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Launched

Innovator U.S. Equity Buffer ETF

BOCTCboeInnovatorB

$54.59−0.23 (−0.42%)

At close: Nov 2, 2026, 4:00 PM ET

B56/ 100

Rank 23 of 77 in S&P 500 Buffer 9-12%

B56/100Rank 23 of 77inS&P 500 Buffer 9-12%
Intraday session: down, 78 prints from 54.82 to 54.59. Range 54.57 to 55.20. Use the arrow keys to read each point.54.7054.9055.0055.1055.2010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$357M
1Y total return
+12.1%
Yield · Last 12 months
0.00%
Holdings
503
Avg volume · 30D
30.3K sh
52W range
low $46.84high $56.00
Launched

The ETF.net BOCT Grade

B

Score 56 out of 100

Category
S&P 500 Buffer 9-12%⁠
Rank
23 of 77
Six-pillar profile for BOCT. Scores out of 100: Cost 40, Risk 47, Mission 87, Tradability 70, Holdings 90, Durability 78. Strongest: Holdings (90). Weakest: Cost (40). Leans toward Holdings and Mission.

Score 56 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C40 out of 100
    Rank 34 of 77

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A87 out of 100
    Rank 5 of 9

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C47 out of 100
    Rank 49 of 77

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A70 out of 100
    Rank 14 of 77

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A90 out of 100
    Rank 3 of 45

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A78 out of 100
    Rank 19 of 77

Our read on BOCT

ETF.net Research

In short

BOne 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

  • Class 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
  • Terms 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
  • The 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
  • Part 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

  • At 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%.
  • The 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
  • Upside 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 Performance

Launched Oct 1, 2018

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

Not enough history yet.
BOCT$11,206
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. BOCT $11,206. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+10.9%
1 month−0.4%
3 months+2.6%
1 year+12.1%
3 yearsper year+16.2%
5 yearsper year+10.0%
10 yearsFund is under 10 years oldper yearNo data

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+10.9%
2025+14.3%
2024+12.4%
2023+21.1%
2022−8.1%
2021+15.0%
2020+14.7%

BOCT in the news

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 Oct 30, 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

Risk pillarC47 out of 100Rank 49 of 77 in S&P 500 Buffer 9-12%
How much the fund’s monthly returns vary, scaled to a year.
7.9%
Annualised · 36 months to Oct 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.
1.38
vs 3-month T-bills · to Oct 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.
0.64
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.

FMP measures it over up to five years of monthly returns.

BOCT Cost

Compare BOCT and XTR

Overpaying vs XTR, cheapest in S&P 500 Buffer 9-12%

$10,015

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BOCT 0.79%

    $15,174

  • XTR 0.25% Cheapest

    $5,159

$10,000
30 years

Cost over time

  • BOCT 0.79%
  • XTR 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BOCT $15,174XTR $5,159

Year by year

YearBOCTXTROverpaying
10$1,405$455$950
20$5,331$1,769$3,562
30$15,174$5,159$10,015

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