DBOC - Innovator Double Stacker 9 Buffer ETF October

The Innovator Double Stacker 9 Buffer ETF October (DBOC) is an exchange-traded fund that seeks to provide investors with exposure to the performance of the S&P 500 Price Index while also offering downside protection. DBOC seeks to achieve its investment objective by investing in a combination of (i) SPDR S&P 500 ETF Trust (SPY), (ii) put options on the SPDR S&P 500 ETF Trust (SPY), and (iii) US Treasury Bills.

The fund has a unique structure in that it provides investors with two levels of downside protection. The first level of protection is provided by the purchase of out-of-the-money put options on the SPDR S&P 500 ETF Trust. These options provide a buffer against the first 9% of losses in the S&P 500 Price Index. The second level of protection is provided by holding US Treasury Bills. These Treasury Bills provide liquidity to the fund and serve as a cushion against losses beyond the 9% buffer.

DBOC has an expense ratio of 0.79% and is rebalanced monthly. The fund is relatively new, having been launched on October 1, 2021, and therefore has limited performance history. As of March 23, 2023, the fund had a net asset value of $3.32 million.