Which has more room to gain, AAPR or PMAP?

From their prices on Oct 2, 2026, AAPR can gain about 11.2% before its cap and PMAP about 2.9%, so AAPR has more room left this period.

Which resets first, AAPR or PMAP?

AAPR ends its outcome period on Mar 31, 2028 and PMAP on Mar 31, 2027. A new cap is set the day after each.

Which is cheaper, AAPR or PMAP?

AAPR charges 0.79% a year and PMAP charges 0.50%, so PMAP is cheaper. Fees come from each fund's prospectus.

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AAPR vs PMAP: which one stands where?

As of Oct 2, 2026 PMAP can fall 4.0% before its buffer engages and AAPR 4.0%, and PMAP resets 366 days sooner. Innovator Equity Defined Protection ETF - Apr 2028 and PGIM S&P 500 Max Buffer ETF - April.

PMAP costs 0.29 points a year less; their one-year returns differ by 0.4 points; AAPR is 14.2 times larger.

	AAPR	PMAP
Expense ratio	0.79%	0.50%
Net assets	$71m	$5m
Total return, 1 year	+6.7%	+6.3%
What it tracks	SPY	SPY
Holdings in common	not published

4.0%

AAPR can fall this far before its buffer

4.0%

PMAP can fall this far before its buffer

11.2%

AAPR can still gain

2.9%

PMAP can still gain

AAPRAt its cap

AAPR: reference +18.3% since period start, fund +3.7%; buffer Floor; cap +15.7%; At its cap.

PMAPAt its cap

PMAP: reference +18.3% since period start, fund +3.7%; buffer Floor; cap +7.1%; At its cap.

Both are already at their cap, so neither gains from more rise in the index before the period ends.

They do not reset together. PMAP has 180 days of its period left and AAPR has 546, so the two are not the same bet on the same months.

Where each one stands today

PMAP resets first, on Mar 31, 2027, 180 days from now; AAPR runs to Mar 31, 2028, 546 days. AAPR can still gain 11.2% before its cap, PMAP 2.9%. A fall from here reaches AAPR’s buffer after 4.0% and PMAP’s after 4.0%. 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 return		Gap to the reference
Window	AAPR	PMAP	AAPR	PMAP
3 months	+1.1%	+1.4%	−2.5 pts	−2.2 pts
6 months	+3.3%	+3.5%	−14.6 pts	−14.4 pts
1 year	+6.7%	+6.3%	−9.5 pts	−10.0 pts

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

On the same fields

AAPR

Innovator Equity Defined Protection ETF - Apr 2028 · Absorbs the whole loss on SPY and caps the gain at 15.7%, over a period ending Mar 31, 2028

PMAP

PGIM S&P 500 Max Buffer ETF - April · Absorbs the whole loss on SPY and caps the gain at 7.1%, over a period ending Mar 31, 2027

Issuer Innovator PGIM

Reference index SPY SPY

Buffer 100% 100%

Outcome period Mar 31, 2026 to Mar 31, 2028 Apr 1, 2026 to Mar 31, 2027

Days left 546 180

Starting cap +15.7% +7.1%

Can still gain 11.2% 2.9%

Fall before buffer 4.0% 4.0%

Protection left, index points 100.0% of 100.0% 100.0% of 100.0%

Index return this period +18.3% +18.3%

Fund return this period +3.7% +3.7%

State today At cap At cap

Expense ratio 0.79% 0.50%

Net assets $71m $5m

AAPR and PMAP on the same fields, as of Oct 2, 2026. Source: ETFIQ.

AAPR in plain words

SPY had already risen past this fund's cap of +15.7% 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 11.2% as the period runs out. The fund's price can fall 4.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.5% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 546 days remained on Oct 2, 2026. On Mar 31, 2028 the period ends and a new cap is set.

PMAP in plain words

SPY had already risen past this fund's cap of +7.1% 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 2.9% as the period runs out. 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, AAPR or PMAP?: From their prices on Oct 2, 2026, AAPR can gain about 11.2% before its cap and PMAP about 2.9%, so AAPR has more room left this period.
Which resets first, AAPR or PMAP?: AAPR ends its outcome period on Mar 31, 2028 and PMAP on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, AAPR or PMAP?: AAPR charges 0.79% a year and PMAP charges 0.50%, so PMAP is cheaper. Fees come from each fund's prospectus.

Other comparisons

AAPR vs MARM AAPR vs PAPR AAPR vs PBAP AAPR vs SIXO PMAP vs APOC PMAP vs APRP PMAP vs APRT PMAP vs APRW

SPY →AAPR on its own →PMAP on its own →How every figure is computed →Standards and sources →

Where these figures came from

Innovator page for AAPR ↗PMAP filings on SEC EDGAR ↗PGIM website ↗

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, AAPR against PMAP, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/aapr-vs-pmap

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.