At a glance
UMAY charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $139.4M in assets, the 8th largest of that group. Over the past year it returned +8.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +13.0% a year. At its worst it fell 12.1% 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 Ultra Buffer ETF - May (UMAY) holds an S&P 500 ETF plus FLEX options. Over each one-year period starting May 1, the options seek to absorb that ETF's losses between 5% and 35%, in exchange for capped gains (12.59% before fees for May 2025–April 2026). Its 0.79% fee ties for lowest among similar buffer funds. Its returns trailed all seven peers over one and three years through October 27, 2026.
Price history
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UMAY +8.1% 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 | |
|---|---|---|---|---|---|---|
| UMAY official prospectus, to Dec 31, 2024 | — | +8.58% | — | +5.98% | — | +6.46% |
| UMAY price data to Oct 27, 2026 | +6.8% | +8.1% | +13.0% | +6.5% | — | +6.4% |
- Over the year to Oct 27, 2026, UMAY returned +8.1%, 8th of 8 among similar funds.
- Its 5-year annualized return was +6.5%.
- Its worst full calendar year was 2022 (-9.2%); its best was 2024 (+14.3%).
- The deepest fall in its price history was 12.1% (Apr 4, 2022 to Oct 11, 2022), recovered by Dec 11, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.8% | — |
| 2025 | +8.8% | +8.58% |
| 2024 | +14.3% | +14.43% |
| 2023 | +12.5% | +12.54% |
| 2022 | -9.2% | -9.09% |
| 2021 | — | +5.19% |
| 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 11.6% over that stretch · deepest drop along the way 12.1%, back to its old high 14 months after the low |
What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 100.08% of assets.
| Fund held | Weight | |
|---|---|---|
| Vanguard S&P 500 ETF | 100.08% |
By country
United States 100.08%By asset type
Stocks 100.08%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $77.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.91%, +0.01%, +0.40%.
How it works
UMAY is a "defined outcome" fund. Innovator Capital Management is the adviser and Milliman Financial Risk Management is the sub-adviser. The prospectus commits at least 80% of assets to investments tied to an S&P 500 ETF and names the SPDR S&P 500 ETF Trust. The holdings report as of July 31, 2026 showed the Vanguard S&P 500 ETF (VOO) at about 100% of net assets, plus five FLEX option positions on VOO. FLEX options are exchange-traded options with customized strike prices and expiry dates.
Each outcome period starts May 1 and lasts about a year. The cap is fixed on day one. For May 1, 2025 to April 30, 2026, it was 12.59% before fees, or 11.80% after the 0.79% fee. Holders take the first 5% of the underlying ETF's losses, are shielded from losses between 5% and 35%, and bear any losses beyond 35%. In the prospectus table, a 50% drop in the ETF means a 20% fund loss before fees. At period end the options settle in cash, the fund buys a new set, and a new cap is set.
These outcomes apply only to holders who own shares for the full period, measured at net asset value (NAV). Buying after May 1 or selling early can produce very different results, and market prices can differ from NAV. The fund is non-diversified and, through the S&P 500, has heavy exposure to technology stocks.
What it really costs
- UMAY 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 |
|---|---|---|---|---|
| UMAY | $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.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It keeps S&P 500 exposure but uses options to cushion losses between 5% and 35% over each May-to-April period, giving up gains above a cap.
UMAY could soften stock-market drops for someone who still wants S&P 500 exposure. Its price record starts in February 2021, so it misses the 2008 and 2020 crashes. In the 2022 bear market it fell 12.1% from April 4 to October 11, 2022. It took 14 months, until December 11, 2023, to regain its prior high. Its worst calendar year was 2022, at -9.09%. Anyone selling in a bad year would still take a loss, and how much protection applies depends on where in the May-to-April period they sell. The fund recorded no distributions, so income would have to come from selling shares. Under the SEC's standard example, $10,000 would cost $81 in fees in the first year and $978 over 10 years. 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 wide buffer against losses between 5% and 35%, and accept capped gains each period.
- People able to buy near May 1 and hold for the full outcome period, when the stated cap and buffer apply as designed.
- Cost-conscious buffer-fund buyers: its 0.79% fee ties for lowest among eight similar funds, against a 0.86% peer average.
Look elsewhere if
- Anyone needing regular income: no distributions were recorded, so cash must come from selling shares.
- Investors wanting more upside: through October 27, 2026, its returns ranked last of eight buffer funds over one and three years.
- Those likely to buy or sell mid-period, when results can differ sharply from the stated cap and buffer.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| UMAY this fund | 0.79% | $139.4M | +8.1% | +13.0% |
| 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 UMAY good for retirement?
It may suit retirees who want stock exposure with a cushion. Over each May-to-April period, UMAY seeks to protect against S&P 500 ETF losses between 5% and 35%, while capping gains. In 2022 its calendar-year return was -9.09%, and its deepest drop was 12.1%, which took 14 months to recover. It pays no distributions and charges 0.79% a year, so it gives up some return in exchange for smaller swings.
Does UMAY pay dividends?
No. The fund recorded no distributions. UMAY's return comes from the value of its S&P 500 ETF position and FLEX options, measured over each one-year outcome period. Investors who need regular cash would have to sell shares. That matters in a down year, because selling mid-period means the buffer may not have fully applied.
What is UMAY's upside cap?
For the outcome period from May 1, 2025 to April 30, 2026, the cap was 12.59% before fees, or 11.80% after the 0.79% management fee. The cap resets each May 1, when the fund buys new FLEX options, so it can be higher or lower each year. Innovator posts updated figures daily at innovatoretfs.com/umay.
What happens if I buy UMAY after the outcome period starts?
Your results may differ greatly from the stated cap and buffer. The prospectus says the outcomes apply only to holders who own shares from the start of the period to its end. If the S&P 500 has already risen, there may be little room left under the cap. If it has already fallen, part of the buffer may already be used up. Market prices that differ from NAV can also change results.
UMAY vs PJAN: what's the difference?
Both are Innovator S&P 500 buffer ETFs charging 0.79%, but they use different buffer designs and start dates. UMAY is an "Ultra" buffer that resets in May, while PJAN is a "Power" buffer that resets in January. Through October 27, 2026, PJAN returned 10.5% over one year and 14.8% a year over three years, versus 8.1% and 13% for UMAY. PJAN is also much larger, about $1.4 billion against UMAY's $139 million.