KMAY Notches a Fresh 52-Week High as 28.4% Asset Surge Reflects Growing Demand for Market-Neutral Strategies Amid Volatile Conditions

ETF Overview and Capital Flows

The Innovator U.S. Small Cap Power Buffer ETF (KMAY.B) is structured to track the iShares Russell 2000 ETF’s price return, capping gains at 18.52% while buffering the first 15% of losses between May 2025 and April 2026. This product blends directional exposure to small-cap equities with a predefined risk-reward framework, appealing to investors seeking structured outcomes. Recent capital flows show a 28.4% increase in assets, reflecting growing interest in market-neutral strategies amid volatile conditions.

Peer ETF Snapshot

• CRXP.P charges 0.38% in expenses and uses 1.0x leverage but discloses no AUM.
• AGGH.P holds $335M in assets, maintains a 0.3% expense ratio, and applies 1.0x leverage.
• AFIX.P operates with $178M in AUM, 0.19% expenses, and a leverage ratio of 1.0.
• AGG.P, the largest peer, commands $135B in assets, 0.03% expenses, and 1.0x leverage.
• BNDP.O and AGGS.P sit at $101M and $37M in AUM, respectively, with expenses ranging from 0.05% to 0.35%.

Opportunities and Structural Constraints

KMAY.B’s capped structure offers asymmetric risk, shielding downside while enabling limited upside participation—a niche in crowded small-cap markets. That said, the 18.52% cap may underperform if the Russell 2000 surges beyond that threshold. The buffer also applies only to the first 15% of losses, leaving investors exposed to deeper declines. For now, the ETF fills a specific tactical need but demands precise timing to realize its design.