Skip to content
etf.net

BMAY

GradeCChicago Board Options Exchange

Innovator U.S. Equity Buffer ETF

Buffered · Innovator · Inception 2020-05-01

$48.66−0.26 (−0.52%)

As of Sep 23, 2026, 2:17 PM EDT

Intraday session: down, 52 prints from 48.92 to 48.66. Range 48.59 to 48.84. Use the arrow keys to read each point.$48.60$48.70$48.8010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$237M
1Y return
+11.4%
Yield · Last 12 months
—
Holdings
6
Volume · 30D
0M sh
NAV per share
$48.44
52W range
low $43.49high $48.92

The ETF.net BMAY Grade

C

51/ 100

Rank 31 of 77 in S&P 500 Buffer 9-12%⁠

Confidence Medium

Six-pillar profile for BMAY. Scores out of 100: Cost 40, Risk 65, Mission not scored, Tradability 54, Holdings not scored, Durability 74. Strongest: Durability (74). Weakest: Cost (40). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 51 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 40
    Category rank44/77 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 65
    Category rank16/73 · top 22%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 54
    Category rank35/77 · top 45%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 74
    Category rank23/77 · top 30%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on BMAY

ETF.net Research

CInnovator's May-dated buffer fund: it shadows the S&P 500 up to a preset cap and absorbs the first 9% of losses over a one-year outcome period that resets each May 1. The shallow buffer is what buys the higher cap.

Stated mandate

The fund seeks to track SPY's return up to a predetermined cap while protecting against the first 9% of losses during the outcome period.

Why people hold it

  1. 01The contract is spelled out up front: first 9% of S&P 500 losses absorbed, gains capped, over a defined period ending April 30. You know the shape of the outcome before you own it.
  2. 020.79% a year, right at the median for its buffer cohort. Options-built defense costs more than plain index beta, but you aren't paying above the going rate for it.
  3. 03Live since 2020, with several full outcome periods behind it rather than a launch-week track record.
  4. 04Lands in the upper half of a crowded cohort of 50-plus shallow S&P 500 buffer funds.

Worth knowing

  1. 01The 9% buffer and the cap belong to the full outcome period. Buy mid-period and you inherit whatever protection and upside are left, not the headline terms.
  2. 02Thinly traded next to the S&P 500 giants, so spreads can be wider and limit orders earn their keep.
  3. 03Innovator's laddered sibling BUFB spreads across start months and carries a 0.10% expense ratio, a cheaper route for anyone who doesn't want a single calendar slot.

BMAY Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
6
Top-10 weight
103%
Largest holding
SPY 04/30/2027 7.2 C100.8%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPY 04/30/2027 7.2 C100.77%3,161$241M1
002—SPY 04/30/2027 718.67 P2.15%3,161$5M1
003—US BANK MMDA - USBGFS 9 09/01/20370.29%685,537$686K161

Showing 1–3 of 3 holdings

BMAY Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

BMAY$11,145
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. BMAY $11,145. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BMAY. Periods over one year show the average yearly return.
PeriodBMAY
Year to date+8.9%
1 month+1.0%
3 months+3.2%
1 year+11.4%
3 years+16.0%per year
5 years+9.1%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BMAY
YearReturn barBMAY
2026 YTD+8.9%
2025+11.2%
2024+19.1%
2023+16.7%
2022−12.5%
2021+11.8%
2020+17.8%

Since listing, May 1, 2020

BMAY in the news

ETF.net Research hasn’t filed on BMAY yet — coverage lands here as it’s written.

BMAY Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

BMAY Risk

How much the fund’s monthly returns vary, scaled to a year.
6.8%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.38
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−17.7%
Trough Oct 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.48
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

BMAY Cost

Expense ratio0.79%
  • The middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

33 of the 77 S&P 500 Buffer 9-12% funds charge less.

BMAY costs $79.00 a year on $10,000. The median S&P 500 Buffer 9-12% fund costs $79.00.