Data as of Nov 4, 2026.
AAPR vs PMAP: Cap, Buffer & Days Left
As of Nov 4, 2026 AAPR can fall 4.5% before its buffer engages and PMAP 4.4%, and PMAP resets 366 days sooner.
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Net assets on Nov 4, 2026: $71m for Innovator Equity Defined Protection ETF - Apr 2028 and $5.0m for PGIM S&P 500 Max Buffer ETF - April.
AAPR: reference +17.9% since period start, fund +4.2%; buffer Floor; cap +15.7%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.PMAP: reference +17.9% since period start, fund +4.1%; buffer Floor; cap +7.1%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
PMAP costs 0.29 points a year less; their one-year returns differ by 0.8 points; AAPR is 14.2 times larger.
Points (pts) are percentage points.
| Measure | AAPR | PMAP |
|---|---|---|
| Return | ||
| Total return, 1 year | +7.2% | +6.4% |
| Drawdown | ||
| Index fall to the buffer | 15.2% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.50% |
| Net assets | $71m | $5.0m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | AAPR | PMAP | AAPR | PMAP |
| 3 months | +1.0% | +1.1% | +1.4 pts | +1.5 pts |
| 6 months | +2.0% | +2.3% | −2.5 pts | −2.2 pts |
| 1 year | +7.2% | +6.4% | −6.4 pts | −7.2 pts |
| Since launchNot the same days: AAPR Apr 2024 · PMAP Apr 2025 | +21.0% | +10.9% | −25.8 pts | −25.8 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
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 147 days of its period left and AAPR has 513, so the two are not the same bet on the same months.
Where each one stands today
PMAP resets first, on Mar 31, 2027, 147 days from now; AAPR runs to Mar 31, 2028, 513 days. AAPR can still gain 10.6% before its cap, PMAP 2.5%. A fall from here reaches AAPR’s buffer after 4.5% and PMAP’s after 4.4%. Both track SPY, so what separates them is where each is in its own period.
AAPR
SPY had already risen past this fund's cap of +15.7% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 10.6% as the period runs out. The fund's price can fall 4.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.2% 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. 513 days remained on Nov 4, 2026. On Mar 31, 2028 the period ends and a new cap is set.
PMAP
SPY had already risen past this fund's cap of +7.1% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.5% as the period runs out. The fund's price can fall 4.4% from here before the buffer starts absorbing losses, by the issuer's number. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, AAPR against PMAP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/aapr-vs-pmap
ETFIQ. (Nov 4, 2026). AAPR against PMAP. Retrieved from https://etfiq.com/compare/buffer/aapr-vs-pmap
[AAPR against PMAP (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/aapr-vs-pmap)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.