APXM vs HMAY: Cap, Buffer & Days Left
As of Oct 9, 2026 HMAY can fall 7.0% before its buffer engages and APXM 3.6%, and APXM resets 14 days sooner. Net assets on Oct 9, 2026: $22m for FT Vest U.S. Equity Max Buffer ETF - April and $2m for Corgi U.S. Equities 100% Structured Buffer ETF - May Series.
HMAY costs 0.55 points a year less; APXM is 10.0 times larger.
| APXM | HMAY | |
|---|---|---|
| Expense ratio | 0.85% | 0.30% |
| Net assets | $22m | $2m |
| Total return, 1 year | +5.2% | not published |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 8.8% | 7.0% |
APXM: reference +9.6% since period start, fund +2.8%; buffer 0 to −50; cap +7.0%; At its cap. Figures to Oct 9, 2026.
APXM: reference +9.6% since period start, fund +2.8%; buffer 0 to −50; cap +7.0%; At its cap. Figures to Oct 9, 2026.
HMAY: reference +7.6% since period start, fund +2.4%; buffer Floor; cap +6.5%; At its cap. Figures to Oct 9, 2026.
Figures to Oct 9, 2026.
These are two different products. HMAY is a floor fund, which caps how far a holder can fall. APXM 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
APXM resets first, on Apr 16, 2027, 189 days from now; HMAY runs to Apr 30, 2027, 203 days. A fall from here reaches APXM’s buffer after 3.6% and HMAY’s after 7.0%. Both track SPY, so what separates them is where each is in its own period.
Performance, window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | APXM | HMAY | APXM | HMAY |
| 3 months | +1.5% | +1.1% | −1.6 pts | −2.0 pts |
| 6 months | +2.9% | not published | −11.7 pts | not published |
| 1 year | +5.2% | not published | −10.8 pts | not published |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
As of Oct 9, 2026. Source: ETFIQ.
APXM in plain words
SPY had already risen past this fund's cap of +7.0% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.2% as the period runs out. The fund's price can fall 3.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 8.8% from today's level to the point where the buffer begins. Protection left, in index points: 50.1% of the 50.1% buffer still sits below today's SPY level. 189 days remained on Oct 9, 2026. On Apr 16, 2027 the period ends and a new cap is set.
HMAY in plain words
SPY had already risen past this fund's cap of +6.5% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's price can fall 7.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.0% 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. 203 days remained on Oct 9, 2026. On Apr 30, 2027 the period ends and a new cap is set.
Questions people ask
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
ETFIQ calculates every figure 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 figure is an ETFIQ calculation with distributions reinvested.
ETFIQ, APXM against HMAY, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/apxm-vs-hmay
ETFIQ. (Oct 9, 2026). APXM against HMAY. Retrieved from https://etfiq.com/compare/buffer/apxm-vs-hmay
[APXM against HMAY (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/apxm-vs-hmay)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.