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BAPR vs UOCT: Cap, Buffer & Days Left

As of Oct 13, 2026 BAPR can fall 11.5% before its buffer engages and UOCT 6.2%, and BAPR resets 183 days sooner. Net assets on Oct 12, 2026: $417m for Innovator U.S. Equity Buffer ETF - Apr and $198m for Innovator U.S. Equity Ultra Buffer ETF - Oct.

Both cost 0.79% a year; their one-year returns differ by 5.7 points; BAPR is 2.1 times larger.

Points (pts) are percentage points.

BAPR vs UOCT: Cap, Buffer & Days Left
BAPRUOCT
Expense ratio0.79%0.79%
Net assets, as of Oct 12, 2026$417m$198m
Total return, 1 year+18.3%+12.6%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer16.3%6.8%
11.5%
BAPR can fall this far before its buffer
6.2%
UOCT can fall this far before its buffer
5.0%
BAPR can still gain
13.8%
UOCT can still gain
BAPRAt its cap
At its capBAPR: reference +19.5% since period start, fund +12.4%; buffer 0 to −9; cap +18.5%; At its cap. Figures to Oct 13, 2026.9 pts+18.5% gain captured−9.0% floor0% period start+18.5% capTODAY · SPY +19.5%At its capBAPR: reference +19.5% since period start, fund +12.4%; buffer 0 to −9; cap +18.5%; At its cap. Figures to Oct 13, 2026.+18.5%−9.0% floor0% start+18.5% cap9 pts of bufferTODAY · SPY +19.5%

BAPR: reference +19.5% since period start, fund +12.4%; buffer 0 to −9; cap +18.5%; At its cap. Figures to Oct 13, 2026.

BAPR: reference +19.5% since period start, fund +12.4%; buffer 0 to −9; cap +18.5%; At its cap. Figures to Oct 13, 2026.

UOCTBetween buffer and cap
Between buffer and capUOCT: reference +1.9% since period start, fund +1.2%; buffer −5 to −35; cap +15.3%; Between buffer and cap. Figures to Oct 13, 2026.30 pts of buffer+13.3% more to the cap−35.0% floor−5.0% buffer start0% period start+15.3% capfirst 5 pts are yours to lose+1.9% gain capturedTODAY · SPY +1.9%Between buffer and capUOCT: reference +1.9% since period start, fund +1.2%; buffer −5 to −35; cap +15.3%; Between buffer and cap. Figures to Oct 13, 2026.30 pts of buffer−35.0% floor−5.0% buffer start0% start+15.3% capfirst 5 pts are yours to lose+1.9% gain captured+13.3% more to the capTODAY · SPY +1.9%

UOCT: reference +1.9% since period start, fund +1.2%; buffer −5 to −35; cap +15.3%; Between buffer and cap. Figures to Oct 13, 2026.

UOCT: reference +1.9% since period start, fund +1.2%; buffer −5 to −35; cap +15.3%; Between buffer and cap. Figures to Oct 13, 2026.

ETFIQ Downside Cover Score · UOCT scores higherIf the market falls into a bear market from here, how much does the buffer absorb?
0.2, the lowest in this set99.8, the highest

A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it → How it is computed →

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

They do not reset together. BAPR has 169 days of its period left and UOCT has 352, so the two are not the same bet on the same months.

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

Where each one stands today

BAPR resets first, on Mar 31, 2027, 169 days from now; UOCT runs to Sep 30, 2027, 352 days. BAPR can still gain 5.0% before its cap, UOCT 13.8%. A fall from here reaches BAPR’s buffer after 11.5% and UOCT’s after 6.2%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BAPR vs UOCT: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowBAPRUOCTBAPRUOCT
3 months+3.2%+3.9%−0.6 pts0.0 pts
6 months+8.3%+9.0%−5.1 pts−4.4 pts
1 year+18.3%+12.6%−0.8 pts−6.5 pts
3 years+56.3%+40.0%−24.0 pts−40.3 pts
Since launch
Not the same days: BAPR Apr 2019 · UOCT Oct 2018
+118.0%+78.9%−54.2 pts−87.9 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

On the same fields

BAPR
Innovator U.S. Equity Buffer ETF - Apr · Absorbs the first 9% of loss on SPY and caps the gain at 18.5%, over a period ending Mar 31, 2027
UOCT
Innovator U.S. Equity Ultra Buffer ETF - Oct · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 15.3%, over a period ending Sep 30, 2027
Issuer Innovator Innovator
Reference index SPY SPY
Buffer 9% 5% to 35%
Outcome period Mar 31, 2026 to Mar 31, 2027 Sep 30, 2026 to Sep 30, 2027
Days left 169 352
Starting cap +18.5% +15.3%
Can still gain 5.0% 13.8%
Fall before buffer 11.5% 6.2%
Protection left, index points 9.0% of 9.0% 30.0% of 30.0%
Index return this period +19.5% +1.9%
Fund return this period +12.4% +1.2%
State today At cap Open
Expense ratio 0.79% 0.79%
Net assets, as of Oct 12, 2026 $417m $198m

As of Oct 13, 2026. Source: ETFIQ.

About BAPR

SPY had already risen past this fund's cap of +18.5% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 5.0% as the period runs out. The fund's price can fall 11.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.3% 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. 169 days remained on Oct 13, 2026. On Mar 31, 2027 the period ends and a new cap is set.

About UOCT

From its price on Oct 13, 2026, the fund can gain about 13.8% more before it reaches its cap. The fund's price can fall 6.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.8% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. 352 days remained on Oct 13, 2026. On Sep 30, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BAPR or UOCT?
From their prices on Oct 13, 2026, BAPR can gain about 5.0% before its cap and UOCT about 13.8%, so UOCT has more room left this period.
Which resets first, BAPR or UOCT?
BAPR ends its outcome period on Mar 31, 2027 and UOCT on Sep 30, 2027. A new cap is set the day after each.
Which is cheaper, BAPR or UOCT?
BAPR and UOCT both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.
Other comparisons
BAPR vs TAPRBAPR vs XMARBAPR vs UAPRBAPR vs UJANUOCT vs DSEPUOCT vs DOCTUOCT vs DJANUOCT vs BSEP
SPY →BAPR on its own →UOCT on its own →How every figure is computed →Standards and sources →
Where these figures came from
BAPR and UOCT filings on SEC EDGAR ↗Innovator page for BAPR ↗Innovator page for UOCT ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every figure 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 figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, BAPR against UOCT, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/bapr-vs-uoct

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.