions, and it holds options rather than SPY shares.
- Those wanting more growth: its 5.6% one-year return through October 27, 2026, ranked last of eight buffer funds.
- People who may trade mid-period or prefer larger funds: at $104.8 million it's the smallest of eight, with $11.7 million in three-month outflows.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ZOCT this fund | 0.79% | $104.8M | +5.6% | — |
| 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
Can you lose money in ZOCT?
Yes, it's possible. The buffer aims to absorb 100% of SPY losses over a full outcome period, but after the 0.79% fee the net buffer is 99.21%, and the prospectus says there's no guarantee it will work. Buying after a period starts, or selling before it ends, can produce very different results, and the market price can differ from the fund's NAV. The fund isn't a bank deposit and isn't FDIC-insured. Its deepest drop so far was 3.2%, in early 2025.
Does ZOCT pay dividends?
No distributions have been recorded for ZOCT. The fund holds FLEX options on the SPDR S&P 500 ETF Trust instead of SPY shares, so its return comes from changes in the value of those options, not from dividend payments. Investors who need regular cash from their holdings would have to sell shares to get it. Selling partway through an outcome period also means not getting the fund's stated buffer and cap results.
What is the ZOCT upside cap?
For the outcome period from October 1, 2025 to September 30, 2026, the cap was 6.52% before fees and 5.73% after the 0.79% management fee. That is the most a shareholder who held for the whole period could earn, however much SPY rose. A new cap is set on the first day of each new one-year period. Innovator posts updated cap and buffer figures daily at innovatoretfs.com/zoct.
ZOCT vs PJAN: what's the difference?
Both are Innovator buffer ETFs that charge 0.79%, but they follow different terms. ZOCT aims to absorb 100% of SPY losses over periods starting each October. PJAN, the Innovator U.S. Equity Power Buffer ETF - January, resets in January and uses its own buffer and cap levels. Through October 27, 2026, PJAN returned 10.5% over one year, against ZOCT's 5.6%. PJAN had $1.44 billion in net assets, while ZOCT had $104.8 million. Their prospectuses set out each fund's exact protection.
How has ZOCT performed since launch?
Its returns have been modest and steady. ZOCT returned 6.28% in 2025, its first full calendar year, according to its prospectus. Over the year to October 27, 2026, its price return was 5.6%. Its strongest quarter was +3.35% (ended June 30, 2025) and its weakest was -0.52% (ended March 31, 2025). Its beta, a measure of how much it moves with the market, was 0.14 over one year. A beta that low means it moved far less than the S&P 500.