IJUL vs IMAY

IJULBInnovator Intl Developed Power Buffer ETF

IMAYCInnovator International Developed Power Buffer ETF - May

In short

IJUL Most buffer ETFs babysit the S&P 500. IJUL points the same 15% downside cushion at developed markets outside the US, tracking an EAFE index fund up to a cap over a one-year outcome period that restarts each July.

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

IJUL The fund seeks to track the return of the iShares MSCI EAFE ETF (EFA) up to a predetermined cap while protecting against the first 15% of 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

• IJUL The mechanics are fixed by prospectus: absorb the first 15% of the reference ETF's losses over the outcome period, participate in gains up to a cap set when that period begins.innovatoretfs.com
• Foreign exposure, not another S&P 500 clone. The reference asset is the iShares MSCI EAFE ETF, so the buffer sits on developed-market equity.innovatoretfs.com
• At 0.85% a year, it charges exactly the median fee of its buffer peer group. No surcharge for pointing the structure overseas.
• Running since 2019 and one of the strongest implementations in its cohort, with sibling months (IMAR, IAPR, IMAY) available if you want staggered start dates.

• 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

• IJUL The cap is the price of the cushion: upside stops there for the period. Buying mid-period means your own buffer and cap differ from the stated terms.
• Return comes from share price, not income. The options-based structure has produced no distributions, so EAFE's dividend stream is not passed through.
• Volume is light next to plain index funds, so spreads and limit orders matter more at the moment you trade.

• 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 IJUL profile⁠

Full IMAY profile⁠