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BOCT

GradeCChicago Board Options Exchange

Innovator U.S. Equity Buffer ETF

Buffered · Innovator · Inception 2018-10-01

$55.12−0.10 (−0.17%)

As of Sep 23, 2026, 2:17 PM EDT

Intraday session: down, 53 prints from 55.21 to 55.12. Range 55.01 to 55.23. Use the arrow keys to read each point.$55.00$55.2010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$286M
1Y return
+14.5%
Yield · Last 12 months
0.00%
Holdings
6
Volume · 30D
0M sh
NAV per share
$54.78
52W range
low $46.84high $55.29

The ETF.net BOCT Grade

C

43/ 100

Rank 52 of 77 in S&P 500 Buffer 9-12%⁠

Confidence Medium

Six-pillar profile for BOCT. Scores out of 100: Cost 40, Risk 42, Mission not scored, Tradability 41, Holdings not scored, Durability 77. Strongest: Durability (77). Weakest: Cost (40). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 43 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 40
    Category rank46/77 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 42
    Category rank54/73 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 41
    Category rank48/77 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 77
    Category rank21/77 · top 27%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on BOCT

ETF.net Research

COne of the original defined-outcome ETFs, listed October 1, 2018. It absorbs the first 9% of an S&P 500 drop over each one-year period starting October 1, and trades that safety net for a ceiling on the upside.

Stated mandate

The Fund seeks to track SPY’s return up to a predetermined cap while buffering the first 9% of losses over the October 1, 2025 through September 30, 2026 outcome period.

Why people hold it

  1. 01Class of 2018: the October series listed on October 1, 2018, in the first wave of defined-outcome ETFs. It has run through real drawdowns since.sec.gov
  2. 02Terms in writing, not hope: a 9% buffer on the reference ETF's losses plus a preset cap, both reset every October 1. Shares can be held through resets indefinitely.innovatoretfs.com
  3. 03The shallowest of Innovator's three SPY-linked tiers (9%, 15%, 30% buffers), so it surrenders the least upside in exchange for its cushion.innovatoretfs.com
  4. 04Part of a 12-month ladder (BJAN, BAPR, BJUL and the rest), so a 9% buffer period starts every month and you are not tied to one entry date.

Worth knowing

  1. 01At 0.79% a year it sits at the buffer-fund median, and newer rivals undercut it: ZALT at 0.69%, PGIM's AUGP and JUNP at 0.50%.
  2. 02The 9% buffer is before fees and expenses and applies over the full October-to-September period. Buy mid-period and your actual cap and cushion differ from the headline terms.innovatoretfs.com
  3. 03Upside stops at the cap and index dividends do not pass through. It also trades lighter than the category's biggest names, so spreads can widen.innovatoretfs.com

BOCT Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
6
Top-10 weight
101%
Largest holding
4SPY US 09/30/26 C6.68 FLX100.9%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—4SPY US 09/30/26 C6.68 FLX100.89%3,795$291M1
002—US BANK MMDA - USBGFS 9 09/01/20370.27%767,871$768K161
003—4SPY US 09/30/26 P666.19 FLX<0.01%3,795$27K1

Showing 1–3 of 3 holdings

BOCT Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

BOCT$11,447
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. BOCT $11,447. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BOCT. Periods over one year show the average yearly return.
PeriodBOCT
Year to date+11.7%
1 month+1.7%
3 months+4.4%
1 year+14.5%
3 years+15.6%per year
5 years+11.1%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BOCT
YearReturn barBOCT
2026 YTD+11.7%
2025+14.3%
2024+12.4%
2023+21.1%
2022−8.1%
2021+15.0%
2020+14.7%

BOCT in the news

ETF.net Research hasn’t filed on BOCT yet — coverage lands here as it’s written.

BOCT Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
0.00%Last 12 months
Payout per share
NoneLast 12 months

No distributions in the last 12 months.

Distribution history

Payments through 2019

One bar per payment. 1 payment in 2019. Nov 19, 2019 $0.05. Use the arrow keys to read each point.2019
Ex-datePay dateAmount per share
Nov 19, 2019Nov 21, 2019$0.05

BOCT Risk

How much the fund’s monthly returns vary, scaled to a year.
8.7%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.00
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−14.3%
Trough Jun 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.63
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

BOCT Cost

Expense ratio0.79%
  • The middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

33 of the 77 S&P 500 Buffer 9-12% funds charge less.

BOCT costs $79.00 a year on $10,000. The median S&P 500 Buffer 9-12% fund costs $79.00.