Which has more room to gain, BMAY or MAYP?

From their prices on Oct 9, 2026, BMAY can gain about 9.4% before its cap and MAYP about 7.9%, so BMAY has more room left this period.

Which resets first, BMAY or MAYP?

BMAY ends its outcome period on Apr 30, 2027 and MAYP on Apr 30, 2027. A new cap is set the day after each.

Which is cheaper, BMAY or MAYP?

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

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BMAY vs MAYP: Cap, Buffer & Days Left

As of Oct 9, 2026 BMAY can fall 6.5% before its buffer engages and MAYP 6.2%. Net assets on Oct 9, 2026: $238m for Innovator U.S. Equity Buffer ETF - May and $32m for PGIM S&P 500 Buffer 12 ETF - May.

MAYP costs 0.29 points a year less; their one-year returns differ by 1.0 point; BMAY is 7.5 times larger.

	BMAY	MAYP
Expense ratio	0.79%	0.50%
Net assets	$238m	$32m
Total return, 1 year	+11.9%	+10.9%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	7.7%

6.5%

BMAY can fall this far before its buffer

6.2%

MAYP can fall this far before its buffer

9.4%

BMAY can still gain

7.9%

MAYP can still gain

BMAYBetween buffer and cap

BMAY: reference +8.3% since period start, fund +6.6%; buffer 0 to −9; cap +16.9%; Between buffer and cap. Figures to Oct 9, 2026.

MAYPBetween buffer and cap

MAYP: reference +8.3% since period start, fund +6.0%; buffer 0 to −12; cap +14.9%; Between buffer and cap. Figures to Oct 9, 2026.

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

BMAY 19.2

MAYP 57.9

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 →

Where each one stands today

BMAY resets first, on Apr 30, 2027, 203 days from now; MAYP runs to Apr 30, 2027, 203 days. BMAY can still gain 9.4% before its cap, MAYP 7.9%. A fall from here reaches BMAY’s buffer after 6.5% and MAYP’s after 6.2%. 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	BMAY	MAYP	BMAY	MAYP
3 months	+3.0%	+3.0%	−0.2 pts	−0.1 pts
6 months	+7.3%	+6.5%	−7.3 pts	−8.1 pts
1 year	+11.9%	+10.9%	−4.0 pts	−5.1 pts
3 years	+56.1%	not published	−23.1 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

BMAY

Innovator U.S. Equity Buffer ETF - May · Absorbs the first 9% of loss on SPY and caps the gain at 16.9%, over a period ending Apr 30, 2027

MAYP

PGIM S&P 500 Buffer 12 ETF - May · Absorbs the first 12% of loss on SPY and caps the gain at 14.9%, over a period ending Apr 30, 2027

Issuer Innovator PGIM

Reference index SPY SPY

Buffer 9% 12%

Outcome period Apr 30, 2026 to Apr 30, 2027 May 1, 2026 to Apr 30, 2027

Days left 203 203

Starting cap +16.9% +14.9%

Can still gain 9.4% 7.9%

Fall before buffer 6.5% 6.2%

Protection left, index points 9.0% of 9.0% 12.0% of 12.0%

Index return this period +8.3% +8.3%

Fund return this period +6.6% +6.0%

State today Open Open

Expense ratio 0.79% 0.50%

Net assets $238m $32m

As of Oct 9, 2026. Source: ETFIQ.

BMAY in plain words

From its price on Oct 9, 2026, the fund can gain about 9.4% more before it reaches its cap. The fund's price can fall 6.5% 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: 9.0% of the 9.0% 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.

MAYP in plain words

From its price on Oct 9, 2026, the fund can gain about 7.9% more before it reaches its cap. The fund's price can fall 6.2% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BMAY or MAYP?: From their prices on Oct 9, 2026, BMAY can gain about 9.4% before its cap and MAYP about 7.9%, so BMAY has more room left this period.
Which resets first, BMAY or MAYP?: BMAY ends its outcome period on Apr 30, 2027 and MAYP on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, BMAY or MAYP?: BMAY charges 0.79% a year and MAYP charges 0.50%, so MAYP is cheaper. Fees come from each fund's prospectus.

Other comparisons

BMAY vs CPSM BMAY vs DDFY BMAY vs ZMAY BMAY vs UMAY MAYP vs MAYT MAYP vs GAPR MAYP vs DAPR MAYP vs UMAY

SPY →BMAY on its own →MAYP on its own →How every figure is computed →Standards and sources →

Where these figures came from

BMAY filings on SEC EDGAR ↗Innovator page for BMAY ↗MAYP 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

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, BMAY against MAYP, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bmay-vs-mayp

Open data

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