Which has more room to gain, BMAY or XAPR?

From their prices on Oct 2, 2026, BMAY can gain about 10.3% before its cap and XAPR about 4.6%, so BMAY has more room left this period.

Which resets first, BMAY or XAPR?

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

Which is cheaper, BMAY or XAPR?

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

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BMAY vs XAPR: which one stands where?

As of Oct 2, 2026 BMAY can fall 5.8% before its buffer engages and XAPR 5.3%, and XAPR resets 14 days sooner. Innovator U.S. Equity Buffer ETF - May and FT Vest U.S. Equity Enhance & Moderate Buffer ETF - April.

BMAY costs 0.06 points a year less; their one-year returns differ by 3.3 points; BMAY is 4.6 times larger.

	BMAY	XAPR
Expense ratio	0.79%	0.85%
Net assets	$239m	$52m
Total return, 1 year	+11.1%	+7.8%
What it tracks	SPY	SPY
Holdings in common	not published

5.8%

BMAY can fall this far before its buffer

5.3%

XAPR can fall this far before its buffer

10.3%

BMAY can still gain

4.6%

XAPR can still gain

BMAYBetween buffer and cap

BMAY: reference +7.1% since period start, fund +5.7%; buffer 0 to −9; cap +16.9%; Between buffer and cap.

XAPRBetween buffer and cap

XAPR: reference +8.4% since period start, fund +4.7%; buffer 0 to −15; cap +10.4%; Between buffer and cap.

These are two different products. XAPR 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.

Where each one stands today

XAPR resets first, on Apr 16, 2027, 196 days from now; BMAY runs to Apr 30, 2027, 210 days. BMAY can still gain 10.3% before its cap, XAPR 4.6%. A fall from here reaches BMAY’s buffer after 5.8% and XAPR’s after 5.3%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	BMAY	XAPR	BMAY	XAPR
3 months	+3.0%	+2.5%	−0.6 pts	−1.1 pts
6 months	+8.1%	+4.9%	−9.8 pts	−13.1 pts
1 year	+11.1%	+7.8%	−5.1 pts	−8.4 pts
3 years	+58.6%	not published	−30.7 pts	not published

BMAY and XAPR over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

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

XAPR

FT Vest U.S. Equity Enhance & Moderate Buffer ETF - April · Absorbs the first 15% of loss on SPY and caps the gain at 10.4%, over a period ending Apr 16, 2027

Issuer Innovator First Trust

Reference index SPY SPY

Buffer 9% 15%

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

Days left 210 196

Starting cap +16.9% +10.4%

Can still gain 10.3% 4.6%

Fall before buffer 5.8% 5.3%

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

Index return this period +7.1% +8.4%

Fund return this period +5.7% +4.7%

State today Open Open

Expense ratio 0.79% 0.85%

Net assets $239m $52m

BMAY and XAPR on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BMAY in plain words

From its price on Oct 2, 2026, the fund can gain about 10.3% more before it reaches its cap. The fund's price can fall 5.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.6% 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. 210 days remained on Oct 2, 2026. On Apr 30, 2027 the period ends and a new cap is set.

XAPR in plain words

From its price on Oct 2, 2026, the fund can gain about 4.6% more before it reaches its cap. The fund's price can fall 5.3% 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: 15.0% of the 15.0% buffer still sits below today's SPY level. 196 days remained on Oct 2, 2026. On Apr 16, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BMAY or XAPR?: From their prices on Oct 2, 2026, BMAY can gain about 10.3% before its cap and XAPR about 4.6%, so BMAY has more room left this period.
Which resets first, BMAY or XAPR?: BMAY ends its outcome period on Apr 30, 2027 and XAPR on Apr 16, 2027. A new cap is set the day after each.
Which is cheaper, BMAY or XAPR?: BMAY charges 0.79% a year and XAPR charges 0.85%, so BMAY is cheaper. Fees come from each fund's prospectus.

Other comparisons

BMAY vs UMAY BMAY vs CPSM BMAY vs CPSP BMAY vs CTMA XAPR vs ZMAY XAPR vs CMAY XAPR vs CPSM XAPR vs CTMA

SPY →BMAY on its own →XAPR 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 ↗XAPR filings on SEC EDGAR ↗First Trust page for XAPR ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BMAY against XAPR, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/bmay-vs-xapr

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.