Data as of Nov 4, 2026.
UMAY vs XAPR: Cap, Buffer & Days Left
As of Nov 4, 2026 UMAY can fall 9.6% before its buffer engages and XAPR 5.7%, and XAPR resets 14 days sooner.
askIQ about this page
askIQ about UMAY and XAPR
Net assets: $84m on Nov 4, 2026 for Innovator U.S. Equity Ultra Buffer ETF - May, and $52m on Nov 3, 2026 for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - April.
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.XAPR: reference +8.0% since period start, fund +5.2%; buffer 0 to −15; cap +10.4%; Between buffer and cap. Data to Nov 4, 2026.
XAPR: reference +8.0% since period start, fund +5.2%; buffer 0 to −15; cap +10.4%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
UMAY costs 0.06 points a year less; their one-year returns differ by 0.4 points; UMAY is 1.6 times larger.
Points (pts) are percentage points.
| Measure | UMAY | XAPR |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.5% | +8.1% |
| Drawdown | ||
| Index fall to the buffer | 10.9% | 7.4% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.85% |
| Net assets, as of Nov 3, 2026 | $83m | $52m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | UMAY | XAPR | UMAY | XAPR |
| 3 months | +1.2% | +1.5% | +1.5 pts | +1.9 pts |
| 6 months | +3.7% | +4.1% | −0.8 pts | −0.4 pts |
| 1 year | +8.5% | +8.1% | −5.1 pts | −5.5 pts |
| 3 years | +39.4% | – | −37.0 pts | – |
| Since launchNot the same days: UMAY May 2020 · XAPR Apr 2024 | +53.3% | +29.9% | −117.8 pts | −23.5 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. XAPR 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
XAPR resets first, on Apr 16, 2027, 163 days from now; UMAY runs to Apr 30, 2027, 177 days. UMAY can still gain 7.1% before its cap, XAPR 4.1%. A fall from here reaches UMAY’s buffer after 9.6% and XAPR’s after 5.7%. Both track SPY, so what separates them is where each is in its own period.
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. On Apr 30, 2027 the period ends and a new cap is set.
XAPR
From its price on Nov 4, 2026, the fund can gain about 4.1% 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 7.4% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% 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.
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, UMAY against XAPR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/umay-vs-xapr
ETFIQ. (Nov 4, 2026). UMAY against XAPR. Retrieved from https://etfiq.com/compare/buffer/umay-vs-xapr
[UMAY against XAPR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/umay-vs-xapr)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.