BMAYInnovator U.S. Equity Buffer ETF- May
The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to the State Street® SPDR® S&P 500® ETF Trust. It is non-diversified.
By Innovator ETFs · Launched 2020
0.79%
#4,056 of 5,573 · expensive
$235M
#2,186 of 5,573 · mid-size
0.00%
6 years
#2,099 of 5,573 · seasoned
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
What's inside
How Beacon categorizes this fundWhat it actually holds
By weightAsset allocation
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
Listing
- Exchange
- Cboe BZX
Full fund details
- Objective
- The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to the State Street® SPDR® S&P 500® ETF Trust. It is non-diversified.
- Strategy
- The Fund employs a defined outcome strategy that invests primarily in FLEX Options referencing the Underlying ETF, which tracks the S&P 500 Index. It aims to replicate the performance of the Underlying ETF over an Outcome Period, providing potential positive returns regardless of market direction, subject to an Upside Cap and a Buffer against losses. The strategy is designed to deliver specific investment outcomes based on the performance of the Underlying ETF, contingent upon holding shares for the entire Outcome Period.
- Inception date
- April 30, 2020
- Fund family
- Innovator ETFs
Similar funds
Closest matches by profileOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
Buffer ETF — downside protection at a cost
Defined-outcome funds cap upside (typically 8–20%) in exchange for partial downside protection (9–30%), priced via options. Fees are materially higher than the underlying index (often 0.70%+ vs 0.03–0.10%). For most pre-retirees, a simple stock/bond mix achieves similar downside behaviour at a fraction of the cost.
Source: Morningstar, 'Defined-Outcome ETFs: Useful or Uneconomic?' (2023)
Why we flagged this: strategy=structured_outcome + structured_outcome_strategy
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
What's next?
You've looked at BMAY. Save it to your watchlist to weigh it against other funds, then turn your shortlist into a portfolio.
Data updated on 2026-06-20