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

Innovator · Buffer ETFs · data as of Sep 11, 2026

As of Sep 11, 2026, ZMAY sits between its buffer and its cap, with SPY up 6.3% since the period began.

## Key facts

- ZMAY, can still gain: 4.9%, as of Sep 11, 2026.
- ZMAY, fall before the buffer: 2.3%, as of Sep 11, 2026.
- ZMAY, protection left, index points: 100.0%, as of Sep 11, 2026.
- ZMAY, days to reset: 231, as of Sep 11, 2026.
- ZMAY, net assets: $83m (issuer page, as of Sep 11, 2026).
- ZMAY, expense ratio: 0.79% (issuer page, Sep 11, 2026).

## ZMAY over each window to Sep 11, 2026

| Window | Total return | SPY | Gap to SPY |
| --- | --- | --- | --- |
| 3 months | +1.4% | +3.3% | −1.9 pts |
| 6 months | +2.7% | +16.0% | −13.3 pts |
| 1 year | +4.9% | +17.5% | −12.6 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | SPY | ETFIQ |
| Buffer | 100% | ETFIQ |
| Outcome period | Apr 30, 2026 to Apr 30, 2027 | ETFIQ |
| Starting cap | +7.3% | ETFIQ |
| SPY return since period start | +6.3% | ETFIQ |
| Fund return since period start | +2.0% | ETFIQ |
| Net assets | $83m | issuer page, as of Sep 11, 2026 |
| Band state today | Open | ETFIQ |
| Can still gain | 4.9% | issuer, fund price |
| Fall before buffer | 2.3% | issuer, fund price |
| Fall to the buffer in index terms | 6.0% | ETFIQ |
| Protection left in index points | 100.0% of 100.0% | ETFIQ |
| Days left in period | 231 | ETFIQ |
| Expense ratio | 0.79% | issuer page, Sep 11, 2026 |

## Questions

### How much can ZMAY still gain?

About 4.9% from its price on Sep 11, 2026, before it reaches its cap, by the issuer's published figure. The cap for the period was set at +7.3%.

### How far can ZMAY fall before the buffer helps?

2.3% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms SPY can fall 6.0% from that level before the buffer begins. Losses until that point are the holder's.

### How much of the ZMAY buffer is left?

100.0% of the 100.0% buffer sat below the SPY level on Sep 11, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.

### When does ZMAY reset?

The outcome period ends on Apr 30, 2027, 231 days from the data on Sep 11, 2026. A new cap is set the next day and the buffer starts again.

### What does ZMAY cost?

The prospectus expense ratio is 0.79% a year.


## Cite this page

ETFIQ, ZMAY, data as of Sep 11, 2026. https://etfiq.com/funds/zmay
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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