PMAYInnovator U.S. Equity Power Buffer ETF - May
Seeks to provide returns that match the Underlying ETF's return, up to a cap of 13.87%, while buffering the first 15% of losses.
By Innovator ETFs · Launched 2020
0.79%
#4,215 of 5,861 · expensive
$822M
#1,251 of 5,861 · large
+8.8%
6 years
#2,051 of 5,861 · seasoned
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
What's inside
How Beacon categorizes this fundAsset class
AlternativeRegion
North americaStrategy
Structured outcome
Index tracked
S&P 500 Price Return Index
What it actually holds
By weightConcentration
Top 5 holdings = 100.1% of fundconcentrated
Asset 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
- Seeks to provide returns that match the Underlying ETF's return, up to a cap of 13.87%, while buffering the first 15% of losses.
- Strategy
- Invests primarily in FLEX Options referencing the Underlying ETF to provide returns matching the Underlying ETF, subject to a 13.87% upside cap and a 15% buffer against losses. The strategy is designed for the Outcome Period from May 1, 2025 to April 30, 2026.
- Inception date
- April 30, 2020
- Fund family
- Innovator ETFs
Similar funds
Same asset class, closest by strategy & exposureOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
You can build this cheaper yourself
Defined-outcome funds cap your gains (often 8% to 20%) in exchange for cushioning losses by 9% to 30%, priced with options. The fee runs about 0.70% or more, against 0.03% to 0.10% for a plain index fund. For most investors, a simple stock-and-bond mix gives similar protection for far less.
Sources: Morningstar, 'Buffer Funds Are on the Rise, but They May Not Make Sense for Most Investors' (2025)
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
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Data updated on 2026-08-04