NJUL vs NOCT

NJULCInnovator Nasdaq-100 Power Buffer ETF - July

NOCTCInnovator Growth-100 Power Buffer ETF

In short

NJUL Nasdaq-100 exposure with a seatbelt. NJUL absorbs the first 15% of QQQ's losses over a one-year outcome period that resets each July, and in exchange accepts a ceiling on the upside set the day the period begins.

NOCT Nasdaq-100 exposure with a 15% airbag: over each one-year outcome period starting October 1, the fund absorbs the first 15% of the reference ETF's decline and gives up gains above a cap in return.

Stated mandate

NJUL The fund seeks to track the return of the Invesco QQQ Trust (QQQ), subject to a predetermined cap, while protecting investors from the first 15% of losses during the outcome period.

NOCT The Fund uses a defined-outcome strategy based on the Nasdaq-100 exposure of QQQ. It seeks to replicate the underlying ETF’s performance over the outcome period, subject to a capped upside and a 15% downside buffer.

Why people hold it

• NJUL The contract is written down, not implied: a 15-point cushion against QQQ's decline over the outcome period, with the trade-off stated in the prospectus.
• The clock resets every July 1. Investors who start with a fresh period know the buffer and the cap before they commit, rather than guessing at the risk.
• A plain 1940 Act ETF, not a bank-issued structured note, so the defined outcome doesn't ride on a single issuer's credit.
• Live since 2020, with siblings NJAN and NAPR running the same Nasdaq-100 buffer recipe at the same 0.79% on different reset dates.

• NOCT The deal is written into the prospectus: a 15% buffer against the reference Nasdaq-100 ETF's losses over each outcome period, paid for with a capped upside, reset every October 1.innovatoretfs.com
• Live since October 2019, so the reset-and-cap machinery has years of real market cycles behind it rather than a backtest.
• At 0.79%, the fee sits at the median for Nasdaq-100 buffer funds. The defined-outcome plumbing costs no premium versus the cohort.
• An October start date makes this the autumn rung for anyone spreading buffer exposure across reset months instead of concentrating on one date.

Worth knowing

• NJUL The ceiling is real. The cap is fixed when each period starts, so a runaway Nasdaq year leaves gains on the table.
• Buy mid-period and you inherit whatever buffer and cap are left, not the headline 15%. Full terms belong to holders who own from the reset date.
• At 0.79% it matches the typical Nasdaq-100 buffer fund, but sits above PBQQ at 0.50% and the Calamos series at 0.69%, and it isn't among the group's busiest tickers.

• NOCT Thinly traded, so spreads and limit orders matter more here than with the big plain-index funds.
• 0.79% is not the cohort floor: PBQQ runs 0.50% and the Calamos Nasdaq-100 protection funds 0.69%, on different protection terms.
• Buffer and cap are measured across the full outcome period. Enter mid-period and your effective buffer and remaining upside differ from the stated terms.innovatoretfs.com

Full NJUL profile⁠

Full NOCT profile⁠