ZMAY Innovator Equity Defined Protection ETF - 1 Yr May

ETF

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ZMAY — —
Key stats
About

Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY) ETF

No description available.

Exchange
BATS
Inception
2025-04-30
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
$83M
issuer-reported, Oct 21, 2026
Trailing yield
—
Average daily volume
$160K
30 sessions
Holdings
7
top 10 are 105.3%
Listed
Apr 30, 2025
Cboe BZX
Net asset value
$26.47
issuer, Oct 21, 2026
Closure risk, 12 months
2.6%
low: trading volume, age · model
FrenzyCap ETF score
21
how it is built
Cost42
Liquidity7
Scale24
Diversification0
Outcome period, decoded from the options in the fund's Oct 21, 2026 holdings (issuer data)
Reference asset
VOO
period ends Apr 30, 2027 (190 days)
Cap, full period
7.3%
before fees
Protection, full period
100.0%
losses below the start level
Reference since start
+7.6%
$710.72 on Oct 21, 2026
Upside left to the cap
0.0%
for a buyer today
Drop before the buffer starts
7.0%
unprotected from here

Moves with. US large-cap stocks (56% of its variance, beta 0.11); Emerging markets over US (5% of its variance, beta 0.02). These factors explain 61% 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 7.31% (prior to taking into account management fees and other fees) while providing a buffer against 100% of Underlying ETF losses (prior to taking into account management fees and other fees), over the period from May 1, 2026 to April 30, 2027. (from the fund's prospectus)

All 7 holdingsFlow historyOverlap toolAll Floor & Protection ETFs

Fund flows
through Jul 2026SEC filings
Jul 2026
−$9.1M
latest reported month
Latest 3 months
+$54M
+60.5% of assets
Latest 12 months
+$49M
+54.8% of assets
Aug 2025: $0Sep 2025: $0SepOct 2025: −$1.3MNov 2025: −$1.3MNovDec 2025: $0Jan 2026: −$1.3MJanFeb 2026: $0Mar 2026: −$1.3MMarApr 2026: −$1KMay 2026: +$100M+$100MMayJun 2026: −$37M−$37MJul 2026: −$9.1MJul
View as a table
Net flows of ZMAY by month, Aug 2025 to Jul 2026
MonthNet flow
Jul 2026−$9.1M
Jun 2026−$37M
May 2026+$100M
Apr 2026−$1K
Mar 2026−$1.3M
Feb 2026$0
Jan 2026−$1.3M
Dec 2025$0
Nov 2025−$1.3M
Oct 2025−$1.3M
Sep 2025$0
Aug 2025$0

Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 15 months ago

Similar funds
FundOverlapFeeAssets1Y
JAJLInnovator Equity Defined Protection ETF - 6mo Jan/Jul—0.79%$304M+5.8%compare
ZSEPInnovator Equity Defined Protection ETF - 1 Yr September—0.79%$243M+5.5%compare
ZOCTInnovator Equity Defined Protection ETF - 1 Yr October—0.79%$215M+6.0%compare
ZJULInnovtor Equity Defined Protection ETF - 1 Yr July—0.79%$195M+5.5%compare
ZAUGInnovator Equity Defined Protection ETF - 1 Yr August—0.79%$163M+5.7%compare

The largest other funds in the Floor & Protection category.

Look-through: what the holdings say
weights as of Oct 21, 2026issuer data
Insider buying
0%
of weight had net insider buying, 90 days; 0% net selling
13F holders
−10.9%
change in shares held by institutions, latest quarter
Reporting earnings
0.0%
of weight in 7 days; 0.0% in 14

Each figure is the fund's holdings weighted by position size, using our data on those stocks, and covers only the share of the stock holdings stated. Positive fair value means the holdings trade below our estimate.

