Which has more room to gain, BAUG or PMAU?

From their prices on Oct 9, 2026, BAUG can gain about 13.9% before its cap and PMAU about 6.1%, so BAUG has more room left this period.

Which resets first, BAUG or PMAU?

BAUG ends its outcome period on Jul 31, 2027 and PMAU on Jul 31, 2027. A new cap is set the day after each.

Which is cheaper, BAUG or PMAU?

BAUG charges 0.79% a year and PMAU charges 0.50%, so PMAU is cheaper. Fees come from each fund's prospectus.

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BAUG vs PMAU: Cap, Buffer & Days Left

As of Oct 9, 2026 BAUG can fall 3.3% before its buffer engages and PMAU 1.7%. Net assets on Oct 9, 2026: $275m for Innovator U.S. Equity Buffer ETF - Aug and $7m for PGIM S&P 500 Max Buffer ETF - August.

PMAU costs 0.29 points a year less; their one-year returns differ by 7.7 points; BAUG is far larger, $275m against $7m.

Points (pts) are percentage points.

BAUG vs PMAU: Cap, Buffer & Days Left
	BAUG	PMAU
Expense ratio	0.79%	0.50%
Net assets	$275m	$7m
Total return, 1 year	+14.0%	+6.3%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	4.0%

3.3%

BAUG can fall this far before its buffer

1.7%

PMAU can fall this far before its buffer

13.9%

BAUG can still gain

6.1%

PMAU can still gain

BAUGBetween buffer and cap

BAUG: reference +4.2% since period start, fund +3.3%; buffer 0 to −9; cap +17.8%; Between buffer and cap. Figures to Oct 9, 2026.

PMAUFull floor

PMAU: reference +4.2% since period start, fund +1.3%; buffer Floor; cap +7.9%; Full floor. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

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

Where each one stands today

BAUG resets first, on Jul 31, 2027, 295 days from now; PMAU runs to Jul 31, 2027, 295 days. BAUG can still gain 13.9% before its cap, PMAU 6.1%. A fall from here reaches BAUG’s buffer after 3.3% and PMAU’s after 1.7%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BAUG vs PMAU: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BAUG	PMAU	BAUG	PMAU
3 months	+3.8%	+1.5%	+0.6 pts	−1.6 pts
6 months	+11.0%	+4.2%	−3.6 pts	−10.4 pts
1 year	+14.0%	+6.3%	−2.0 pts	−9.7 pts
3 years	+67.4%	not published	−11.8 pts	not published
Since launch Not the same days: BAUG Aug 2019 · PMAU Aug 2025	+124.1%	+8.3%	−40.0 pts	−16.9 pts

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

On the same fields

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

PMAU

PGIM S&P 500 Max Buffer ETF - August · Absorbs the whole loss on SPY and caps the gain at 7.9%, over a period ending Jul 31, 2027

Issuer Innovator PGIM

Reference index SPY SPY

Buffer 9% 100%

Outcome period Jul 31, 2026 to Jul 31, 2027 Aug 1, 2026 to Jul 31, 2027

Days left 295 295

Starting cap +17.8% +7.9%

Can still gain 13.9% 6.1%

Fall before buffer 3.3% 1.7%

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

Index return this period +4.2% +4.2%

Fund return this period +3.3% +1.3%

State today Open Open

Expense ratio 0.79% 0.50%

Net assets $275m $7m

As of Oct 9, 2026. Source: ETFIQ.

About BAUG

From its price on Oct 9, 2026, the fund can gain about 13.9% more before it reaches its cap. The fund's price can fall 3.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 4.0% 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. 295 days remained on Oct 9, 2026. On Jul 31, 2027 the period ends and a new cap is set.

About PMAU

From its price on Oct 9, 2026, the fund can gain about 6.1% more before it reaches its cap. The fund's price can fall 1.7% 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, BAUG or PMAU?: From their prices on Oct 9, 2026, BAUG can gain about 13.9% before its cap and PMAU about 6.1%, so BAUG has more room left this period.
Which resets first, BAUG or PMAU?: BAUG ends its outcome period on Jul 31, 2027 and PMAU on Jul 31, 2027. A new cap is set the day after each.
Which is cheaper, BAUG or PMAU?: BAUG charges 0.79% a year and PMAU charges 0.50%, so PMAU is cheaper. Fees come from each fund's prospectus.

Other comparisons

BAUG vs HAUG BAUG vs AUGC BAUG vs DDTG BAUG vs AUGP PMAU vs DJUL PMAU vs PAUG PMAU vs FJUL PMAU vs CPSJ

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

Where these figures came from

BAUG filings on SEC EDGAR ↗Innovator page for BAUG ↗PMAU 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 pageCitation, APA and Markdown

ETFIQ, BAUG against PMAU, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/baug-vs-pmau

Open data

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