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IMAY

GradeCNew York Stock Exchange Arca

Innovator International Developed Power Buffer ETF - May

Buffered · Innovator · Inception 2024-05-01

$32.12−0.29 (−0.89%)

As of Sep 23, 2026, 2:07 PM EDT

History starts May 1, 2024.
Intraday session: down, 48 prints from 32.40 to 32.12. Range 32.04 to 32.22. Use the arrow keys to read each point.$32.05$32.15$32.2010 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$50M
1Y return
+11.8%
Yield · Last 12 months
—
Volume · 30D
0M sh
NAV per share
$32.05
52W range
low $28.59high $32.72

The ETF.net IMAY Grade

C

48/ 100

Rank 9 of 26 in Developed International Buffer 15%⁠

Confidence Medium

Six-pillar profile for IMAY. Scores out of 100: Cost 38, Risk 61, Mission not scored, Tradability 59, Holdings not scored, Durability 48. Strongest: Risk (61). Weakest: Cost (38). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 48 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.
    DScore 38
    Category rank19/26 · 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 61
    Category rank5/23 · top 22%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 59
    Category rank12/26 · top 46%

  • 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.
    CScore 48
    Category rank17/26 · mid-pack

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

Our read on IMAY

ETF.net Research

CMost buffer ETFs hedge the S&P 500. This one aims the same machinery at developed international stocks: the first 15% of the underlying ETF's price decline absorbed over a May-to-April year, in exchange for a capped upside.

Stated mandate

The fund seeks to track the return of the iShares MSCI EAFE ETF (EFA), subject to a predetermined cap, while protecting against the first 15% of losses during the outcome period.

Why people hold it

  1. 01The prospectus spells out the trade upfront: first 15% of the underlying ETF's price decline absorbed, upside capped, period running May 1 to April 30, then a new period starts instead of the fund closing.sec.gov
  2. 02At 0.85% a year it sits right at the median for international buffer funds, and it ranks among the stronger implementations in that peer group.
  3. 03The payoff is built from FLEX options on the iShares MSCI EAFE ETF, cleared through the Options Clearing Corporation rather than resting on one bank's structured note.sec.gov
  4. 04One rung of a 12-month ladder: Innovator runs this same EAFE strategy with a start month for every month of the year (IMAR, IAPR, IJUL and the rest), so entries can be staggered.

Worth knowing

  1. 01Upside stops at the cap set for each period, so a strong year in developed markets leaves gains on the table.sec.gov
  2. 02The 15% buffer is measured before fees, and the 0.85% management fee trims what you keep. Buy mid-period and you inherit whatever buffer and cap remain, not the headline pair.sec.gov
  3. 03Outcomes track the underlying ETF's price only, so its dividends don't flow through and the fund isn't a source of regular income. Shares also trade lightly, so spreads deserve a look.sec.gov

IMAY Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Other
Holdings
—
Top-10 weight
102%
Largest holding
EFA 04/30/2027 1.02 C99.0%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—EFA 04/30/2027 1.02 C98.97%4,819$50M1
002—EFA 04/30/2027 102.32 P2.72%4,819$1M1
003—US BANK MMDA - USBGFS 9 09/01/20370.25%127,673$128K161

Showing 1–3 of 3 holdings

IMAY Performance

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

IMAY$11,177
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. IMAY $11,177. 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 IMAY. Periods over one year show the average yearly return.
PeriodIMAY
Year to date+8.4%
1 month−0.6%
3 months+1.8%
1 year+11.8%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—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 IMAY
YearReturn barIMAY
2026 YTD+8.4%
2025+20.1%
2024+0.3%

Since listing, May 1, 2024

IMAY in the news

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

IMAY Dividends

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

No distributions in the last 12 months.

IMAY Risk

How much the fund’s monthly returns vary, scaled to a year.
6.3%
Annualised · 27 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.
1.01
vs 3-month T-bills · 27 months 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.
−9.4%
28 months · trough Apr 2025
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.
0.22
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.

IMAY Cost

Expense ratio0.85%
  • The middle half of Developed International Buffer 15% funds
  • Median 0.85%

10 of the 26 Developed International Buffer 15% funds charge less.

IMAY costs $85.00 a year on $10,000. The median Developed International Buffer 15% fund costs $85.00.