Which has more room to gain, PBAP or XBAP?

From their prices on Nov 4, 2026, PBAP can gain about 3.4% before its cap and XBAP about 3.6%, so XBAP has more room left this period.

Which resets first, PBAP or XBAP?

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

Which is cheaper, PBAP or XBAP?

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

Data as of Nov 4, 2026.

Buffer ETFs

PBAP vs XBAP: Cap, Buffer & Days Left

Share on X Download as PDF

As of Nov 4, 2026 XBAP can fall 10.0% before its buffer engages and PBAP 8.2%.

askIQ about this page

askIQ about PBAP and XBAP

Net assets on Nov 4, 2026: $38m for PGIM S&P 500 Buffer 20 ETF - April and $129m for Innovator U.S. Equity Accelerated 9 Buffer ETF - Apr.

PBAP on its own →XBAP on its own →

At a glance

8.2%

PBAP can fall this far before its buffer

10.0%

XBAP can fall this far before its buffer

3.4%

PBAP can still gain

3.6%

XBAP 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.

XBAP At its cap

XBAP: reference +17.9% since period start, fund +10.5%; buffer 0 to −9; cap +15.0%; At its cap. Data to Nov 4, 2026.

Pair scorecard

PBAP costs 0.29 points a year less; their one-year returns differ by 2.2 points; XBAP is 3.4 times larger.

Points (pts) are percentage points.

PBAP vs XBAP: Cap, Buffer & Days Left
Measure	PBAP	XBAP
Return
Measure	PBAP	XBAP
Total return, 1 year	+11.7%	+13.9%
Drawdown
Measure	PBAP	XBAP
Index fall to the buffer	15.2%
Benchmark
Measure	PBAP	XBAP
What it tracks	SPY	SPY
Cost and size
Measure	PBAP	XBAP
Expense ratio	0.50%	0.79%
Net assets	$38m	$129m
Holdings
Measure	PBAP	XBAP
Holdings in common	not published

Method

Window by window

Window by window: PBAP vs XBAP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PBAP	XBAP	PBAP	XBAP
3 months	+1.6%	+1.7%	+2.0 pts	+2.1 pts
6 months	+3.8%	+4.8%	−0.7 pts	+0.3 pts
1 year	+11.7%	+13.9%	−1.8 pts	+0.3 pts
3 years	–	+47.5%	–	−28.9 pts
Since launchNot the same days: PBAP Apr 2024 · XBAP Apr 2021	+27.4%	+69.5%	−19.5 pts	−21.9 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

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 XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - Apr · Absorbs the first 9% of loss on SPY and caps the gain at 15.0%, over a period ending Mar 31, 2027

Issuer PGIM Innovator

Reference index SPY SPY

Buffer 20% 9%

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

Days left 147 147

Starting cap +12.6% +15.0%

Can still gain 3.4% 3.6%

Fall before buffer 8.2% 10.0%

Protection left, index points 20.0% of 20.0% 9.0% of 9.0%

Index return this period +17.9% +17.9%

Fund return this period +8.4% +10.5%

State today At cap At cap

Expense ratio 0.50% 0.79%

Net assets $38m $129m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. XBAP 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.

Where each one stands today

PBAP resets first, on Mar 31, 2027, 147 days from now; XBAP runs to Mar 31, 2027, 147 days. PBAP can still gain 3.4% before its cap, XBAP 3.6%. A fall from here reaches PBAP’s buffer after 8.2% and XBAP’s after 10.0%. 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.

XBAP

SPY had already risen past this fund's cap of +15.0% 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 3.6% as the period runs out. The fund's price can fall 10.0% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, PBAP or XBAP?: From their prices on Nov 4, 2026, PBAP can gain about 3.4% before its cap and XBAP about 3.6%, so XBAP has more room left this period.
Which resets first, PBAP or XBAP?: PBAP ends its outcome period on Mar 31, 2027 and XBAP on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, PBAP or XBAP?: PBAP charges 0.50% a year and XBAP charges 0.79%, so PBAP is cheaper. Fees come from each fund's prospectus.

Other comparisons

PBAP vs TAPR PBAP vs SIXO PBAP vs UAPR PBAP vs XMAR XBAP vs APRP XBAP vs APRT XBAP vs ARLU XBAP 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 →XBAP on its own →Method →Standards and sources →

Sources and dates

PBAP filings on SEC EDGAR ↗

PGIM website ↗

XBAP filings on SEC EDGAR ↗

Innovator page for XBAP ↗

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 XBAP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pbap-vs-xbap

Open data →

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