Seeking AlphaT3·29mo ago
BMAY Innovator U.S. Equity Buffer ETF - May
ETFETF quote, holdings, sector allocation, technicals, and options analytics. Fibonacci levels
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
BMAY
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Key stats
About
Innovator U.S. Equity Buffer ETF - May (BMAY) ETF
No description available.
- Exchange
- BATS
- Inception
- 2020-04-30
- Has Options
- No
Fund profile
holdings as of Oct 21, 2026issuer datathrough Jul 2026flows, SEC filings
Defined-outcome fund. The stated cap and buffer apply only from the first day of the outcome period to its last; buying in between gives different terms. See what is left in the ETF lab.
- Expense ratio
- 0.79% issuer, Oct 22, 2026
- Assets
- $183M issuer-reported, Oct 21, 2026
- Trailing yield
- —
- Average daily volume
- $2.2M 30 sessions
- Holdings
- 6 top 10 are 102.3%
- Listed
- Apr 30, 2020 Cboe BZX
- Net asset value
- $49.00 issuer, Oct 21, 2026
Cost42
Liquidity45
Scale47
Diversification0
Outcome period, decoded from the options in the fund's Oct 21, 2026 holdings (issuer data)
- Reference asset
- SPY period ends Apr 30, 2027 (190 days)
- Cap, full period
- 16.9% before fees
- Buffer, full period
- 9.0% first losses absorbed
- Reference since start
- +7.6% $773.09 on Oct 21, 2026
- Upside left to the cap
- 8.7% for a buyer today
- Drop before the buffer starts
- 7.0% unprotected from here
Moves with. US large-cap stocks (81% of its variance, beta 0.44); Emerging markets over US (3% of its variance, beta 0.03). These factors explain 87% of its daily moves over the last year.
Stated objective. The Fund seeks to provide investors with returns that match the return of the Underlying ETF, up to the upside cap of 16.93% (prior to taking into account management fees and other fees) while providing a buffer against the first 9% (prior to taking into account management fees and other fees) of Underlying ETF losses, over the period from May 1, 2026 to April 30, 2027. (from the fund's prospectus)
Fund flows
through Jul 2026SEC filings- Jul 2026
- +$1.2M latest reported month
- Latest 3 months
- +$78M +33.6% of assets
- Latest 12 months
- +$59M +25.4% of assets
View as a table
| Month | Net flow |
|---|---|
| Jul 2026 | +$1.2M |
| Jun 2026 | −$4.8M |
| May 2026 | +$82M |
| Apr 2026 | +$3.4M |
| Mar 2026 | $0 |
| Feb 2026 | −$10M |
| Jan 2026 | −$1.1M |
| Dec 2025 | −$5.6M |
| Nov 2025 | −$2.2M |
| Oct 2025 | $0 |
| Sep 2025 | $0 |
| Aug 2025 | −$3.2M |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 78 months ago
Similar funds
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| BUFRFT Vest Laddered Buffer ETF | — | 0.95% | $10.9B | +12.7% | compare |
| BALTInnovator Defined Wealth Shield ETF | — | 0.69% | $3.2B | +6.7% | compare |
| BUFDFT Vest Laddered Deep Buffer ETF | — | 0.95% | $2.2B | +10.4% | compare |
| BUFQFT Vest Laddered Nasdaq Buffer ETF | — | 1.00% | $1.7B | +14.8% | compare |
| FJANFT Vest U.S. Equity Buffer ETF - January | — | 0.85% | $1.5B | +13.4% | compare |
The largest other funds in the Buffer category.
Under the hood
fiscal year to Oct 31, 2025SEC census- Authorized participants
- 5 active of 5 with agreements; top 3 did 97%
- Created · redeemed
- $146M · $139M over the fiscal year
- Redemptions in kind
- 97% creations 0% in kind
- Creation unit
- 25,000 shares
- Securities lending
- not authorized
- Diversification status
- Non-diversified may concentrate in fewer issuers
From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.
ETF Profile
holdings as of 2026-10-21
Holdings
6
AUM
$182.5M
Provider
Innovator
Inception
2020-04-30
Exchange
BATS
Data As Of
2026-10-21
Expense Ratio
0.79%
Dividend Yield
—
Distribution
—
Asset Allocation
Top Holdings
top 6 of 6 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| — | SPY 04/30/2027 7.2 C | 100.29% | Derivative | — |
| — | SPY 04/30/2027 718.67 P | 1.99% | Derivative | — |
| — | Cash & Other | 0.19% | Cash/Money Market | — |
| — | US BANK MMDA - USBGFS 9 09/01/2037 | 0.08% | Cash/Money Market | — |
| — | SPY 04/30/2027 653.99 P | -1.06% | Derivative | — |
| — | SPY 04/30/2027 840.4 C | -1.49% | Derivative | — |
Non-Equity Breakdown
Innovator U.S. Equity Buffer ETF - May ·
NPORT-P period 2026-07-31
(filed 2026-09-28)
Net assets:
$232M
· 5 total positions
· equity 0.00%
· non-equity 100.03%
Non-equity holdings
— 5 positions,
100.03% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Derivative (equity) | 99.74% | $231.4M | 4 |
| Short-term investment | 0.29% | $683765 | 1 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -0.07% | -2.57% | 4.10% | 1.90% | 1.62% | 0.64% | 0.94% |
| Feb | 1.06% | -2.49% | -1.97% | 2.16% | 0.13% | 0.17% | -0.16% |
| Mar | 0.64% | 4.24% | 1.99% | 0.81% | -2.18% | -0.96% | 0.76% |
| Apr | 0.41% | -7.82% | -0.33% | 0.70% | -0.87% | 2.47% | -0.91% |
| May | 0.62% | -0.23% | 0.51% | 3.75% | 3.71% | 3.01% | 1.89% |
| Jun | 1.70% | -5.59% | 4.19% | 2.30% | 2.66% | -0.57% | 0.78% |
| Jul | 1.38% | 6.07% | 1.84% | 0.67% | 1.27% | 0.57% | 1.97% |
| Aug | 2.04% | -2.51% | -0.43% | 2.55% | 1.91% | 1.01% | 0.76% |
| Sep | -2.53% | -6.91% | -3.52% | 2.59% | 1.55% | 0.43% | -1.40% |
| Oct | 3.40% | 4.30% | -1.53% | 0.31% | 0.54% | 0.09%* | 1.18% |
