Premium Income 9 Buffer ETF
HOCT
Chicago Board Options Exchange- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Income
- Address
- United States of America
- IPO Date
- Oct 2, 2023
- Similar Companies
- Business
- Innovator Premium Income 9 Buffer ETF - October (HOCT), a series of Innovator ETFs Trust, is an actively managed exchange-traded fund that seeks to deliver a high level of monthly income through defined distributions at an annualized rate of 6.85% (prior to fees) alongside a 9% buffer against losses in the SPDR S&P 500 ETF Trust (SPY) over its approximately one-year outcome period from October 1 to September 30; the fund achieves these predefined outcomes by investing in U.S. Treasury bills maturing near distribution dates and FLEX Options referencing SPY, generating income from Treasury yields and option premiums while providing downside protection for investors holding shares through the full outcome period. The fund offers no participation in SPY upside returns beyond the defined distributions, with shareholders bearing all SPY losses exceeding the 9% buffer on a one-to-one basis, net of the 0.79% annual management fee that reduces the effective distribution rate to 6.06%; it targets income-seeking investors tolerant of equity market risks beyond the buffer, with outcome periods resetting annually without fund termination. Launched on September 29, 2023, and listed on Cboe BZX Exchange, HOCT operates within the defined outcome ETF segment pioneered by its investment adviser, Innovator Capital Management, LLC, founded in 2017 and headquartered in Wheaton, Illinois. Innovator Capital Management, which oversees HOCT and a suite of over 150 defined outcome ETFs managing approximately $28 billion in assets as of September 2025, announced a definitive agreement on December 1, 2025, to be acquired by Goldman Sachs for around $2 billion in a cash-and-stock transaction expected to close in Q2 2026, significantly expanding Goldman Sachs Asset Management's active ETF capabilities in buffer and income strategies. In July 2025, HOCT added three new co-portfolio managers from Milliman—Jeff Greco, Rebekah Lipp, and Maria Schiopu—joining Robert T. Cummings to enhance strategy research, ETF management, and quantitative overlays, while Jordan Rosenfeld departed in April 2025; these changes reflect ongoing portfolio management optimizations amid the firm's growth. HOCT faced closure alongside other October series funds, with trading halted October 1, 2025, and liquidation completed October 7, 2025, as approved by the Innovator ETFs Trust Board to align with strategic priorities prior to the Goldman Sachs acquisition. The fund primarily serves U.S. retail and institutional investors seeking structured equity exposure with income and limited downside risk, with operations centered in the United States.