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Beacon

UMAYInnovator U.S. Equity Ultra Buffer ETF - May

Grow my money6y track recordRanked #1,801 of 2,960 in this goal

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

Annual Cost

0.79%

#4,047 of 5,562 · expensive

Fund Size

$152M

#2,552 of 5,562 · mid-size

Return (1Y)Goal

+9.3%

Track Record

6 years

#2,097 of 5,562 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$10,957+9.6%

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

Classification

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Structured outcome

Index tracked

S&P 500 Price Return Index

What it actually holds

By weight

Concentration

Top 1 holdings = 102.2% of fundconcentrated

Vanguard S&P 500 ETFVOO
102.2%

Asset allocation

Stocks
99.6%
Cash
0.2%
Other
0.2%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
3.9%Low

Year-on-year price swings

Max drawdown
-12.1%Mild

Worst peak-to-trough loss

Sharpe (3Y)
0.91Decent risk-adjusted returns
Sortino (3Y)
1.33Good downside protection

Where to buy

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, primarily investing in FLEX Options that reference the Underlying ETF, which tracks the S&P 500 Index. It aims to deliver predetermined investment outcomes based on the Underlying ETF's performance over an Outcome Period, including potential positive returns regardless of market direction, subject to an Upside Cap and a Buffer against losses.
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

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

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Data updated on 2026-06-19