Which has more room to gain, PBMY or PMAY?

From their prices on Nov 4, 2026, PBMY can gain about 6.0% before its cap and PMAY about 7.3%, so PMAY has more room left this period.

Which resets first, PBMY or PMAY?

PBMY ends its outcome period on Apr 30, 2027 and PMAY on Apr 30, 2027. A new cap is set the day after each.

Which is cheaper, PBMY or PMAY?

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

Data as of Nov 4, 2026.

Buffer ETFs

PBMY vs PMAY: Cap, Buffer & Days Left

Share on X Download as PDF

As of Nov 4, 2026 PMAY can fall 5.1% before its buffer engages and PBMY 4.8%.

askIQ about this page

askIQ about PBMY and PMAY

Net assets on Nov 4, 2026: $40m for PGIM S&P 500 Buffer 20 ETF - May and $788m for Innovator U.S. Equity Power Buffer ETF - May.

PBMY on its own →PMAY on its own →

At a glance

4.8%

PBMY can fall this far before its buffer

5.1%

PMAY can fall this far before its buffer

6.0%

PBMY can still gain

7.3%

PMAY can still gain

PBMY Between buffer and cap

PBMY: reference +6.7% since period start, fund +4.5%; buffer 0 to −20; cap +11.3%; Between buffer and cap. Data to Nov 4, 2026.

PMAY Between buffer and cap

PMAY: reference +6.7% since period start, fund +5.0%; buffer 0 to −15; cap +13.0%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

PBMY costs 0.29 points a year less; their one-year returns differ by 0.8 points; PMAY is 19.7 times larger.

Points (pts) are percentage points.

PBMY vs PMAY: Cap, Buffer & Days Left
Measure	PBMY	PMAY
Return
Measure	PBMY	PMAY
Total return, 1 year	+8.3%	+9.1%
Drawdown
Measure	PBMY	PMAY
Index fall to the buffer	6.3%	6.2%
Benchmark
Measure	PBMY	PMAY
What it tracks	SPY	SPY
Cost and size
Measure	PBMY	PMAY
Expense ratio	0.50%	0.79%
Net assets	$40m	$788m
Holdings
Measure	PBMY	PMAY
Holdings in common	not published

ETFIQ Downside Cover Score · PBMY scores higher If the market falls into a bear market from here, how much does the buffer absorb?

IQ Buffer Score92.3PBMY74.1PMAY

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

PBMY 92.3

PMAY 74.1

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: PBMY vs PMAY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PBMY	PMAY	PBMY	PMAY
3 months	+1.3%	+1.2%	+1.7 pts	+1.6 pts
6 months	+3.8%	+3.9%	−0.7 pts	−0.6 pts
1 year	+8.3%	+9.1%	−5.3 pts	−4.5 pts
3 years	–	+42.1%	–	−34.3 pts
Since launchNot the same days: PBMY May 2024 · PMAY May 2020	+28.3%	+67.9%	−25.0 pts	−103.3 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

PBMY PGIM S&P 500 Buffer 20 ETF - May · Absorbs the first 20% of loss on SPY and caps the gain at 11.3%, over a period ending Apr 30, 2027 PMAY Innovator U.S. Equity Power Buffer ETF - May · Absorbs the first 15% of loss on SPY and caps the gain at 13.0%, over a period ending Apr 30, 2027

Issuer PGIM Innovator

Reference index SPY SPY

Buffer 20% 15%

Outcome period May 1, 2026 to Apr 30, 2027 Apr 30, 2026 to Apr 30, 2027

Days left 177 177

Starting cap +11.3% +13.0%

Can still gain 6.0% 7.3%

Fall before buffer 4.8% 5.1%

Protection left, index points 20.0% of 20.0% 15.0% of 15.0%

Index return this period +6.7% +6.7%

Fund return this period +4.5% +5.0%

State today Open Open

Expense ratio 0.50% 0.79%

Net assets $40m $788m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

PBMY resets first, on Apr 30, 2027, 177 days from now; PMAY runs to Apr 30, 2027, 177 days. PBMY can still gain 6.0% before its cap, PMAY 7.3%. A fall from here reaches PBMY’s buffer after 4.8% and PMAY’s after 5.1%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

PBMY

From its price on Nov 4, 2026, the fund can gain about 6.0% more before it reaches its cap. The fund's price can fall 4.8% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.3% 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. 177 days remained on Nov 4, 2026. On Apr 30, 2027 the period ends and a new cap is set.

PMAY

From its price on Nov 4, 2026, the fund can gain about 7.3% more before it reaches its cap. The fund's price can fall 5.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.2% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, PBMY or PMAY?: From their prices on Nov 4, 2026, PBMY can gain about 6.0% before its cap and PMAY about 7.3%, so PMAY has more room left this period.
Which resets first, PBMY or PMAY?: PBMY ends its outcome period on Apr 30, 2027 and PMAY on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, PBMY or PMAY?: PBMY charges 0.50% a year and PMAY charges 0.79%, so PBMY is cheaper. Fees come from each fund's prospectus.

Other comparisons

PBMY vs CMAY PBMY vs FAPR PBMY vs DAPR PBMY vs GAPR PMAY vs CPSM PMAY vs SIXZ PMAY vs CPSP PMAY vs APXM

Where to next

SPDR S&P 500 ETF Trust →PBMY on its own →PMAY on its own →PBMY dividend history →Method →Standards and sources →

Sources and dates

PBMY filings on SEC EDGAR ↗

PGIM website ↗

PMAY filings on SEC EDGAR ↗

Innovator page for PMAY ↗

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, PBMY against PMAY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pbmy-vs-pmay

Open data →

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