XBAP vs XBOC: Grades, Fees and Holdings Compared

Innovator U.S. Equity Accelerated 9 Buffer ETF

XBAPBCboe

Innovator U.S. Equity Accelerated 9 Buffer ETF

XBOCCCboe

Overlap

98.3%by weight

Expense ratio

XBAP0.79%XBOC0.79%

Avg volume · 30D

XBAP 1.1×the volume

XBAP5.79KXBOC5.18K

5Y return · a year

XBAP +1.8pt

XBAP+9.7%XBOC+7.9%

XBAP vs XBOC Performance

Oct 29, 2021 – Oct 30, 2026

+58.8%XBAP+46.3%XBOC

Expense ratio: XBAP 0.79%; XBOC 0.79%
Fund size: XBAP $128M; XBOC $59M
1Y total return: XBAP +13.2%, better; XBOC +9.8%
Holdings: XBAP 6; XBOC 5
Avg volume (30D): XBAP 5.79K sh, better; XBOC 5.18K sh
NAV per share: XBAP $42.99; XBOC $36.32
52W range

ETF.net Grade

Pillar letters and Scores for XBAP, XBOC, with each pillar’s weight
Pillar	XBAP	XBOC
Cost30% weight	B59	B59
Mission25% weight	Not scored	A92
Risk15% weight	A82Higher	C42
Tradability15% weight	C51Higher	C46
Holdings10% weight	B59Higher	B58
Durability5% weight	A83Higher	C49

Rank among S&P 500 Accelerated, 9-12% Buffer funds

How we build Categories ›

Same Category. XBAP and XBOC are both graded against the same 6 S&P 500 Accelerated, 9-12% Buffer funds, so their Grades compare head to head.

S&P 500 Accelerated, 9-12% Buffer⁠

Category · 6 funds

See all 6 ›

XBAP ranks 1st and XBOC 4th of 6 funds in the S&P 500 Accelerated, 9-12% Buffer Category.

Rank 1BXBAPInnovator U.S. Equity Accelerated 9 Buffer ETFScore 63
Rank 2BXBJLInnovator U.S. Equity Accelerated 9 Buffer ETFScore 56
Rank 3CXBJAInnovator U.S. Equity Accelerated 9 Buffer ETFScore 54
Rank 4CXBOCInnovator U.S. Equity Accelerated 9 Buffer ETFScore 52
Rank 5CXTJLInnovator U.S. Equity Accelerated Plus ETF - JulyScore 50

Our read on each fund

ETF.net Research

XBAPBInnovator U.S. Equity Accelerated 9 Buffer ETF

XBOCCInnovator U.S. Equity Accelerated 9 Buffer ETF

In short

XBAP Double the S&P 500's upside up to a cap, with the first 9% of losses absorbed and normal losses after that. A structured-note payoff shape in an ETF wrapper, reset every April.

XBOC Double the S&P 500's upside to a preset cap, with the first 9% of a drop absorbed and ordinary exposure after that. XBOC runs that bargain on an October-to-September clock and resets for a new one every year.

Stated mandate

XBAP The Fund seeks twice the return of an ETF tracking the S&P 500 Index, subject to a cap, while buffering the first 9% of losses over the approximately one-year outcome period.

XBOC The Fund seeks to deliver twice the increase of its Underlying ETF during the Outcome Period, subject to an upside return cap.

Why people hold it

XBAP Two dials at once: 2x the price gain of an S&P 500 ETF up to a cap, plus a 9% loss buffer, across each roughly one-year outcome period.innovatoretfs.com
No maturity date. The outcome period resets each April with a fresh cap and buffer, so the position can be held indefinitely without rolling into a new ticker. Running since 2021.innovatoretfs.com
0.79% a year, the same fee its Innovator siblings charge (XBJA, XBJL, XBOC), and it rates as one of the stronger implementations in that small accelerated-buffer group.
A registered 1940 Act fund, not a bank note, so you get the defined-outcome payoff shape without a single issuer's IOU sitting behind it.innovatoretfs.com

XBOC The deal is spelled out before you buy: 2x the underlying S&P 500 ETF's upside to a cap, roughly 1x on the way down after the first 9% of losses is absorbed.cboe.com
Outcome periods run October through September and reset automatically, so the position can be held indefinitely instead of rebought each year.innovatoretfs.com sec.gov
0.79% expense ratio, the same sticker as its Innovator accelerated-buffer siblings (XBAP, XBJA, XBJL). No fee premium for picking the October start date.

