At a glance
PMAY charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $807.1M in assets, the 8th largest of that group. Over the past year it returned +8.7% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +13.8% a year. At its worst it fell 13.0% 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 Power Buffer ETF - May (PMAY) uses options on the SPDR S&P 500 ETF Trust to track S&P 500 gains up to a cap. In exchange, it seeks to absorb the first 15% of losses (before fees) over each one-year period starting May 1. Its 0.79% expense ratio was the lowest of the eight buffer funds we compared. However, its 1- and 3-year returns ranked last of the group as of October 27, 2026.
Price history
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PMAY +8.7% 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 | |
|---|---|---|---|---|---|---|
| PMAY official prospectus, to Dec 31, 2024 | — | +10.22% | — | +6.85% | — | +7.98% |
| PMAY price data to Oct 27, 2026 | +7.4% | +8.7% | +13.8% | +7.1% | — | +7.2% |
- Over the year to Oct 27, 2026, PMAY returned +8.7%, 8th of 8 among similar funds.
- Its 5-year annualized return was +7.1%.
- Its worst full calendar year was 2022 (-8.1%); its best was 2024 (+14.1%).
- The deepest fall in its price history was 13% (Mar 29, 2022 to Sep 30, 2022), recovered by Dec 1, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.4% | — |
| 2025 | +10.3% | +10.22% |
| 2024 | +14.1% | +14.16% |
| 2023 | +12.1% | +12.30% |
| 2022 | -8.1% | -8.38% |
| 2021 | — | +7.57% |
| 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 12.6% over that stretch · deepest drop along the way 13%, back to its old high 14 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 $189.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.26%, -0.15%, +0.47%.
How it works
PMAY doesn't own stocks directly. It holds FLEX Options, which are exchange-traded options contracts with a custom strike price and expiration date. They reference the State Street SPDR S&P 500 ETF Trust, which tracks the S&P 500. As of July 31, 2026, four option positions made up nearly all of the fund, and cash was 0.31%. Innovator Capital Management is the adviser and Milliman Financial Risk Management is the sub-adviser.
The options work as a package. One position tracks the S&P 500 ETF's moves. A bought put sets up the buffer. A sold put means the fund bears losses beyond 15%. A sold call sets the cap on gains. For May 1, 2025 to April 30, 2026, the cap was 13.87% before fees, or 13.08% after the 0.79% fee. The buffer was 15%, or 14.21% after the fee. In the prospectus examples, a 20% fall in the S&P 500 ETF means a 5% loss for the fund, and a 50% fall means a 35% loss.
Each April 30 the options expire. The fund then buys a new set that runs about one year, and the new cap is set on the first day, so it can differ from the last one. The stated results apply only to shares held for the whole period, measured at net asset value. Buying or selling mid-period can produce very different results. Innovator's website updates these figures daily.
What it really costs
- PMAY 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 |
|---|---|---|---|---|
| PMAY | $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 of the S&P 500's upside for a cushion against the first 15% of losses in each May-to-April period.
PMAY's price history starts in February 2021, so it has no record for the 2008 crisis or the 2020 crash. In the 2022 bear market it fell about 13% from March 29 to September 30, 2022. It took 14 months to get back to its peak, on December 1, 2023. Its 2022 calendar-year return was -8.38%, per the prospectus. Someone who has to sell in a bad year before April 30 may not get the full buffer, because it applies at the end of the period. The fund has paid no distributions, so any income would have to come from selling shares. In the SEC's standard $10,000 example, costs come to $81 after one year and $978 after ten. Past results don't predict future returns, and 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 S&P 500 exposure with a cushion against the first 15% of losses each May-to-April period, and who accept capped gains.
- Holders who can buy near May 1 and hold through April 30, when the stated cap and buffer fully apply.
- Cost-conscious buffer-fund buyers: its 0.79% expense ratio compares with a 0.86% average for similar buffer funds.
Look elsewhere if
- Anyone who needs regular income: PMAY has recorded no distributions, so cash would have to come from selling shares.
- Growth-focused investors: gains are capped, and its 1- and 3-year returns ranked last of eight similar funds as of October 27, 2026.
- Those seeking crash protection: losses beyond 15% pass through one-for-one, so a 50% S&P 500 ETF fall means a 35% fund loss.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PMAY this fund | 0.79% | $807.1M | +8.7% | +13.8% |
| 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
Does PMAY pay dividends?
No. No distributions have been recorded for PMAY. The fund holds FLEX Options on the SPDR S&P 500 ETF Trust rather than the stocks themselves, so its returns come from changes in share price. A retiree who wants cash from it would have to sell shares, and the timing of a sale affects how much of the buffer and cap they actually get.
How does the PMAY buffer work?
PMAY aims to absorb the first 15% of losses in the SPDR S&P 500 ETF Trust over each one-year period from May 1 to April 30, before fees. After the 0.79% fee, the buffer was 14.21% for the May 2025 to April 2026 period. Losses beyond 15% pass through in full, so a 20% drop in the underlying ETF means about a 5% loss for the fund. In exchange, gains are capped. That period's cap was 13.87% before fees.
What happens if I buy PMAY in the middle of the outcome period?
Your results can be very different from the stated cap and buffer. Those apply only to shares held from May 1 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's website, innovatoretfs.com/pmay, posts updated figures daily so buyers can see where the fund stands within the period.
PMAY vs PJAN: what's the difference?
Both are Innovator Power Buffer ETFs with a 15% buffer on the S&P 500 and the same 0.79% expense ratio. The main difference is the start month: PMAY resets each May 1 and PJAN each January. Different start dates lead to different caps and results. As of October 27, 2026, PJAN returned 10.5% over one year and 14.8% a year over three years, compared with 8.7% and 13.8% for PMAY. PJAN held $1.4 billion in net assets as of July 31, 2026, versus PMAY's $807 million.
How much does PMAY cost compared with other buffer ETFs?
PMAY charges 0.79% a year, which was the lowest of the eight buffer funds we compared. The average for its peers was 0.86%. The FT Vest Laddered Buffer ETF (BUFR) and the FT Vest Laddered Deep Buffer ETF (BUFD) charge 0.95%, and FT Vest's monthly buffer funds charge 0.85%. In the SEC's standard example, $10,000 earning 5% a year would cost $81 in fees after one year, $439 after five years and $978 after ten.