Data as of Nov 4, 2026.
FAPR vs ZMAY: Cap, Buffer & Days Left
As of Nov 4, 2026 FAPR can fall 6.7% before its buffer engages and ZMAY 3.1%, and FAPR resets 14 days sooner.
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Net assets: $1.3bn on Nov 3, 2026 for FT Vest U.S. Equity Buffer ETF - April, and $64m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - 1 Yr May.
FAPR: reference +8.0% since period start, fund +6.3%; buffer 0 to −10; cap +15.2%; Between buffer and cap. Data to Nov 4, 2026.
FAPR: reference +8.0% since period start, fund +6.3%; buffer 0 to −10; cap +15.2%; Between buffer and cap. Data to Nov 4, 2026.ZMAY: reference +6.7% since period start, fund +2.8%; buffer Floor; cap +7.3%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
ZMAY costs 0.06 points a year less; their one-year returns differ by 5.2 points; FAPR is far larger, $1.3bn against $64m.
Points (pts) are percentage points.
| Measure | FAPR | ZMAY |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.3% | +5.1% |
| Drawdown | ||
| Index fall to the buffer | 7.4% | 6.2% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.79% |
| Net assets, as of Nov 3, 2026 | $1.3bn | $64m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | FAPR | ZMAY | FAPR | ZMAY |
| 3 months | +1.1% | +1.0% | +1.5 pts | +1.3 pts |
| 6 months | +4.6% | +2.2% | +0.1 pts | −2.3 pts |
| 1 year | +10.3% | +5.1% | −3.3 pts | −8.5 pts |
| 3 years | +47.3% | – | −29.1 pts | – |
| Since launchNot the same days: FAPR Apr 2021 · ZMAY May 2025 | +60.4% | +8.9% | −24.3 pts | −28.4 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
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. ZMAY is a floor fund, which caps how far a holder can fall. FAPR 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
FAPR resets first, on Apr 16, 2027, 163 days from now; ZMAY runs to Apr 30, 2027, 177 days. FAPR can still gain 7.5% before its cap, ZMAY 4.0%. A fall from here reaches FAPR’s buffer after 6.7% and ZMAY’s after 3.1%. Both track SPY, so what separates them is where each is in its own period.
FAPR
From its price on Nov 4, 2026, the fund can gain about 7.5% more before it reaches its cap. The fund's price can fall 6.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 7.4% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 163 days remained on Nov 4, 2026. On Apr 16, 2027 the period ends and a new cap is set.
ZMAY
From its price on Nov 4, 2026, the fund can gain about 4.0% more before it reaches its cap. The fund's price can fall 3.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.2% 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. 177 days remained on Nov 4, 2026. On Apr 30, 2027 the period ends and a new cap is set.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
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, FAPR against ZMAY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/fapr-vs-zmay
ETFIQ. (Nov 4, 2026). FAPR against ZMAY. Retrieved from https://etfiq.com/compare/buffer/fapr-vs-zmay
[FAPR against ZMAY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/fapr-vs-zmay)
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