XBJL vs XBOC: Grades, Fees and Holdings Compared

Innovator U.S. Equity Accelerated 9 Buffer ETF

XBJLBCboe

Innovator U.S. Equity Accelerated 9 Buffer ETF

XBOCCCboe

Overlap

97.5%by weight

Expense ratio

XBJL0.79%XBOC0.79%

Avg volume · 30D

XBOC 1.2×the volume

XBJL4.32KXBOC5.18K

5Y return · a year

XBJL +1.1pt

XBJL+9.0%XBOC+7.9%

XBJL vs XBOC Performance

Oct 29, 2021 – Oct 30, 2026

+54.0%XBJL+46.3%XBOC

Expense ratio: XBJL 0.79%; XBOC 0.79%
Fund size: XBJL $77M; XBOC $59M
1Y total return: XBJL +8.5%; XBOC +9.8%, better
Holdings: XBJL 5; XBOC 5
Avg volume (30D): XBJL 4.32K sh; XBOC 5.18K sh, better
NAV per share: XBJL $40.92; XBOC $36.32
52W range

ETF.net Grade

Pillar letters and Scores for XBJL, XBOC, with each pillar’s weight
Pillar	XBJL	XBOC
Cost30% weight	B59	B59
Mission25% weight	Not scored	A92
Risk15% weight	C50Higher	C42
Tradability15% weight	B55Higher	C46
Holdings10% weight	B59Higher	B58
Durability5% weight	B64Higher	C49

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

How we build Categories ›

Same Category. XBJL 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 ›

XBJL ranks 2nd 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

XBJLBInnovator U.S. Equity Accelerated 9 Buffer ETF

XBOCCInnovator U.S. Equity Accelerated 9 Buffer ETF

In short

XBJL Most buffer ETFs give up upside to buy protection. XBJL flips it: each July-to-June period aims for twice the S&P 500 ETF's price gain up to a cap, with the first 9% of losses absorbed.

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

XBJL The fund seeks twice the upside return of an ETF tracking the S&P 500 Index, subject to a cap, while providing approximately one-to-one downside exposure after a 9% buffer over the annual 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

XBJL Double up, not give up. It targets 2x the underlying S&P 500 ETF's price return to a cap, with downside one-to-one after a 9% buffer. Leverage runs one direction.innovatoretfs.com
It rolls itself. Each period runs July 1 to June 30, with a fresh cap and buffer struck at the reset. No maturity date, no options to roll.sec.gov
Fees are 0.79%, the same sticker as Innovator's other accelerated buffer funds (XBAP, XBJA, XBOC). The July start date costs no premium.
FLEX options on SPY, cleared by the Options Clearing Corporation, inside a 1940 Act fund launched in 2021. Plain brokerage account, no bank note.sec.gov

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

XBJL Outcomes are engineered for holders who own it from a period's first day to its last. Buy or sell mid-period and your effective cap and buffer differ.sec.gov
Returns follow the underlying ETF's share price only. The fund does not receive its dividends, the trade for accelerated upside.sec.gov
It trades far less actively than the plain S&P 500 funds underneath it, which can mean wider bid-ask spreads in fast markets.

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 XBJL profile⁠

Full XBOC profile⁠

XBJL vs XBOC Holdings

How XBJL and XBOC differ

Overlap by weight

97.5%

Shared holdings make up 98.3% of XBOC and 97.8% of XBJL.

Level by level

Holdings2 in both97.5%
Sector11 Sectors97.8%
Asset classEquity100%
Countryby domicile100%

Sector

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

XBJL109.7%
XBOC112.0%

Securities held

XBJL5
XBOC5

Asset class

XBJL: Equity
XBOC: Equity

Holdings

Only in XBJL3
In both2
Only in XBOC3

Only in XBJL

3 securities, 11.9% of XBJL by weight

Voo 06/30/2027 686.82 C7.55%
Voo 06/30/2027 686.82 P4.26%
Voo 06/30/2027 714.29 C0.10%

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 XBJL and XBOC, widest gap first
Holding	More in XBJLMore in XBOC	XBJL	XBOC
Vanguard S&P 500 ETFVOO	XBOC +0.84 points	97.27%	98.11%
Us Bank Mmda - Usbgfs 9 09/01/2037	XBJL +0.32 points	0.52%	0.20%

All 7 XBJL 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.

XBJL vs XBOC Cost

Same expense ratio

$15,174

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

XBJL 0.79%
$15,174
XBOC 0.79%
$15,174

Amount$10,000

Years30 years

Cost over time

XBJL 0.79%
XBOC 0.79%

Year by year

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

Expense ratio

0.79%XBJL
0.79%XBOC

XBJL0.79%XBOC0.79%

0.79%0.85%

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

XBJL cheapest of 6 funds

XBOC cheapest of 6 funds

XBJL vs XBOC Dividends

Last 12 months to Oct 30, 2026

Payout (12M): XBJL None; XBOC None

Distribution history

XBJLAll XBJL payments⁠

No distribution history available.

XBOCAll XBOC payments⁠

No distribution history available.

XBJL vs XBOC Risk

Fall from peak · 5 years

XBJL
XBOC

Risk facts

VolatilityStd dev, 3 years: XBJL 5.4%, betterXBOC 6.0%
Return per unit of riskSharpe ratio, 3 years: XBJL 1.54, betterXBOC 1.16
Worst fallMax drawdown, 5 years: XBJL −11.8%, betterXBOC −13.4%
Market sensitivityBeta, 5 years: XBJL 0.40XBOC 0.40; Market = 1

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