Skip to content

PMAYInnovator U.S. Equity Power Buffer ETF - May

Grow my money6y track recordRanked #1,204 of 2,998 in this goal

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

Annual Cost

0.79%

#4,215 of 5,861 · expensive

Fund Size

$822M

#1,251 of 5,861 · large

Return (1Y)Goal

+8.8%

Track Record

6 years

#2,051 of 5,861 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$10,875+8.8%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Alternative

Strategy

Structured outcome

Index tracked

S&P 500 Price Return Index

What it actually holds

By weight

Concentration

Top 5 holdings = 100.1% of fundconcentrated

N/A
113.7%
US BANK MMDA - USBGFS 9
0.3%
N/A
0.0%
N/A
0.0%
N/A
-13.9%

Asset allocation

Stocks
99.8%
Cash
0.2%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
4.4%Low

Year-on-year price swings

Max drawdown
-12.9%Mild

Worst peak-to-trough loss

Sharpe (3Y)
0.96Decent risk-adjusted returns
Sortino (3Y)
1.43Good downside protection

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

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Buffer
Warning

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

What's next?

You've looked at PMAY. Save it to your watchlist to weigh it against other funds, then turn your shortlist into a portfolio.

Data updated on 2026-08-04