Which has more room to gain, BAPR or PMAY?

From their prices on Oct 9, 2026, BAPR can gain about 5.0% before its cap and PMAY about 6.9%, so PMAY has more room left this period.

Which resets first, BAPR or PMAY?

BAPR ends its outcome period on Mar 31, 2027 and PMAY on Apr 30, 2027. A new cap is set the day after each.

Which is cheaper, BAPR or PMAY?

BAPR and PMAY both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

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BAPR vs PMAY: Cap, Buffer & Days Left

As of Oct 9, 2026 BAPR can fall 11.5% before its buffer engages and PMAY 5.5%, and BAPR resets 30 days sooner. Net assets on Oct 9, 2026: $417m for Innovator U.S. Equity Buffer ETF - Apr and $819m for Innovator U.S. Equity Power Buffer ETF - May.

Both cost 0.79% a year; their one-year returns differ by 7.7 points; PMAY is 2.0 times larger.

	BAPR	PMAY
Expense ratio	0.79%	0.79%
Net assets	$417m	$819m
Total return, 1 year	+17.3%	+9.6%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.5%	7.7%

11.5%

BAPR can fall this far before its buffer

5.5%

PMAY can fall this far before its buffer

5.0%

BAPR can still gain

6.9%

PMAY 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.

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 9, 2026.

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

BAPR 14.9

PMAY 77.1

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 →

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

They do not reset together. BAPR has 173 days of its period left and PMAY has 203, so the two are not the same bet on the same months.

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

BAPR resets first, on Mar 31, 2027, 173 days from now; PMAY runs to Apr 30, 2027, 203 days. BAPR can still gain 5.0% before its cap, PMAY 6.9%. A fall from here reaches BAPR’s buffer after 11.5% 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

	Total return		Gap to the reference's price return
Window	BAPR	PMAY	BAPR	PMAY
3 months	+2.9%	+2.5%	−0.3 pts	−0.7 pts
6 months	+9.0%	+5.7%	−5.6 pts	−8.9 pts
1 year	+17.3%	+9.6%	+1.3 pts	−6.5 pts
3 years	+55.5%	+43.3%	−23.7 pts	−35.9 pts

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

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 Innovator Innovator

Reference index SPY SPY

Buffer 9% 15%

Outcome period Mar 31, 2026 to Mar 31, 2027 Apr 30, 2026 to Apr 30, 2027

Days left 173 203

Starting cap +18.5% +13.0%

Can still gain 5.0% 6.9%

Fall before buffer 11.5% 5.5%

Protection left, index points 9.0% of 9.0% 15.0% of 15.0%

Index return this period +19.7% +8.3%

Fund return this period +12.4% +5.4%

State today At cap Open

Expense ratio 0.79% 0.79%

Net assets $417m $819m

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.

PMAY in plain words

From its price on Oct 9, 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 7.7% 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. 203 days remained on Oct 9, 2026. On Apr 30, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BAPR or PMAY?: From their prices on Oct 9, 2026, BAPR can gain about 5.0% before its cap and PMAY about 6.9%, so PMAY has more room left this period.
Which resets first, BAPR or PMAY?: BAPR ends its outcome period on Mar 31, 2027 and PMAY on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, BAPR or PMAY?: BAPR and PMAY both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

BAPR vs PMAR BAPR vs FMAR BAPR vs FOCT BAPR vs PSEP PMAY vs MAYW PMAY vs BSEP PMAY vs BJUL PMAY vs BJAN

SPY →BAPR on its own →PMAY on its own →How every figure is computed →Standards and sources →

Where these figures came from

BAPR and PMAY filings on SEC EDGAR ↗Innovator page for BAPR ↗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 page

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

Open data

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