UOCT — Innovator S&P 500 Ultra Buffer ETF - October
Data updated: 2026-09-28
UOCT — Innovator S&P 500 Ultra Buffer ETF - October. Leveraged · $179.24M AUM · 0.79% expense ratio. Holdings, fees, performance and SEC filings.
UOCT Fund Overview
UOCT — Innovator S&P 500 Ultra Buffer ETF - October is a US ETF managed by Innovator ETFs Trust, categorised as Leveraged. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: Innovator ETFs Trust
- Category: Leveraged
- Assets under management: $179.24M
- 1-year return: 10.8%
- Ticker: UOCT
- SEC CIK: 0001415726
- SEC series ID: S000063479
- Share class ID: C000205660
UOCT Investment Objective and Strategy
Innovator S&P 500 Ultra Buffer ETF - October describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Innovator ETFs Trust.
Investment objective
The Fund seeks to provide investors with returns that match those of the S&P 500 Price Index, up to the upside cap of 9.99% (prior to taking into account management fees and other fees) and 9.20% (after taking into account management fees and other fees) while providing a buffer against S&P 500 Price Index losses of between 5% and 35%, over the period from October 1, 2018 to September 30, 2019.
Principal investment strategy
General Strategy Description. The Fund invests at least 80% of its net assets in FLexible EXchange Options ( FLEX Options ) that reference the S&P 500 Price Return Index ( S&P 500 Price Index ). FLEX Options are exchange-traded options contracts with uniquely customizable terms. Although guaranteed for settlement by the Options Clearing Corporation (the OCC ), FLEX Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional exchange-traded options. Due to the unique mechanics of the Funds strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles. It is important that an investor understand these characteristics before making an investment in the Fund.
In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price. The reference asset for all of the Funds FLEX Options is the S&P 500 Price Index, a large-cap, market-weighted, U.S. equities index that tracks the price (excluding dividends) of the 500 leading companies in leading industries. The pre-determined outcomes sought by the Fund, which include the buffer and Cap discussed below, are based upon the performance of the S&P 500 Price Index over the period of October 1, 2018 through September 30, 2019. This period is referred to as the initial Outcome Period. Following the initial Outcome Period, each subsequent Outcome Period will be a one-year period from October 1 to September 30.
In the event that the S&P 500 Price Index experiences gains over the Outcome Period, the strategy seeks to provide investment returns that match the performance of the S&P 500 Price Index, up to an upside return cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for the Outcome Period (the Cap ). The Cap is set on the first day of the Outcome Period and is 9.99% prior to taking into account any fees or expenses charged to shareholders. When the Funds annual Fund management fee of 0.79% of the Funds average daily net assets is taken into account, the Cap is 9.20%. The Cap will be further reduced by any shareholder transaction fees and any extraordinary expenses incurred by the Fund. The date stipulated in all of the Funds FLEX Options is the approximate termination date of the Outcome Period, at which time the Fund will invest in a new set of FLEX Options for the next Outcome Period.
The Funds investment sub-adviser, Milliman Financial Risk Management LLC ( Milliman or the Sub- Adviser ), has constructed a portfolio principally composed of seven FLEX Options on the S&P 500 Price Index that are each set to expire on the last day of the Outcome Period. The customizable nature of FLEX Options allows the Sub-Adviser to select the price at which the S&P 500 Price Index will be exercised at the expiration of each FLEX Option. This is commonly known as the strike price. At the commencement of the Outcome Period, the Sub-Adviser specifically selects the strike price for each FLEX Option such that when the FLEX Options are exercised on the final day of the Outcome Period, the Outcomes may be obtained, depending on the performance of the S&P 500 Price Index over the duration of the Outcome Period.
The Fund seeks to generate returns that match the S&P 500 Price Index, up to the Cap (discussed in detail below), while limiting downside losses. The two hypothetical graphical illustrations provided below are designed to illustrate the O utcomes based upon the hypothetical performance of the S&P 500 Price Index for a shareholder that holds Shares for the entirety of the Outcome Period. Additional hypothetical graphical representations of the Outcomes are provided in Additional Information Regarding the Funds Principal Investment Strategies. There is no guarantee that the Fund will be successful in its attempt to provide the O utcomes for an Outcome Period . The returns that the Fund seeks to provide do not include the costs associated with purchasing shares of the Fund and certain expenses incurred by the Fund.
