Data as of .
HMAY vs ZMAY: which one stands where?
As of Sep 21, 2026 HMAY can fall 5.0% before its buffer engages and ZMAY 2.5%, and ZMAY resets 3 days sooner.
Where each one stands today
ZMAY resets first, on Apr 30, 2027, 221 days from now; HMAY runs to Apr 30, 2027, 224 days. A fall from here reaches HMAY’s buffer after 5.0% and ZMAY’s after 2.5%. 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 | ||
|---|---|---|---|---|
| HMAY | ZMAY | HMAY | ZMAY | |
| 3 months | +0.2% | +1.3% | −2.0 pts | −0.9 pts |
| 6 months | not published | +2.9% | not published | −15.1 pts |
| 1 year | not published | +5.0% | not published | −11.6 pts |
| HMAY Corgi U.S. Equities 100% Structured Buffer ETF - May Series Absorbs the whole loss on SPY and caps the gain at 6.5%, over a period ending Apr 30, 2027 | ZMAY Innovator Equity Defined Protection ETF - 1 Yr May Absorbs the whole loss on SPY and caps the gain at 7.3%, over a period ending Apr 30, 2027 | |
|---|---|---|
| Issuer | Corgi | Innovator |
| Reference index | SPY | SPY |
| Buffer | 100% | 100% |
| Outcome period | May 1, 2026 to Apr 30, 2027 | Apr 30, 2026 to Apr 30, 2027 |
| Days left | 224 | 221 |
| Starting cap | +6.5% | +7.3% |
| Can still gain | not published | 4.6% |
| Fall before buffer | 5.0% | 2.5% |
| Protection left, index points | 100.0% of 100.0% | 100.0% of 100.0% |
| Index return this period | +5.3% | +7.7% |
| Fund return this period | +1.7% | +2.3% |
| State today | Open | At cap |
| Expense ratio | 0.30% | 0.79% |
| Net assets | $2m | $83m |
HMAY in plain words
The fund's price can fall 5.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 5.0% 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. 224 days remained on Sep 21, 2026. On Apr 30, 2027 the period ends and a new cap is set.
ZMAY in plain words
SPY had already risen past this fund's cap of +7.3% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.6% as the period runs out. The fund's price can fall 2.5% 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. 221 days remained on Sep 21, 2026.
Questions people ask
- Which resets first, HMAY or ZMAY?
- HMAY ends its outcome period on Apr 30, 2027 and ZMAY on Apr 30, 2027. A new cap is set the day after each.
- Which is cheaper, HMAY or ZMAY?
- HMAY charges 0.30% a year and ZMAY charges 0.79%, so HMAY 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, HMAY against ZMAY, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/hmay-vs-zmay Free to use with attribution; the underlying files are at Open data.