At a glance
IMAY charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $55.4M in assets, the 8th largest of that group. Over the past year it returned +8.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Innovator International Developed Power Buffer ETF - May (IMAY) holds options on the iShares MSCI EAFE ETF, which tracks large and mid-size companies in developed markets outside the US and Canada. Each one-year outcome period starts in May. In each period the fund aims to absorb the first 15% of losses, and in exchange it caps gains. For May 2025–April 2026 the cap was 15.97% before fees. Its 0.85% expense ratio is close to the 0.86% peer average.
Price history
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IMAY +8.4% 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 | |
|---|---|---|---|---|---|---|
| IMAY official prospectus, to Dec 31, 2024 | — | +20.38% | — | — | — | +11.75% |
| IMAY price data to Oct 27, 2026 | +6.5% | +8.4% | — | — | — | +10.5% |
- Over the year to Oct 27, 2026, IMAY returned +8.4%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+20.1%); its best was 2025 (+20.1%).
- The deepest fall in its price history was 9.4% (Mar 19, 2025 to Apr 8, 2025), recovered by May 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.5% | — |
| 2025 | +20.1% | 0.00% |
| 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 | Before this security existed |
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 $21.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.04%, +0.53%, +1.47%.
How it works
IMAY doesn't pick stocks. It holds FLEX Options, which are exchange-traded options with custom strike prices and expiration dates. They reference the iShares MSCI EAFE ETF. That ETF tracks the MSCI EAFE Index, which weights large and mid-size developed-market companies outside the US and Canada by market value. As of July 31, 2026, four option positions made up 99.81% of assets and cash made up 0.26%. Innovator is the adviser and Milliman Financial Risk Management is the sub-adviser.
The options are built to produce set outcomes over a one-year period. For May 1, 2025 to April 30, 2026, the fund sought to match the ETF's gains up to a 15.97% cap (15.12% after its 0.85% fee). It also sought to absorb the first 15% of losses (14.15% after the fee). Losses beyond 15% pass through one for one: if the ETF fell 50%, the fund would lose about 35% before fees.
When a period ends, the options expire. The fund then buys new ones that expire about a year later, and a new cap is set on the first day. The outcomes apply only to shares held for the whole period. Buying or selling mid-period can give very different results. Market prices can also differ from net asset value. Innovator posts updated figures daily at innovatoretfs.com/imay.
What it really costs
- IMAY charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IMAY | $87 | $271 | $471 | $1,049 |
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 gives exposure to developed international stocks with a buffer against the first 15% of losses in each outcome period, in exchange for capped gains.
IMAY could add foreign developed-market stocks with smaller swings. As of October 27, 2026, its one-year volatility was 7.9% and its beta, a measure of how much it moves with the market, was 0.47. It launched in May 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop was 9.4%, from March 19 to April 8, 2025, and it recovered by May 2, 2025. Its only full calendar year, 2025, returned 20.08%. The buffer resets each May, so someone who sells mid-period in a bad year may not get the full protection. No distributions were recorded through October 27, 2026, so cash for spending would have to come from selling shares. The SEC's standard example puts first-year costs at $87 on $10,000. Past results don't predict future ones. A plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want MSCI EAFE stock exposure and accept capped gains in exchange for a buffer against the first 15% of losses each period.
- Holders able to buy near the May 1 start of an outcome period and hold all 12 months, so they get the stated cap and buffer.
- Investors comfortable paying 0.85% a year, close to the 0.86% average of similar buffer funds, for an options-based defined-outcome approach.
Look elsewhere if
- Investors who need regular income: IMAY recorded no distributions through October 27, 2026.
- Those wanting full upside from international stocks: gains above the cap (15.97% before fees for May 2025–April 2026) are given up.
- Those who prefer larger, longer-tested funds: IMAY held $55.4 million as of July 31, 2026, the smallest of eight buffer peers.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| IMAY this fund | 0.85% | $55.4M | +8.4% | — |
| 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
How does the IMAY buffer ETF work?
IMAY holds FLEX Options on the iShares MSCI EAFE ETF and replaces them each year. For May 1, 2025 to April 30, 2026, it sought to absorb the first 15% of that ETF's losses (14.15% after fees). It also sought to pass along gains up to 15.97% (15.12% after fees). Losses beyond 15% are borne one for one. These outcomes apply only to shares held for the entire period.
Does IMAY pay dividends?
No distributions were recorded for IMAY through October 27, 2026. The fund holds options on the iShares MSCI EAFE ETF, not the stocks themselves. Option holders don't receive the dividends paid by the underlying companies, so those payments don't pass through the way they would in a regular index fund. Anyone seeking income from IMAY would need to sell shares.
IMAY vs PJAN: what's the difference?
Both are Innovator Power Buffer ETFs that use options to set outcomes over a one-year period. PJAN follows US stocks and, as its name says, is the January series. IMAY follows developed international stocks through the iShares MSCI EAFE ETF and resets in May. PJAN costs 0.79% a year versus IMAY's 0.85%. It is also far larger: $1.4 billion versus $55.4 million as of July 31, 2026. In the year to October 27, 2026, PJAN returned 10.5% and IMAY 8.4%.
Can you lose money in IMAY?
Yes. The buffer covers only the first 15% of the iShares MSCI EAFE ETF's losses over a full outcome period, before fees, and it isn't guaranteed. Bigger drops pass through: if the ETF fell 50%, the fund would lose about 35% before fees. Buying after a period starts or selling before it ends can give very different results. IMAY's deepest drop since its May 2024 launch was 9.4%, in March and April 2025.
Is IMAY good for retirement?
It depends on the role it plays. IMAY may suit retirees who want some developed international stock exposure with smaller swings. Its one-year volatility was 7.9% as of October 27, 2026. It returned 20.08% in 2025, a calendar year that spanned two outcome periods, each with its own cap. The trade-offs are capped gains, no recorded distributions, a 0.85% expense ratio and a short record that misses the 2008, 2020 and 2022 downturns.