Innovator U.S. Equity Power Buffer ETF - May
PMAY
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- Innovator U.S. Equity Power Buffer ETF - May (PMAY) is an actively managed exchange-traded fund that seeks to track the price return of the SPDR S&P 500 ETF Trust (SPY), up to a predetermined upside cap, while providing a buffer against the first 15% of losses over a one-year outcome period that resets annually in May; the fund primarily invests in FLEX options on SPY, U.S. Treasury securities, and cash equivalents to achieve defined outcomes for investors seeking downside protection with capped equity exposure in the large-cap U.S. equity segment. Issued and managed by Innovator Capital Management, LLC, PMAY forms part of a broader suite of Defined Outcome ETFs, including U.S. Equity Buffer ETFs, Power Buffer ETFs, Ultra Buffer ETFs, and related income and growth strategies targeting retail and institutional investors focused on risk-managed equity participation. The fund, launched on May 1, 2020, trades on the Cboe BZX Exchange with assets under management exceeding $630 million as of late 2025 and a net expense ratio of 0.79%. Innovator Capital Management, headquartered in Wheaton, Illinois, was founded in 2017 by industry veterans Bruce Bond and John Southard, previously creators of the PowerShares ETF lineup; the firm operates primarily in the United States, managing over $28 billion in assets across 159 Defined Outcome ETFs as of September 2025, with a focus on innovative options-based strategies for buffered equity, income generation, and targeted growth outcomes. In a transformative strategic development announced on December 1, 2025, Innovator Capital Management entered into a definitive agreement to be acquired by Goldman Sachs Group, Inc. for approximately $2 billion in cash and stock, subject to performance targets and regulatory approval, with the transaction expected to close in the second quarter of 2026; this acquisition will integrate Innovator's ETF platform into Goldman Sachs Asset & Wealth Management, expanding the combined entity's offerings to over 215 ETFs and more than $75 billion in assets while retaining operations in Wheaton. Recent product enhancements include the announcement of new upside caps for the May series of S&P 500 Buffer ETFs and the launch of dual directional buffer funds designed to deliver positive returns in moderate market declines of 0-15% alongside upside participation. These initiatives underscore Innovator's ongoing expansion in the rapidly growing active ETF market, enhancing its capabilities ahead of the Goldman Sachs integration.