Which has more room to gain, PBAP or PMAP?

From their prices on Nov 4, 2026, PBAP can gain about 3.4% before its cap and PMAP about 2.5%, so PBAP has more room left this period.

Which resets first, PBAP or PMAP?

PBAP ends its outcome period on Mar 31, 2027 and PMAP on Mar 31, 2027. A new cap is set the day after each.

Which is cheaper, PBAP or PMAP?

PBAP and PMAP both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

PBAP vs PMAP: Cap, Buffer & Days Left

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As of Nov 4, 2026 PBAP can fall 8.2% before its buffer engages and PMAP 4.4%.

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Net assets on Nov 4, 2026: $38m for PGIM S&P 500 Buffer 20 ETF - April and $5.0m for PGIM S&P 500 Max Buffer ETF - April.

PBAP on its own →PMAP on its own →

At a glance

8.2%

PBAP can fall this far before its buffer

4.4%

PMAP can fall this far before its buffer

3.4%

PBAP can still gain

2.5%

PMAP can still gain

PBAP At its cap

PBAP: reference +17.9% since period start, fund +8.4%; buffer 0 to −20; cap +12.6%; At its cap. Data to Nov 4, 2026.

PMAP At its cap

PMAP: reference +17.9% since period start, fund +4.1%; buffer Floor; cap +7.1%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

Both cost 0.50% a year; their one-year returns differ by 5.3 points; PBAP is 7.6 times larger.

Points (pts) are percentage points.

PBAP vs PMAP: Cap, Buffer & Days Left
Measure	PBAP	PMAP
Return
Measure	PBAP	PMAP
Total return, 1 year	+11.7%	+6.4%
Drawdown
Measure	PBAP	PMAP
Index fall to the buffer	15.2%
Benchmark
Measure	PBAP	PMAP
What it tracks	SPY	SPY
Cost and size
Measure	PBAP	PMAP
Expense ratio	0.50%	0.50%
Net assets	$38m	$5.0m
Holdings
Measure	PBAP	PMAP
Holdings in common	not published

Method

Window by window

Window by window: PBAP vs PMAP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PBAP	PMAP	PBAP	PMAP
3 months	+1.6%	+1.1%	+2.0 pts	+1.5 pts
6 months	+3.8%	+2.3%	−0.7 pts	−2.2 pts
1 year	+11.7%	+6.4%	−1.8 pts	−7.2 pts
Since launchNot the same days: PBAP Apr 2024 · PMAP Apr 2025	+27.4%	+10.9%	−19.5 pts	−25.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

PBAP PGIM S&P 500 Buffer 20 ETF - April · Absorbs the first 20% of loss on SPY and caps the gain at 12.6%, over a period ending Mar 31, 2027 PMAP PGIM S&P 500 Max Buffer ETF - April · Absorbs the whole loss on SPY and caps the gain at 7.1%, over a period ending Mar 31, 2027

Issuer PGIM PGIM

Reference index SPY SPY

Buffer 20% 100%

Outcome period Apr 1, 2026 to Mar 31, 2027 Apr 1, 2026 to Mar 31, 2027

Days left 147 147

Starting cap +12.6% +7.1%

Can still gain 3.4% 2.5%

Fall before buffer 8.2% 4.4%

Protection left, index points 20.0% of 20.0% 100.0% of 100.0%

Index return this period +17.9% +17.9%

Fund return this period +8.4% +4.1%

State today At cap At cap

Expense ratio 0.50% 0.50%

Net assets $38m $5.0m

As of Nov 4, 2026. Source: ETFIQ.

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

Both are already at their cap, so neither gains from more rise in the index before the period ends.

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

Where each one stands today

PBAP resets first, on Mar 31, 2027, 147 days from now; PMAP runs to Mar 31, 2027, 147 days. PBAP can still gain 3.4% before its cap, PMAP 2.5%. A fall from here reaches PBAP’s buffer after 8.2% and PMAP’s after 4.4%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

PBAP

SPY had already risen past this fund's cap of +12.6% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.4% as the period runs out. The fund's price can fall 8.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.2% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.

PMAP

SPY had already risen past this fund's cap of +7.1% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.5% as the period runs out. The fund's price can fall 4.4% from here before the buffer starts absorbing losses, by the issuer's number. 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, PBAP or PMAP?: From their prices on Nov 4, 2026, PBAP can gain about 3.4% before its cap and PMAP about 2.5%, so PBAP has more room left this period.
Which resets first, PBAP or PMAP?: PBAP ends its outcome period on Mar 31, 2027 and PMAP on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, PBAP or PMAP?: PBAP and PMAP both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

PBAP vs FLAO PBAP vs TAPR PBAP vs CPSP PBAP vs APRP PMAP vs APRP PMAP vs APRT PMAP vs ARLU PMAP vs CPSP

Where to next

SPDR S&P 500 ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →PBAP on its own →PMAP on its own →Method →Standards and sources →

Sources and dates

PBAP and PMAP filings on SEC EDGAR ↗

PGIM website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, PBAP against PMAP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pbap-vs-pmap

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