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Data as of Nov 4, 2026.

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Buffer ETFs

MAYP vs UMAY: Cap, Buffer & Days Left

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As of Nov 4, 2026 UMAY can fall 9.6% before its buffer engages and MAYP 5.7%.

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Net assets on Nov 4, 2026: $37m for PGIM S&P 500 Buffer 12 ETF - May and $84m for Innovator U.S. Equity Ultra Buffer ETF - May.

MAYP on its own →UMAY on its own →
At a glance
5.7%
MAYP can fall this far before its buffer
9.6%
UMAY can fall this far before its buffer
8.4%
MAYP can still gain
7.1%
UMAY can still gain
MAYP Between buffer and cap
Between buffer and capMAYP: reference +6.7% since period start, fund +5.5%; buffer 0 to −12; cap +14.9%; Between buffer and cap. Data to Nov 4, 2026.12 pts of buffer+6.7%+8.2% to cap−12.0% floor0% period start+14.9% capTODAY · SPY +6.7%Between buffer and capMAYP: reference +6.7% since period start, fund +5.5%; buffer 0 to −12; cap +14.9%; Between buffer and cap. Data to Nov 4, 2026.12 pts−12.0% floor0% start+14.9% cap+6.7% gain captured+8.2% more to the capTODAY · SPY +6.7%

MAYP: reference +6.7% since period start, fund +5.5%; buffer 0 to −12; cap +14.9%; Between buffer and cap. Data to Nov 4, 2026.

MAYP: reference +6.7% since period start, fund +5.5%; buffer 0 to −12; cap +14.9%; Between buffer and cap. Data to Nov 4, 2026.
UMAY Between buffer and cap
Between buffer and capUMAY: reference +6.7% since period start, fund +4.7%; buffer −5 to −35; cap +12.5%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer+6.7%−35.0% floor−5.0% buffer start0% period start+12.5% capfirst 5 pts are yours to lose+5.9% more to the capTODAY · SPY +6.7%Between buffer and capUMAY: reference +6.7% since period start, fund +4.7%; buffer −5 to −35; cap +12.5%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer−35.0% floor−5.0% buffer start0% start+12.5% capfirst 5 pts are yours to lose+6.7% gain captured+5.9% more to the capTODAY · SPY +6.7%

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

MAYP costs 0.29 points a year less; their one-year returns differ by 1.6 points; UMAY is 2.3 times larger.

Points (pts) are percentage points.

MAYP vs UMAY: Cap, Buffer & Days Left
MeasureMAYPUMAY
Return
Total return, 1 year+10.1%+8.5%
Drawdown
Index fall to the buffer6.3%10.9%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.50%0.79%
Net assets$37m$84m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · MAYP scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score57.5MAYP46.4UMAY

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

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: MAYP vs UMAY: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowMAYPUMAYMAYPUMAY
3 months+1.0%+1.2%+1.4 pts+1.5 pts
6 months+4.3%+3.7%−0.2 pts−0.8 pts
1 year+10.1%+8.5%−3.4 pts−5.1 pts
3 years–+39.4%–−37.0 pts
Since launchNot the same days: MAYP May 2024 · UMAY May 2020+33.9%+53.3%−19.4 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

MAYP PGIM S&P 500 Buffer 12 ETF - May · Absorbs the first 12% of loss on SPY and caps the gain at 14.9%, 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 PGIM Innovator
Reference index SPY SPY
Buffer 12% 5% to 35%
Outcome period May 1, 2026 to Apr 30, 2027 Apr 30, 2026 to Apr 30, 2027
Days left 177 177
Starting cap +14.9% +12.5%
Can still gain 8.4% 7.1%
Fall before buffer 5.7% 9.6%
Protection left, index points 12.0% of 12.0% 30.0% of 30.0%
Index return this period +6.7% +6.7%
Fund return this period +5.5% +4.7%
State today Open Open
Expense ratio 0.50% 0.79%
Net assets $37m $84m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

MAYP resets first, on Apr 30, 2027, 177 days from now; UMAY runs to Apr 30, 2027, 177 days. MAYP can still gain 8.4% before its cap, UMAY 7.1%. A fall from here reaches MAYP’s buffer after 5.7% and UMAY’s after 9.6%. Both track SPY, so what separates them is where each is in its own period.

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About each fund
MAYP

From its price on Nov 4, 2026, the fund can gain about 8.4% more before it reaches its cap. The fund's price can fall 5.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.3% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% 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.

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.

Questions people ask

Which has more room to gain, MAYP or UMAY?
From their prices on Nov 4, 2026, MAYP can gain about 8.4% before its cap and UMAY about 7.1%, so MAYP has more room left this period.
Which resets first, MAYP or UMAY?
MAYP 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, MAYP or UMAY?
MAYP charges 0.50% a year and UMAY charges 0.79%, so MAYP is cheaper. Fees come from each fund's prospectus.
Other comparisons
MAYP vs SIXZMAYP vs MAYTMAYP vs MAYUMAYP vs PBMYUMAY vs MAYUUMAY vs XAPRUMAY vs CPSPUMAY vs CPSM
Where to next
SPDR S&P 500 ETF Trust →MAYP on its own →UMAY on its own →Method →Standards and sources →
Sources and dates
MAYP filings on SEC EDGAR ↗
PGIM 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, MAYP against UMAY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/mayp-vs-umay

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