CMAY vs ZMAY: Cap, Buffer & Days Left
CMAY can fall 7.6% before its buffer engages as of Oct 12, 2026, and ZMAY 3.0% as of Oct 13, 2026. Net assets on Oct 12, 2026: $2m for Corgi U.S. Equities 15% Structured Buffer ETF - May Series and $83m for Innovator Equity Defined Protection ETF - 1 Yr May.
CMAY costs 0.49 points a year less; ZMAY is far larger, $83m against $2m.
Points (pts) are percentage points.
| CMAY | ZMAY | |
|---|---|---|
| Expense ratio | 0.30% | 0.79% |
| Net assets, as of Oct 12, 2026 | $2m | $83m |
| Total return, 1 year | not published | +5.5% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 7.6% | 7.5% |
CMAY: reference +8.3% since period start, fund +5.3%; buffer 0 to −15; cap +11.0%; Between buffer and cap. Figures to Oct 12, 2026.
CMAY: reference +8.3% since period start, fund +5.3%; buffer 0 to −15; cap +11.0%; Between buffer and cap. Figures to Oct 12, 2026.
ZMAY: reference +8.2% since period start, fund +2.7%; buffer Floor; cap +7.3%; At its cap. Figures to Oct 13, 2026.
Figures to Oct 13, 2026.
These are two different products. ZMAY 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.
ZMAY is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
ZMAY resets first, on Apr 30, 2027, 199 days from now; CMAY runs to Apr 30, 2027, 200 days. A fall from here reaches CMAY’s buffer after 7.6% and ZMAY’s after 3.0%. 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 | ZMAY | CMAY | ZMAY |
| 3 months | +2.3% | +1.8% | −1.5 pts | −2.0 pts |
| 6 months | not published | +2.8% | not published | −10.7 pts |
| 1 year | not published | +5.5% | not published | −13.7 pts |
| Since launch Not the same days: CMAY May 2026 · ZMAY May 2025 | +4.2% | +8.9% | −3.8 pts | −30.4 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
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. 200 days remained on Oct 12, 2026. On Apr 30, 2027 the period ends and a new cap is set.
About ZMAY
SPY had already risen past this fund's cap of +7.3% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.1% as the period runs out. The fund's price can fall 3.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.5% 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. 199 days remained on Oct 13, 2026.
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.
Cite this pageCitation, APA and Markdown
ETFIQ, CMAY against ZMAY, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cmay-vs-zmay
ETFIQ. (Oct 13, 2026). CMAY against ZMAY. Retrieved from https://etfiq.com/compare/buffer/cmay-vs-zmay
[CMAY against ZMAY (ETFIQ, Oct 13, 2026)](https://etfiq.com/compare/buffer/cmay-vs-zmay)
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