Which resets first, CMAY or UMAY?

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

Which is cheaper, CMAY or UMAY?

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

CMAY vs UMAY: which one stands where?

As of Oct 2, 2026 UMAY can fall 9.3% before its buffer engages and CMAY 6.6%. Corgi U.S. Equities 15% Structured Buffer ETF - May Series and Innovator U.S. Equity Ultra Buffer ETF - May.

CMAY costs 0.49 points a year less; UMAY is 74.4 times larger.

	CMAY	UMAY
Expense ratio	0.30%	0.79%
Net assets	$2m	$136m
Total return, 1 year	not published	+8.4%
What it tracks	SPY	SPY
Holdings in common	not published

CMAYBetween buffer and cap

CMAY: reference +7.1% since period start, fund +4.7%; buffer 0 to −15; cap +11.0%; Between buffer and cap.

UMAYBetween buffer and cap

UMAY: reference +7.1% since period start, fund +4.4%; buffer −5 to −35; cap +12.5%; Between buffer and cap.

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

CMAY 66.8

UMAY 46.8

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

A percentile among the 294 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it → How it is computed →

Where each one stands today

CMAY resets first, on Apr 30, 2027, 210 days from now; UMAY runs to Apr 30, 2027, 210 days. A fall from here reaches CMAY’s buffer after 6.6% and UMAY’s after 9.3%. 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	CMAY	UMAY	CMAY	UMAY
3 months	+1.9%	+2.4%	−1.7 pts	−1.2 pts
6 months	not published	+5.4%	not published	−12.6 pts
1 year	not published	+8.4%	not published	−7.9 pts
3 years	not published	+42.0%	not published	−47.3 pts

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

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

UMAY

Innovator U.S. Equity Ultra Buffer ETF - May · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 12.5%, over a period ending Apr 30, 2027

Issuer Corgi Innovator

Reference index SPY SPY

Buffer 15% 5% to 35%

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

Days left 210 210

Starting cap +11.0% +12.5%

Can still gain not published 7.5%

Fall before buffer 6.6% 9.3%

Protection left, index points 15.0% of 15.0% 30.0% of 30.0%

Index return this period +7.1% +7.1%

Fund return this period +4.7% +4.4%

State today Open Open

Expense ratio 0.30% 0.79%

Net assets $2m $136m

CMAY and UMAY on the same fields, as of Oct 2, 2026. Source: ETFIQ.

CMAY in plain words

The fund's price can fall 6.6% 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: 15.0% of the 15.0% 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.

UMAY in plain words

From its price on Oct 2, 2026, the fund can gain about 7.5% more before it reaches its cap. The fund's price can fall 9.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.3% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.

Questions people ask

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

Other comparisons

CMAY vs MAYP CMAY vs MAYT CMAY vs MAYU CMAY vs MAYW UMAY vs XAPR UMAY vs ZMAY UMAY vs CPSM UMAY vs CPSP

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

Where these figures came from

CMAY filings on SEC EDGAR ↗Corgi website ↗UMAY filings on SEC EDGAR ↗Innovator page for UMAY ↗

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, CMAY against UMAY, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cmay-vs-umay

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.