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BMAY vs TENJ

Innovator U.S. Equity Buffer ETF

BMAYCCboe

iShares Large Cap 10% Target Buffer Jun ETF

TENJBCboe

Overlap

Expense ratio

TENJ −0.26pt a year

BMAY0.79%TENJ0.53%

Avg volume · 30D

TENJ 1.2×the volume

BMAY20.1KTENJ24.6K

BMAY vs TENJ Performance

Oct 31, 2025 – Oct 30, 2026

+9.4%BMAY+11.7%TENJ

Oct 31, 2025 to Oct 30, 2026. BMAY +9.4%. TENJ +11.7%. Use the arrow keys to read each point.0%5%15%Oct 2025Apr 2026Oct 2026
Expense ratio
BMAY 0.79%
TENJ 0.53%, better
Fund size
BMAY $180M
TENJ $47M
1Y total return
BMAY +9.4%
TENJ +11.7%, better
Holdings
BMAY 3
TENJ 4
Avg volume (30D)
BMAY 20.1K sh
TENJ 24.6K sh, better
NAV per share
BMAY $48.33
TENJ $28.09
52W range

ETF.net Grade

BMAY: Cost 40, Risk 68, Mission not scored, Tradability 52, Holdings not scored, Durability 73. TENJ: Cost 86, Risk 49, Mission not scored, Tradability 66, Holdings 51, Durability 41.
Pillar letters and Scores for BMAY, TENJ, with each pillar’s weight
PillarBMAYTENJ
Cost30% weightC40A86Higher
Mission25% weightNot scoredNot scored
Risk15% weightB68HigherC49
Tradability15% weightC52B66Higher
Holdings10% weightNot scoredC51
Durability5% weightA73HigherC41

Rank among S&P 500 Buffer 9-12% funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BMAY and TENJ are both graded against the same 77 S&P 500 Buffer 9-12% funds, so their Grades compare head to head.

S&P 500 Buffer 9-12%⁠

Category · 77 funds
See all 77 ›

TENJ ranks 3rd and BMAY 37th of 77 funds in the S&P 500 Buffer 9-12% Category.

  1. Rank 1AZALTInnovator U.S. Equity 10 Buffer ETF - QuarterlyScore 77
  2. Rank 2BAUGPPGIM S&P 500 Buffer 12 ETF - AugustScore 67
  3. Rank 3BTENJiShares Large Cap 10% Target Buffer Jun ETFScore 66
  4. Rank 4BSIXJAllianzIM U.S. Equity 6 Month Buffer10 Jan/Jul ETFScore 65
  5. Rank 37CBJUNInnovator U.S. Equity Buffer ETFScore 51
  6. Rank 37CBMAYInnovator U.S. Equity Buffer ETFScore 51
  7. Rank 40CBNOVInnovator U.S. Equity Buffer ETFScore 50

Our read on each fund

ETF.net Research

BMAYCInnovator U.S. Equity Buffer ETF

TENJBiShares Large Cap 10% Target Buffer Jun ETF

In short

BMAY Innovator's May-dated buffer fund: it shadows the S&P 500 up to a preset cap and absorbs the first 9% of losses over a one-year outcome period that resets each May 1. The shallow buffer is what buys the higher cap.

TENJ No data

Stated mandate

BMAY The fund seeks to track SPY's return up to a predetermined cap while protecting against the first 9% of losses during the outcome period.

TENJ No data

Why people hold it

  • BMAY The contract is spelled out up front: first 9% of S&P 500 losses absorbed, gains capped, over a defined period ending April 30. You know the shape of the outcome before you own it.
  • 0.79% a year, right at the median for its buffer cohort. Options-built defense costs more than plain index beta, but you aren't paying above the going rate for it.
  • Live since 2020, with several full outcome periods behind it rather than a launch-week track record.
  • Lands in the upper half of a crowded cohort of 50-plus shallow S&P 500 buffer funds.

TENJ No data

Worth knowing

  • BMAY The 9% buffer and the cap belong to the full outcome period. Buy mid-period and you inherit whatever protection and upside are left, not the headline terms.
  • Thinly traded next to the S&P 500 giants, so spreads can be wider and limit orders earn their keep.
  • Innovator's laddered sibling BUFB spreads across start months and carries a 0.10% expense ratio, a cheaper route for anyone who doesn't want a single calendar slot.

TENJ No data

Full BMAY profile⁠

Full TENJ profile⁠

BMAY vs TENJ Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BMAY vs TENJ Cost

Overpaying BMAY vs TENJ

$4,638

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

  • BMAY 0.79%

    $15,174

  • TENJ 0.53%

    $10,536

$10,000
30 years

Cost over time

  • BMAY 0.79%
  • TENJ 0.53%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BMAY $15,174TENJ $10,536

Year by year

YearBMAYTENJOverpaying
10$1,405$953$452
20$5,331$3,658$1,673
30$15,174$10,536$4,638

Expense ratio

  • 0.79%BMAY
  • 0.53%TENJ, cheaper
  • Middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

TENJ 11th cheapest of 77 funds

BMAY 34th cheapest of 77 funds

BMAY vs TENJ Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
BMAY None
TENJ No data
Last payment
BMAY No data
TENJ $0.07
Ex-dividend
BMAY No data
TENJ Dec 23, 2025
Paid on
BMAY No data
TENJ Dec 29, 2025
Frequency
BMAY No data
TENJ Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

BMAYAll BMAY payments⁠

No distribution history available.

TENJIrregular · 1 paymentAll TENJ payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 23, 2025 $0.07. Use the arrow keys to read each point.$0$0.052026YTD

BMAY vs TENJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BMAY 6.1%TENJ 8.6%since Nov 2025
Return per unit of riskSharpe ratio, 3 years
BMAY 1.82TENJ 0.90since Nov 2025
Worst fallMax drawdown, 5 years
BMAY −17.7%TENJ −5.5%since Oct 2025
Market sensitivityBeta, 5 years
BMAY 0.48TENJ 0.63

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