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Data as of Nov 4, 2026.

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Buffer ETFs

BAUG vs PBAU: Cap, Buffer & Days Left

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As of Nov 4, 2026 BAUG can fall 2.6% before its buffer engages and PBAU 2.5%.

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Net assets on Nov 4, 2026: $270m for Innovator U.S. Equity Buffer ETF - Aug and $40m for PGIM S&P 500 Buffer 20 ETF - August .

BAUG on its own →PBAU on its own →
At a glance
2.6%
BAUG can fall this far before its buffer
2.5%
PBAU can fall this far before its buffer
14.8%
BAUG can still gain
9.4%
PBAU can still gain
BAUG Between buffer and cap
Between buffer and capBAUG: reference +2.6% since period start, fund +2.4%; buffer 0 to −9; cap +17.8%; Between buffer and cap. Data to Nov 4, 2026.9 pts of buffer+15.2% more to the cap−9.0% floor0% period start+17.8% cap+2.6% gain capturedTODAY · SPY +2.6%Between buffer and capBAUG: reference +2.6% since period start, fund +2.4%; buffer 0 to −9; cap +17.8%; Between buffer and cap. Data to Nov 4, 2026.9 pts−9.0% floor0% start+17.8% cap+2.6% gain captured+15.2% more to the capTODAY · SPY +2.6%

BAUG: reference +2.6% since period start, fund +2.4%; buffer 0 to −9; cap +17.8%; Between buffer and cap. Data to Nov 4, 2026.

BAUG: reference +2.6% since period start, fund +2.4%; buffer 0 to −9; cap +17.8%; Between buffer and cap. Data to Nov 4, 2026.
PBAU Between buffer and cap
Between buffer and capPBAU: reference +2.6% since period start, fund +2.1%; buffer 0 to −20; cap +12.2%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer+9.5% more to the cap−20.0% floor0% period start+12.2% cap+2.6% gain capturedTODAY · SPY +2.6%Between buffer and capPBAU: reference +2.6% since period start, fund +2.1%; buffer 0 to −20; cap +12.2%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer−20.0% floor0% start+12.2% cap+2.6% gain captured+9.5% more to the capTODAY · SPY +2.6%

PBAU: reference +2.6% since period start, fund +2.1%; buffer 0 to −20; cap +12.2%; Between buffer and cap. Data to Nov 4, 2026.

PBAU: reference +2.6% since period start, fund +2.1%; buffer 0 to −20; cap +12.2%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

PBAU costs 0.29 points a year less; their one-year returns differ by 3.5 points; BAUG is 6.8 times larger.

Points (pts) are percentage points.

BAUG vs PBAU: Cap, Buffer & Days Left
MeasureBAUGPBAU
Return
Total return, 1 year+12.9%+9.4%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.79%0.50%
Net assets$270m$40m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · PBAU scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score20.5BAUG95PBAU

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

0.3, the lowest in this set 99.7, the highest

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 →

Method

Window by window

Window by window: BAUG vs PBAU: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowBAUGPBAUBAUGPBAU
3 months+0.5%+0.9%+0.9 pts+1.3 pts
6 months+5.7%+4.3%+1.2 pts−0.2 pts
1 year+12.9%+9.4%−0.7 pts−4.1 pts
3 years+66.1%–−10.4 pts–
Since launchNot the same days: BAUG Aug 2019 · PBAU May 2024+122.4%+28.9%−37.7 pts−18.3 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

BAUG Innovator U.S. Equity Buffer ETF - Aug · Absorbs the first 9% of loss on SPY and caps the gain at 17.8%, over a period ending Jul 31, 2027 PBAU PGIM S&P 500 Buffer 20 ETF - August · Absorbs the first 20% of loss on SPY and caps the gain at 12.2%, over a period ending Jul 31, 2027
Issuer Innovator PGIM
Reference index SPY SPY
Buffer 9% 20%
Outcome period Jul 31, 2026 to Jul 31, 2027 Aug 1, 2026 to Jul 31, 2027
Days left 269 269
Starting cap +17.8% +12.2%
Can still gain 14.8% 9.4%
Fall before buffer 2.6% 2.5%
Protection left, index points 9.0% of 9.0% 20.0% of 20.0%
Index return this period +2.6% +2.6%
Fund return this period +2.4% +2.1%
State today Open Open
Expense ratio 0.79% 0.50%
Net assets $270m $40m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

BAUG resets first, on Jul 31, 2027, 269 days from now; PBAU runs to Jul 31, 2027, 269 days. BAUG can still gain 14.8% before its cap, PBAU 9.4%. A fall from here reaches BAUG’s buffer after 2.6% and PBAU’s after 2.5%. Both track SPY, so what separates them is where each is in its own period.

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About each fund
BAUG

From its price on Nov 4, 2026, the fund can gain about 14.8% more before it reaches its cap. The fund's price can fall 2.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 2.5% 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. 269 days remained on Nov 4, 2026. On Jul 31, 2027 the period ends and a new cap is set.

PBAU

From its price on Nov 4, 2026, the fund can gain about 9.4% more before it reaches its cap. The fund's price can fall 2.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 2.6% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BAUG or PBAU?
From their prices on Nov 4, 2026, BAUG can gain about 14.8% before its cap and PBAU about 9.4%, so BAUG has more room left this period.
Which resets first, BAUG or PBAU?
BAUG ends its outcome period on Jul 31, 2027 and PBAU on Jul 31, 2027. A new cap is set the day after each.
Which is cheaper, BAUG or PBAU?
BAUG charges 0.79% a year and PBAU charges 0.50%, so PBAU is cheaper. Fees come from each fund's prospectus.
Other comparisons
BAUG vs PMAUBAUG vs HAUGBAUG vs PAUGBAUG vs CAUGPBAU vs CAUGPBAU vs CTAUPBAU vs UAUGPBAU vs GJUL
Where to next
SPY →BAUG on its own →PBAU on its own →Method →Standards and sources →
Sources and dates
BAUG filings on SEC EDGAR ↗
Innovator page for BAUG ↗
PBAU filings on SEC EDGAR ↗
PGIM website ↗

Links are sources, not endorsements. 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 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, BAUG against PBAU, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/baug-vs-pbau

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