Innovator Growth-100 Power Buffer ETF - MayNMAY

The Innovator Growth-100 Power Buffer ETF (NMAY) opened trading on 2026-07-27 with a 0.3% dip, testing the limits of its ‘volatility vortex’ marketing. The fund, which holds 100 growth-oriented stocks capped at 10% maximum exposure per name, continues to draw scrutiny for its 0.95% expense ratio-a figure higher than comparable buffered ETFs.

What NMAY actually does is simpler than its prospectus suggests: it replicates the performance of the S&P 500 Growth Index but with a built-in floor that resets monthly. The twist? The buffer only activates if the index drops more than 10% in a given period, a threshold not breached since the fund’s 2025 launch. Top holdings include Apple (7.2%), Microsoft (6.8%), and Amazon (5.1%), per Nasdaq data.

No new filings or earnings reports were published for NMAY in the past week. FINRA data shows assets under management remained flat at $320 million, with bid-ask spreads widening slightly to 0.15% amid thin volume. The fund’s issuer has not updated its methodology documentation since Q1 2026, despite ongoing regulatory inquiries into buffered ETF fee disclosures.

Charts show NMAY trading in a tight range between $24.50 and $25.20 for most of July, though liquidity gaps persist below the $24 level. TradingView algorithms flag a potential support test if the S&P 500 Growth Index breaches its 200-day moving average, though such levels are unverified by official sources.

Key unknowns include the fund’s untested buffer mechanics during a genuine market crash and whether the issuer will reduce fees to align with competitors. The source directs readers to upcoming SEC comment periods on ETF fee transparency rules, which could impact NMAY’s cost structure.