Which has more room to gain, BAPR or PMAP?

From their prices on Oct 9, 2026, BAPR can gain about 5.0% before its cap and PMAP about 2.7%, so BAPR has more room left this period.

Which resets first, BAPR or PMAP?

BAPR 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, BAPR or PMAP?

BAPR 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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BAPR vs PMAP: Cap, Buffer & Days Left

As of Oct 9, 2026 BAPR can fall 11.5% before its buffer engages and PMAP 4.2%. Net assets on Oct 9, 2026: $417m for Innovator U.S. Equity Buffer ETF - Apr and $5m for PGIM S&P 500 Max Buffer ETF - April.

PMAP costs 0.29 points a year less; their one-year returns differ by 11.0 points; BAPR is far larger, $417m against $5m.

	BAPR	PMAP
Expense ratio	0.79%	0.50%
Net assets	$417m	$5m
Total return, 1 year	+17.3%	+6.3%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.5%

11.5%

BAPR can fall this far before its buffer

4.2%

PMAP can fall this far before its buffer

5.0%

BAPR can still gain

2.7%

PMAP can still gain

BAPRAt its cap

BAPR: reference +19.7% since period start, fund +12.4%; buffer 0 to −9; cap +18.5%; At its cap. Figures to Oct 9, 2026.

PMAPAt its cap

PMAP: reference +19.7% since period start, fund +3.8%; buffer Floor; cap +7.1%; At its cap. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

These are two different products. PMAP is a floor fund, which caps how far a holder can fall. BAPR is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

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

Where each one stands today

BAPR resets first, on Mar 31, 2027, 173 days from now; PMAP runs to Mar 31, 2027, 173 days. BAPR can still gain 5.0% before its cap, PMAP 2.7%. A fall from here reaches BAPR’s buffer after 11.5% and PMAP’s after 4.2%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

	Total return		Gap to the reference's price return
Window	BAPR	PMAP	BAPR	PMAP
3 months	+2.9%	+1.4%	−0.3 pts	−1.7 pts
6 months	+9.0%	+3.0%	−5.6 pts	−11.6 pts
1 year	+17.3%	+6.3%	+1.3 pts	−9.7 pts
3 years	+55.5%	not published	−23.7 pts	not published

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

On the same fields

BAPR

Innovator U.S. Equity Buffer ETF - Apr · Absorbs the first 9% of loss on SPY and caps the gain at 18.5%, 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 9% 100%

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

Days left 173 173

Starting cap +18.5% +7.1%

Can still gain 5.0% 2.7%

Fall before buffer 11.5% 4.2%

Protection left, index points 9.0% of 9.0% 100.0% of 100.0%

Index return this period +19.7% +19.7%

Fund return this period +12.4% +3.8%

State today At cap At cap

Expense ratio 0.79% 0.50%

Net assets $417m $5m

As of Oct 9, 2026. Source: ETFIQ.

BAPR in plain words

SPY had already risen past this fund's cap of +18.5% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 5.0% as the period runs out. The fund's price can fall 11.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.5% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 173 days remained on Oct 9, 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 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.7% as the period runs out. The fund's price can fall 4.2% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BAPR or PMAP?: From their prices on Oct 9, 2026, BAPR can gain about 5.0% before its cap and PMAP about 2.7%, so BAPR has more room left this period.
Which resets first, BAPR or PMAP?: BAPR 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, BAPR or PMAP?: BAPR charges 0.79% a year and PMAP charges 0.50%, so PMAP is cheaper. Fees come from each fund's prospectus.

Other comparisons

BAPR vs FLAO BAPR vs TAPR BAPR vs DDTA BAPR vs CPSP PMAP vs PAPR PMAP vs TAPR PMAP vs FLAO PMAP vs GMAR

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BAPR on its own →PMAP on its own →How every figure is computed →Standards and sources →

Where these figures came from

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

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

How this is computed

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 page

ETFIQ, BAPR against PMAP, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bapr-vs-pmap

Open data

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