Innovator International Developed Power Buffer ETF - May
$31.76+0.06 (+0.20%)
- 0.85%
- $50M
- +10.0%
- 0M sh
- $31.68
- low $28.59high $32.72
The ETF.net IMAY Grade
C
Score 44 out of 100
- 13 of 26
Score 44 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.D38 out of 100Rank 11 of 26Mission
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.B59 out of 100Rank 9 of 25Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C44 out of 100Rank 17 of 26Holdings
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.C49 out of 100Rank 17 of 26
Our read on IMAY
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.
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
- The 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
- At 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.
- The 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
- One 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
- Upside stops at the cap set for each period, so a strong year in developed markets leaves gains on the table.sec.gov
- The 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
- Outcomes 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
- Other
- 3
- 102%
- Efa 04/30/2027 1.02 C
Sectors
- Financials26.1%
- Industrials18.7%
- Technology12.0%
- Health Care10.1%
- Consumer Discretionary7.1%
- Consumer Staples6.4%
- Materials5.8%
- Communication4.7%
- Energy4.0%
- Utilities3.6%
- Real Estate1.5%
IMAY 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.Not enough history yet.Not enough history yet.
IMAY$11,003
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 | IMAY |
|---|---|
| Year to date | +6.0% |
| 1 month | −2.2% |
| 3 months | −0.4% |
| 1 year | +10.0% |
| 3 years | — |
| 5 years | — |
| 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 | IMAY |
|---|---|---|
| 2026 YTD | +6.0% | |
| 2025 | +20.1% | |
| 2024 | +0.3% |
IMAY in the news
Week in Funds
ZOCT paid its cap, then reset at 9.43%
IMAY Dividends
No distributions in the last 12 months.
IMAY Risk
- 6.4%
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.
- 0.81
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.
- −9.4%
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.
- 0.24
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
0.85%
IMAY0.85%
- The middle half of Developed International Buffer 15% funds
- Median 0.85%
10 of the 26 Developed International Buffer 15% funds charge less.
Other funds in Developed International Buffer 15%
- CINOVInnovator Intl Developed Power Buffer ETFExpense ratio 0.85%1 year return +9.9%
- CIDECInnovator Intl Developed Power Buffer ETFExpense ratio 0.85%1 year return +11.0%
- CARLIAIM ETF Products Trust - AllianzIM International Equity Buffer15 Uncapped Apr ETFExpense ratio 0.79%1 year return —
- CIFEBInnovator Intl Developed Power Buffer ETFExpense ratio 0.85%1 year return +6.9%
- CJANIAllianzIM International Equity Buffer15 Uncapped Jan ETFExpense ratio 0.79%1 year return —