Data as of .
PAUG vs PMAY: which one stands where?
As of Sep 13, 2026 PMAY can fall 4.2% before its buffer engages and PAUG 1.5%, and PMAY resets 92 days sooner.
ETFIQ Downside Cover Score: PAUG scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
Where each one stands today
PMAY resets first, on Apr 30, 2027, 231 days from now; PAUG runs to Jul 31, 2027, 323 days. PAUG can still gain 12.1% before its cap, PMAY 8.3%. A fall from here reaches PAUG’s buffer after 1.5% and PMAY’s after 4.2%. 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 | ||
|---|---|---|---|---|
| PAUG | PMAY | PAUG | PMAY | |
| 3 months | +2.9% | +2.5% | −0.5 pts | −0.8 pts |
| 6 months | +8.7% | +6.0% | −7.3 pts | −10.0 pts |
| 1 year | +10.6% | +8.9% | −7.0 pts | −8.6 pts |
| 3 years | +46.8% | +40.3% | −31.1 pts | −37.6 pts |
| PAUG Innovator U.S. Equity Power Buffer ETF - Aug Absorbs the first 15% of loss on SPY and caps the gain at 13.8%, over a period ending Jul 31, 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 | 15% | 15% |
| Outcome period | Jul 31, 2026 to Jul 31, 2027 | Apr 30, 2026 to Apr 30, 2027 |
| Days left | 323 | 231 |
| Starting cap | +13.8% | +13.0% |
| Can still gain | 12.1% | 8.3% |
| Fall before buffer | 1.5% | 4.2% |
| Protection left, index points | 15.0% of 15.0% | 15.0% of 15.0% |
| Index return this period | +2.3% | +6.3% |
| Fund return this period | +1.4% | +4.1% |
| State today | Open | Open |
| Expense ratio | 0.79% | 0.79% |
PAUG in plain words
From its price on Sep 13, 2026, the fund can gain about 12.1% more before it reaches its cap. The fund's price can fall 1.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.3% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 323 days remained on Sep 13, 2026. On Jul 31, 2027 the period ends and a new cap is set.
PMAY in plain words
From its price on Sep 13, 2026, the fund can gain about 8.3% more before it reaches its cap. The fund's price can fall 4.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.0% from today's level to the point where the buffer begins. 231 days remained on Sep 13, 2026. On Apr 30, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, PAUG or PMAY?
- From their prices on Sep 13, 2026, PAUG can gain about 12.1% before its cap and PMAY about 8.3%, so PAUG has more room left this period.
- Which resets first, PAUG or PMAY?
- PAUG ends its outcome period on Jul 31, 2027 and PMAY on Apr 30, 2027. A new cap is set the day after each.
- Which is cheaper, PAUG or PMAY?
- PAUG charges 0.79% a year and PMAY charges 0.79%, so PAUG 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, PAUG against PMAY, data as of Sep 13, 2026. https://etfiq.com/compare/buffer/paug-vs-pmay Free to use with attribution; the underlying files are at Open data.