Which resets first, BMAY or CMAY?

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

Which is cheaper, BMAY or CMAY?

BMAY charges 0.79% a year and CMAY charges 0.30%, so CMAY is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

BMAY vs CMAY: Cap, Buffer & Days Left

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BMAY can fall 5.9% before its buffer engages as of Nov 4, 2026, and CMAY 4.7% as of Nov 3, 2026.

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Net assets on Nov 4, 2026: $182m for Innovator U.S. Equity Buffer ETF - May and $1.2m for Corgi U.S. Equities 15% Structured Buffer ETF - May Series.

BMAY on its own →CMAY on its own →

At a glance

BMAY Between buffer and cap

BMAY: reference +6.7% since period start, fund +5.8%; buffer 0 to −9; cap +16.9%; Between buffer and cap. Data to Nov 4, 2026.

CMAY Between buffer and cap

CMAY: reference +5.0% since period start, fund +4.0%; buffer 0 to −15; cap +11.0%; Between buffer and cap. Data to Nov 3, 2026.

Pair scorecard

CMAY costs 0.49 points a year less; BMAY is far larger, $182m against $1.2m.

Points (pts) are percentage points.

BMAY vs CMAY: Cap, Buffer & Days Left
Measure	BMAY	CMAY
Return
Measure	BMAY	CMAY
Total return, 1 year	+10.9%	not published
Drawdown
Measure	BMAY	CMAY
Index fall to the buffer	6.2%	4.7%
Benchmark
Measure	BMAY	CMAY
What it tracks	SPY	SPY
Cost and size
Measure	BMAY	CMAY
Expense ratio	0.79%	0.30%
Net assets	$182m	$1.2m
Holdings
Measure	BMAY	CMAY
Holdings in common	not published

ETFIQ Downside Cover Score · CMAY scores higher If the market falls into a bear market from here, how much does the buffer absorb?

IQ Buffer Score20.5BMAY83.2CMAY

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

BMAY 20.5

CMAY 83.2

0.3, the lowest in this set 99.7, the highest

Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →

Method

Window by window

Window by window: BMAY vs CMAY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BMAY	CMAY	BMAY	CMAY
3 months	+0.8%	+0.7%	+1.2 pts	+1.1 pts
6 months	+4.5%	+3.3%	0.0 pts	−1.2 pts
1 year	+10.9%	–	−2.6 pts	–
3 years	+54.8%	–	−21.6 pts	–
Since launchNot the same days: BMAY May 2020 · CMAY May 2026	+93.8%	+3.9%	−77.4 pts	−2.5 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

BMAY Innovator U.S. Equity Buffer ETF - May · Absorbs the first 9% of loss on SPY and caps the gain at 16.9%, over a period ending Apr 30, 2027 CMAY Corgi U.S. Equities 15% Structured Buffer ETF - May Series · Absorbs the first 15% of loss on SPY and caps the gain at 11.0%, over a period ending Apr 30, 2027

Issuer Innovator Corgi

Reference index SPY SPY

Buffer 9% 15%

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

Days left 177 178

Starting cap +16.9% +11.0%

Can still gain 10.1% not published

Fall before buffer 5.9% 4.7%

Protection left, index points 9.0% of 9.0% 15.0% of 15.0%

Index return this period +6.7% +5.0%

Fund return this period +5.8% +4.0%

State today Open Open

Expense ratio 0.79% 0.30%

Net assets $182m $1.2m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

BMAY resets first, on Apr 30, 2027, 177 days from now; CMAY runs to Apr 30, 2027, 178 days. A fall from here reaches BMAY’s buffer after 5.9% and CMAY’s after 4.7%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

BMAY

From its price on Nov 4, 2026, the fund can gain about 10.1% more before it reaches its cap. The fund's price can fall 5.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.2% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 177 days remained on Nov 4, 2026. On Apr 30, 2027 the period ends and a new cap is set.

CMAY

The fund's price can fall 4.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 4.7% 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. 178 days remained on Nov 3, 2026.

Questions people ask

Which resets first, BMAY or CMAY?: BMAY ends its outcome period on Apr 30, 2027 and CMAY on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, BMAY or CMAY?: BMAY charges 0.79% a year and CMAY charges 0.30%, so CMAY is cheaper. Fees come from each fund's prospectus.

Other comparisons

BMAY vs MAYC BMAY vs CTMA BMAY vs HMAY BMAY vs DDFY CMAY vs MAYT CMAY vs GAPR CMAY vs UMAY CMAY vs DDFY

Where to next

SPY →BMAY on its own →CMAY on its own →Method →Standards and sources →

Sources and dates

BMAY filings on SEC EDGAR ↗

Innovator page for BMAY ↗

CMAY filings on SEC EDGAR ↗

Corgi website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

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.

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ETFIQ, BMAY against CMAY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bmay-vs-cmay

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