Data as of .
BAUG vs PMAU: which one stands where?
As of Sep 21, 2026 BAUG can fall 2.7% before its buffer engages and PMAU 1.3%.
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, 313 days from now; PMAU runs to Jul 31, 2027, 313 days. BAUG can still gain 14.6% before its cap, PMAU 6.5%. A fall from here reaches BAUG’s buffer after 2.7% and PMAU’s after 1.3%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| BAUG | PMAU | BAUG | PMAU | |
| 3 months | +3.2% | +1.2% | +0.9 pts | −1.0 pts |
| 6 months | +13.4% | +4.9% | −4.6 pts | −13.1 pts |
| 1 year | +13.1% | +5.9% | −3.5 pts | −10.7 pts |
| 3 years | +62.8% | not published | −15.6 pts | not published |
| 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 | 313 | 313 |
| Starting cap | +17.8% | +7.9% |
| Can still gain | 14.6% | 6.5% |
| Fall before buffer | 2.7% | 1.3% |
| Protection left, index points | 9.0% of 9.0% | 100.0% of 100.0% |
| Index return this period | +3.6% | +3.6% |
| Fund return this period | +2.7% | +0.8% |
| State today | Open | Open |
| Expense ratio | 0.79% | 0.50% |
| Net assets | $270m | $6m |
BAUG in plain words
From its price on Sep 21, 2026, the fund can gain about 14.6% more before it reaches its cap. The fund's price can fall 2.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.5% 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. 313 days remained on Sep 21, 2026. On Jul 31, 2027 the period ends and a new cap is set.
PMAU in plain words
From its price on Sep 21, 2026, the fund can gain about 6.5% more before it reaches its cap. The fund's price can fall 1.3% 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 Sep 21, 2026, BAUG can gain about 14.6% before its cap and PMAU about 6.5%, 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
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, BAUG against PMAU, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/baug-vs-pmau Free to use with attribution; the underlying files are at Open data.