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Launched

Innovator U.S. Equity Power Buffer ETF - May

PMAYCboeInnovatorC

$42.06−0.12 (−0.28%)

As of Nov 2, 2026, 3:59 PM ET

C48/ 100

Rank 22 of 61 in S&P 500 Buffer 15%

C48/100Rank 22 of 61inS&P 500 Buffer 15%
Intraday session: down, 78 prints from 42.18 to 42.06. Range 42.06 to 42.40. Use the arrow keys to read each point.42.1042.3042.4010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$781M
1Y total return
+8.1%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
32.9K sh
52W range
low $38.70high $42.69
Launched

The ETF.net PMAY Grade

Based on 4 of 6 pillars

C

Score 48 out of 100

Category
S&P 500 Buffer 15%⁠
Rank
22 of 61
Six-pillar profile for PMAY. Scores out of 100: Cost 35, Risk 64, Mission not scored, Tradability 51, Holdings not scored, Durability 76. Strongest: Durability (76). Weakest: Cost (35). Based on 4 of 6 pillars.

Score 48 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.
    D35 out of 100
    Rank 34 of 61

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B64 out of 100
    Rank 9 of 60

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C51 out of 100
    Rank 30 of 61

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A76 out of 100
    Rank 13 of 61

Our read on PMAY

ETF.net Research

In short

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

  • The 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.
  • You 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.
  • Easy 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.
  • Running since 2020 and one of the stronger implementations in a crowded field of S&P 500 buffer funds.

Worth knowing

  • The 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.
  • Timing 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.
  • At 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

Asset class
Stocks
Holdings
3
Top-10 weight
103%
Largest holding
Spy 04/30/2027 7.19 C100.0%

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%

Geography

  • United States99.53%
  • Switzerland0.26%
  • China0.10%
  • Mexico0.05%
  • Ireland0.03%
  • United Kingdom0.03%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataSpy 04/30/2027 7.19 C99.97%10,481$781M1
2No dataSpy 04/30/2027 718.66 P2.76%10,481$21.6M3
3No dataUs Bank Mmda - Usbgfs 9 09/01/20370.31%2,402,496$2.4M163

Showing 1–3 of 3 holdings

PMAY Performance

Launched May 1, 2020

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.
PMAY$10,807
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. PMAY $10,807. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+6.5%
1 month−0.2%
3 months+1.6%
1 year+8.1%
3 yearsper year+13.1%
5 yearsper year+6.9%
10 yearsFund is under 10 years oldper yearNo data

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+6.5%
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

PMAY Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

PMAY Risk

Risk pillarB64 out of 100Rank 9 of 60 in S&P 500 Buffer 15%
How much the fund’s monthly returns vary, scaled to a year.
4.2%
Annualised · 36 months to Oct 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.
1.92
vs 3-month T-bills · to Oct 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.

FMP measures it over up to five years of monthly returns.

PMAY Cost

Compare PMAY and CAUG

Overpaying vs CAUG, tied cheapest in S&P 500 Buffer 15%

$9,025

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PMAY 0.79%

    $15,174

  • CAUG 0.30% Tied cheapest

    $6,149

$10,000
30 years

Cost over time

  • PMAY 0.79%
  • CAUG 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530PMAY $15,174CAUG $6,149

Year by year

YearPMAYCAUGOverpaying
10$1,405$545$860
20$5,331$2,113$3,218
30$15,174$6,149$9,025

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