Intl Developed Power Buffer ETF
IMAY
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- Innovator International Developed Power Buffer ETF - May (IMAY) is an actively managed exchange-traded fund that seeks to track the price return of the iShares MSCI EAFE ETF (EFA), which measures the performance of large- and mid-cap companies across 21 developed markets outside the United States and Canada, including Europe, Australasia, and the Far East, up to an annually reset cap while providing a buffer against the first 15% of losses over a one-year outcome period before fees and expenses. The fund utilizes FLEX options, including purchased and sold calls and puts on EFA, along with collateral, to achieve its defined outcome objectives; it rebalances annually, lists on NYSE Arca, and carries a net expense ratio of 0.85% with net assets of approximately $36.64 million as of June 30, 2025. IMAY targets investors seeking exposure to international developed equities with managed downside risk and capped upside, primarily through cost-effective, liquid, tax-efficient, and transparent structures without credit risk. IMAY forms part of the broader suite of Defined Outcome ETFs offered by Innovator ETFs Trust, sponsored and managed by Innovator Capital Management, LLC, which pioneered the world's first such products in 2018; the firm provides a range of buffer, defined income, and protection strategies across U.S. equity, international developed, and other segments. Innovator Capital Management, founded in 2017 and headquartered at 200 W. Front Street in Wheaton, Illinois, oversees more than 150 ETFs with over $28 billion in assets under management as of late 2025, serving institutional investors, financial advisors, and individual clients focused on risk-managed outcomes. The ETFs distribute through Foreside Fund Services, LLC, and emphasize holdings in non-U.S. stocks (approximately 94.7% allocation), cash, and minimal U.S. equities. In a major strategic development announced on December 1, 2025, Goldman Sachs agreed to acquire Innovator Capital Management in a cash-and-stock transaction valued at approximately $2 billion, expected to close in the second quarter of 2026; this deal will integrate Innovator's defined outcome capabilities into Goldman Sachs Asset & Wealth Management, expanding ETF offerings amid surging demand for buffered strategies. The acquisition follows Innovator's growth trajectory since launching IMAY on May 1, 2024 (with inception April 30, 2024), and builds on its leadership as the second-largest buffer ETF provider, enhancing global distribution while maintaining product innovation. No other significant partnerships, funding rounds, or operational changes for IMAY specifically have been reported in the past two years beyond routine annual outcome period resets.