Data as of .
PMAY vs XAPR: which one stands where?
As of Sep 21, 2026 XAPR can fall 5.2% before its buffer engages and PMAY 4.8%, and XAPR resets 14 days sooner.
These are two different products. XAPR is a floor fund, which caps how far a holder can fall. PMAY 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
XAPR resets first, on Apr 16, 2027, 207 days from now; PMAY runs to Apr 30, 2027, 221 days. PMAY can still gain 7.6% before its cap, XAPR 4.8%. A fall from here reaches PMAY’s buffer after 4.8% and XAPR’s after 5.2%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| PMAY | XAPR | PMAY | XAPR | |
| 3 months | +2.0% | +2.1% | −0.3 pts | −0.2 pts |
| 6 months | +6.3% | +4.8% | −11.8 pts | −13.2 pts |
| 1 year | +8.7% | +7.6% | −7.8 pts | −8.9 pts |
| 3 years | +40.5% | not published | −37.9 pts | not published |
| 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 | XAPR FT Vest U.S. Equity Enhance & Moderate Buffer ETF - April Absorbs the first 15% of loss on SPY and caps the gain at 10.4%, over a period ending Apr 16, 2027 | |
|---|---|---|
| Issuer | Innovator | First Trust |
| Reference index | SPY | SPY |
| Buffer | 15% | 15% |
| Outcome period | Apr 30, 2026 to Apr 30, 2027 | Apr 20, 2026 to Apr 16, 2027 |
| Days left | 221 | 207 |
| Starting cap | +13.0% | +10.4% |
| Can still gain | 7.6% | 4.8% |
| Fall before buffer | 4.8% | 5.2% |
| Protection left, index points | 15.0% of 15.0% | 15.0% of 15.0% |
| Index return this period | +7.7% | +9.0% |
| Fund return this period | +4.7% | +4.5% |
| State today | Open | Open |
| Expense ratio | 0.79% | 0.85% |
| Net assets | $812m | $30m |
PMAY in plain words
From its price on Sep 21, 2026, the fund can gain about 7.6% 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 figure. In index terms, SPY can fall 7.1% 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. 221 days remained on Sep 21, 2026. On Apr 30, 2027 the period ends and a new cap is set.
XAPR in plain words
From its price on Sep 21, 2026, the fund can gain about 4.8% more before it reaches its cap. The fund's price can fall 5.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 8.2% from today's level to the point where the buffer begins. 207 days remained on Sep 21, 2026. On Apr 16, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, PMAY or XAPR?
- From their prices on Sep 21, 2026, PMAY can gain about 7.6% before its cap and XAPR about 4.8%, so PMAY has more room left this period.
- Which resets first, PMAY or XAPR?
- PMAY ends its outcome period on Apr 30, 2027 and XAPR on Apr 16, 2027. A new cap is set the day after each.
- Which is cheaper, PMAY or XAPR?
- PMAY charges 0.79% a year and XAPR charges 0.85%, so PMAY is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, PMAY against XAPR, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/pmay-vs-xapr Free to use with attribution; the underlying files are at Open data.