Data as of Nov 4, 2026.
BMAY vs FAPR: Cap, Buffer & Days Left
As of Nov 4, 2026 FAPR can fall 6.7% before its buffer engages and BMAY 5.9%, and FAPR resets 14 days sooner.
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Net assets: $182m on Nov 4, 2026 for Innovator U.S. Equity Buffer ETF - May, and $1.3bn on Nov 3, 2026 for FT Vest U.S. Equity Buffer ETF - April.
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.
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.FAPR: reference +8.0% since period start, fund +6.3%; buffer 0 to −10; cap +15.2%; Between buffer and cap. Data to Nov 4, 2026.
FAPR: reference +8.0% since period start, fund +6.3%; buffer 0 to −10; cap +15.2%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
BMAY costs 0.06 points a year less; their one-year returns differ by 0.6 points; FAPR is 7.2 times larger.
Points (pts) are percentage points.
| Measure | BMAY | FAPR |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.9% | +10.3% |
| Drawdown | ||
| Index fall to the buffer | 6.2% | 7.4% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.85% |
| Net assets, as of Nov 3, 2026 | $180m | $1.3bn |
| Holdings | ||
| Holdings in common | not published | |
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
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 →
Risk and return
Apr 30, 2021 to Oct 30, 2026 · 287 weekly returns · each against SPYFrom Apr 2021 to Oct 2026, BMAY and FAPR returned about the same: +58.7% and +58.4%. FAPR swung slightly less: 9.5% to 10.5%. FAPR fell less at its worst: −15.5% to −17.4%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | BMAY | FAPR | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +58.7% | +58.4% | Tie | Price change plus distributions, reinvested. | |
| Annualized | +8.7% | +8.7% | Tie | Total return as a yearly rate. | |
| Price return | +58.7% | +58.4% | Tie | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 10.5% | 9.5% | FAPR (slight) | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 7.2% | 6.6% | FAPR (slight) | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −17.4% | −15.5% | FAPR | Deepest fall from a high to the low after it. | |
| Upside capture | 51.0% | 44.2% | 100.0% | BMAY | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 69.1% | 61.1% | 100.0% | FAPR | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.64 | 0.57 | 1.00 | FAPR lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.93 | 0.90 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.51 | 0.55 | FAPR (slight) | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.74 | 0.79 | FAPR (slight) | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.083 | 0.091 | 0.098 | FAPR (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 0.50 | 0.56 | FAPR | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | −1.0% a year | −0.4% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.82 | −0.29 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −3.2% to +1.3% | −3.0% to +2.2% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.71 | −0.62 | FAPR | Return against its benchmark per unit of tracking error. | |
| Tracking error | 6.2% | 7.4% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 287 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | BMAY | FAPR | BMAY | FAPR |
| 3 months | +0.8% | +1.1% | +1.2 pts | +1.5 pts |
| 6 months | +4.5% | +4.6% | 0.0 pts | +0.1 pts |
| 1 year | +10.9% | +10.3% | −2.6 pts | −3.3 pts |
| 3 years | +54.8% | +47.3% | −21.6 pts | −29.1 pts |
| Since launchNot the same days: BMAY May 2020 · FAPR Apr 2021 | +93.8% | +60.4% | −77.4 pts | −24.3 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
Where each one stands today
FAPR resets first, on Apr 16, 2027, 163 days from now; BMAY runs to Apr 30, 2027, 177 days. BMAY can still gain 10.1% before its cap, FAPR 7.5%. A fall from here reaches BMAY’s buffer after 5.9% and FAPR’s after 6.7%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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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.
FAPR
From its price on Nov 4, 2026, the fund can gain about 7.5% more before it reaches its cap. The fund's price can fall 6.7% 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: 10.0% of the 10.0% 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.
Questions people ask
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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 FAPR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bmay-vs-fapr
ETFIQ. (Nov 4, 2026). BMAY against FAPR. Retrieved from https://etfiq.com/compare/buffer/bmay-vs-fapr
[BMAY against FAPR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/bmay-vs-fapr)
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