Which has more room to gain, PMAP or UAPR?

From their prices on Nov 4, 2026, PMAP can gain about 2.5% before its cap and UAPR about 3.7%, so UAPR has more room left this period.

Which resets first, PMAP or UAPR?

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

Which is cheaper, PMAP or UAPR?

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

Data as of Nov 4, 2026.

Buffer ETFs

PMAP vs UAPR: Cap, Buffer & Days Left

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As of Nov 4, 2026 UAPR can fall 12.9% before its buffer engages and PMAP 4.4%.

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Net assets on Nov 4, 2026: $5.0m for PGIM S&P 500 Max Buffer ETF - April and $159m for Innovator U.S. Equity Ultra Buffer ETF - Apr.

PMAP on its own →UAPR on its own →

At a glance

4.4%

PMAP can fall this far before its buffer

12.9%

UAPR can fall this far before its buffer

2.5%

PMAP can still gain

3.7%

UAPR can still gain

PMAP At its cap

PMAP: reference +17.9% since period start, fund +4.1%; buffer Floor; cap +7.1%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

UAPR At its cap

UAPR: reference +17.9% since period start, fund +8.5%; buffer −5 to −35; cap +13.0%; At its cap. Data to Nov 4, 2026.

Pair scorecard

PMAP costs 0.29 points a year less; their one-year returns differ by 5.7 points; UAPR is far larger, $159m against $5.0m.

Points (pts) are percentage points.

PMAP vs UAPR: Cap, Buffer & Days Left
Measure	PMAP	UAPR
Return
Measure	PMAP	UAPR
Total return, 1 year	+6.4%	+12.1%
Drawdown
Measure	PMAP	UAPR
Index fall to the buffer	15.2%	19.4%
Benchmark
Measure	PMAP	UAPR
What it tracks	SPY	SPY
Cost and size
Measure	PMAP	UAPR
Expense ratio	0.50%	0.79%
Net assets	$5.0m	$159m
Holdings
Measure	PMAP	UAPR
Holdings in common	not published

Method

Window by window

Window by window: PMAP vs UAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PMAP	UAPR	PMAP	UAPR
3 months	+1.1%	+1.6%	+1.5 pts	+2.0 pts
6 months	+2.3%	+3.9%	−2.2 pts	−0.6 pts
1 year	+6.4%	+12.1%	−7.2 pts	−1.4 pts
3 years	–	+38.4%	–	−38.0 pts
Since launchNot the same days: PMAP Apr 2025 · UAPR Apr 2019	+10.9%	+46.7%	−25.8 pts	−121.5 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

PMAP PGIM S&P 500 Max Buffer ETF - April · Absorbs the whole loss on SPY and caps the gain at 7.1%, over a period ending Mar 31, 2027 UAPR Innovator U.S. Equity Ultra Buffer ETF - Apr · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 13.0%, over a period ending Mar 31, 2027

Issuer PGIM Innovator

Reference index SPY SPY

Buffer 100% 5% to 35%

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

Days left 147 147

Starting cap +7.1% +13.0%

Can still gain 2.5% 3.7%

Fall before buffer 4.4% 12.9%

Protection left, index points 100.0% of 100.0% 30.0% of 30.0%

Index return this period +17.9% +17.9%

Fund return this period +4.1% +8.5%

State today At cap At cap

Expense ratio 0.50% 0.79%

Net assets $5.0m $159m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. PMAP is a floor fund, which caps how far a holder can fall. UAPR 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

PMAP resets first, on Mar 31, 2027, 147 days from now; UAPR runs to Mar 31, 2027, 147 days. PMAP can still gain 2.5% before its cap, UAPR 3.7%. A fall from here reaches PMAP’s buffer after 4.4% and UAPR’s after 12.9%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

PMAP

SPY had already risen past this fund's cap of +7.1% 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 4.4% 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: 100.0% of the 100.0% 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.

UAPR

SPY had already risen past this fund's cap of +13.0% 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 3.7% as the period runs out. The fund's price can fall 12.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 19.4% 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, PMAP or UAPR?: From their prices on Nov 4, 2026, PMAP can gain about 2.5% before its cap and UAPR about 3.7%, so UAPR has more room left this period.
Which resets first, PMAP or UAPR?: PMAP ends its outcome period on Mar 31, 2027 and UAPR on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, PMAP or UAPR?: PMAP charges 0.50% a year and UAPR charges 0.79%, so PMAP is cheaper. Fees come from each fund's prospectus.

Other comparisons

PMAP vs APRW PMAP vs SIXO PMAP vs AAPR PMAP vs BAPR UAPR vs FLAO UAPR vs TAPR UAPR vs DDTA UAPR 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 →PMAP on its own →UAPR on its own →Method →Standards and sources →

Sources and dates

PMAP filings on SEC EDGAR ↗

PGIM website ↗

UAPR filings on SEC EDGAR ↗

Innovator page for UAPR ↗

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, PMAP against UAPR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pmap-vs-uapr

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