Skip to content
etf.net

PMAY

GradeCChicago Board Options Exchange

Innovator U.S. Equity Power Buffer ETF - May

Buffered · Innovator · Inception 2020-05-01

$42.33−0.07 (−0.15%)

As of Sep 23, 2026, 3:08 PM EDT

Intraday session: down, 59 prints from 42.39 to 42.33. Range 42.27 to 42.41. Use the arrow keys to read each point.$42.30$42.35$42.4010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$812M
1Y return
+9.1%
Yield · Last 12 months
—
Holdings
6
Volume · 30D
0.2M sh
NAV per share
$42.17
52W range
low $38.65high $42.45

The ETF.net PMAY Grade

C

49/ 100

Rank 18 of 61 in S&P 500 Buffer 15%⁠

Confidence Medium

Six-pillar profile for PMAY. Scores out of 100: Cost 35, Risk 59, Mission not scored, Tradability 61, Holdings not scored, Durability 77. Strongest: Durability (77). Weakest: Cost (35). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 49 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 35
    Category rank42/61 · 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 59
    Category rank18/57 · top 32%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 61
    Category rank20/61 · top 33%

  • 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 77
    Category rank13/61 · top 21%

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

Our read on PMAY

ETF.net Research

CA 15% cushion on the S&P 500, rebooted every May. PMAY gives up part of the upside (a cap reset each period) in exchange for absorbing the index's first 15 points of losses, and it can be held through reset after reset.

Stated mandate

The fund seeks to participate in SPY's gains up to a preset cap while protecting the first 15% of SPY losses during each roughly annual outcome period. It resets for a new outcome period and may be held indefinitely.

Why people hold it

  1. 01The buffer is the whole point: the first 15% of S&P 500 losses over each roughly one-year period are absorbed before fees, then the structure resets for a new period.
  2. 02You know the calendar in advance. Each outcome period runs from May 1 to the end of the following April, so the reset date is never a surprise.
  3. 03Easy to get in and out of by buffer-fund standards: trading costs and market quality rate near the top of the S&P 500 buffer group.
  4. 04Running since 2020 and one of the stronger implementations in a crowded field of S&P 500 buffer funds.

Worth knowing

  1. 01The cap is the price of the cushion. Upside is limited each period, and a fresh cap is set at every reset, so it can land above or below the previous one.
  2. 02Timing matters: buy mid-period and your effective cap and remaining buffer differ from the stated terms, which are designed to work over a full outcome period.
  3. 03At 0.79%, it sits at the typical price for single-month buffer funds, while laddered alternatives like BUFP (0.50%) and PSFF (0.10%) charge less.

PMAY Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
6
Top-10 weight
104%
Largest holding
SPY 04/30/2027 7.19 C101.9%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPY 04/30/2027 7.19 C101.88%10,901$832M1
002—SPY 04/30/2027 718.66 P2.17%10,901$18M3
003—US BANK MMDA - USBGFS 9 09/01/20370.29%2,338,883$2M161

Showing 1–3 of 3 holdings

PMAY Performance

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

PMAY$10,914
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. PMAY $10,914. 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 PMAY. Periods over one year show the average yearly return.
PeriodPMAY
Year to date+7.1%
1 month+0.9%
3 months+2.8%
1 year+9.1%
3 years+12.7%per year
5 years+7.3%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 PMAY
YearReturn barPMAY
2026 YTD+7.1%
2025+10.2%
2024+14.1%
2023+12.0%
2022−8.1%
2021+7.8%
2020+12.0%

Since listing, May 1, 2020

PMAY in the news

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

PMAY Dividends

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

No distributions in the last 12 months.

PMAY Risk

How much the fund’s monthly returns vary, scaled to a year.
4.7%
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.
1.46
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.
−13.0%
Trough Sep 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.
0.31
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.

PMAY Cost

Expense ratio0.79%
  • The middle half of S&P 500 Buffer 15% funds
  • Median 0.79%

22 of the 50 S&P 500 Buffer 15% funds charge less.

PMAY costs $79.00 a year on $10,000. The median S&P 500 Buffer 15% fund costs $79.00.