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CMAY vs XAPR: Cap, Buffer & Days Left

As of Oct 9, 2026 CMAY can fall 7.7% before its buffer engages and XAPR 5.7%, and XAPR resets 14 days sooner. Net assets on Oct 9, 2026: $2m for Corgi U.S. Equities 15% Structured Buffer ETF - May Series and $52m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - April.

CMAY costs 0.55 points a year less; XAPR is far larger, $52m against $2m.

CMAYXAPR
Expense ratio0.30%0.85%
Net assets$2m$52m
Total return, 1 yearnot published+8.3%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer7.7%8.8%
CMAYBetween buffer and cap
Between buffer and capCMAY: reference +8.3% since period start, fund +5.2%; buffer 0 to −15; cap +11.0%; Between buffer and cap. Figures to Oct 9, 2026.15 pts of buffer+8.3% gain captured−15.0% floor0% period start+11.0% cap+2.7% more to the capTODAY · SPY +8.3%Between buffer and capCMAY: reference +8.3% since period start, fund +5.2%; buffer 0 to −15; cap +11.0%; Between buffer and cap. Figures to Oct 9, 2026.15 pts of buffer+8.3%−15.0% floor0% start+11.0% cap+2.7% more to the capTODAY · SPY +8.3%

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.

XAPRBetween buffer and cap
Between buffer and capXAPR: reference +9.6% since period start, fund +5.2%; buffer 0 to −15; cap +10.4%; Between buffer and cap. Figures to Oct 9, 2026.15 pts of buffer+9.6% gain captured−15.0% floor0% period start+10.4% cap+0.7% more to the capTODAY · SPY +9.6%Between buffer and capXAPR: reference +9.6% since period start, fund +5.2%; buffer 0 to −15; cap +10.4%; Between buffer and cap. Figures to Oct 9, 2026.15 pts of buffer+9.6%−15.0% floor0% start+10.4% cap+0.7% more to the capTODAY · SPY +9.6%

XAPR: reference +9.6% since period start, fund +5.2%; buffer 0 to −15; cap +10.4%; Between buffer and cap. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

These are two different products. XAPR 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.

Where each one stands today

XAPR resets first, on Apr 16, 2027, 189 days from now; CMAY runs to Apr 30, 2027, 203 days. A fall from here reaches CMAY’s buffer after 7.7% and XAPR’s after 5.7%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Total returnGap to the reference's price return
WindowCMAYXAPRCMAYXAPR
3 months+2.0%+2.5%−1.1 pts−0.7 pts
6 monthsnot published+5.2%not published−9.4 pts
1 yearnot published+8.3%not published−7.7 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

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
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 Corgi First Trust
Reference index SPY SPY
Buffer 15% 15%
Outcome period May 1, 2026 to Apr 30, 2027 Apr 20, 2026 to Apr 16, 2027
Days left 203 189
Starting cap +11.0% +10.4%
Can still gain not published 4.2%
Fall before buffer 7.7% 5.7%
Protection left, index points 15.0% of 15.0% 15.0% of 15.0%
Index return this period +8.3% +9.6%
Fund return this period +5.2% +5.2%
State today Open Open
Expense ratio 0.30% 0.85%
Net assets $2m $52m

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.

XAPR in plain words

From its price on Oct 9, 2026, the fund can gain about 4.2% more before it reaches its cap. The fund's price can fall 5.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 8.8% from today's level to the point where the buffer begins. 189 days remained on Oct 9, 2026. On Apr 16, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CMAY or XAPR?
CMAY 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, CMAY or XAPR?
CMAY charges 0.30% a year and XAPR charges 0.85%, so CMAY is cheaper. Fees come from each fund's prospectus.
Other comparisons
CMAY vs CPSMCMAY vs MAYUCMAY vs PBMYCMAY vs DDFYXAPR vs CTMAXAPR vs MAYCXAPR vs HMAYXAPR vs CPSP
SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CMAY on its own →XAPR on its own →How every figure is computed →Standards and sources →
Where these figures came from
CMAY filings on SEC EDGAR ↗Corgi website ↗XAPR filings on SEC EDGAR ↗First Trust page for XAPR ↗

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 page

ETFIQ, CMAY against XAPR, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cmay-vs-xapr

Open data

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