Which resets first, CTMA or UMAY?

CTMA 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, CTMA or UMAY?

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

Data as of Nov 4, 2026.

Buffer ETFs

CTMA vs UMAY: Cap, Buffer & Days Left

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UMAY can fall 9.6% before its buffer engages as of Nov 4, 2026, and CTMA 4.1% as of Nov 3, 2026.

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Net assets on Nov 4, 2026: $1.7m for Corgi U.S. Equities 30% Structured Buffer ETF - May Series and $84m for Innovator U.S. Equity Ultra Buffer ETF - May.

CTMA on its own →UMAY on its own →

At a glance

CTMA Between buffer and cap

CTMA: reference +4.2% since period start, fund +3.1%; buffer 0 to −30; cap +11.5%; Between buffer and cap. Data to Nov 3, 2026.

UMAY Between buffer and cap

UMAY: reference +6.7% since period start, fund +4.7%; buffer −5 to −35; cap +12.5%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

CTMA costs 0.49 points a year less; UMAY is far larger, $84m against $1.7m.

Points (pts) are percentage points.

CTMA vs UMAY: Cap, Buffer & Days Left
Measure	CTMA	UMAY
Return
Measure	CTMA	UMAY
Total return, 1 year	not published	+8.5%
Drawdown
Measure	CTMA	UMAY
Index fall to the buffer	4.1%	10.9%
Benchmark
Measure	CTMA	UMAY
What it tracks	SPY	SPY
Cost and size
Measure	CTMA	UMAY
Expense ratio	0.30%	0.79%
Net assets	$1.7m	$84m
Holdings
Measure	CTMA	UMAY
Holdings in common	not published

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

IQ Buffer Score93CTMA46.4UMAY

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

CTMA 93

UMAY 46.4

0.3, the lowest in this set 99.7, the highest

Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →

Method

Window by window

Window by window: CTMA vs UMAY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CTMA	UMAY	CTMA	UMAY
3 months	+0.8%	+1.2%	+1.2 pts	+1.5 pts
6 months	+2.8%	+3.7%	−1.7 pts	−0.8 pts
1 year	–	+8.5%	–	−5.1 pts
3 years	–	+39.4%	–	−37.0 pts
Since launchNot the same days: CTMA May 2026 · UMAY May 2020	+2.8%	+53.3%	−1.7 pts	−117.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

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 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 30% 5% to 35%

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

Days left 178 177

Starting cap +11.5% +12.5%

Can still gain not published 7.1%

Fall before buffer 4.1% 9.6%

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

Index return this period +4.2% +6.7%

Fund return this period +3.1% +4.7%

State today Open Open

Expense ratio 0.30% 0.79%

Net assets $1.7m $84m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

UMAY resets first, on Apr 30, 2027, 177 days from now; CTMA runs to Apr 30, 2027, 178 days. A fall from here reaches CTMA’s buffer after 4.1% and UMAY’s after 9.6%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

CTMA

The fund's price can fall 4.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 4.1% 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. 178 days remained on Nov 3, 2026. On Apr 30, 2027 the period ends and a new cap is set.

UMAY

From its price on Nov 4, 2026, the fund can gain about 7.1% more before it reaches its cap. The fund's price can fall 9.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.9% from today's level to the point where the buffer begins. 177 days remained on Nov 4, 2026.

Questions people ask

Which resets first, CTMA or UMAY?: CTMA 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, CTMA or UMAY?: CTMA charges 0.30% a year and UMAY charges 0.79%, so CTMA is cheaper. Fees come from each fund's prospectus.

Other comparisons

CTMA vs SIXZ CTMA vs MAYT CTMA vs PBMY CTMA vs BMAY UMAY vs GAPR UMAY vs DAPR UMAY vs PMAY UMAY vs FAPR

Where to next

SPY →CTMA on its own →UMAY on its own →Method →Standards and sources →

Sources and dates

CTMA filings on SEC EDGAR ↗

Corgi website ↗

UMAY filings on SEC EDGAR ↗

Innovator page for UMAY ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, CTMA against UMAY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ctma-vs-umay

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