Which has more room to gain, APXM or PMAY?

From their prices on Oct 13, 2026, APXM can gain about 3.2% before its cap and PMAY about 6.9%, so PMAY has more room left this period.

Which resets first, APXM or PMAY?

APXM 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, APXM or PMAY?

APXM charges 0.85% a year and PMAY charges 0.79%, so PMAY is cheaper. Fees come from each fund's prospectus.

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APXM vs PMAY: Cap, Buffer & Days Left

As of Oct 13, 2026 PMAY can fall 5.5% before its buffer engages and APXM 3.6%, and APXM resets 14 days sooner. Net assets on Oct 13, 2026: $22m for FT Vest U.S. Equity Max Buffer ETF - April and $820m for Innovator U.S. Equity Power Buffer ETF - May.

PMAY costs 0.06 points a year less; their one-year returns differ by 4.6 points; PMAY is far larger, $820m against $22m.

Points (pts) are percentage points.

APXM vs PMAY: Cap, Buffer & Days Left
	APXM	PMAY
Expense ratio	0.85%	0.79%
Net assets	$22m	$820m
Total return, 1 year	+5.2%	+9.8%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	8.7%	7.6%

3.6%

APXM can fall this far before its buffer

5.5%

PMAY can fall this far before its buffer

3.2%

APXM can still gain

6.9%

PMAY can still gain

APXMAt its cap

APXM: reference +9.6% since period start, fund +2.9%; buffer 0 to −50; cap +7.0%; At its cap. Figures to Oct 13, 2026.

PMAYBetween buffer and cap

PMAY: reference +8.3% since period start, fund +5.4%; buffer 0 to −15; cap +13.0%; Between buffer and cap. Figures to Oct 13, 2026.

ETFIQ Downside Cover Score · APXM scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

APXM 95

PMAY 75.2

0.2, the lowest in this set99.8, the highest

A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it → How it is computed →

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

Where each one stands today

APXM resets first, on Apr 16, 2027, 185 days from now; PMAY runs to Apr 30, 2027, 199 days. APXM can still gain 3.2% before its cap, PMAY 6.9%. A fall from here reaches APXM’s buffer after 3.6% and PMAY’s after 5.5%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: APXM vs PMAY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APXM	PMAY	APXM	PMAY
3 months	+1.6%	+2.6%	−1.9 pts	−0.9 pts
6 months	+2.9%	+5.5%	−9.1 pts	−6.5 pts
1 year	+5.2%	+9.8%	−12.1 pts	−7.5 pts
3 years	not published	+43.8%	not published	−36.5 pts
Since launch Not the same days: APXM Apr 2025 · PMAY May 2020	+9.6%	+68.4%	−41.8 pts	−106.7 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

On the same fields

APXM

FT Vest U.S. Equity Max Buffer ETF - April · Absorbs the first 50% of loss on SPY and caps the gain at 7.0%, over a period ending Apr 16, 2027

PMAY

Innovator U.S. Equity Power Buffer ETF - May · Absorbs the first 15% of loss on SPY and caps the gain at 13.0%, over a period ending Apr 30, 2027

Issuer First Trust Innovator

Reference index SPY SPY

Buffer 50% 15%

Outcome period Apr 20, 2026 to Apr 16, 2027 Apr 30, 2026 to Apr 30, 2027

Days left 185 199

Starting cap +7.0% +13.0%

Can still gain 3.2% 6.9%

Fall before buffer 3.6% 5.5%

Protection left, index points 50.1% of 50.1% 15.0% of 15.0%

Index return this period +9.6% +8.3%

Fund return this period +2.9% +5.4%

State today At cap Open

Expense ratio 0.85% 0.79%

Net assets $22m $820m

As of Oct 13, 2026. Source: ETFIQ.

About APXM

SPY had already risen past this fund's cap of +7.0% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.2% as the period runs out. The fund's price can fall 3.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 8.7% from today's level to the point where the buffer begins. Protection left, in index points: 50.1% of the 50.1% buffer still sits below today's SPY level. 185 days remained on Oct 13, 2026. On Apr 16, 2027 the period ends and a new cap is set.

About PMAY

From its price on Oct 13, 2026, the fund can gain about 6.9% more before it reaches its cap. The fund's price can fall 5.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.6% 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. 199 days remained on Oct 13, 2026. On Apr 30, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, APXM or PMAY?: From their prices on Oct 13, 2026, APXM can gain about 3.2% before its cap and PMAY about 6.9%, so PMAY has more room left this period.
Which resets first, APXM or PMAY?: APXM 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, APXM or PMAY?: APXM charges 0.85% a year and PMAY charges 0.79%, so PMAY is cheaper. Fees come from each fund's prospectus.

Other comparisons

APXM vs MAYC APXM vs CMAY APXM vs CTMA APXM vs FAPR PMAY vs MAYP PMAY vs DDTY PMAY vs XAPR PMAY vs CPSM

State Street® SPDR® S&P 500® ETF Trust →APXM on its own →PMAY on its own →How every figure is computed →Standards and sources →

Where these figures came from

APXM filings on SEC EDGAR ↗First Trust page for APXM ↗PMAY filings on SEC EDGAR ↗Innovator page for PMAY ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every figure 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 figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, APXM against PMAY, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/apxm-vs-pmay

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.