Which has more room to gain, BMAY or PMAY?

From their prices on Oct 9, 2026, BMAY can gain about 9.4% before its cap and PMAY about 6.9%, so BMAY has more room left this period.

Which resets first, BMAY or PMAY?

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

Which is cheaper, BMAY or PMAY?

BMAY and PMAY both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

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BMAY vs PMAY: Cap, Buffer & Days Left

As of Oct 9, 2026 BMAY can fall 6.5% before its buffer engages and PMAY 5.5%. Net assets on Oct 9, 2026: $238m for Innovator U.S. Equity Buffer ETF - May and $819m for Innovator U.S. Equity Power Buffer ETF - May.

Both cost 0.79% a year; their one-year returns differ by 2.3 points; PMAY is 3.4 times larger.

	BMAY	PMAY
Expense ratio	0.79%	0.79%
Net assets	$238m	$819m
Total return, 1 year	+11.9%	+9.6%
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

5.5%

PMAY can fall this far before its buffer

9.4%

BMAY can still gain

6.9%

PMAY 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.

PMAYBetween buffer and cap

PMAY: reference +8.3% since period start, fund +5.4%; buffer 0 to −15; cap +13.0%; Between buffer and cap. Figures to Oct 9, 2026.

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

BMAY 19.2

PMAY 77.1

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 →

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

BMAY resets first, on Apr 30, 2027, 203 days from now; PMAY runs to Apr 30, 2027, 203 days. BMAY can still gain 9.4% before its cap, PMAY 6.9%. A fall from here reaches BMAY’s buffer after 6.5% and PMAY’s after 5.5%. 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	PMAY	BMAY	PMAY
3 months	+3.0%	+2.5%	−0.2 pts	−0.7 pts
6 months	+7.3%	+5.7%	−7.3 pts	−8.9 pts
1 year	+11.9%	+9.6%	−4.0 pts	−6.5 pts
3 years	+56.1%	+43.3%	−23.1 pts	−35.9 pts

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

PMAY

Innovator U.S. Equity Power Buffer ETF - May · Absorbs the first 15% of loss on SPY and caps the gain at 13.0%, over a period ending Apr 30, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 9% 15%

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

Days left 203 203

Starting cap +16.9% +13.0%

Can still gain 9.4% 6.9%

Fall before buffer 6.5% 5.5%

Protection left, index points 9.0% of 9.0% 15.0% of 15.0%

Index return this period +8.3% +8.3%

Fund return this period +6.6% +5.4%

State today Open Open

Expense ratio 0.79% 0.79%

Net assets $238m $819m

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.

PMAY in plain words

From its price on Oct 9, 2026, the fund can gain about 6.9% more before it reaches its cap. The fund's price can fall 5.5% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BMAY or PMAY?: From their prices on Oct 9, 2026, BMAY can gain about 9.4% before its cap and PMAY about 6.9%, so BMAY has more room left this period.
Which resets first, BMAY or PMAY?: BMAY ends its outcome period on Apr 30, 2027 and PMAY on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, BMAY or PMAY?: BMAY and PMAY both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

BMAY vs FAPR BMAY vs MAYW BMAY vs GAPR BMAY vs MAYT PMAY vs UOCT PMAY vs UMAY PMAY vs BSEP PMAY vs ZMAY

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

Where these figures came from

BMAY and PMAY filings on SEC EDGAR ↗Innovator page for BMAY ↗Innovator page for PMAY ↗

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 PMAY, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bmay-vs-pmay

Open data

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