NOCT vs QMNV: Grades, Fees and Holdings Compared

Innovator Growth-100 Power Buffer ETF

NOCTCCboe

FT Vest Nasdaq-100 Moderate Buffer ETF - November

QMNVDCboe

Overlap

0.0%by weight

Expense ratio

NOCT −0.11pt a year

NOCT0.79%QMNV0.90%

Avg volume · 30D

NOCT 4.1×the volume

NOCT36.2KQMNV8.76K

NOCT vs QMNV Performance

Nov 7, 2025 – Nov 9, 2026

+8.3%NOCT+13.4%QMNV

Expense ratio: NOCT 0.79%, better; QMNV 0.90%
Fund size: NOCT $306M; QMNV $44M
1Y total return: NOCT +8.3%; QMNV +13.4%, better
Yield (12M): NOCT 0.00%; QMNV No data
Holdings: NOCT 3; QMNV 3
Avg volume (30D): NOCT 36.2K sh, better; QMNV 8.76K sh
NAV per share: NOCT $60.56; QMNV $25.00
52W range

ETF.net Grade

Pillar letters and Scores for NOCT, QMNV, with each pillar’s weight
Pillar	NOCT	QMNV
Cost30% weight	D39Higher	F5
Mission25% weight	A93	Not scored
Risk15% weight	C47	B68Higher
Tradability15% weight	A79Higher	B62
Holdings10% weight	Not scored	Not scored
Durability5% weight	A91Higher	B64

Rank among Nasdaq-100 Buffer 15% funds

How we build Categories ›

Same Category. NOCT and QMNV are both graded against the same 15 Nasdaq-100 Buffer 15% funds, so their Grades compare head to head.

Nasdaq-100 Buffer 15%⁠

Category · 15 funds

See all 15 ›

NOCT ranks 3rd and QMNV 14th of 15 funds in the Nasdaq-100 Buffer 15% Category.

Rank 1BQBQFAllianzIM Growth 100 Buffer15 ETFScore 58
Rank 2BNJANInnovator Growth-100 Power Buffer ETFScore 55
Rank 3CNOCTInnovator Growth-100 Power Buffer ETFScore 54
Rank 4CNAPRInnovator Nasdaq 100 Power Buffer ETF - AprilScore 53
Rank 14DQMFEFT Vest Nasdaq-100 Moderate Buffer ETF - FebruaryScore 37
Rank 14DQMNVFT Vest Nasdaq-100 Moderate Buffer ETF - NovemberScore 37

Our read on each fund

ETF.net Research

NOCTCInnovator Growth-100 Power Buffer ETF

QMNVDFT Vest Nasdaq-100 Moderate Buffer ETF - November

In short

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.

QMNV No data

Stated mandate

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.

QMNV No data

Why people hold it

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.

QMNV No data

Worth knowing

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

QMNV No data

Full NOCT profile⁠

Full QMNV profile⁠

NOCT vs QMNV Holdings

How NOCT and QMNV differ

Overlap by weight

0.0%

Level by level

Holdings0 in both0.0%
Sector10 Sectors98.6%
Countryby domicile99.9%

Sector

Sector weights in NOCT and QMNV, widest gap first
Sector	Gap	NOCT	QMNV
Technology	QMNV +1.2 points	58.0%	59.2%
Consumer Staples	NOCT +0.5 points	6.8%	6.3%
Health Care	NOCT +0.3 points	4.8%	4.5%
Consumer Discretionary	NOCT +0.2 points	11.0%	10.8%
Communication	QMNV +0.2 points	11.1%	11.3%
Utilities	NOCT +0.1 points	1.2%	1.1%
Materials	NOCT +0.1 points	1.1%	1.0%
Industrials	NOCT +0.1 points	5.3%	5.2%
Energy	Same weight	0.5%	0.5%
Financials	Same weight	0.2%	0.2%

Country, concentration and asset class

Country by domicile

Country weights in NOCT and QMNV, widest gap first
Country	Gap	NOCT	QMNV
United States	Same weight	97.3%	97.3%
Canada	Same weight	1.0%	1.0%
Netherlands	NOCT +0.1 points	0.8%	0.8%
Brazil	Same weight	0.4%	0.4%
China	QMNV +0.1 points	0.2%	0.3%
United Kingdom	Same weight	0.2%	0.2%

Concentration

Weight in the 10 largest Holdings

NOCT106.9%
QMNV100.7%

Securities held

NOCT3
QMNV2

Asset class

NOCT: Stocks
QMNV: Multi-Asset

Holdings

Only in NOCT3
In both0
Only in QMNV2

Only in NOCT

3 securities, 100% of NOCT by weight

Qqq 09/30/2027 7.4 C93.52%
Qqq 09/30/2027 739.77 P13.08%
Us Bank Mmda - Usbgfs 9 09/01/20370.33%

Only in QMNV

2 securities, 100% of QMNV by weight

2026-11-20 Invesco QQQ Trust, Series 1 C 5.89100.03%
2026-11-20 Invesco QQQ Trust, Series 1 P 590.060.48%

Weight gaps

NOCT and QMNV share no securities.

All 6 NOCT holdings⁠All 4 QMNV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

NOCT vs QMNV Cost

Overpaying QMNV vs NOCT

$1,866

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

NOCT 0.79%
$15,174
QMNV 0.90%
$17,040

Amount$10,000

Years30 years

Cost over time

NOCT 0.79%
QMNV 0.90%
Overpaying

Year by year

Year	NOCT	QMNV	Overpaying
10	$1,405	$1,593	$188
20	$5,331	$6,015	$684
30	$15,174	$17,040	$1,866

Expense ratio

0.79%NOCT, cheaper
0.90%QMNV

NOCT0.79%QMNV0.90%

0.30%0.90%

Middle half of Nasdaq-100 Buffer 15% funds
Median 0.79%

NOCT 8th cheapest of 15 funds

QMNV 13th cheapest of 15 funds

NOCT vs QMNV Dividends

Last 12 months to Nov 9, 2026

Yield (12M): NOCT 0.00%; QMNV No data
Payout (12M): NOCT None; QMNV None

Distribution history

Per share, 2019, same scale for both

NOCT1 paymentAll NOCT payments⁠

QMNVAll QMNV payments⁠

No distribution history available.

NOCT vs QMNV Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: NOCT 7.8%QMNV 7.9%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: NOCT 1.15QMNV 1.11since Dec 2024
Worst fallMax drawdown, 5 years: NOCT −16.2%QMNV −12.8%since Nov 2024
Market sensitivityBeta, 5 years: NOCT 0.58QMNV 0.59; Market = 1

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