Which has more room to gain, APXM or ZMAY?

From their prices on Oct 13, 2026, APXM can gain about 3.2% before its cap and ZMAY about 4.1%, so ZMAY has more room left this period.

Which resets first, APXM or ZMAY?

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

Which is cheaper, APXM or ZMAY?

APXM charges 0.85% a year and ZMAY charges 0.79%, so ZMAY is cheaper. Fees come from each fund's prospectus.

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APXM vs ZMAY: Cap, Buffer & Days Left

As of Oct 13, 2026 APXM can fall 3.6% before its buffer engages and ZMAY 3.0%, and APXM resets 14 days sooner. Net assets on Oct 13, 2026: $22m for FT Vest U.S. Equity Max Buffer ETF - April and $83m for Innovator Equity Defined Protection ETF - 1 Yr May.

ZMAY costs 0.06 points a year less; their one-year returns differ by 0.1 points; ZMAY is 3.8 times larger.

Points (pts) are percentage points.

APXM vs ZMAY: Cap, Buffer & Days Left
	APXM	ZMAY
Expense ratio	0.85%	0.79%
Net assets	$22m	$83m
Total return, 1 year	+5.2%	+5.3%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	8.7%	7.6%

3.6%

APXM can fall this far before its buffer

3.0%

ZMAY can fall this far before its buffer

3.2%

APXM can still gain

4.1%

ZMAY can still gain

APXMAt its cap

APXM: reference +9.6% since period start, fund +2.9%; buffer 0 to −50; cap +7.0%; At its cap. Figures to Oct 13, 2026.

ZMAYAt its cap

ZMAY: reference +8.3% since period start, fund +2.7%; buffer Floor; cap +7.3%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

These are two different products. ZMAY 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, 185 days from now; ZMAY runs to Apr 30, 2027, 199 days. APXM can still gain 3.2% before its cap, ZMAY 4.1%. A fall from here reaches APXM’s buffer after 3.6% and ZMAY’s after 3.0%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: APXM vs ZMAY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APXM	ZMAY	APXM	ZMAY
3 months	+1.6%	+1.6%	−1.9 pts	−1.9 pts
6 months	+2.9%	+2.9%	−9.1 pts	−9.2 pts
1 year	+5.2%	+5.3%	−12.1 pts	−12.0 pts
Since launch Not the same days: APXM Apr 2025 · ZMAY May 2025	+9.6%	+8.9%	−41.8 pts	−30.4 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

On the same fields

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

ZMAY

Innovator Equity Defined Protection ETF - 1 Yr May · Absorbs the whole loss on SPY and caps the gain at 7.3%, over a period ending Apr 30, 2027

Issuer First Trust Innovator

Reference index SPY SPY

Buffer 50% 100%

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

Days left 185 199

Starting cap +7.0% +7.3%

Can still gain 3.2% 4.1%

Fall before buffer 3.6% 3.0%

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

Index return this period +9.6% +8.3%

Fund return this period +2.9% +2.7%

State today At cap At cap

Expense ratio 0.85% 0.79%

Net assets $22m $83m

As of Oct 13, 2026. Source: ETFIQ.

About APXM

SPY had already risen past this fund's cap of +7.0% for the period on Oct 13, 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 8.7% 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. 185 days remained on Oct 13, 2026. On Apr 16, 2027 the period ends and a new cap is set.

About ZMAY

SPY had already risen past this fund's cap of +7.3% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.1% as the period runs out. The fund's price can fall 3.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.6% 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. 199 days remained on Oct 13, 2026. On Apr 30, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, APXM or ZMAY?: From their prices on Oct 13, 2026, APXM can gain about 3.2% before its cap and ZMAY about 4.1%, so ZMAY has more room left this period.
Which resets first, APXM or ZMAY?: APXM ends its outcome period on Apr 16, 2027 and ZMAY on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, APXM or ZMAY?: APXM charges 0.85% a year and ZMAY charges 0.79%, so ZMAY is cheaper. Fees come from each fund's prospectus.

Other comparisons

APXM vs XAPR APXM vs UMAY APXM vs BMAY APXM vs MAYT ZMAY vs CPSM ZMAY vs CPSP ZMAY vs MAYP ZMAY vs DDTY

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 →ZMAY on its own →How every figure is computed →Standards and sources →

Where these figures came from

APXM filings on SEC EDGAR ↗First Trust page for APXM ↗ZMAY filings on SEC EDGAR ↗Innovator page for ZMAY ↗

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.

Cite this pageCitation, APA and Markdown

ETFIQ, APXM against ZMAY, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/apxm-vs-zmay

Open data

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