Which has more room to gain, PMAY or UMAY?

From their prices on Nov 4, 2026, PMAY can gain about 7.3% before its cap and UMAY about 7.1%, so PMAY has more room left this period.

Which resets first, PMAY or UMAY?

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

Which is cheaper, PMAY or UMAY?

PMAY and UMAY both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

PMAY vs UMAY: Cap, Buffer & Days Left

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As of Nov 4, 2026 UMAY can fall 9.6% before its buffer engages and PMAY 5.1%.

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Net assets on Nov 4, 2026: $788m for Innovator U.S. Equity Power Buffer ETF - May and $84m for Innovator U.S. Equity Ultra Buffer ETF - May.

PMAY on its own →UMAY on its own →

At a glance

5.1%

PMAY can fall this far before its buffer

9.6%

UMAY can fall this far before its buffer

7.3%

PMAY can still gain

7.1%

UMAY can still gain

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.

UMAY Between buffer and cap

UMAY: reference +6.7% since period start, fund +4.7%; buffer −5 to −35; cap +12.5%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.79% a year; their one-year returns differ by 0.6 points; PMAY is 9.4 times larger.

Points (pts) are percentage points.

PMAY vs UMAY: Cap, Buffer & Days Left
Measure	PMAY	UMAY
Return
Measure	PMAY	UMAY
Total return, 1 year	+9.1%	+8.5%
Drawdown
Measure	PMAY	UMAY
Index fall to the buffer	6.2%	10.9%
Benchmark
Measure	PMAY	UMAY
What it tracks	SPY	SPY
Cost and size
Measure	PMAY	UMAY
Expense ratio	0.79%	0.79%
Net assets	$788m	$84m
Holdings
Measure	PMAY	UMAY
Holdings in common	not published

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

IQ Buffer Score74.1PMAY46.4UMAY

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

PMAY 74.1

UMAY 46.4

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: PMAY vs UMAY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PMAY	UMAY	PMAY	UMAY
3 months	+1.2%	+1.2%	+1.6 pts	+1.5 pts
6 months	+3.9%	+3.7%	−0.6 pts	−0.8 pts
1 year	+9.1%	+8.5%	−4.5 pts	−5.1 pts
3 years	+42.1%	+39.4%	−34.3 pts	−37.0 pts
Since launchPMAY May 2020 · UMAY May 2020	+67.9%	+53.3%	−103.3 pts	−117.8 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

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 UMAY Innovator U.S. Equity Ultra Buffer ETF - May · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 12.5%, over a period ending Apr 30, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 15% 5% to 35%

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

Days left 177 177

Starting cap +13.0% +12.5%

Can still gain 7.3% 7.1%

Fall before buffer 5.1% 9.6%

Protection left, index points 15.0% of 15.0% 30.0% of 30.0%

Index return this period +6.7% +6.7%

Fund return this period +5.0% +4.7%

State today Open Open

Expense ratio 0.79% 0.79%

Net assets $788m $84m

As of Nov 4, 2026. Source: ETFIQ.

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

PMAY resets first, on Apr 30, 2027, 177 days from now; UMAY runs to Apr 30, 2027, 177 days. PMAY can still gain 7.3% before its cap, UMAY 7.1%. A fall from here reaches PMAY’s buffer after 5.1% and UMAY’s after 9.6%. Both track SPY, so what separates them is where each is in its own period.

Client brief:

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About each fund

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. 177 days remained on Nov 4, 2026. On Apr 30, 2027 the period ends and a new cap is set.

UMAY

From its price on Nov 4, 2026, the fund can gain about 7.1% more before it reaches its cap. The fund's price can fall 9.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.9% 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, PMAY or UMAY?: From their prices on Nov 4, 2026, PMAY can gain about 7.3% before its cap and UMAY about 7.1%, so PMAY has more room left this period.
Which resets first, PMAY or UMAY?: PMAY ends its outcome period on Apr 30, 2027 and UMAY on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, PMAY or UMAY?: PMAY and UMAY both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

PMAY vs DDFY PMAY vs ZMAY PMAY vs SIXZ PMAY vs CPSM UMAY vs FAPR UMAY vs DAPR UMAY vs GAPR UMAY vs BMAY

Where to next

SPY →PMAY on its own →UMAY on its own →Method →Standards and sources →

Sources and dates

PMAY and UMAY filings on SEC EDGAR ↗

Innovator page for PMAY ↗

Innovator page for UMAY ↗

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

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