Which resets first, CMAY or FAPR?

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

Which is cheaper, CMAY or FAPR?

CMAY charges 0.30% a year and FAPR charges 0.85%, so CMAY is cheaper. Fees come from each fund's prospectus.

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CMAY vs FAPR: Cap, Buffer & Days Left

As of Oct 13, 2026 CMAY can fall 7.6% before its buffer engages and FAPR 7.2%, and FAPR resets 14 days sooner. Net assets on Oct 13, 2026: $2m for Corgi U.S. Equities 15% Structured Buffer ETF - May Series and $1.4bn for FT Vest U.S. Equity Buffer ETF - April.

CMAY costs 0.55 points a year less; FAPR is far larger, $1.4bn against $2m.

Points (pts) are percentage points.

CMAY vs FAPR: Cap, Buffer & Days Left
	CMAY	FAPR
Expense ratio	0.30%	0.85%
Net assets	$2m	$1.4bn
Total return, 1 year	not published	+11.2%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	7.6%	8.7%

CMAYBetween buffer and cap

CMAY: reference +8.3% since period start, fund +5.3%; buffer 0 to −15; cap +11.0%; Between buffer and cap. Figures to Oct 13, 2026.

FAPRBetween buffer and cap

FAPR: reference +9.6% since period start, fund +6.9%; buffer 0 to −10; cap +15.2%; Between buffer and cap. Figures to Oct 13, 2026.

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

CMAY 62.8

FAPR 37

0.2, the lowest in this set99.8, the highest

A percentile among the 292 buffer ETFs on stocks with a live outcome period. 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 → How it is computed →

Where each one stands today

FAPR resets first, on Apr 16, 2027, 185 days from now; CMAY runs to Apr 30, 2027, 199 days. A fall from here reaches CMAY’s buffer after 7.6% and FAPR’s after 7.2%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CMAY vs FAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CMAY	FAPR	CMAY	FAPR
3 months	+2.3%	+3.0%	−1.2 pts	−0.5 pts
6 months	not published	+6.9%	not published	−5.2 pts
1 year	not published	+11.2%	not published	−6.1 pts
3 years	not published	+48.9%	not published	−31.4 pts
Since launch Not the same days: CMAY May 2026 · FAPR Apr 2021	+4.3%	+61.1%	−3.7 pts	−26.3 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

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

FAPR

FT Vest U.S. Equity Buffer ETF - April · Absorbs the first 10% of loss on SPY and caps the gain at 15.2%, over a period ending Apr 16, 2027

Issuer Corgi First Trust

Reference index SPY SPY

Buffer 15% 10%

Outcome period May 1, 2026 to Apr 30, 2027 Apr 20, 2026 to Apr 16, 2027

Days left 199 185

Starting cap +11.0% +15.2%

Can still gain not published 6.9%

Fall before buffer 7.6% 7.2%

Protection left, index points 15.0% of 15.0% 10.0% of 10.0%

Index return this period +8.3% +9.6%

Fund return this period +5.3% +6.9%

State today Open Open

Expense ratio 0.30% 0.85%

Net assets $2m $1.4bn

As of Oct 13, 2026. Source: ETFIQ.

About CMAY

The fund's price can fall 7.6% 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: 15.0% of the 15.0% 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.

About FAPR

From its price on Oct 13, 2026, the fund can gain about 6.9% more before it reaches its cap. The fund's price can fall 7.2% 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: 10.0% of the 10.0% 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.

Questions people ask

Which resets first, CMAY or FAPR?: CMAY ends its outcome period on Apr 30, 2027 and FAPR on Apr 16, 2027. A new cap is set the day after each.
Which is cheaper, CMAY or FAPR?: CMAY charges 0.30% a year and FAPR charges 0.85%, so CMAY is cheaper. Fees come from each fund's prospectus.

Other comparisons

CMAY vs PMAY CMAY vs MAYW CMAY vs DAPR CMAY vs GAPR FAPR vs CTMA FAPR vs MAYC FAPR vs HMAY FAPR vs PMMY

SPY →CMAY on its own →FAPR on its own →How every figure is computed →Standards and sources →

Where these figures came from

CMAY filings on SEC EDGAR ↗Corgi website ↗FAPR filings on SEC EDGAR ↗First Trust page for FAPR ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. 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 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, CMAY against FAPR, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cmay-vs-fapr

Open data

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