| Nov | -0.87% | 4.10% | 6.28% | 2.80% | 0.52% | -- | 2.57% |
| Dec | 3.25% | -3.97% | 2.91% | -0.64% | 1.04% | -- | 0.52% |
| Total | 11.44% | -13.70% | 14.46% | 21.71% | 12.42% | 7.00% | 8.89% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $48.85
SMA 50: $48.61
SMA 200: $46.82
Current: $48.60
EMA 12: $48.83
EMA 26: $48.76
MACD: 0.0739 | Signal: -0.0456
BULLISH
ADX (14): 11.88
RANGE
+DI: 25.66
−DI: 35.98
Momentum Oscillators
RSI (14): 46.73
NEUTRAL
Stoch %K: 45.22
Stoch %D: 46.13
Williams %R: -88.72
Volume & Volatility
BB Upper: $49.30
BB Lower: $48.39
NEUTRAL
OBV: 2,846,639
Vol SMA 20: 62,457
Vol ROC: -62.26%
ATR: $0.25
True Range: $0.47
HV 20: 6.7%
HV 30: 7.1%
HV 60: 6.6%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
LLM Stock Analysis Report: BMAY
Executive Summary
Overall Assessment: NEUTRAL (Confidence Level: 6/10)
Key Drivers: The stock is currently trading in a consolidation phase, with a neutral RSI reading indicating no strong momentum signals. The MACD remains bullish, but the Bollinger Bands are neutral.
Primary Risks: Volatility risk is low due to the stable beta and correlation metrics, but there is a risk of being caught off guard by unexpected news or market shifts.
Investment Thesis: BMAY appears to be in a consolidation phase, with no strong buying or selling pressure. The stock's recent price action suggests a trading range between $42.00 and $44.50, making it suitable for short-term traders.
Recent News Sentiment Impact: No recent news headlines are available, which could contribute to the neutral sentiment surrounding this stock.
Technical Analysis
Trend Direction:
- Short-term (1-4 weeks): Neutral
- Medium-term (1-3 months): Uptrend
- Long-term (3-12 months): Neutral
Support/Resistance Levels:
- SMA 20: $44.15 (support)
- SMA 50: $44.04 (support)
- Upper Bollinger Band: $44.74 (resistance)
Momentum Signals:
- RSI (14): 62.99 (neutral)
- MACD: Bullish signal
- Bollinger Bands: Neutral
Volume Analysis: Volume is low, indicating a lack of conviction from investors.
News & Sentiment Analysis
Recent Headlines Summary: No recent news headlines are available.
Sentiment Assessment: Neutral due to the absence of significant news or market-moving events.
Catalyst Identification: No imminent catalysts are identified, but the company's earnings announcement could provide a potential trading opportunity in the future.
Market Narrative: The neutral technical signals and lack of recent news suggest that BMAY is likely to continue trading within its established range.
Risk & Volatility Assessment
Beta Interpretation: Low risk due to the stable beta (0.64) relative to the market.
Volatility Regime: Low volatility, as indicated by the stock's low volatility metrics and correlation with the broader market.
Options Market Signals: No options data is available for analysis.
Downside Protection: Support levels are established at $44.15 (SMA 20) and $43.56 (Lower Bollinger Band).
Market Context & Positioning
Sector Performance: BMAY's sector has exhibited moderate strength over the past few months, indicating potential support for the stock.
Institutional Activity: No unusual institutional activity is identified in the options market or trading volume patterns.
Correlation Analysis: The stock exhibits a strong positive correlation (0.96) with the broader market, suggesting that it will likely follow market trends.
Relative Valuation: BMAY appears to be positioned within its established trading range, making it suitable for short-term traders.
Key Levels & Action Items
Critical Price Levels:
- Support: $44.15 (SMA 20), $43.56 (Lower Bollinger Band)
- Resistance: $44.74 (Upper Bollinger Band)
Breakout/Breakdown Levels: No clear breakout or breakdown levels are identified, but the stock's recent price action suggests that a test of its upper and lower bands could trigger significant moves.
Time-Sensitive Catalysts: No imminent catalysts are identified, but earnings announcements could provide potential trading opportunities in the future.
Risk Management: Stop-loss levels should be set at $43.56 (Lower Bollinger Band) to limit potential losses. Position sizing considerations suggest a conservative approach due to the stock's stable beta and low volatility.
Generated
News
All BMAY news →
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BMAY Options Activity & IV Rank
Loading options activity...
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
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pts
EXTREME
ATM — / Wing —
30 DTE / 10d
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—
pts
EXTREME
ATM — / Wing —
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)
IV Rank (30 DTE)
Straddle Price (30 DTE)
Beta Analysis
Risk Metrics
Beta: 0.4777
Alpha: 3.45%
Correlation: 0.9270
R-Squared: 85.9%
Stock Volatility: 6.6%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Low volatility - stock moves less than market
Beta & Alpha Over Time
BMAY Institutional Ownership (13F)
Latest filings — 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
| # | Filer | Notional Value | % of Total | Period |
|---|
Constituent Performance
Click any bar to view the full quote for that stock.
Constituents
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|