Which has more room to gain, PBAP or ZAPR?

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

Which resets first, PBAP or ZAPR?

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

Which is cheaper, PBAP or ZAPR?

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

Data as of Nov 4, 2026.

Buffer ETFs

PBAP vs ZAPR: Cap, Buffer & Days Left

Share on X Download as PDF

As of Nov 4, 2026 PBAP can fall 8.2% before its buffer engages and ZAPR 4.5%.

askIQ about this page

askIQ about PBAP and ZAPR

Net assets on Nov 4, 2026: $38m for PGIM S&P 500 Buffer 20 ETF - April and $68m for Innovator Equity Defined Protection ETF - 1 Yr April.

PBAP on its own →ZAPR on its own →

At a glance

8.2%

PBAP can fall this far before its buffer

4.5%

ZAPR can fall this far before its buffer

3.4%

PBAP can still gain

2.5%

ZAPR 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.

ZAPR At its cap

ZAPR: reference +17.9% since period start, fund +4.2%; buffer Floor; cap +7.3%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

PBAP costs 0.29 points a year less; their one-year returns differ by 5.3 points; ZAPR is 1.8 times larger.

Points (pts) are percentage points.

PBAP vs ZAPR: Cap, Buffer & Days Left
Measure	PBAP	ZAPR
Return
Measure	PBAP	ZAPR
Total return, 1 year	+11.7%	+6.4%
Drawdown
Measure	PBAP	ZAPR
Index fall to the buffer	15.2%
Benchmark
Measure	PBAP	ZAPR
What it tracks	SPY	SPY
Cost and size
Measure	PBAP	ZAPR
Expense ratio	0.50%	0.79%
Net assets	$38m	$68m
Holdings
Measure	PBAP	ZAPR
Holdings in common	not published

Method

Window by window

Window by window: PBAP vs ZAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PBAP	ZAPR	PBAP	ZAPR
3 months	+1.6%	+1.2%	+2.0 pts	+1.5 pts
6 months	+3.8%	+2.6%	−0.7 pts	−1.9 pts
1 year	+11.7%	+6.4%	−1.8 pts	−7.1 pts
Since launchNot the same days: PBAP Apr 2024 · ZAPR 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 ZAPR Innovator Equity Defined Protection ETF - 1 Yr April · Absorbs the whole loss on SPY and caps the gain at 7.3%, over a period ending Mar 31, 2027

Issuer PGIM Innovator

Reference index SPY SPY

Buffer 20% 100%

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

Days left 147 147

Starting cap +12.6% +7.3%

Can still gain 3.4% 2.5%

Fall before buffer 8.2% 4.5%

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% +4.2%

State today At cap At cap

Expense ratio 0.50% 0.79%

Net assets $38m $68m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. ZAPR 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; ZAPR runs to Mar 31, 2027, 147 days. PBAP can still gain 3.4% before its cap, ZAPR 2.5%. A fall from here reaches PBAP’s buffer after 8.2% and ZAPR’s after 4.5%. 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.

ZAPR

SPY had already risen past this fund's cap of +7.3% 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 4.5% 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 ZAPR?: From their prices on Nov 4, 2026, PBAP can gain about 3.4% before its cap and ZAPR about 2.5%, so PBAP has more room left this period.
Which resets first, PBAP or ZAPR?: PBAP ends its outcome period on Mar 31, 2027 and ZAPR on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, PBAP or ZAPR?: PBAP charges 0.50% a year and ZAPR charges 0.79%, so PBAP is cheaper. Fees come from each fund's prospectus.

Other comparisons

PBAP vs DDTA PBAP vs TAPR PBAP vs FLAO PBAP vs PMAP ZAPR vs APRP ZAPR vs APRT ZAPR vs CPSP ZAPR vs FLAO

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 →ZAPR on its own →Method →Standards and sources →

Sources and dates

PBAP filings on SEC EDGAR ↗

PGIM website ↗

ZAPR filings on SEC EDGAR ↗

Innovator page for ZAPR ↗

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

Open data →

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