Which has more room to gain, PMAP or XBAP?

From their prices on Nov 4, 2026, PMAP can gain about 2.5% before its cap and XBAP about 3.6%, so XBAP has more room left this period.

Which resets first, PMAP or XBAP?

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

Which is cheaper, PMAP or XBAP?

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

Data as of Nov 4, 2026.

Buffer ETFs

PMAP vs XBAP: Cap, Buffer & Days Left

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As of Nov 4, 2026 XBAP can fall 10.0% 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 $129m for Innovator U.S. Equity Accelerated 9 Buffer ETF - Apr.

PMAP on its own →XBAP on its own →

At a glance

4.4%

PMAP can fall this far before its buffer

10.0%

XBAP can fall this far before its buffer

2.5%

PMAP can still gain

3.6%

XBAP 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.

XBAP At its cap

XBAP: reference +17.9% since period start, fund +10.5%; buffer 0 to −9; cap +15.0%; At its cap. Data to Nov 4, 2026.

Pair scorecard

PMAP costs 0.29 points a year less; their one-year returns differ by 7.5 points; XBAP is far larger, $129m against $5.0m.

Points (pts) are percentage points.

PMAP vs XBAP: Cap, Buffer & Days Left
Measure	PMAP	XBAP
Return
Measure	PMAP	XBAP
Total return, 1 year	+6.4%	+13.9%
Drawdown
Measure	PMAP	XBAP
Index fall to the buffer	15.2%
Benchmark
Measure	PMAP	XBAP
What it tracks	SPY	SPY
Cost and size
Measure	PMAP	XBAP
Expense ratio	0.50%	0.79%
Net assets	$5.0m	$129m
Holdings
Measure	PMAP	XBAP
Holdings in common	not published

Method

Window by window

Window by window: PMAP vs XBAP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PMAP	XBAP	PMAP	XBAP
3 months	+1.1%	+1.7%	+1.5 pts	+2.1 pts
6 months	+2.3%	+4.8%	−2.2 pts	+0.3 pts
1 year	+6.4%	+13.9%	−7.2 pts	+0.3 pts
3 years	–	+47.5%	–	−28.9 pts
Since launchNot the same days: PMAP Apr 2025 · XBAP Apr 2021	+10.9%	+69.5%	−25.8 pts	−21.9 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

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 XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - Apr · Absorbs the first 9% of loss on SPY and caps the gain at 15.0%, over a period ending Mar 31, 2027

Issuer PGIM Innovator

Reference index SPY SPY

Buffer 100% 9%

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

Days left 147 147

Starting cap +7.1% +15.0%

Can still gain 2.5% 3.6%

Fall before buffer 4.4% 10.0%

Protection left, index points 100.0% of 100.0% 9.0% of 9.0%

Index return this period +17.9% +17.9%

Fund return this period +4.1% +10.5%

State today At cap At cap

Expense ratio 0.50% 0.79%

Net assets $5.0m $129m

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. XBAP 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; XBAP runs to Mar 31, 2027, 147 days. PMAP can still gain 2.5% before its cap, XBAP 3.6%. A fall from here reaches PMAP’s buffer after 4.4% and XBAP’s after 10.0%. 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.

XBAP

SPY had already risen past this fund's cap of +15.0% 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 3.6% as the period runs out. The fund's price can fall 10.0% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, PMAP or XBAP?: From their prices on Nov 4, 2026, PMAP can gain about 2.5% before its cap and XBAP about 3.6%, so XBAP has more room left this period.
Which resets first, PMAP or XBAP?: PMAP ends its outcome period on Mar 31, 2027 and XBAP on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, PMAP or XBAP?: PMAP charges 0.50% a year and XBAP charges 0.79%, so PMAP is cheaper. Fees come from each fund's prospectus.

Other comparisons

PMAP vs SIXO PMAP vs MARM PMAP vs UAPR PMAP vs APOC XBAP vs FLAO XBAP vs TAPR XBAP vs DDTA XBAP 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 →XBAP on its own →Method →Standards and sources →

Sources and dates

PMAP filings on SEC EDGAR ↗

PGIM website ↗

XBAP filings on SEC EDGAR ↗

Innovator page for XBAP ↗

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 XBAP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pmap-vs-xbap

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