[graphics omitted] Use of FLEX Options. The Outcomes may be achieved by purchasing and selling call and put FLEX Options to create layers within the Funds portfolio. One layer is designed to produce returns that match those of the S&P 500 Price Index for the Outcome Period if the S&P 500 Price Index has experienced gains during that time. To achieve these returns, the Fund will purchase a call option (giving the Fund the right to receive the cash value of the S&P 500 Price Index) and a put option (giving the Fund the right to deliver the cash value of the S&P 500 Price Index), while simultaneously selling a call option (giving the Fund the obligation to deliver the cash value of the S&P 500 Price Index) and a put option (giving the Fund the obligation to receive the cash value of the S&P 500 Price Index).
Each of these FLEX Options has a specifically selected strike price. The effect created by these four positions is that if the S&P 500 Price Index has increased in value over the course of the Outcome Period, when the amount of cash the Fund receives and delivers pursuant to the terms of its positions is netted out, the Fund seeks to provide a gain that matches the gain experienced by the S&P 500 Price Index. This gain is subject to the Cap, a maximum investment return level , which is discussed below. A separate layer is designed to produce the Funds ultra buffer. Ultra denotes the Funds objective to provide returns that are buffered by up to 30% if the S&P 500 Price Index experiences a loss of greater than 5% during the course of the Outcome Period. There is no guarantee that the Fund will be successful in its attempt to provide buffered returns.
In seeking to achieve the ultra buffer, the Fund sells both a call option and a put option. Both of these FLEX Options have a specifically selected strike price. The effect created by these two positions is that if the S&P 500 Price Index has decreased in value by an amount less than 5% over the course of the Outcome Period, when the amount of cash the Fund receives and delivers pursuant to the terms of its positions is netted out, the Fund seeks to provide a loss that equals the loss experienced by the S&P 500 Price Index, less fees and expenses. Additionally, if the S&P 500 Price Index has decreased in value between 5% and 35% over the course of the Outcome Period, when the amount of cash the Fund receives and delivers pursuant to the terms of its positions is netted out, the Fund seeks to provide a loss equal to 5%.
Lastly, for if the S&P 500 Price Index has decreased in value by greater than 35% over the course of the Outcome Period, when the amount of cash the Fund receives and delivers pursuant to the terms of its positions is netted out, the Fund seeks to provide a loss that is 30% less than the loss experienced by the S&P 500 Price Index. Each of the FLEX Options purchased and sold throughout the Outcome Period will have the same terms ( i . e . , strike price and expiration) as the corresponding FLEX Options purchased and sold on the first day of the Outcome Period. A detailed explanation regarding the terms of the FLEX Options and the mechanics of the Funds strategy can be found in Additional Information Regarding the Funds Principal Investment Strategies. The Outcome Period. The Outcomes sought by the Fund are based upon the value of the underlying FLEX Options at the time they may be exercised at the conclusion of the Outcome Period.
During the Outcome Period, the value of the FLEX Options, and Funds net asset value ( NAV ), may be significantly different than their value at the commencement and/or conclusion of the Outcome Period. An investor that purchases Shares after the Outcome Period has commenced or sells Shares prior to the conclusion of the Outcome Period may expe rience O utcomes very different from those sought by the Fund for the Outcome Period. To achieve the Outcomes sought by the Fund for the Outcome Period, an investor must be holding Shares on the day that the Fund enters into the FLEX Options and on the day those FLEX Options expire . During the Outcome Period, both the Cap and buffer are fixed numbers that are calculated based upon the Funds NAV (which is in turn based upon the S&P 500 Price Index).
As the Outcome Period transpires and the Funds NAV changes, an investor purchasing Shares will likely have a different return potential than the investor who purchased Shares at the beginning of the Outcome Period. This is because while the Cap and buffer for the Outcome Period remain constant, an investor purchasing Shares during the Outcome Period likely purchased Shares at a price that is different from the Funds NAV at the commencement of the Outcome Period. The value of the underlying FLEX Options on any given day will be reflected in the Funds NAV. However, due to the way that options contracts are valued, during the Outcome Period the value of the underlying FLEX Options, and thus the Funds NAV, will not correlate one-to-one with the returns being experienced by the S&P 500 Price Index (for example, if the S&P 500 Price Index has decreased in value by 40% the Funds NAV will not necessarily have decreased by 10%).
