At a glance
BMAY charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $232.0M in assets, the 8th largest of that group. Over the past year it returned +10.5% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +17.5% a year. At its worst it fell 17.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low.
The short version
Innovator U.S. Equity Buffer ETF - May (BMAY) holds options on the State Street SPDR S&P 500 ETF Trust. It aims to match that fund's gains up to a cap and cushion the first 9% of losses over a one-year period that resets each May 1. Its 0.79% expense ratio is below the 0.86% average of similar buffer funds. It pays no distributions, and gains above the cap are given up.
Price history
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BMAY +10.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BMAY official prospectus, to Dec 31, 2024 | — | +11.05% | — | +8.61% | — | +10.36% |
| BMAY price data to Oct 27, 2026 | +9.1% | +10.5% | +17.5% | +8.6% | — | +8.9% |
- Over the year to Oct 27, 2026, BMAY returned +10.5%, 6th of 8 among similar funds.
- Its 5-year annualized return was +8.6%.
- Its worst full calendar year was 2022 (-12.5%); its best was 2024 (+19.1%).
- The deepest fall in its price history was 17.7% (Jan 4, 2022 to Oct 14, 2022), recovered by Dec 13, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.1% | — |
| 2025 | +11.2% | +11.05% |
| 2024 | +19.1% | +19.17% |
| 2023 | +16.7% | +16.76% |
| 2022 | -12.5% | -12.61% |
| 2021 | — | +11.94% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.6% over that stretch · deepest drop along the way 17.6%, back to its old high 14.4 months after the low |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $77.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.07%, -0.33%, +0.41%.
How it works
BMAY does not pick stocks. At least 80% of its net assets go into investments tied to the State Street SPDR S&P 500 ETF Trust, which tracks the S&P 500. It gets that exposure through FLEX Options, which are exchange-traded options with custom strike prices and expiration dates. As of July 31, 2026, four option positions on that ETF made up 99.74% of net assets and cash was 0.29%. Through the S&P 500, the fund leans heavily on information technology companies. Innovator is the adviser and Milliman is the sub-adviser.
Each outcome period runs from May 1 to April 30. For May 1, 2025 to April 30, 2026, gains were capped at 18.13% before fees (17.34% after the 0.79% fee). The buffer covered the first 9% of losses (8.21% after the fee). Losses beyond 9% pass through one for one, so a 20% drop meant about an 11% loss before fees. When a period ends, the options are cashed out and new ones with about a year to run are bought. That sets a new cap.
These outcomes apply only to shares held for the whole period, and they are based on net asset value, not market price. Buyers who come in mid-period, or sell early, may get very different results. Nothing is guaranteed.
What it really costs
- BMAY charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BMAY | $81 | $252 | $439 | $978 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It trades some stock-market upside for a cushion against the first 9% of S&P 500 losses each May-to-April period.
BMAY can soften stock losses but cannot remove them. It launched in May 2020, after the COVID crash, so its real test was the 2022 bear market. It fell 17.6% from January 4 to September 30, 2022. Its deepest drop, 17.7% through October 14, 2022, took about 14 months to recover, ending December 13, 2023. Its worst calendar year was 2022, at -12.61%. That still hurts anyone forced to sell in a bad year. The fund pays no distributions, so any income means selling shares, sometimes mid-period when the cap and buffer may not work as described. It costs 0.79% a year: $81 in the first year and $978 over 10 years on $10,000, under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- People who hold for a full May-to-April period: gains were capped at 18.13% and the first 9% of losses buffered, before fees, through April 30, 2026.
- Cost-conscious buffer ETF buyers: its 0.79% annual expense ratio tied for lowest among eight buffer ETFs compared, below the 0.86% peer average.
- Retirees seeking smaller S&P 500 swings: one-year beta was 0.47 (about half the market's moves) and volatility 6.3%, as of October 27, 2026.
Look elsewhere if
- Income seekers: no distributions were recorded, so it hasn't provided the regular payouts retirees often draw from dividend or bond funds.
- Those wanting deeper protection: losses beyond the buffer pass through one-for-one, and it fell 17.7% peak to trough in 2022, taking 14 months to recover.
- Those wanting full S&P 500 gains: the cap gives up upside in strong years, and buying after May 1 changes the cap and buffer received.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BMAY this fund | 0.79% | $232.0M | +10.5% | +17.5% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is BMAY good for retirement?
It depends on the job it's meant to do. BMAY may suit retirees who want S&P 500 exposure with a cushion against the first 9% of losses in each May-to-April period, and who accept a cap on gains. It is not loss-proof. It fell 17.7% between January and October 2022 and took about 14 months to recover. It pays no distributions and costs 0.79% a year. Past results don't predict the future.
How does the BMAY buffer and cap work?
BMAY uses FLEX options on the SPDR S&P 500 ETF Trust to shape one-year results. For May 1, 2025 to April 30, 2026, it aimed to absorb the first 9% of that ETF's losses. It capped gains at 18.13%. Both figures are before fees; after the 0.79% fee they were 8.21% and 17.34%. A 20% drop meant about an 11% loss before fees. Each May 1 the options roll over and a new cap is set.
Does BMAY pay dividends?
No. BMAY has no recorded distributions. It holds options on the SPDR S&P 500 ETF Trust rather than the stocks themselves, so it does not pass along a dividend stream. Its return comes only from changes in its share price. Anyone who needs cash from it has to sell shares. Selling before April 30 can also mean missing the buffer and cap the fund targets for the full period.
What happens if I buy BMAY after May 1?
Your results can differ a lot from the stated cap and buffer. Those are set on May 1 and apply in full only to shares held through April 30. If the market has already risen, less upside may be left before the cap. If it has fallen, part of the buffer may already be used up. Innovator posts updated outcome figures daily at innovatoretfs.com/bmay.
BMAY vs BUFR: what's the difference?
BMAY is a single one-year buffer that resets each May 1. BUFR, the FT Vest Laddered Buffer ETF, is laddered: it spreads its money across buffer series that start in different months. BMAY costs 0.79% a year, compared with 0.95% for BUFR. BUFR is much larger, at about $10.5 billion in net assets versus $232 million. As of October 27, 2026, BUFR returned 11.6% over one year and 16.8% a year over three years. BMAY returned 10.5% and 17.5%.