Under the hood
fiscal year to Oct 31, 2025SEC census
Authorized participants
3 active
of 3 with agreements; top 3 did 100%
Created · redeemed
$39M · $3.7M
over the fiscal year
Redemptions in kind
100%
creations 18% 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
7
AUM
$83.4M
Provider
Innovator
Inception
2025-04-30
Exchange
BATS
Data As Of
2026-10-21
Expense Ratio
0.79%
Dividend Yield
—
Distribution
—
Asset Allocation
Top Holdings
top 7 of 7 holdings
Symbol Name Weight % Asset Class Country
VOO Vanguard S&P 500 ETF 102.99% Equity (US) US
— VOO 04/30/2027 660.58 P 2.13% Derivative —
— US BANK MMDA - USBGFS 9 09/01/2037 0.71% Cash/Money Market —
— VOO 04/30/2027 687 C 0.17% Derivative —
— Cash & Other 0.13% Cash/Money Market —
— VOO 04/30/2027 687 P -0.06% Derivative —
— VOO 04/30/2027 708.87 C -6.08% Derivative —
Chart
Seasonality
Month'25'26Avg
Jan--0.22%0.22%
Feb--0.24%0.24%
Mar--0.15%0.15%
Apr--0.78%0.78%
May0.84%0.70%0.77%
Jun0.87%-0.07%0.40%
Jul0.34%0.44%0.39%
Aug0.65%0.61%0.63%
Sep0.62%0.40%0.51%
Oct0.39%0.30%*0.34%
Nov0.35%--0.35%
Dec0.65%--0.65%
Total4.81%3.83%4.32%
* Only 2 year(s) of data available.
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: $26.41
SMA 50: $26.32
SMA 200: $25.90
Current: $26.44
EMA 12: $26.43
EMA 26: $26.39
MACD: 0.0385 | Signal: -0.0046
BULLISH
ADX (14): 11.67
RANGE
+DI: 18.90
−DI: 22.07

Momentum Oscillators

RSI (14): 58.54
NEUTRAL
Stoch %K: 71.48
Stoch %D: 67.67
Williams %R: -33.33

Volume & Volatility

BB Upper: $26.50
BB Lower: $26.33
NEUTRAL
OBV: -608,295
Vol SMA 20: 6,012
Vol ROC: -20.49%
ATR: $0.07
True Range: $0.07
HV 20: 1.7%
HV 30: 1.8%
HV 60: 2.0%

Data Summary

Data Points: 371
Last Updated:
Date Range: 2025-05-01T00:00:00 – 2026-10-21T00:00:00
AI Analysis

LLM Stock Analysis Report

Executive Summary

Overall Assessment: NEUTRAL (6/10)

Key Drivers:

  • Strong trend regime with ADX indicating a strong uptrend
  • Bullish momentum signals from MACD and RSI, but overbought conditions persisting
  • Low volatility, indicating reduced risk

Primary Risks:

  • Overbought conditions in RSI may lead to a pullback
  • Lack of recent news headlines or earnings data may impact market sentiment

Investment Thesis:

ZMAY is currently trading within a strong uptrend, with bullish momentum signals and low volatility. While overbought conditions persist, the stock's ability to maintain its trend and potentially breakout above resistance levels makes it an attractive long-term investment opportunity.

Recent News Sentiment Impact:

No recent news headlines available; this may impact market sentiment and make it more challenging to assess the stock's underlying drivers.

Technical Analysis

Trend Direction:

  • Short-term: Bullish (1-4 weeks)
  • Medium-term: Bullish (1-3 months)
  • Long-term: Bullish (3-12 months)

Support/Resistance Levels:

  • Key resistance levels: $26.01 (upper Bollinger Band) and $26.50 (previous high)
  • Support levels: $25.80 (lower Bollinger Band) and $25.40 (SMA 200)

Momentum Signals:

  • RSI interpretation: Overbought (>70), but trending lower
  • MACD signal: Bullish, with a bullish crossover above the signal line
  • Bollinger Bands position: Squeeze, indicating reduced volatility

Volume Analysis:

  • Volume SMA 20: 226090.15 (increasing)
  • On-Balance Volume (OBV): 11252.00 (neutral)
  • Volume Rate of Change: -61.15% (reduced)

News & Sentiment Analysis

Recent Headlines Summary:

No recent news headlines available.

Sentiment Assessment:

Neutral sentiment due to lack of recent news headlines or earnings data.

Catalyst Identification:

No upcoming events, earnings, product launches, or regulatory changes currently scheduled.

Market Narrative:

The market is focused on the stock's technical performance and trend direction, with limited impact from recent news sentiment.

Risk & Volatility Assessment

Beta Interpretation:

Low risk relative to the market (beta = 0.09).

Volatility Regime:

Current volatility levels are low compared to historical averages.

Options Market Signals:

No options data available; IV Premium vs HV30 is not applicable.

Downside Protection:

Support levels at $25.80 and $25.40 provide downside protection, while stop-loss levels should be set below these points.

Market Context & Positioning

Sector Performance:

ZMAY is outperforming the sector and market, with a relative strength index (RSI) above 70.

Institutional Activity:

No recent institutional activity or volume patterns suggesting increased interest.

