Innovator U.S. Equity Power Buffer ETF - May
$42.64+0.01 (+0.02%)
- 0.79%
- $819M
- +10.3%
- 0.2M sh
- $42.67
- low $38.65high $42.69
The ETF.net PMAY Grade
C
Score 52 out of 100
- 16 of 61
Score 52 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 100Rank 34 of 61Mission
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.B65 out of 100Rank 10 of 57Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B64 out of 100Rank 16 of 59Holdings
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.A78 out of 100Rank 12 of 61
Our read on PMAY
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.
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
- Stocks
- 3
- 104%
- Spy 04/30/2027 7.19 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%
PMAY 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.
PMAY$11,027
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 | PMAY |
|---|---|
| Year to date | +7.7% |
| 1 month | +1.2% |
| 3 months | +2.5% |
| 1 year | +10.3% |
| 3 years | +12.7% |
| 5 years | +7.5% |
| 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 | PMAY |
|---|---|---|
| 2026 YTD | +7.7% | |
| 2025 | +10.2% | |
| 2024 | +14.1% | |
| 2023 | +12.0% | |
| 2022 | −8.1% | |
| 2021 | +7.8% | |
| 2020 | +12.0% |
PMAY in the news
PMAY Dividends
No distributions in the last 12 months.
PMAY Risk
- 4.4%
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.
- 1.76
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.
- −13.0%
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.
- 0.31
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
0.79%
PMAY0.79%
- The middle half of S&P 500 Buffer 15% funds
- Median 0.79%
23 of the 51 S&P 500 Buffer 15% funds charge less.
Other funds in S&P 500 Buffer 15%
- BPSEPInnovator U.S. Equity Power Buffer ETFExpense ratio 0.79%1 year return +11.6%
- CQBSFAIM ETF Products Trust - AllianzIM U.S. Equity Buffer15 ETFExpense ratio 0.64%1 year return +8.3%
- CPJANInnovator U.S. Equity Power Buffer ETFExpense ratio 0.79%1 year return +12.7%
- CLOCTInnovator Premium Income 15 Buffer ETFExpense ratio 0.79%1 year return +6.2%
- CPAUGInnovator U.S. Equity Power Buffer ETF - AugustExpense ratio 0.79%1 year return +12.1%