Which has more room to gain, BOCT or TOCT?

From their prices on Oct 2, 2026, BOCT can gain about 19.4% before its cap and TOCT about 7.2%, so BOCT has more room left this period.

Which resets first, BOCT or TOCT?

BOCT ends its outcome period on Sep 30, 2027 and TOCT on Sep 30, 2027. A new cap is set the day after each.

Which is cheaper, BOCT or TOCT?

BOCT charges 0.79% a year and TOCT charges 0.79%, so BOCT is cheaper. Fees come from each fund's prospectus.

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BOCT vs TOCT: which one stands where?

As of Oct 2, 2026 TOCT can fall 5.1% before its buffer engages and BOCT 0.7%. Innovator U.S. Equity Buffer ETF - Oct and Innovator Equity Defined Protection ETF - Oct 2027.

their one-year returns differ by 10.8 points; BOCT is 21.3 times larger.

	BOCT	TOCT
Expense ratio	0.79%	0.79%
Net assets	$292m	$14m
Total return, 1 year	+14.3%	+3.5%
What it tracks	SPY	SPY
Holdings in common	not published

0.7%

BOCT can fall this far before its buffer

5.1%

TOCT can fall this far before its buffer

19.4%

BOCT can still gain

7.2%

TOCT can still gain

BOCTBetween buffer and cap

BOCT: reference +0.9% since period start, fund +0.7%; buffer 0 to −9; cap +20.2%; Between buffer and cap.

TOCTAt its cap

TOCT: reference +15.5% since period start, fund +4.5%; buffer Floor; cap +12.8%; At its cap.

These are two different products. TOCT is a floor fund, which caps how far a holder can fall. BOCT is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

TOCT is already at its cap, so more rise in the index adds nothing to it before the period ends.

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

BOCT resets first, on Sep 30, 2027, 363 days from now; TOCT runs to Sep 30, 2027, 363 days. BOCT can still gain 19.4% before its cap, TOCT 7.2%. A fall from here reaches BOCT’s buffer after 0.7% and TOCT’s after 5.1%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	BOCT	TOCT	BOCT	TOCT
3 months	+4.6%	+1.1%	+1.0 pts	−2.5 pts
6 months	+14.8%	+3.8%	−3.2 pts	−14.2 pts
1 year	+14.3%	+3.5%	−1.9 pts	−12.7 pts
3 years	+58.1%	not published	−31.2 pts	not published

BOCT and TOCT over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

BOCT

Innovator U.S. Equity Buffer ETF - Oct · Absorbs the first 9% of loss on SPY and caps the gain at 20.2%, over a period ending Sep 30, 2027

TOCT

Innovator Equity Defined Protection ETF - Oct 2027 · Absorbs the whole loss on SPY and caps the gain at 12.8%, over a period ending Sep 30, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 9% 100%

Outcome period Sep 30, 2026 to Sep 30, 2027 Sep 30, 2025 to Sep 30, 2027

Days left 363 363

Starting cap +20.2% +12.8%

Can still gain 19.4% 7.2%

Fall before buffer 0.7% 5.1%

Protection left, index points 9.0% of 9.0% 100.0% of 100.0%

Index return this period +0.9% +15.5%

Fund return this period +0.7% +4.5%

State today Open At cap

Expense ratio 0.79% 0.79%

Net assets $292m $14m

BOCT and TOCT on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BOCT in plain words

From its price on Oct 2, 2026, the fund can gain about 19.4% more before it reaches its cap. The fund's price can fall 0.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.9% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 363 days remained on Oct 2, 2026. On Sep 30, 2027 the period ends and a new cap is set.

TOCT in plain words

SPY had already risen past this fund's cap of +12.8% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 7.2% as the period runs out. The fund's price can fall 5.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 13.4% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BOCT or TOCT?: From their prices on Oct 2, 2026, BOCT can gain about 19.4% before its cap and TOCT about 7.2%, so BOCT has more room left this period.
Which resets first, BOCT or TOCT?: BOCT ends its outcome period on Sep 30, 2027 and TOCT on Sep 30, 2027. A new cap is set the day after each.
Which is cheaper, BOCT or TOCT?: BOCT charges 0.79% a year and TOCT charges 0.79%, so BOCT is cheaper. Fees come from each fund's prospectus.

Other comparisons

BOCT vs QBSF BOCT vs QBSV BOCT vs SEPM BOCT vs SIXO TOCT vs PQV TOCT vs XBOC TOCT vs XSEP TOCT vs ZALT

SPY →BOCT on its own →TOCT on its own →How every figure is computed →Standards and sources →

Where these figures came from

BOCT filings on SEC EDGAR ↗Innovator page for BOCT ↗Innovator page for TOCT ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BOCT against TOCT, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/boct-vs-toct

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.