Which resets first, CTMA or PMAY?

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

Which is cheaper, CTMA or PMAY?

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

CTMA vs PMAY: which one stands where?

As of Oct 2, 2026 CTMA can fall 6.0% before its buffer engages and PMAY 4.9%. Corgi U.S. Equities 30% Structured Buffer ETF - May Series and Innovator U.S. Equity Power Buffer ETF - May.

CTMA costs 0.49 points a year less; PMAY is 449.4 times larger.

	CTMA	PMAY
Expense ratio	0.30%	0.79%
Net assets	$2m	$817m
Total return, 1 year	not published	+8.9%
What it tracks	SPY	SPY
Holdings in common	not published

CTMABetween buffer and cap

CTMA: reference +6.3% since period start, fund +3.8%; buffer 0 to −30; cap +11.5%; Between buffer and cap.

PMAYBetween buffer and cap

PMAY: reference +7.1% since period start, fund +4.7%; buffer 0 to −15; cap +13.0%; Between buffer and cap.

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

CTMA 71.3

PMAY 83.8

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

CTMA resets first, on Apr 30, 2027, 210 days from now; PMAY runs to Apr 30, 2027, 210 days. A fall from here reaches CTMA’s buffer after 6.0% and PMAY’s after 4.9%. 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	CTMA	PMAY	CTMA	PMAY
3 months	+1.8%	+2.6%	−1.8 pts	−1.0 pts
6 months	not published	+6.0%	not published	−11.9 pts
1 year	not published	+8.9%	not published	−7.3 pts
3 years	not published	+44.9%	not published	−44.4 pts

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

On the same fields

CTMA

Corgi U.S. Equities 30% Structured Buffer ETF - May Series · Absorbs the first 30% of loss on SPY and caps the gain at 11.5%, over a period ending Apr 30, 2027

PMAY

Innovator U.S. Equity Power Buffer ETF - May · Absorbs the first 15% of loss on SPY and caps the gain at 13.0%, over a period ending Apr 30, 2027

Issuer Corgi Innovator

Reference index SPY SPY

Buffer 30% 15%

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

Days left 210 210

Starting cap +11.5% +13.0%

Can still gain not published 7.5%

Fall before buffer 6.0% 4.9%

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

Index return this period +6.3% +7.1%

Fund return this period +3.8% +4.7%

State today Open Open

Expense ratio 0.30% 0.79%

Net assets $2m $817m

CTMA and PMAY on the same fields, as of Oct 2, 2026. Source: ETFIQ.

CTMA in plain words

The fund's price can fall 6.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.0% 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. 210 days remained on Oct 2, 2026. On Apr 30, 2027 the period ends and a new cap is set.

PMAY 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 4.9% 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.

Questions people ask

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

Other comparisons

CTMA vs PBMY CTMA vs CPSM CTMA vs CPSP CTMA vs DAPR PMAY vs PJAN PMAY vs PJUN PMAY vs PMAR PMAY vs PNOV

SPY →CTMA on its own →PMAY on its own →How every figure is computed →Standards and sources →

Where these figures came from

CTMA filings on SEC EDGAR ↗Corgi website ↗PMAY filings on SEC EDGAR ↗Innovator page for PMAY ↗

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, CTMA against PMAY, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/ctma-vs-pmay

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.