PMAY vs PSMR

PMAYCInnovator U.S. Equity Power Buffer ETF - May

PSMRBPacer Swan SOS Moderate (April) ETF

In short

PMAY A 15% cushion on the S&P 500, rebooted every May. PMAY gives up part of the upside (a cap reset each period) in exchange for absorbing the index's first 15 points of losses, and it can be held through reset after reset.

PSMR A 15-point cushion on SPY, reset every April, for 0.49% a year while the typical buffer fund charges more. Pacer and Swan's moderate tier trades away some upside (a cap set each period) for a floor you know going in.

Stated mandate

PMAY The fund seeks to participate in SPY's gains up to a preset cap while protecting the first 15% of SPY losses during each roughly annual outcome period. It resets for a new outcome period and may be held indefinitely.

PSMR The Fund seeks to match the returns of the SPDR S&P 500 ETF Trust up to a predetermined cap while providing a downside buffer over an approximately one-year period.

Why people hold it

• PMAY The buffer is the whole point: the first 15% of S&P 500 losses over each roughly one-year period are absorbed before fees, then the structure resets for a new period.
• You know the calendar in advance. Each outcome period runs from May 1 to the end of the following April, so the reset date is never a surprise.
• Easy to get in and out of by buffer-fund standards: trading costs and market quality rate near the top of the S&P 500 buffer group.
• Running since 2020 and one of the stronger implementations in a crowded field of S&P 500 buffer funds.

• PSMR Charges 0.49% a year against a 0.79% median in its buffered-SPY cohort, and undercuts Pacer's own single-month siblings like PJUL and POCT at 0.79%.
• The contract is spelled out: a 15-point buffer against SPDR S&P 500 ETF Trust losses over roughly a one-year period, with upside capped at a level set when the period begins.paceretfs.com
• Terms reset on April 1 each year, so the new buffer and cap arrive on a known calendar date instead of whenever you happened to buy in.paceretfs.com
• Running since 2021, so this April series has cycled through several complete outcome periods rather than being a fresh launch with a paper track record.

Worth knowing

• PMAY The cap is the price of the cushion. Upside is limited each period, and a fresh cap is set at every reset, so it can land above or below the previous one.
• Timing matters: buy mid-period and your effective cap and remaining buffer differ from the stated terms, which are designed to work over a full outcome period.
• At 0.79%, it sits at the typical price for single-month buffer funds, while laddered alternatives like BUFP (0.50%) and PSFF (0.10%) charge less.

• PSMR Thinly traded next to the biggest names in buffer land, so spreads and order size are worth a look before you place a trade.
• The cap cuts both ways: big SPY years get trimmed, and the stated buffer and cap only line up in full for a holder who rides one April reset to the next.
• Not an income vehicle. It has not been paying a regular distribution, so whatever the strategy delivers shows up in the share price.

Full PMAY profile⁠

Full PSMR profile⁠