Data as of Nov 4, 2026.
PBAP vs UAPR: Cap, Buffer & Days Left
As of Nov 4, 2026 UAPR can fall 12.9% before its buffer engages and PBAP 8.2%.
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Net assets on Nov 4, 2026: $38m for PGIM S&P 500 Buffer 20 ETF - April and $159m for Innovator U.S. Equity Ultra Buffer ETF - Apr.
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.
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.UAPR: reference +17.9% since period start, fund +8.5%; buffer −5 to −35; cap +13.0%; At its cap. Data to Nov 4, 2026.
UAPR: reference +17.9% since period start, fund +8.5%; buffer −5 to −35; cap +13.0%; At its cap. Data to Nov 4, 2026.Pair scorecard
PBAP costs 0.29 points a year less; their one-year returns differ by 0.4 points; UAPR is 4.2 times larger.
Points (pts) are percentage points.
| Measure | PBAP | UAPR |
|---|---|---|
| Return | ||
| Total return, 1 year | +11.7% | +12.1% |
| Drawdown | ||
| Index fall to the buffer | 15.2% | 19.4% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.79% |
| Net assets | $38m | $159m |
| Holdings | ||
| Holdings in common | not published | |
How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed
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 →
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PBAP | UAPR | PBAP | UAPR |
| 3 months | +1.6% | +1.6% | +2.0 pts | +2.0 pts |
| 6 months | +3.8% | +3.9% | −0.7 pts | −0.6 pts |
| 1 year | +11.7% | +12.1% | −1.8 pts | −1.4 pts |
| 3 years | – | +38.4% | – | −38.0 pts |
| Since launchNot the same days: PBAP Apr 2024 · UAPR Apr 2019 | +27.4% | +46.7% | −19.5 pts | −121.5 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
Where each one stands today
PBAP resets first, on Mar 31, 2027, 147 days from now; UAPR runs to Mar 31, 2027, 147 days. PBAP can still gain 3.4% before its cap, UAPR 3.7%. A fall from here reaches PBAP’s buffer after 8.2% and UAPR’s after 12.9%. Both track SPY, so what separates them is where each is in its own period.
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.
UAPR
SPY had already risen past this fund's cap of +13.0% 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 3.7% as the period runs out. The fund's price can fall 12.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 19.4% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.
Questions people ask
Links are sources, not endorsements. 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 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.
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ETFIQ, PBAP against UAPR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pbap-vs-uapr
ETFIQ. (Nov 4, 2026). PBAP against UAPR. Retrieved from https://etfiq.com/compare/buffer/pbap-vs-uapr
[PBAP against UAPR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/pbap-vs-uapr)
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