Data as of . Every figure is the buffer desk's own, on published data.
FAPR vs PMAY
FT Vest U.S. Equity Buffer ETF - April and Innovator U.S. Equity Power Buffer ETF - May, side by side on the buffer desk.
Open the live comparison on ETFIQ| FAPR FT Vest U.S. Equity Buffer ETF - April | PMAY Innovator U.S. Equity Power Buffer ETF - May | |
|---|---|---|
| Issuer | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | ||
| Outcome period | Apr 20, 2026 to Apr 16, 2027 | Apr 30, 2026 to Apr 30, 2027 |
| Days left | 224 | 238 |
| Starting cap | +15.2% | +13.0% |
| Can still gain | 8.0% | 7.9% |
| Fall before buffer | 6.3% | 4.6% |
| Protection left, index points | 10.0% of 10.0% | 15.0% of 15.0% |
| Index return this period | +8.5% | +7.2% |
| Fund return this period | +5.8% | +4.5% |
| State today | Open | Open |
| Expense ratio | 0.85% | 0.79% |
FAPR in plain words
From its price on Sep 4, 2026, the fund can gain about 8.0% more before it reaches its cap. The fund's price can fall 6.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.8% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 224 days remained on Sep 4, 2026. On Apr 16, 2027 the period ends and a new cap is set.
PMAY in plain words
From its price on Sep 4, 2026, the fund can gain about 7.9% more before it reaches its cap. The fund's price can fall 4.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.7% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 238 days remained on Sep 4, 2026. On Apr 30, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, FAPR or PMAY?
- From their prices on Sep 4, 2026, FAPR can gain about 8.0% before its cap and PMAY about 7.9%, so FAPR has more room left this period.
- Which resets first, FAPR or PMAY?
- FAPR ends its outcome period on Apr 16, 2027 and PMAY on Apr 30, 2027. A new cap is set the day after each.
- Which is cheaper, FAPR or PMAY?
- FAPR charges 0.85% a year and PMAY charges 0.79%, so PMAY is cheaper. Fees come from each fund's prospectus.
Other comparisons
Cite this page. ETFIQ, FAPR against PMAY, data as of Sep 4, 2026. https://etfiq.com/compare/buffer/FAPR-PMAY.html Free to use with attribution; the underlying files are at Open data.
ETFIQ is an independent publisher of exchange-traded fund data. It is not a fund issuer, broker-dealer or investment adviser, and it makes no recommendations; every figure here is stated arithmetic on published data. Standards and sources