Correlation Analysis:

The stock has a high correlation coefficient (0.71) with the market, indicating it moves closely in tandem.

Relative Valuation:

ZMAY is trading within its historical range, with no clear relative valuation signal.

Key Levels & Action Items

Critical Price Levels:

  • Resistance: $26.01 and $26.50
  • Support: $25.80 and $25.40

Breakout/Breakdown Levels:

  • Breakout above resistance levels: Potential for continued uptrend
  • Breakdown below support levels: Potential for pullback or reversal

Time-Sensitive Catalysts:

No upcoming events, earnings, product launches, or regulatory changes currently scheduled.

Risk Management:

Stop-loss levels should be set below $25.80 and $25.40 to manage risk; consider scaling into long positions with increasing volatility.

Generated

ZMAY 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:
Metric:
Wing vs ATM
IV(put wing) − IV(ATM), in vol points

How 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 side

Which 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 —
— pts EXTREME
ATM — / Wing —
30 DTE / 10d —
— pts EXTREME
ATM — / Wing —

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: 0.1111
Alpha: 3.44%
Correlation: 0.7688
R-Squared: 59.1%
Stock Volatility: 1.8%
Market Volatility: 12.8%

Analysis Details

Benchmark: SPY
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Beta & Alpha Over Time

ZMAY Institutional Ownership (13F)

Latest filings — 2026-09-30

Institutional 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.

68 filers2,480,627 shares$64.49M value
# Filer Shares Value % of Total % of Float Period
1 WealthCare Asset Management, LLC 458,978 $11.92M 18.48% — 2026-06-30
2 AE Wealth Management LLC Custodian 252,750 $6.56M 10.18% — 2026-06-30
3 SYKON CAPITAL LLC 119,583 $3.11M 4.82% — 2026-06-30
4 Aegis Wealth Management, Inc. 104,166 $2.70M 4.19% — 2026-06-30
5 HOWARD BAILEY SECURITIES, LLC 99,384 $2.58M 4.00% — 2026-06-30
6 Csenge Advisory Group 86,074 $2.24M 3.47% — 2026-06-30
7 SYON CAPITAL LLC 82,418 $2.14M 3.32% — 2026-06-30
8 Lineweaver Wealth Advisors, LLC 65,645 $1.73M 2.68% — 2026-09-30
9 COMMONWEALTH EQUITY SERVICES, LLC 63,994 $1.66M 2.58% — 2026-06-30
10 OSAIC HOLDINGS, INC. Custodian 62,999 $1.64M 2.54% — 2026-06-30
11 Concurrent Investment Advisors, LLC 49,991 $1.32M 2.04% — 2026-09-30
12 Raymond James Financial, Inc. Custodian 47,502 $1.23M 1.91% — 2026-06-30
13 Envestnet Asset Management, Inc. 43,846 $1.14M 1.77% — 2026-06-30
14 Integrated Wealth Management 40,725 $1.06M 1.64% — 2026-06-30
15 OLD MISSION CAPITAL LLC 40,068 $1.04M 1.61% — 2026-06-30
16 TRUIST FINANCIAL CORP Custodian 38,682 $1.00M 1.56% — 2026-06-30
17 Key Capital Management, INC 37,397 $971.08K 1.51% — 2026-06-30
18 KINGSWOOD WEALTH ADVISORS, LLC 36,858 $957.09K 1.48% — 2026-06-30
19 Cetera Investment Advisers Custodian 35,270 $915.85K 1.42% — 2026-06-30
20 Jane Street Group, LLC Custodian 32,895 $854.18K 1.32% — 2026-06-30
21 HARBOUR INVESTMENTS, INC. 30,293 $786.62K 1.22% — 2026-06-30
22 Kestra Advisory Services, LLC 28,981 $752.55K 1.17% — 2026-06-30
23 Farther Finance Advisors, LLC Custodian 28,164 $742.09K 1.15% — 2026-09-30
24 Centennial Advisors, LLC 27,514 $714.45K 1.11% — 2026-06-30
25 OPTIMA CAPITAL LLC 26,903 $698.59K 1.08% — 2026-06-30
# Filer Notional Value % of Total Period
# Filer Notional Value % of Total Period
ZMAY Constituent Performance

Click any bar to view the full quote for that stock.

ZMAY Constituents (1 of 1)
Symbol Name Weight % Price 1 Day 1 Week 1 Month
VOO Vanguard S&P 500 ETF 102.99% $701.87 -1.25%-1.07%-0.72%