BUFI vs IMAY: Grades, Fees and Holdings Compared

AB International Buffer ETF

BUFIBNasdaq

Innovator International Developed Power Buffer ETF - May

IMAYCNYSE Arca

Overlap

0.0%by weight

Expense ratio

BUFI −0.16pt a year

BUFI0.69%IMAY0.85%

Avg volume · 30D

BUFI 2.2×the volume

BUFI11.8KIMAY5.41K

BUFI vs IMAY Performance

Oct 31, 2025 – Nov 2, 2026

+6.6%BUFI+9.2%IMAY

Expense ratio: BUFI 0.69%, better; IMAY 0.85%
Fund size: BUFI $137M; IMAY $50M
1Y total return: BUFI +6.6%; IMAY +9.2%, better
Holdings: BUFI 4; IMAY 3
Avg volume (30D): BUFI 11.8K sh, better; IMAY 5.41K sh
NAV per share: BUFI $41.81; IMAY $31.72
52W range

ETF.net Grade

Pillar letters and Scores for BUFI, IMAY, with each pillar’s weight
Pillar	BUFI	IMAY
Cost30% weight	A84Higher	D38
Mission25% weight	Not scored	Not scored
Risk15% weight	C42	B65Higher
Tradability15% weight	C54Higher	C46
Holdings10% weight	Not scored	Not scored
Durability5% weight	C54Higher	C48

Rank among Developed International Buffer 15% funds

How we build Categories ›

Same Category. BUFI and IMAY are both graded against the same 26 Developed International Buffer 15% funds, so their Grades compare head to head.

Developed International Buffer 15%⁠

Category · 26 funds

See all 26 ›

BUFI ranks 1st and IMAY 13th of 26 funds in the Developed International Buffer 15% Category.

Rank 1BBUFIAB International Buffer ETFScore 65
Rank 2BQBIFAllianzIM International Equity Buffer15 ETFScore 63
Rank 13CIFEBInnovator Intl Developed Power Buffer ETFScore 46
Rank 13CIMAYInnovator International Developed Power Buffer ETF - MayScore 46
Rank 15CIDECInnovator Intl Developed Power Buffer ETFScore 45

Our read on each fund

ETF.net Research

BUFIBAB International Buffer ETF

IMAYCInnovator International Developed Power Buffer ETF - May

In short

BUFI No data

IMAY Most 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.

Stated mandate

BUFI No data

IMAY 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

BUFI No data

IMAY 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

BUFI No data

IMAY 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

Full BUFI profile⁠

Full IMAY profile⁠

BUFI vs IMAY Holdings

How BUFI and IMAY differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of BUFI and 0.0% of IMAY.

Level by level

Holdings0 in both0.0%
Asset classAlternatives100%
Countryby domicile100%
Sector11 Sectors100%

Sector

Sector weights in BUFI and IMAY, widest gap first
Sector	More in BUFIMore in IMAY	BUFI	IMAY
Financials	Same weight	26.1%	26.1%
Industrials	Same weight	18.7%	18.7%
Technology	Same weight	12.0%	12.0%
Health Care	Same weight	10.1%	10.1%
Consumer Discretionary	Same weight	7.1%	7.1%
Consumer Staples	Same weight	6.4%	6.4%
Materials	Same weight	5.8%	5.8%
Communication	Same weight	4.7%	4.7%
Energy	Same weight	4.0%	4.0%
Utilities	Same weight	3.6%	3.6%
Real Estate	Same weight	1.5%	1.5%

Country, concentration and asset class

Country by domicile

Country weights in BUFI and IMAY, widest gap first
Country	More in BUFIMore in IMAY	BUFI	IMAY
Japan	Same weight	24.3%	24.3%
United Kingdom	Same weight	14.1%	14.1%
Switzerland	Same weight	10.2%	10.2%
Germany	Same weight	8.8%	8.8%
France	Same weight	8.3%	8.3%
Australia	Same weight	6.7%	6.7%
Netherlands	Same weight	6.0%	6.0%
Spain	Same weight	3.7%	3.7%
Other countries (17)	Same weight	18.0%	18.0%

Outside the US: BUFI 99% developed, 1% emerging. IMAY 99% developed, 1% emerging.

Concentration

Weight in the 10 largest Holdings

BUFI102.2%
IMAY101.4%

Securities held

BUFI3
IMAY3

Asset class

BUFI: Alternatives
IMAY: Alternatives

Holdings

Only in BUFI3
In both0
Only in IMAY3

Only in BUFI

3 securities, 100% of BUFI by weight

4EFA 01/29/27 C0.52 4EFA 01/29/27 C0.5298.90%
4EFA 01/29/27 P102.89 4EFA 01/29/27 P102.892.97%
Alliancebernstein Govt Stif Ssc Fund 64BA Agis 5870.36%

Only in IMAY

3 securities, 100% of IMAY by weight

Efa 04/30/2027 1.02 C97.62%
Efa 04/30/2027 102.32 P3.50%
Us Bank Mmda - Usbgfs 9 09/01/20370.25%

Weight gaps

BUFI and IMAY share no securities.

All BUFI holdings⁠All IMAY 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.

BUFI vs IMAY Cost

Overpaying IMAY vs BUFI

$2,770

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

BUFI 0.69%
$13,429
IMAY 0.85%
$16,199

Amount$10,000

Years30 years

Cost over time

BUFI 0.69%
IMAY 0.85%
Overpaying

Year by year

Year	BUFI	IMAY	Overpaying
10	$1,232	$1,508	$276
20	$4,697	$5,706	$1,009
30	$13,429	$16,199	$2,770

Expense ratio

0.69%BUFI, cheaper
0.85%IMAY

BUFI0.69%IMAY0.85%

0.30%0.90%

Middle half of Developed International Buffer 15% funds
Median 0.85%

BUFI 5th cheapest of 26 funds

IMAY 11th cheapest of 26 funds

BUFI vs IMAY Dividends

Last 12 months to Nov 2, 2026

Payout (12M): BUFI None; IMAY None

Distribution history

BUFIAll BUFI payments⁠

No distribution history available.

IMAYAll IMAY payments⁠

No distribution history available.

BUFI vs IMAY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BUFI 5.7%since Jan 2025IMAY 6.3%since Jun 2024
Return per unit of riskSharpe ratio, 3 years: BUFI 1.21since Jan 2025IMAY 0.76since Jun 2024
Worst fallMax drawdown, 5 years: BUFI −7.4%since Dec 2024IMAY −9.4%since May 2024
Market sensitivityBeta, 5 years: BUFI 0.24IMAY 0.24; Market = 1

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