IAUG vs IMAY

IAUGBInnovator Intl Developed Power Buffer ETF

IMAYCInnovator International Developed Power Buffer ETF - May

In short

IAUG Downside padding for foreign stocks instead of the usual S&P 500 target. IAUG shadows the iShares MSCI EAFE ETF, absorbs the first 15% of a year's losses, and trades away upside above a cap reset every August 1.

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

IAUG The Fund seeks to match the return of its underlying ETF up to a predetermined upside cap while protecting against the first 15% of underlying ETF losses during the outcome period.

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

• IAUG The deal is written down in advance: match the reference ETF's return up to a preset cap, with the first 15% of its losses absorbed over an outcome period running August 1 to July 31.innovatoretfs.com
• One rung in a 12-month ladder on the same EAFE exposure (IJUL, ISEP, IOCT and the rest), so entry points can be staggered rather than pinned to a single reset date.innovatoretfs.com
• At 0.85% a year, it charges the same as the median fund in its buffered-international peer group. No premium for the international twist.

• 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

• IAUG Thinly traded with a small asset base, which usually means wider bid-ask spreads than the big buffer funds carry.
• The 15% buffer and the cap are engineered for investors who hold the full outcome period. Buy mid-period and your actual cushion and ceiling differ from the headline terms.innovatoretfs.com
• An options-built structure aimed at price outcomes, not cash flow. Distributions have not been part of the picture.

• 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 IAUG profile⁠

Full IMAY profile⁠