Which has more room to gain, BOCT or TOCT?

From their prices on Nov 4, 2026, BOCT can gain about 19.3% before its cap and TOCT about 6.6%, 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 and TOCT both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

BOCT vs TOCT: Cap, Buffer & Days Left

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As of Nov 4, 2026 TOCT can fall 5.5% before its buffer engages and BOCT 0.7%.

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Net assets on Nov 4, 2026: $360m for Innovator U.S. Equity Buffer ETF - Oct and $14m for Innovator Equity Defined Protection ETF - Oct 2027.

BOCT on its own →TOCT on its own →

At a glance

0.7%

BOCT can fall this far before its buffer

5.5%

TOCT can fall this far before its buffer

19.3%

BOCT can still gain

6.6%

TOCT can still gain

BOCT Between buffer and cap

BOCT: reference +0.5% since period start, fund +0.6%; buffer 0 to −9; cap +20.2%; Between buffer and cap. Data to Nov 4, 2026.

TOCT At its cap

TOCT: reference +15.1% since period start, fund +4.9%; buffer Floor; cap +12.8%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

Both cost 0.79% a year; their one-year returns differ by 9.8 points; BOCT is far larger, $360m against $14m.

Points (pts) are percentage points.

BOCT vs TOCT: Cap, Buffer & Days Left
Measure	BOCT	TOCT
Return
Measure	BOCT	TOCT
Total return, 1 year	+13.9%	+4.1%
Drawdown
Measure	BOCT	TOCT
Index fall to the buffer	0.5%	13.1%
Benchmark
Measure	BOCT	TOCT
What it tracks	SPY	SPY
Cost and size
Measure	BOCT	TOCT
Expense ratio	0.79%	0.79%
Net assets	$360m	$14m
Holdings
Measure	BOCT	TOCT
Holdings in common	not published

Method

Window by window

Window by window: BOCT vs TOCT: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BOCT	TOCT	BOCT	TOCT
3 months	+2.2%	+0.7%	+2.6 pts	+1.1 pts
6 months	+6.3%	+1.9%	+1.9 pts	−2.6 pts
1 year	+13.9%	+4.1%	+0.3 pts	−9.4 pts
3 years	+53.8%	–	−22.6 pts	–
Since launchNot the same days: BOCT Oct 2018 · TOCT Oct 2025	+125.8%	+4.1%	−37.1 pts	−10.7 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

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 330 330

Starting cap +20.2% +12.8%

Can still gain 19.3% 6.6%

Fall before buffer 0.7% 5.5%

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

Index return this period +0.5% +15.1%

Fund return this period +0.6% +4.9%

State today Open At cap

Expense ratio 0.79% 0.79%

Net assets $360m $14m

As of Nov 4, 2026. Source: ETFIQ.

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, 330 days from now; TOCT runs to Sep 30, 2027, 330 days. BOCT can still gain 19.3% before its cap, TOCT 6.6%. A fall from here reaches BOCT’s buffer after 0.7% and TOCT’s after 5.5%. Both track SPY, so what separates them is where each is in its own period.

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About each fund

BOCT

From its price on Nov 4, 2026, the fund can gain about 19.3% 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 number. In index terms, SPY can fall 0.5% 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. 330 days remained on Nov 4, 2026. On Sep 30, 2027 the period ends and a new cap is set.

TOCT

SPY had already risen past this fund's cap of +12.8% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 6.6% as the period runs out. The fund's price can fall 5.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 13.1% 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 Nov 4, 2026, BOCT can gain about 19.3% before its cap and TOCT about 6.6%, 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 and TOCT both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

BOCT vs PQX BOCT vs PMOC BOCT vs SEPM BOCT vs PQXV TOCT vs ZOCT TOCT vs DDFO TOCT vs CPSO TOCT vs PQX

Where to next

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BOCT on its own →TOCT on its own →Method →Standards and sources →

Sources and dates

BOCT filings on SEC EDGAR ↗

Innovator page for BOCT ↗

Innovator page for TOCT ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, BOCT against TOCT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/boct-vs-toct

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