Which resets first, BMAR or MARU?

BMAR ends its outcome period on Feb 28, 2027 and MARU on Feb 28, 2027. New terms are set the day after each.

Which is cheaper, BMAR or MARU?

BMAR charges 0.79% a year and MARU charges 0.74%, so MARU is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

BMAR vs MARU: Cap, Buffer & Days Left

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As of Nov 4, 2026 BMAR can fall 9.4% before its buffer engages and MARU 8.2%.

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Net assets: $203m on Nov 4, 2026 for Innovator U.S. Equity Buffer ETF - Mar, and $35m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Mar.

BMAR on its own →MARU on its own →

At a glance

9.4%

BMAR can fall this far before its buffer

8.2%

MARU can fall this far before its buffer

6.0%

BMAR can still gain

uncapped

MARU can still gain

BMAR Between buffer and cap

BMAR: reference +11.7% since period start, fund +9.8%; buffer 0 to −9; cap +17.0%; Between buffer and cap. Data to Nov 4, 2026.

MARU No cap

MARU: reference +11.8% since period start, fund +8.1%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.

Pair scorecard

MARU costs 0.05 points a year less; their one-year returns differ by 5.9 points; BMAR is 5.7 times larger.

Points (pts) are percentage points.

BMAR vs MARU: Cap, Buffer & Days Left
Measure	BMAR	MARU
Return
Measure	BMAR	MARU
Total return, 1 year	+14.6%	+8.7%
Drawdown
Measure	BMAR	MARU
Index fall to the buffer	10.5%
Benchmark
Measure	BMAR	MARU
What it tracks	SPY	SPY
Cost and size
Measure	BMAR	MARU
Expense ratio	0.79%	0.74%
Net assets, as of Nov 3, 2026	$200m	$35m
Holdings
Measure	BMAR	MARU
Holdings in common	not published

ETFIQ Downside Cover Score · MARU scores higher If the market falls into a bear market from here, how much does the buffer absorb?

IQ Buffer Score20.5BMAR53.9MARU

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

BMAR 20.5

MARU 53.9

0.3, the lowest in this set 99.7, the highest

Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →

Method

Window by window

Window by window: BMAR vs MARU: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BMAR	MARU	BMAR	MARU
3 months	+1.2%	−1.2%	+1.6 pts	−0.8 pts
6 months	+4.9%	+2.5%	+0.4 pts	−2.0 pts
1 year	+14.6%	+8.7%	+1.1 pts	−4.9 pts
3 years	+61.5%	–	−14.9 pts	–
Since launchNot the same days: BMAR Mar 2020 · MARU Mar 2025	+122.7%	+21.7%	−25.4 pts	−9.7 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

BMAR Innovator U.S. Equity Buffer ETF - Mar · Absorbs the first 9% of loss on SPY and caps the gain at 17.0%, over a period ending Feb 28, 2027 MARU AllianzIM U.S. Equity Buffer15 Uncapped ETF - Mar · Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Feb 28, 2027

Issuer Innovator AllianzIM

Reference index SPY SPY

Buffer 9% 15%

Outcome period Feb 28, 2026 to Feb 28, 2027 Mar 1, 2026 to Feb 28, 2027

Days left 116 116

Starting cap +17.0% uncapped

Can still gain 6.0% uncapped

Fall before buffer 9.4% 8.2%

Protection left, index points 9.0% of 9.0% 15.0% of 15.0%

Index return this period +11.7% +11.8%

Fund return this period +9.8% +8.1%

State today Open Uncapped

Expense ratio 0.79% 0.74%

Net assets, BMAR as of Nov 4, 2026 and MARU as of Nov 3, 2026 $203m $35m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

BMAR resets first, on Feb 28, 2027, 116 days from now; MARU runs to Feb 28, 2027, 116 days. A fall from here reaches BMAR’s buffer after 9.4% and MARU’s after 8.2%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

BMAR

From its price on Nov 4, 2026, the fund can gain about 6.0% more before it reaches its cap. The fund's price can fall 9.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.5% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 116 days remained on Nov 4, 2026. On Feb 28, 2027 the period ends and a new cap is set.

MARU

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 8.2% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. On Feb 28, 2027 the period ends and new terms are set.

Questions people ask

Which resets first, BMAR or MARU?: BMAR ends its outcome period on Feb 28, 2027 and MARU on Feb 28, 2027. New terms are set the day after each.
Which is cheaper, BMAR or MARU?: BMAR charges 0.79% a year and MARU charges 0.74%, so MARU is cheaper. Fees come from each fund's prospectus.

Other comparisons

BMAR vs MART BMAR vs PMMR BMAR vs GFEB BMAR vs MRCP MARU vs SIXP MARU vs UMAR MARU vs ZMAR MARU vs DFEB

Where to next

SPY →BMAR on its own →MARU on its own →Method →Standards and sources →

Sources and dates

BMAR filings on SEC EDGAR ↗

Innovator page for BMAR ↗

MARU filings on SEC EDGAR ↗

AllianzIM page for MARU ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, BMAR against MARU, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bmar-vs-maru

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.