The value of the FLEX Options depends on the amount of time remaining prior to their expiration. Accordingly, the non-correlation between the Funds NAV and the S&P 500 Price Index may be more pronounced earlier in the Outcome Period. Cap on Potential Upside Returns. Unlike other investment products, the potential returns an investor can receive from an investment in the Fund are subject to an upside return cap. This means that if the Fund experiences gains for the Outcome Period beyond the Cap, a shareholder will not experience those excess gains. Therefore, regardless of the performance of the S&P 500 Price Index, the Cap is the maximum return an investor can achieve from an investment in the Fund for the Outcome Period . The Cap is set on the first day of the Outcome Period and is 9.99% prior to taking into account any fees or expenses charged to shareholders.
When the Funds annual Fund management fee of 0.79% of the Funds average daily net assets is taken into account, the Cap is 9.20%. The Cap will be further reduced by any shareholder transaction fees and any extraordinary expenses incurred by the Fund. The definitive Cap will be set forth on the Funds website at www.innovatoretfs.com/ uoct . The Cap will change for each Outcome Period based upon prevailing market conditions at the beginning of the Outcome Period. The Cap, and the Funds position relative to it, should be considered before investing in the Fund. If an investor is conside ring purchasing Shares during the Outcome Period, and the Fund has already increased in value to a level near to the Cap, an investor purchasing Shares at that price has limited to no gains available for the remainder of the Outcome Period but remains vulnerable to significant downside risks.
The Cap level is a result of the design of the Funds principal investment strategy. In order to provide the buffer, the Fund purchases a series of put and call FLEX Options. As the purchaser of these FLEX Options, the Fund is obligated to pay a premium to the seller of those FLEX Options. However, the strategy is designed so that any premiums that the Fund is obligated to pay are offset by premiums it receives in connection with the selling of FLEX Options.
UOCT Holdings
Top 1 holdings of Innovator S&P 500 Ultra Buffer ETF - October by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| US Bank Mmda - Usbgfs 9 | 0.31% |
UOCT Portfolio Allocation
Asset-class allocation of Innovator S&P 500 Ultra Buffer ETF - October by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Derivatives | 99.8% |
| Cash & Equivalents | 0.3% |
UOCT Performance
Total returns for UOCT (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 6.2% |
| 1 year | 10.8% |
| 3 years (annualised) | 11.2% |
| 5 years (annualised) | 8.3% |
UOCT Risk Information
Risk metrics for UOCT, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 6.0%
UOCT Costs and Fees
UOCT costs about $79 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.79%
- Gross expense ratio: 0.79%
- Portfolio turnover: 0%
- Brokerage commissions: 3.04 bps of average net assets (SEC N-CEN)
UOCT Cashflows
Over the 12 months to 2026-07, Innovator S&P 500 Ultra Buffer ETF - October had net inflows of $6.99M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-07 | $0 |
| 2026-06 | −$6.13M |
| 2026-05 | $0 |
| 2026-04 | −$63.99M |
| 2026-03 | $0 |
| 2026-02 | $0 |
UOCT Debt Constituents
No individual debt constituents are reported in Innovator S&P 500 Ultra Buffer ETF - October's latest SEC N-PORT filing.
UOCT Prospectus and SEC Filings
Official Innovator S&P 500 Ultra Buffer ETF - October filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-02-27
- Prospectus (485BPOS) — filed 2025-02-27
- Prospectus supplement (497) — filed 2025-10-01
- Portfolio holdings (N-PORT) — filed 2026-09-28
- Portfolio holdings (N-PORT) — filed 2026-06-26
- Portfolio holdings (N-PORT) — filed 2026-03-27
- Annual census (N-CEN) — filed 2026-01-13
- Annual census (N-CEN) — filed 2025-01-15
Related Funds
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Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.