CMAY vs HMAY: Cap, Buffer & Days Left
As of Oct 9, 2026 CMAY can fall 7.7% before its buffer engages and HMAY 7.0%. Net assets on Oct 9, 2026: $2m for Corgi U.S. Equities 15% Structured Buffer ETF - May Series and $2m for Corgi U.S. Equities 100% Structured Buffer ETF - May Series.
Both cost 0.30% a year; HMAY is 1.2 times larger.
| CMAY | HMAY | |
|---|---|---|
| Expense ratio | 0.30% | 0.30% |
| Net assets | $2m | $2m |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
CMAY: reference +8.3% since period start, fund +5.2%; buffer 0 to −15; cap +11.0%; Between buffer and cap. Figures to Oct 9, 2026.
CMAY: reference +8.3% since period start, fund +5.2%; buffer 0 to −15; cap +11.0%; Between buffer and cap. Figures to Oct 9, 2026.
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. CMAY 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.
Both are Corgi funds, so the difference between them is the terms rather than the house.
Where each one stands today
CMAY resets first, on Apr 30, 2027, 203 days from now; HMAY runs to Apr 30, 2027, 203 days. A fall from here reaches CMAY’s buffer after 7.7% 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
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CMAY | HMAY | CMAY | HMAY |
| 3 months | +2.0% | +1.1% | −1.1 pts | −2.0 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
As of Oct 9, 2026. Source: ETFIQ.
CMAY in plain words
The fund's price can fall 7.7% 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. 203 days remained on Oct 9, 2026. On Apr 30, 2027 the period ends and a new cap is set.
HMAY in plain words
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
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.
ETFIQ, CMAY against HMAY, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cmay-vs-hmay
ETFIQ. (Oct 9, 2026). CMAY against HMAY. Retrieved from https://etfiq.com/compare/buffer/cmay-vs-hmay
[CMAY against HMAY (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/cmay-vs-hmay)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.