Innovator U.S. Equity Buffer ETF
$49.17+0.02 (+0.03%)
- 0.79%
- $238M
- +13.1%
- 0M sh
- $49.17
- low $43.51high $49.21
The ETF.net BMAY Grade
C
Score 49 out of 100
- 39 of 77
Score 49 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.C40 out of 100Rank 34 of 77Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B67 out of 100Rank 13 of 76Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C41 out of 100Rank 50 of 77Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A74 out of 100Rank 23 of 77
Our read on BMAY
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.
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
- The 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.
- 0.79% 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.
- Live since 2020, with several full outcome periods behind it rather than a launch-week track record.
- Lands in the upper half of a crowded cohort of 50-plus shallow S&P 500 buffer funds.
Worth knowing
- The 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.
- Thinly traded next to the S&P 500 giants, so spreads can be wider and limit orders earn their keep.
- Innovator'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
- Stocks
- 3
- 103%
- Spy 04/30/2027 7.2 C
Sectors
- Technology40.1%
- Financials11.3%
- Communication9.9%
- Health Care9.4%
- Consumer Discretionary8.7%
- Industrials7.6%
- Consumer Staples4.4%
- Energy3.4%
- Utilities1.9%
- Real Estate1.7%
- Materials1.6%
BMAY Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
BMAY$11,306
Returns run to the Oct 12, 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.
| Period | BMAY |
|---|---|
| Year to date | +9.7% |
| 1 month | +1.5% |
| 3 months | +3.0% |
| 1 year | +13.1% |
| 3 years | +16.1% |
| 5 years | +9.3% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | BMAY |
|---|---|---|
| 2026 YTD | +9.7% | |
| 2025 | +11.2% | |
| 2024 | +19.1% | |
| 2023 | +16.7% | |
| 2022 | −12.5% | |
| 2021 | +11.8% | |
| 2020 | +17.8% |
BMAY in the news
Filings Digest
AllianzIM launches OCTI and resets October buffer terms
BMAY Dividends
No distributions in the last 12 months.
BMAY Risk
- 6.3%
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.
- 1.70
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.
- −17.7%
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.
- 0.48
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
0.79%
BMAY0.79%
- 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.
Other funds in S&P 500 Buffer 9-12%
- CBDECInnovator U.S. Equity Buffer ETFExpense ratio 0.79%1 year return +17.5%
- CBJANInnovator U.S. Equity Buffer ETFExpense ratio 0.79%1 year return +17.0%
- CFFEBFT Vest U.S. Equity Buffer ETF - FebruaryExpense ratio 0.85%1 year return +16.2%
- CFMARFT Vest U.S. Equity Buffer ETF - MarchExpense ratio 0.85%1 year return +17.3%
- CFAPRFT Vest U.S. Equity Buffer ETF - AprilExpense ratio 0.85%1 year return +11.7%