Which resets first, APXM or HMAY?

APXM ends its outcome period on Apr 16, 2027 and HMAY on Apr 30, 2027. A new cap is set the day after each.

Which is cheaper, APXM or HMAY?

APXM charges 0.85% a year and HMAY charges 0.30%, so HMAY is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

APXM vs HMAY: Cap, Buffer & Days Left

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HMAY can fall 4.1% before its buffer engages as of Nov 3, 2026, and APXM 3.7% as of Nov 4, 2026.

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Net assets: $22m on Nov 3, 2026 for FT Vest U.S. Equity Max Buffer ETF - April, and $1.9m on Nov 4, 2026 for Corgi U.S. Equities 100% Structured Buffer ETF - May Series.

APXM on its own →HMAY on its own →

At a glance

APXM At its cap

APXM: reference +8.0% since period start, fund +3.0%; buffer 0 to −50; cap +7.0%; At its cap. Data to Nov 4, 2026.

HMAY Full floor

HMAY: reference +4.2% since period start, fund +2.0%; buffer Floor; cap +6.5%; Full floor. Data to Nov 3, 2026.

Data to Nov 3, 2026.

Pair scorecard

HMAY costs 0.55 points a year less; APXM is 11.6 times larger.

Points (pts) are percentage points.

APXM vs HMAY: Cap, Buffer & Days Left
Measure	APXM	HMAY
Return
Measure	APXM	HMAY
Total return, 1 year	+5.0%	not published
Drawdown
Measure	APXM	HMAY
Index fall to the buffer	7.4%	4.1%
Benchmark
Measure	APXM	HMAY
What it tracks	SPY	SPY
Cost and size
Measure	APXM	HMAY
Expense ratio	0.85%	0.30%
Net assets, as of Nov 3, 2026	$22m	$1.9m
Holdings
Measure	APXM	HMAY
Holdings in common	not published

Method

Window by window

Window by window: APXM vs HMAY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APXM	HMAY	APXM	HMAY
3 months	+1.0%	+0.8%	+1.4 pts	+1.1 pts
6 months	+2.4%	+1.3%	−2.1 pts	−3.2 pts
1 year	+5.0%	–	−8.6 pts	–
Since launchNot the same days: APXM Apr 2025 · HMAY May 2026	+9.7%	+1.3%	−39.5 pts	−3.2 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

APXM FT Vest U.S. Equity Max Buffer ETF - April · Absorbs the first 50% of loss on SPY and caps the gain at 7.0%, over a period ending Apr 16, 2027 HMAY Corgi U.S. Equities 100% Structured Buffer ETF - May Series · Absorbs the whole loss on SPY and caps the gain at 6.5%, over a period ending Apr 30, 2027

Issuer First Trust Corgi

Reference index SPY SPY

Buffer 50% 100%

Outcome period Apr 20, 2026 to Apr 16, 2027 May 1, 2026 to Apr 30, 2027

Days left 163 178

Starting cap +7.0% +6.5%

Can still gain 3.1% not published

Fall before buffer 3.7% 4.1%

Protection left, index points 50.1% of 50.1% 100.0% of 100.0%

Index return this period +8.0% +4.2%

Fund return this period +3.0% +2.0%

State today At cap Open

Expense ratio 0.85% 0.30%

Net assets, APXM as of Nov 3, 2026 and HMAY as of Nov 4, 2026 $22m $1.9m

As of Nov 4, 2026. Source: ETFIQ.

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.

APXM is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

APXM resets first, on Apr 16, 2027, 163 days from now; HMAY runs to Apr 30, 2027, 178 days. A fall from here reaches APXM’s buffer after 3.7% and HMAY’s after 4.1%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

APXM

SPY had already risen past this fund's cap of +7.0% 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 3.1% as the period runs out. The fund's price can fall 3.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 7.4% 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. 163 days remained on Nov 4, 2026. On Apr 16, 2027 the period ends and a new cap is set.

HMAY

The fund's price can fall 4.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 4.1% 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. 178 days remained on Nov 3, 2026. On Apr 30, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, APXM or HMAY?: APXM ends its outcome period on Apr 16, 2027 and HMAY on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, APXM or HMAY?: APXM charges 0.85% a year and HMAY charges 0.30%, so HMAY is cheaper. Fees come from each fund's prospectus.

Other comparisons

APXM vs CTMA APXM vs MAYC APXM vs CMAY APXM vs PMMY HMAY vs DDTY HMAY vs MAYP HMAY vs PBMY HMAY vs MAYU

Where to next

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →APXM on its own →HMAY on its own →Method →Standards and sources →

Sources and dates

APXM filings on SEC EDGAR ↗

First Trust page for APXM ↗

HMAY filings on SEC EDGAR ↗

Corgi website ↗

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, APXM against HMAY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/apxm-vs-hmay

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