Data as of .
FMAY vs UJUN: which one stands where?
As of Sep 21, 2026 UJUN can fall 7.0% before its buffer engages and FMAY 4.7%, and FMAY resets 10 days sooner.
ETFIQ Downside Cover Score: UJUN scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 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
FMAY resets first, on May 21, 2027, 242 days from now; UJUN runs to May 31, 2027, 252 days. FMAY can still gain 11.7% before its cap, UJUN 11.6%. A fall from here reaches FMAY’s buffer after 4.7% and UJUN’s after 7.0%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| FMAY | UJUN | FMAY | UJUN | |
| 3 months | +2.0% | +1.4% | −0.3 pts | −0.8 pts |
| 6 months | +8.8% | +5.3% | −9.3 pts | −12.8 pts |
| 1 year | +10.1% | +6.6% | −6.5 pts | −9.9 pts |
| 3 years | +46.4% | +35.9% | −32.0 pts | −42.5 pts |
| FMAY FT Vest U.S. Equity Buffer ETF - May Absorbs the first 10% of loss on SPY and caps the gain at 17.1%, over a period ending May 21, 2027 | UJUN Innovator U.S. Equity Ultra Buffer ETF - Jun Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 14.0%, over a period ending May 31, 2027 | |
|---|---|---|
| Issuer | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | 10% | 5% to 35% |
| Outcome period | May 18, 2026 to May 21, 2027 | May 31, 2026 to May 31, 2027 |
| Days left | 242 | 252 |
| Starting cap | +17.1% | +14.0% |
| Can still gain | 11.7% | 11.6% |
| Fall before buffer | 4.7% | 7.0% |
| Protection left, index points | 10.0% of 10.0% | 30.0% of 30.0% |
| Index return this period | +4.7% | +2.3% |
| Fund return this period | +4.1% | +1.9% |
| State today | Open | Open |
| Expense ratio | 0.85% | 0.79% |
| Net assets | $1.5bn | $186m |
FMAY in plain words
From its price on Sep 21, 2026, the fund can gain about 11.7% more before it reaches its cap. The fund's price can fall 4.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 4.5% 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. 242 days remained on Sep 21, 2026. On May 21, 2027 the period ends and a new cap is set.
UJUN in plain words
From its price on Sep 21, 2026, the fund can gain about 11.6% more before it reaches its cap. The fund's price can fall 7.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.1% 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. 252 days remained on Sep 21, 2026. On May 31, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, FMAY or UJUN?
- From their prices on Sep 21, 2026, FMAY can gain about 11.7% before its cap and UJUN about 11.6%, so FMAY has more room left this period.
- Which resets first, FMAY or UJUN?
- FMAY ends its outcome period on May 21, 2027 and UJUN on May 31, 2027. A new cap is set the day after each.
- Which is cheaper, FMAY or UJUN?
- FMAY charges 0.85% a year and UJUN charges 0.79%, so UJUN is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, FMAY against UJUN, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/fmay-vs-ujun Free to use with attribution; the underlying files are at Open data.