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BOCT vs UAPR: which one stands where?

As of Oct 2, 2026 UAPR can fall 12.5% before its buffer engages and BOCT 0.7%, and UAPR resets 183 days sooner. Innovator U.S. Equity Buffer ETF - Oct and Innovator U.S. Equity Ultra Buffer ETF - Apr.

their one-year returns differ by 2.5 points; BOCT is 1.8 times larger.

BOCTUAPR
Expense ratio0.79%0.79%
Net assets$292m$159m
Total return, 1 year+14.3%+11.8%
What it tracksSPYSPY
Holdings in commonnot published
0.7%
BOCT can fall this far before its buffer
12.5%
UAPR can fall this far before its buffer
19.4%
BOCT can still gain
4.2%
UAPR can still gain
BOCTBetween buffer and cap
Between buffer and capBOCT: reference +0.9% since period start, fund +0.7%; buffer 0 to −9; cap +20.2%; Between buffer and cap.9 pts+19.2% more to the cap−9.0% floor0% period start+20.2% capTODAY · SPY +0.9%Between buffer and capBOCT: reference +0.9% since period start, fund +0.7%; buffer 0 to −9; cap +20.2%; Between buffer and cap.−9.0% floor0% start+20.2% capTODAY · SPY +0.9%

BOCT: reference +0.9% since period start, fund +0.7%; buffer 0 to −9; cap +20.2%; Between buffer and cap.

UAPRAt its cap
At its capUAPR: reference +18.3% since period start, fund +8.0%; buffer −5 to −35; cap +13.0%; At its cap.30 pts of buffer+13% gain captured−35.0% floor−5.0% buffer start0% period start+13.0% capTODAY · SPY +18.3%At its capUAPR: reference +18.3% since period start, fund +8.0%; buffer −5 to −35; cap +13.0%; At its cap.30 pts of buffer+13%−35.0% floor−5.0% buffer start0% start+13.0% capTODAY · SPY +18.3%

UAPR: reference +18.3% since period start, fund +8.0%; buffer −5 to −35; cap +13.0%; At its cap.

ETFIQ Downside Cover Score · BOCT 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 294 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it → How it is computed →

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

They do not reset together. UAPR has 180 days of its period left and BOCT has 363, 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

UAPR resets first, on Mar 31, 2027, 180 days from now; BOCT runs to Sep 30, 2027, 363 days. BOCT can still gain 19.4% before its cap, UAPR 4.2%. A fall from here reaches BOCT’s buffer after 0.7% and UAPR’s after 12.5%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

Total returnGap to the reference
WindowBOCTUAPRBOCTUAPR
3 months+4.6%+2.3%+1.0 pts−1.3 pts
6 months+14.8%+7.4%−3.2 pts−10.6 pts
1 year+14.3%+11.8%−1.9 pts−4.4 pts
3 years+58.1%+40.8%−31.2 pts−48.5 pts

BOCT and UAPR over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

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
UAPR
Innovator U.S. Equity Ultra Buffer ETF - Apr · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 13.0%, over a period ending Mar 31, 2027
Issuer Innovator Innovator
Reference index SPY SPY
Buffer 9% 5% to 35%
Outcome period Sep 30, 2026 to Sep 30, 2027 Mar 31, 2026 to Mar 31, 2027
Days left 363 180
Starting cap +20.2% +13.0%
Can still gain 19.4% 4.2%
Fall before buffer 0.7% 12.5%
Protection left, index points 9.0% of 9.0% 30.0% of 30.0%
Index return this period +0.9% +18.3%
Fund return this period +0.7% +8.0%
State today Open At cap
Expense ratio 0.79% 0.79%
Net assets $292m $159m

BOCT and UAPR on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BOCT in plain words

From its price on Oct 2, 2026, the fund can gain about 19.4% 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 figure. In index terms, SPY can fall 0.9% 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. 363 days remained on Oct 2, 2026. On Sep 30, 2027 the period ends and a new cap is set.

UAPR in plain words

SPY had already risen past this fund's cap of +13.0% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.2% as the period runs out. The fund's price can fall 12.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 19.7% 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. 180 days remained on Oct 2, 2026. On Mar 31, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BOCT or UAPR?
From their prices on Oct 2, 2026, BOCT can gain about 19.4% before its cap and UAPR about 4.2%, so BOCT has more room left this period.
Which resets first, BOCT or UAPR?
BOCT ends its outcome period on Sep 30, 2027 and UAPR on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, BOCT or UAPR?
BOCT charges 0.79% a year and UAPR charges 0.79%, so BOCT is cheaper. Fees come from each fund's prospectus.
Other comparisons
BOCT vs TOCTBOCT vs XBOCBOCT vs XSEPBOCT vs ZALTUAPR vs DOCTUAPR vs FAPRUAPR vs FJANUAPR vs FLAO
SPY →BOCT on its own →UAPR on its own →How every figure is computed →Standards and sources →
Where these figures came from
BOCT and UAPR filings on SEC EDGAR ↗Innovator page for BOCT ↗Innovator page for UAPR ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BOCT against UAPR, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/boct-vs-uapr

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.