Data as of Nov 4, 2026.
UMAY vs ZMAY: Cap, Buffer & Days Left
As of Nov 4, 2026 UMAY can fall 9.6% before its buffer engages and ZMAY 3.1%.
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Net assets on Nov 4, 2026: $84m for Innovator U.S. Equity Ultra Buffer ETF - May and $64m for Innovator Equity Defined Protection ETF - 1 Yr May.
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.ZMAY: reference +6.7% since period start, fund +2.8%; buffer Floor; cap +7.3%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
Both cost 0.79% a year; their one-year returns differ by 3.4 points; UMAY is 1.3 times larger.
Points (pts) are percentage points.
| Measure | UMAY | ZMAY |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.5% | +5.1% |
| Drawdown | ||
| Index fall to the buffer | 10.9% | 6.2% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.79% |
| Net assets | $84m | $64m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | UMAY | ZMAY | UMAY | ZMAY |
| 3 months | +1.2% | +1.0% | +1.5 pts | +1.3 pts |
| 6 months | +3.7% | +2.2% | −0.8 pts | −2.3 pts |
| 1 year | +8.5% | +5.1% | −5.1 pts | −8.5 pts |
| 3 years | +39.4% | – | −37.0 pts | – |
| Since launchNot the same days: UMAY May 2020 · ZMAY May 2025 | +53.3% | +8.9% | −117.8 pts | −28.4 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. ZMAY 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.
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
UMAY resets first, on Apr 30, 2027, 177 days from now; ZMAY runs to Apr 30, 2027, 177 days. UMAY can still gain 7.1% before its cap, ZMAY 4.0%. A fall from here reaches UMAY’s buffer after 9.6% and ZMAY’s after 3.1%. 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.
ZMAY
From its price on Nov 4, 2026, the fund can gain about 4.0% more before it reaches its cap. The fund's price can fall 3.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.2% 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.
Questions people ask
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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, UMAY against ZMAY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/umay-vs-zmay
ETFIQ. (Nov 4, 2026). UMAY against ZMAY. Retrieved from https://etfiq.com/compare/buffer/umay-vs-zmay
[UMAY against ZMAY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/umay-vs-zmay)
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