XBJA vs XBOC: Grades, Fees and Holdings Compared

Innovator U.S. Equity Accelerated 9 Buffer ETF

XBJACCboe

Innovator U.S. Equity Accelerated 9 Buffer ETF

XBOCCCboe

Overlap

0.2%by weight

Expense ratio

XBJA0.79%XBOC0.79%

Avg volume · 30D

XBJA 1.5×the volume

XBJA7.68KXBOC5.18K

3Y return · a year

XBJA +0.3pt

XBJA+12.1%XBOC+11.8%

XBJA vs XBOC Performance

Oct 31, 2025 – Oct 30, 2026

+10.2%XBJA+9.8%XBOC

Expense ratio: XBJA 0.79%; XBOC 0.79%
Fund size: XBJA $94M; XBOC $59M
1Y total return: XBJA +10.2%, better; XBOC +9.8%
Holdings: XBJA 4; XBOC 5
Avg volume (30D): XBJA 7.68K sh, better; XBOC 5.18K sh
NAV per share: XBJA $34.79; XBOC $36.32
52W range

ETF.net Grade

Pillar letters and Scores for XBJA, XBOC, with each pillar’s weight
Pillar	XBJA	XBOC
Cost30% weight	B59	B59
Mission25% weight	Not scored	A92
Risk15% weight	C40	C42Higher
Tradability15% weight	B57Higher	C46
Holdings10% weight	Not scored	B58
Durability5% weight	B63Higher	C49

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

How we build Categories ›

Same Category. XBJA 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 ›

XBJA ranks 3rd 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

XBJACInnovator U.S. Equity Accelerated 9 Buffer ETF

XBOCCInnovator U.S. Equity Accelerated 9 Buffer ETF

In short

XBJA Most buffered ETFs buy protection by selling away your upside. XBJA goes after both: twice SPY's price move up to a cap, roughly one-times exposure on the way down, and the first 9% of losses absorbed over a period that runs January to December.

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

XBJA The fund seeks to deliver twice SPY's upside return up to a cap, with approximately one-times downside exposure, over a one-year outcome period. It protects the first 9% of losses during that 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

XBJA Two-way structure: 2x SPY's price gain up to a cap, about 1x exposure on the downside, and the first 9 percentage points of a decline absorbed over the one-year outcome period.innovatoretfs.com
No expiration date. The period closes December 31 and the fund resets with a fresh 9% buffer and a newly set cap, so the outcome year and the calendar year move together.innovatoretfs.com
0.79% expense ratio, the same sticker as the rest of Innovator's accelerated buffer shelf, including its April sibling XBAP.
Listed in January 2022, so several full reset cycles are already in the rear-view mirror rather than one untested outcome period.

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

XBJA Buy mid-period and you inherit whatever cap room and buffer remain. After a run-up, the upside left can be thinner and the downside exposure larger than the headline terms suggest.innovatoretfs.com
The math runs off SPY's price return, so the S&P 500's dividends are not passed through. Innovator's own materials say the fund is not built for income seekers.innovatoretfs.com
Volume is light next to the headline buffer funds, which puts more weight on trading carefully: check the spread and use limit orders.

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 XBJA profile⁠

Full XBOC profile⁠

XBJA vs XBOC Holdings

How XBJA and XBOC differ

Overlap by weight

0.2%

Shared holdings make up 0.3% of XBJA and 0.2% of XBOC.

Level by level

Holdings1 in both0.2%
Asset classEquity100%
Countryby domicile100%
Sector11 Sectors99.6%

Sector

Sector weights in XBJA and XBOC, widest gap first
Sector	More in XBJAMore in XBOC	XBJA	XBOC
Technology	XBOC +0.4 points	40.1%	40.5%
Financials	XBJA +0.2 points	11.3%	11.1%
Health Care	XBJA +0.1 points	9.4%	9.3%
Industrials	Same weight	7.6%	7.5%
Consumer Staples	XBJA +0.1 points	4.4%	4.3%
Consumer Discretionary	XBOC +0.1 points	8.7%	8.8%
Communication	XBOC +0.1 points	9.9%	9.9%
Energy	Same weight	3.4%	3.4%
Utilities	Same weight	1.9%	1.9%
Real Estate	Same weight	1.7%	1.7%
Materials	Same weight	1.6%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in XBJA and XBOC, widest gap first
Country	More in XBJAMore in XBOC	XBJA	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

XBJA112.7%
XBOC112.0%

Securities held

XBJA4
XBOC5

Asset class

XBJA: Equity
XBOC: Equity

Holdings

Only in XBJA3
In both1
Only in XBOC4

Only in XBJA

3 securities, 100% of XBJA by weight

Spy 12/31/2026 6.79 C100.77%
Spy 12/31/2026 681.89 C11.02%
Spy 12/31/2026 681.89 P0.67%

Only in XBOC

4 securities, 100% of XBOC by weight

Vanguard S&P 500 ETF98.11%
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 1 Holdings in both funds, largest gap first.

Holding weights in XBJA and XBOC, widest gap first
Holding	More in XBJAMore in XBOC	XBJA	XBOC
Us Bank Mmda - Usbgfs 9 09/01/2037	XBJA +0.08 points	0.28%	0.20%

All 7 XBJA 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.

XBJA vs XBOC Cost

Same expense ratio

$15,174

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

XBJA 0.79%
$15,174
XBOC 0.79%
$15,174

Amount$10,000

Years30 years

Cost over time

XBJA 0.79%
XBOC 0.79%

Year by year

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

Expense ratio

0.79%XBJA
0.79%XBOC

XBJA0.79%XBOC0.79%

0.79%0.85%

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

XBJA cheapest of 6 funds

XBOC cheapest of 6 funds

XBJA vs XBOC Dividends

Last 12 months to Oct 30, 2026

Payout (12M): XBJA None; XBOC None

Distribution history

XBJAAll XBJA payments⁠

No distribution history available.

XBOCAll XBOC payments⁠

No distribution history available.

XBJA vs XBOC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: XBJA 5.7%, betterXBOC 6.0%
Return per unit of riskSharpe ratio, 3 years: XBJA 1.27, betterXBOC 1.16
Worst fallMax drawdown, 5 years: XBJA −17.4%since Jan 2022XBOC −13.4%
Market sensitivityBeta, 5 years: XBJA 0.40XBOC 0.40; Market = 1

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