Worth knowing

XBAP The cap is a hard ceiling on a blowout year, it is reset each April at whatever options pricing allows, and it is built on SPY's price return, so dividends sit outside the payoff.sec.gov
The stated outcomes are for holders who own shares from the first day of an outcome period to the last. Buy mid-period and your effective cap and remaining cushion differ.sec.gov innovatoretfs.com
A niche fund with a modest asset base and light trading volume, so bid-ask spreads can be wider than on a plain index ETF.

XBOC The advertised outcomes assume you own it from the first day of the outcome period to the last. Buy midstream and your own cap and remaining buffer differ from the headline.sec.gov
Built on the underlying ETF's price return, so S&P 500 dividends do not flow through to shareholders.sec.gov
Thinly traded compared with mainstream index funds, which can mean wider bid-ask spreads at the moment you trade.

Full XBAP profile⁠

Full XBOC profile⁠

XBAP vs XBOC Holdings

How XBAP and XBOC differ

Overlap by weight

98.3%

Shared holdings make up 100% of XBAP and 98.3% of XBOC.

Level by level

Sector11 Sectors97.8%
Holdings2 in both98.3%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in XBAP and XBOC, widest gap first
Sector	More in XBAPMore in XBOC	XBAP	XBOC
Technology	XBOC +1.8 points	38.7%	40.5%
Financials	XBAP +0.9 points	12.0%	11.1%
Consumer Discretionary	XBAP +0.5 points	9.3%	8.8%
Communication	XBOC +0.5 points	9.5%	9.9%
Industrials	XBAP +0.2 points	7.8%	7.5%
Consumer Staples	XBAP +0.2 points	4.5%	4.3%
Materials	XBAP +0.1 points	1.7%	1.6%
Utilities	XBAP +0.1 points	2.0%	1.9%
Real Estate	XBAP +0.1 points	1.8%	1.7%
Energy	XBAP +0.1 points	3.5%	3.4%
Health Care	Same weight	9.3%	9.3%

Country, concentration and asset class

Country by domicile

Country weights in XBAP and XBOC, widest gap first
Country	More in XBAPMore in XBOC	XBAP	XBOC
United States	Same weight	99.5%	99.5%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
Mexico	Same weight	0.1%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

XBAP123.9%
XBOC112.0%

Securities held

XBAP5
XBOC5

Asset class

XBAP: Equity
XBOC: Equity

Holdings

Only in XBAP3
In both2
Only in XBOC3

Only in XBAP

3 securities, 19.1% of XBAP by weight

Voo 03/31/2027 597.56 C17.53%
Voo 03/31/2027 597.56 P1.25%
Voo 03/31/2027 621.46 C0.31%

Only in XBOC

3 securities, 13.6% of XBOC by weight

Voo 09/30/2027 700.88 C8.09%
Voo 09/30/2027 700.88 P5.44%
Voo 09/30/2027 728.92 C0.11%

Weight gaps

All 2 Holdings in both funds, largest gap first.

Holding weights in XBAP and XBOC, widest gap first
Holding	More in XBAPMore in XBOC	XBAP	XBOC
Vanguard S&P 500 ETFVOO	XBAP +5.96 points	104.07%	98.11%
Us Bank Mmda - Usbgfs 9 09/01/2037	XBAP +0.46 points	0.66%	0.20%

All 7 XBAP holdings⁠All 7 XBOC 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.

XBAP vs XBOC Cost

Same expense ratio

$15,174

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

XBAP 0.79%
$15,174
XBOC 0.79%
$15,174

Amount$10,000

Years30 years

Cost over time

XBAP 0.79%
XBOC 0.79%

Year by year

Year	XBAP	XBOC
10	$1,405	$1,405
20	$5,331	$5,331
30	$15,174	$15,174

Expense ratio

0.79%XBAP
0.79%XBOC

XBAP0.79%XBOC0.79%

0.79%0.85%

Middle half of S&P 500 Accelerated, 9-12% Buffer funds
Median 0.79%

XBAP cheapest of 6 funds

XBOC cheapest of 6 funds

XBAP vs XBOC Dividends

Last 12 months to Oct 30, 2026

Payout (12M): XBAP None; XBOC None

Distribution history

XBAPAll XBAP payments⁠

No distribution history available.

XBOCAll XBOC payments⁠

No distribution history available.

XBAP vs XBOC Risk

Fall from peak · 5 years

XBAP
XBOC

Risk facts

VolatilityStd dev, 3 years: XBAP 4.8%, betterXBOC 6.0%
Return per unit of riskSharpe ratio, 3 years: XBAP 1.96, betterXBOC 1.16
Worst fallMax drawdown, 5 years: XBAP −14.6%XBOC −13.4%, better
Market sensitivityBeta, 5 years: XBAP 0.34XBOC 0.40; Market = 1

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