Which has more room to gain, BMAY or PBMY?

From their prices on Oct 13, 2026, BMAY can gain about 9.3% before its cap and PBMY about 5.9%, so BMAY has more room left this period.

Which resets first, BMAY or PBMY?

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

Which is cheaper, BMAY or PBMY?

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

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BMAY vs PBMY: Cap, Buffer & Days Left

As of Oct 13, 2026 BMAY can fall 6.5% before its buffer engages and PBMY 4.9%. Net assets on Oct 13, 2026: $239m for Innovator U.S. Equity Buffer ETF - May and $39m for PGIM S&P 500 Buffer 20 ETF - May .

PBMY costs 0.29 points a year less; their one-year returns differ by 3.5 points; BMAY is 6.1 times larger.

Points (pts) are percentage points.

BMAY vs PBMY: Cap, Buffer & Days Left
	BMAY	PBMY
Expense ratio	0.79%	0.50%
Net assets	$239m	$39m
Total return, 1 year	+12.3%	+8.8%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	7.6%

6.5%

BMAY can fall this far before its buffer

4.9%

PBMY can fall this far before its buffer

9.3%

BMAY can still gain

5.9%

PBMY 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 13, 2026.

PBMYBetween buffer and cap

PBMY: reference +8.3% since period start, fund +4.7%; buffer 0 to −20; cap +11.3%; Between buffer and cap. Figures to Oct 13, 2026.

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

BMAY 20

PBMY 93.7

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, 199 days from now; PBMY runs to Apr 30, 2027, 199 days. BMAY can still gain 9.3% before its cap, PBMY 5.9%. A fall from here reaches BMAY’s buffer after 6.5% and PBMY’s after 4.9%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BMAY vs PBMY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BMAY	PBMY	BMAY	PBMY
3 months	+3.1%	+2.4%	−0.4 pts	−1.1 pts
6 months	+6.9%	+4.8%	−5.1 pts	−7.2 pts
1 year	+12.3%	+8.8%	−5.1 pts	−8.6 pts
3 years	+56.9%	not published	−23.4 pts	not published
Since launch Not the same days: BMAY May 2020 · PBMY May 2024	+95.1%	+28.4%	−80.0 pts	−27.1 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

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

PBMY

PGIM S&P 500 Buffer 20 ETF - May · Absorbs the first 20% of loss on SPY and caps the gain at 11.3%, over a period ending Apr 30, 2027

Issuer Innovator PGIM

Reference index SPY SPY

Buffer 9% 20%

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

Days left 199 199

Starting cap +16.9% +11.3%

Can still gain 9.3% 5.9%

Fall before buffer 6.5% 4.9%

Protection left, index points 9.0% of 9.0% 20.0% of 20.0%

Index return this period +8.3% +8.3%

Fund return this period +6.6% +4.7%

State today Open Open

Expense ratio 0.79% 0.50%

Net assets $239m $39m

As of Oct 13, 2026. Source: ETFIQ.

About BMAY

From its price on Oct 13, 2026, the fund can gain about 9.3% 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 7.6% 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. 199 days remained on Oct 13, 2026. On Apr 30, 2027 the period ends and a new cap is set.

About PBMY

From its price on Oct 13, 2026, the fund can gain about 5.9% more before it reaches its cap. The fund's price can fall 4.9% from here before the buffer starts absorbing losses, by the issuer's figure. 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, BMAY or PBMY?: From their prices on Oct 13, 2026, BMAY can gain about 9.3% before its cap and PBMY about 5.9%, so BMAY has more room left this period.
Which resets first, BMAY or PBMY?: BMAY ends its outcome period on Apr 30, 2027 and PBMY on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, BMAY or PBMY?: BMAY charges 0.79% a year and PBMY charges 0.50%, so PBMY is cheaper. Fees come from each fund's prospectus.

Other comparisons

BMAY vs DDTY BMAY vs MAYU BMAY vs MAYP BMAY vs XAPR PBMY vs GAPR PBMY vs DAPR PBMY vs UMAY PBMY vs DDFY

SPY →BMAY on its own →PBMY 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 ↗PBMY 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.

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ETFIQ, BMAY against PBMY, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/bmay-vs-pbmy

Open data

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