Data as of Nov 4, 2026.
PBMY vs ZMAY: Cap, Buffer & Days Left
As of Nov 4, 2026 PBMY can fall 4.8% before its buffer engages and ZMAY 3.1%.
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Net assets on Nov 4, 2026: $40m for PGIM S&P 500 Buffer 20 ETF - May and $64m for Innovator Equity Defined Protection ETF - 1 Yr May.
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.
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.ZMAY: reference +6.7% since period start, fund +2.8%; buffer Floor; cap +7.3%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
PBMY costs 0.29 points a year less; their one-year returns differ by 3.2 points; ZMAY is 1.6 times larger.
Points (pts) are percentage points.
| Measure | PBMY | ZMAY |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.3% | +5.1% |
| Drawdown | ||
| Index fall to the buffer | 6.3% | 6.2% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.79% |
| Net assets | $40m | $64m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PBMY | ZMAY | PBMY | ZMAY |
| 3 months | +1.3% | +1.0% | +1.7 pts | +1.3 pts |
| 6 months | +3.8% | +2.2% | −0.7 pts | −2.3 pts |
| 1 year | +8.3% | +5.1% | −5.3 pts | −8.5 pts |
| Since launchNot the same days: PBMY May 2024 · ZMAY May 2025 | +28.3% | +8.9% | −25.0 pts | −28.4 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
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. ZMAY is a floor fund, which caps how far a holder can fall. PBMY is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
PBMY resets first, on Apr 30, 2027, 177 days from now; ZMAY runs to Apr 30, 2027, 177 days. PBMY can still gain 6.0% before its cap, ZMAY 4.0%. A fall from here reaches PBMY’s buffer after 4.8% and ZMAY’s after 3.1%. Both track SPY, so what separates them is where each is in its own period.
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.
ZMAY
From its price on Nov 4, 2026, the fund can gain about 4.0% more before it reaches its cap. The fund's price can fall 3.1% 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: 100.0% of the 100.0% 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
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, PBMY against ZMAY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pbmy-vs-zmay
ETFIQ. (Nov 4, 2026). PBMY against ZMAY. Retrieved from https://etfiq.com/compare/buffer/pbmy-vs-zmay
[PBMY against ZMAY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/pbmy-vs-zmay)
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