Which has more room to gain, APOC or PMAP?

From their prices on Oct 1, 2026, APOC can gain about 4.3% before its cap and PMAP about 3.0%, so APOC has more room left this period.

Which resets first, APOC or PMAP?

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

Which is cheaper, APOC or PMAP?

APOC 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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APOC vs PMAP: which one stands where?

As of Oct 1, 2026 PMAP can fall 3.9% before its buffer engages and APOC 0.0%. Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct and PGIM S&P 500 Max Buffer ETF - April.

0.0%

APOC can fall this far before its buffer

3.9%

PMAP can fall this far before its buffer

4.3%

APOC can still gain

3.0%

PMAP can still gain

APOCFull floor

APOC: reference 0.0% since period start, fund 0.0%; buffer Floor; cap +4.3%; Full floor.

PMAPAt its cap

PMAP: reference +17.2% since period start, fund +3.5%; buffer Floor; cap +7.1%; At its cap.

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

Where each one stands today

APOC resets first, on Mar 31, 2027, 182 days from now; PMAP runs to Mar 31, 2027, 182 days. APOC can still gain 4.3% before its cap, PMAP 3.0%. A fall from here reaches APOC’s buffer after 0.0% and PMAP’s after 3.9%. 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	APOC	PMAP	APOC	PMAP
3 months	+1.5%	+1.3%	−1.0 pts	−1.2 pts
6 months	+3.1%	+3.4%	−13.9 pts	−13.6 pts
1 year	+2.8%	+6.2%	−12.9 pts	−9.5 pts

APOC 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

APOC

Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct · Absorbs the whole loss on SPY and caps the gain at 4.3%, over a period ending Mar 31, 2027

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 Sep 30, 2026 to Mar 31, 2027 Apr 1, 2026 to Mar 31, 2027

Days left 182 182

Starting cap +4.3% +7.1%

Can still gain 4.3% 3.0%

Fall before buffer 0.0% 3.9%

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

Index return this period 0.0% +17.2%

Fund return this period 0.0% +3.5%

State today Open At cap

Expense ratio 0.79% 0.50%

Net assets $72m $5m

APOC and PMAP on the same fields, as of Oct 1, 2026. Source: ETFIQ.

APOC in plain words

From its price on Oct 1, 2026, the fund can gain about 4.3% more before it reaches its cap. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 182 days remained on Oct 1, 2026. On Mar 31, 2027 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 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.0% as the period runs out. The fund's price can fall 3.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.7% from today's level to the point where the buffer begins.

Questions people ask

Which has more room to gain, APOC or PMAP?: From their prices on Oct 1, 2026, APOC can gain about 4.3% before its cap and PMAP about 3.0%, so APOC has more room left this period.
Which resets first, APOC or PMAP?: APOC ends its outcome period on Mar 31, 2027 and PMAP on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, APOC or PMAP?: APOC charges 0.79% a year and PMAP charges 0.50%, so PMAP is cheaper. Fees come from each fund's prospectus.

Other comparisons

APOC vs DDSQ APOC vs DDTA APOC vs DDTO APOC vs DMAR PMAP vs PAPR PMAP vs SIXO PMAP vs TAPR PMAP vs UAPR

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

Where these figures came from

APOC filings on SEC EDGAR ↗Innovator page for APOC ↗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, APOC against PMAP, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/apoc-vs-pmap

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.