ZMAY Innovator Equity Defined Protection ETF - 1 Yr 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.
Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY) ETF
No description available.
- Exchange
- BATS
- Inception
- 2025-04-30
- Has Options
- No
- 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
- 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
- Jul 2026
- −$9.1M latest reported month
- Latest 3 months
- +$54M +60.5% of assets
- Latest 12 months
- +$49M +54.8% of assets
View as a table
| Month | Net 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
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| 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.
- 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.
- 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.
| 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 | — |
| Month | '25 | '26 | Avg |
|---|---|---|---|
| Jan | -- | 0.22% | 0.22% |
| Feb | -- | 0.24% | 0.24% |
| Mar | -- | 0.15% | 0.15% |
| Apr | -- | 0.78% | 0.78% |
| May | 0.84% | 0.70% | 0.77% |
| Jun | 0.87% | -0.07% | 0.40% |
| Jul | 0.34% | 0.44% | 0.39% |
| Aug | 0.65% | 0.61% | 0.63% |
| Sep | 0.62% | 0.40% | 0.51% |
| Oct | 0.39% | 0.30%* | 0.34% |
| Nov | 0.35% | -- | 0.35% |
| Dec | 0.65% | -- | 0.65% |
| Total | 4.81% | 3.83% | 4.32% |
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
- 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.
- 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.
- 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
Momentum Oscillators
Volume & Volatility
Data Summary
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.
ZMAY Options Activity & IV Rank
Each spread is ranked by a composite score built in three stages. Full documentation →
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.
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.
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
- 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.
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.
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.
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.
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.
Enter a ticker to render the implied volatility surface.
Enter a ticker to render the implied volatility smile.
Risk Metrics
Analysis Details
Data Points: 251
Period: 252 trading days
Low volatility - stock moves less than market
ZMAY 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 |
|---|
Click any bar to view the full quote for that stock.
| 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% |