Which has more room to gain, BMAY or PMMY?

From their prices on Oct 2, 2026, BMAY can gain about 10.3% before its cap and PMMY about 4.3%, so BMAY has more room left this period.

Which resets first, BMAY or PMMY?

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

Which is cheaper, BMAY or PMMY?

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

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BMAY vs PMMY: which one stands where?

As of Oct 2, 2026 BMAY can fall 5.8% before its buffer engages and PMMY 2.6%. Innovator U.S. Equity Buffer ETF - May and PGIM S&P 500 Max Buffer ETF - May.

PMMY costs 0.29 points a year less; their one-year returns differ by 6.1 points; BMAY is 43.9 times larger.

	BMAY	PMMY
Expense ratio	0.79%	0.50%
Net assets	$239m	$5m
Total return, 1 year	+11.1%	+5.0%
What it tracks	SPY	SPY
Holdings in common	not published

5.8%

BMAY can fall this far before its buffer

2.6%

PMMY can fall this far before its buffer

10.3%

BMAY can still gain

4.3%

PMMY can still gain

BMAYBetween buffer and cap

BMAY: reference +7.1% since period start, fund +5.7%; buffer 0 to −9; cap +16.9%; Between buffer and cap.

PMMYAt its cap

PMMY: reference +7.1% since period start, fund +2.1%; buffer Floor; cap +7.0%; At its cap.

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

PMMY is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

BMAY resets first, on Apr 30, 2027, 210 days from now; PMMY runs to Apr 30, 2027, 210 days. BMAY can still gain 10.3% before its cap, PMMY 4.3%. A fall from here reaches BMAY’s buffer after 5.8% and PMMY’s after 2.6%. 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

	Total return		Gap to the reference
Window	BMAY	PMMY	BMAY	PMMY
3 months	+3.0%	+1.5%	−0.6 pts	−2.1 pts
6 months	+8.1%	+2.6%	−9.8 pts	−15.3 pts
1 year	+11.1%	+5.0%	−5.1 pts	−11.3 pts
3 years	+58.6%	not published	−30.7 pts	not published

BMAY and PMMY over each window. Every figure is an ETFIQ calculation with distributions reinvested. 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

PMMY

PGIM S&P 500 Max Buffer ETF - May · Absorbs the whole loss on SPY and caps the gain at 7.0%, over a period ending Apr 30, 2027

Issuer Innovator PGIM

Reference index SPY SPY

Buffer 9% 100%

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

Days left 210 210

Starting cap +16.9% +7.0%

Can still gain 10.3% 4.3%

Fall before buffer 5.8% 2.6%

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

Index return this period +7.1% +7.1%

Fund return this period +5.7% +2.1%

State today Open At cap

Expense ratio 0.79% 0.50%

Net assets $239m $5m

BMAY and PMMY on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BMAY in plain words

From its price on Oct 2, 2026, the fund can gain about 10.3% more before it reaches its cap. The fund's price can fall 5.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.6% 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. 210 days remained on Oct 2, 2026. On Apr 30, 2027 the period ends and a new cap is set.

PMMY in plain words

SPY had already risen past this fund's cap of +7.0% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.3% as the period runs out. The fund's price can fall 2.6% 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, BMAY or PMMY?: From their prices on Oct 2, 2026, BMAY can gain about 10.3% before its cap and PMMY about 4.3%, so BMAY has more room left this period.
Which resets first, BMAY or PMMY?: BMAY ends its outcome period on Apr 30, 2027 and PMMY on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, BMAY or PMMY?: BMAY charges 0.79% a year and PMMY charges 0.50%, so PMMY is cheaper. Fees come from each fund's prospectus.

Other comparisons

BMAY vs DDTY BMAY vs FAPR BMAY vs GAPR BMAY vs HMAY PMMY vs UMAY PMMY vs XAPR PMMY vs ZMAY PMMY vs CMAY

SPY →BMAY on its own →PMMY 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 ↗PMMY filings on SEC EDGAR ↗PGIM website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BMAY against PMMY, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/bmay-vs-pmmy

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.