Data as of Nov 4, 2026.
HMAY vs UMAY: Cap, Buffer & Days Left
UMAY can fall 9.6% before its buffer engages as of Nov 4, 2026, and HMAY 4.1% as of Nov 3, 2026.
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Net assets on Nov 4, 2026: $1.9m for Corgi U.S. Equities 100% Structured Buffer ETF - May Series and $84m for Innovator U.S. Equity Ultra Buffer ETF - May.
HMAY: reference +4.2% since period start, fund +2.0%; buffer Floor; cap +6.5%; Full floor. Data to Nov 3, 2026.
Data to Nov 3, 2026.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.
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
HMAY costs 0.49 points a year less; UMAY is far larger, $84m against $1.9m.
Points (pts) are percentage points.
| Measure | HMAY | UMAY |
|---|---|---|
| Return | ||
| Total return, 1 year | not published | +8.5% |
| Drawdown | ||
| Index fall to the buffer | 4.1% | 10.9% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.30% | 0.79% |
| Net assets | $1.9m | $84m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | HMAY | UMAY | HMAY | UMAY |
| 3 months | +0.8% | +1.2% | +1.1 pts | +1.5 pts |
| 6 months | +1.3% | +3.7% | −3.2 pts | −0.8 pts |
| 1 year | – | +8.5% | – | −5.1 pts |
| 3 years | – | +39.4% | – | −37.0 pts |
| Since launchNot the same days: HMAY May 2026 · UMAY May 2020 | +1.3% | +53.3% | −3.2 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
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. HMAY is a floor fund, which caps how far a holder can fall. UMAY 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
UMAY resets first, on Apr 30, 2027, 177 days from now; HMAY runs to Apr 30, 2027, 178 days. A fall from here reaches HMAY’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.
HMAY
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: 100.0% of the 100.0% 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. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. 177 days remained on Nov 4, 2026.
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.
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ETFIQ, HMAY against UMAY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/hmay-vs-umay
ETFIQ. (Nov 4, 2026). HMAY against UMAY. Retrieved from https://etfiq.com/compare/buffer/hmay-vs-umay
[HMAY against UMAY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/hmay-vs-umay)
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