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Data as of Nov 4, 2026.

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Buffer ETFs

PBAU vs UAUG: Cap, Buffer & Days Left

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As of Nov 4, 2026 UAUG can fall 7.1% before its buffer engages and PBAU 2.5%.

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Net assets on Nov 4, 2026: $40m for PGIM S&P 500 Buffer 20 ETF - August and $247m for Innovator U.S. Equity Ultra Buffer ETF - Aug.

PBAU on its own →UAUG on its own →
At a glance
2.5%
PBAU can fall this far before its buffer
7.1%
UAUG can fall this far before its buffer
9.4%
PBAU can still gain
11.5%
UAUG can still gain
PBAU Between buffer and cap
Between buffer and capPBAU: reference +2.6% since period start, fund +2.1%; buffer 0 to −20; cap +12.2%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer+9.5% to cap−20.0% floor0% period start+12.2% cap+2.6% gain capturedTODAY · SPY +2.6%Between buffer and capPBAU: reference +2.6% since period start, fund +2.1%; buffer 0 to −20; cap +12.2%; Between buffer and cap. Data to Nov 4, 2026.20 pts−20.0% floor0% start+12.2% cap+2.6% gain captured+9.5% more to the capTODAY · SPY +2.6%

PBAU: reference +2.6% since period start, fund +2.1%; buffer 0 to −20; cap +12.2%; Between buffer and cap. Data to Nov 4, 2026.

PBAU: reference +2.6% since period start, fund +2.1%; buffer 0 to −20; cap +12.2%; Between buffer and cap. Data to Nov 4, 2026.
UAUG Between buffer and cap
Between buffer and capUAUG: reference +2.6% since period start, fund +2.0%; buffer −5 to −35; cap +14.0%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer+11.4% to cap−35.0% floor−5.0% buffer start0% period start+14.0% capfirst 5 pts are yours to lose+2.6% gain capturedTODAY · SPY +2.6%Between buffer and capUAUG: reference +2.6% since period start, fund +2.0%; buffer −5 to −35; cap +14.0%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer−35.0% floor−5.0% buffer start0% start+14.0% capfirst 5 pts are yours to lose+2.6% gain captured+11.4% more to the capTODAY · SPY +2.6%

UAUG: reference +2.6% since period start, fund +2.0%; buffer −5 to −35; cap +14.0%; Between buffer and cap. Data to Nov 4, 2026.

UAUG: reference +2.6% since period start, fund +2.0%; buffer −5 to −35; cap +14.0%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

PBAU costs 0.29 points a year less; their one-year returns differ by 0.3 points; UAUG is 6.2 times larger.

Points (pts) are percentage points.

PBAU vs UAUG: Cap, Buffer & Days Left
MeasurePBAUUAUG
Return
Total return, 1 year+9.4%+9.7%
Drawdown
Index fall to the buffer2.6%7.4%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.50%0.79%
Net assets$40m$247m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · PBAU scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score95PBAU66.6UAUG

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

0.3, the lowest in this set 99.7, the highest

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 →

Method

Window by window

Window by window: PBAU vs UAUG: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowPBAUUAUGPBAUUAUG
3 months+0.9%+0.7%+1.3 pts+1.1 pts
6 months+4.3%+4.4%−0.2 pts−0.1 pts
1 year+9.4%+9.7%−4.1 pts−3.9 pts
3 years–+49.6%–−26.8 pts
Since launchNot the same days: PBAU May 2024 · UAUG Aug 2019+28.9%+74.2%−18.3 pts−85.9 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

PBAU PGIM S&P 500 Buffer 20 ETF - August · Absorbs the first 20% of loss on SPY and caps the gain at 12.2%, over a period ending Jul 31, 2027 UAUG Innovator U.S. Equity Ultra Buffer ETF - Aug · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 14.0%, over a period ending Jul 31, 2027
Issuer PGIM Innovator
Reference index SPY SPY
Buffer 20% 5% to 35%
Outcome period Aug 1, 2026 to Jul 31, 2027 Jul 31, 2026 to Jul 31, 2027
Days left 269 269
Starting cap +12.2% +14.0%
Can still gain 9.4% 11.5%
Fall before buffer 2.5% 7.1%
Protection left, index points 20.0% of 20.0% 30.0% of 30.0%
Index return this period +2.6% +2.6%
Fund return this period +2.1% +2.0%
State today Open Open
Expense ratio 0.50% 0.79%
Net assets $40m $247m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

PBAU resets first, on Jul 31, 2027, 269 days from now; UAUG runs to Jul 31, 2027, 269 days. PBAU can still gain 9.4% before its cap, UAUG 11.5%. A fall from here reaches PBAU’s buffer after 2.5% and UAUG’s after 7.1%. Both track SPY, so what separates them is where each is in its own period.

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About each fund
PBAU

From its price on Nov 4, 2026, the fund can gain about 9.4% more before it reaches its cap. The fund's price can fall 2.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 2.6% 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. 269 days remained on Nov 4, 2026. On Jul 31, 2027 the period ends and a new cap is set.

UAUG

From its price on Nov 4, 2026, the fund can gain about 11.5% more before it reaches its cap. The fund's price can fall 7.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 7.4% 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

Which has more room to gain, PBAU or UAUG?
From their prices on Nov 4, 2026, PBAU can gain about 9.4% before its cap and UAUG about 11.5%, so UAUG has more room left this period.
Which resets first, PBAU or UAUG?
PBAU ends its outcome period on Jul 31, 2027 and UAUG on Jul 31, 2027. A new cap is set the day after each.
Which is cheaper, PBAU or UAUG?
PBAU charges 0.50% a year and UAUG charges 0.79%, so PBAU is cheaper. Fees come from each fund's prospectus.
Other comparisons
PBAU vs BAUGPBAU vs ZAUGPBAU vs AUGWPBAU vs DDFGUAUG vs AUGPUAUG vs AUGUUAUG vs AUGTUAUG vs CPSA
Where to next
SPDR S&P 500 ETF Trust →PBAU on its own →UAUG on its own →Method →Standards and sources →
Sources and dates
PBAU filings on SEC EDGAR ↗
PGIM website ↗
UAUG filings on SEC EDGAR ↗
Innovator page for UAUG ↗

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.

Cite this pageCitation, APA and Markdown

ETFIQ, PBAU against UAUG, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pbau-vs-uaug

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