Which resets first, BMAY or HMAY?

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

Which is cheaper, BMAY or HMAY?

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

Open in the app Ask IQ about these two funds

BMAY vs HMAY: Cap, Buffer & Days Left

As of Oct 9, 2026 HMAY can fall 7.0% before its buffer engages and BMAY 6.5%. Net assets on Oct 9, 2026: $238m for Innovator U.S. Equity Buffer ETF - May and $2m for Corgi U.S. Equities 100% Structured Buffer ETF - May Series.

HMAY costs 0.49 points a year less; BMAY is far larger, $238m against $2m.

Points (pts) are percentage points.

BMAY vs HMAY: Cap, Buffer & Days Left
	BMAY	HMAY
Expense ratio	0.79%	0.30%
Net assets	$238m	$2m
Total return, 1 year	+11.9%	not published
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	7.7%	7.0%

BMAYBetween buffer and cap

BMAY: reference +8.3% since period start, fund +6.6%; buffer 0 to −9; cap +16.9%; Between buffer and cap. Figures to Oct 9, 2026.

HMAYAt its cap

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. BMAY is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

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

Where each one stands today

BMAY resets first, on Apr 30, 2027, 203 days from now; HMAY runs to Apr 30, 2027, 203 days. A fall from here reaches BMAY’s buffer after 6.5% 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

Performance, window by window: BMAY vs HMAY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BMAY	HMAY	BMAY	HMAY
3 months	+3.0%	+1.1%	−0.2 pts	−2.0 pts
6 months	+7.3%	not published	−7.3 pts	not published
1 year	+11.9%	not published	−4.0 pts	not published
3 years	+56.1%	not published	−23.1 pts	not published
Since launch Not the same days: BMAY May 2020 · HMAY May 2026	+95.2%	+1.4%	−80.2 pts	−4.8 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

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

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 Innovator Corgi

Reference index SPY SPY

Buffer 9% 100%

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

Days left 203 203

Starting cap +16.9% +6.5%

Can still gain 9.4% not published

Fall before buffer 6.5% 7.0%

Protection left, index points 9.0% of 9.0% 100.0% of 100.0%

Index return this period +8.3% +7.6%

Fund return this period +6.6% +2.4%

State today Open At cap

Expense ratio 0.79% 0.30%

Net assets $238m $2m

As of Oct 9, 2026. Source: ETFIQ.

About BMAY

From its price on Oct 9, 2026, the fund can gain about 9.4% more before it reaches its cap. The fund's price can fall 6.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.7% 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. 203 days remained on Oct 9, 2026. On Apr 30, 2027 the period ends and a new cap is set.

About HMAY

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.

Questions people ask

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

Other comparisons

BMAY vs MAYC BMAY vs CMAY BMAY vs CTMA BMAY vs PMMY HMAY vs MAYT HMAY vs MAYW HMAY vs MAYC HMAY vs GAPR

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BMAY on its own →HMAY on its own →How every figure is computed →Standards and sources →

Where these figures came from

BMAY filings on SEC EDGAR ↗Innovator page for BMAY ↗HMAY filings on SEC EDGAR ↗Corgi website ↗

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, BMAY against HMAY, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bmay-vs-hmay

Open data

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