Data as of . Every figure is the buffer desk's own, on published data.
PAPR vs PMAY
Innovator U.S. Equity Power Buffer ETF - Apr and Innovator U.S. Equity Power Buffer ETF - May, side by side on the buffer desk.
Open the live comparison on ETFIQ| PAPR Innovator U.S. Equity Power Buffer ETF - Apr | PMAY Innovator U.S. Equity Power Buffer ETF - May | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | ||
| Outcome period | Mar 31, 2026 to Mar 31, 2027 | Apr 30, 2026 to Apr 30, 2027 |
| Days left | 208 | 238 |
| Starting cap | +14.0% | +13.0% |
| Can still gain | 4.8% | 7.9% |
| Fall before buffer | 8.1% | 4.6% |
| Protection left, index points | 15.0% of 15.0% | 15.0% of 15.0% |
| Index return this period | +18.4% | +7.2% |
| Fund return this period | +8.4% | +4.5% |
| State today | At cap | Open |
| Expense ratio | 0.79% | 0.79% |
PAPR in plain words
SPY had already risen past this fund's cap of +14.0% for the period on Sep 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.8% as the period runs out. The fund's price can fall 8.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.6% 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. 208 days remained on Sep 4, 2026. On Mar 31, 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, PAPR or PMAY?
- From their prices on Sep 4, 2026, PAPR can gain about 4.8% before its cap and PMAY about 7.9%, so PMAY has more room left this period.
- Which resets first, PAPR or PMAY?
- PAPR ends its outcome period on Mar 31, 2027 and PMAY on Apr 30, 2027. A new cap is set the day after each.
- Which is cheaper, PAPR or PMAY?
- PAPR charges 0.79% a year and PMAY charges 0.79%, so PAPR is cheaper. Fees come from each fund's prospectus.
Other comparisons
Cite this page. ETFIQ, PAPR against PMAY, data as of Sep 4, 2026. https://etfiq.com/compare/buffer/PAPR-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