Which has more room to gain, BMAR or PMAR?

From their prices on Oct 2, 2026, BMAR can gain about 6.3% before its cap and PMAR about 4.5%, so BMAR has more room left this period.

Which resets first, BMAR or PMAR?

BMAR ends its outcome period on Feb 28, 2027 and PMAR on Feb 28, 2027. A new cap is set the day after each.

Which is cheaper, BMAR or PMAR?

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

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BMAR vs PMAR: which one stands where?

As of Oct 2, 2026 BMAR can fall 9.2% before its buffer engages and PMAR 7.4%. Innovator U.S. Equity Buffer ETF - Mar and Innovator U.S. Equity Power Buffer ETF - Mar.

their one-year returns differ by 3.4 points; PMAR is 3.7 times larger.

	BMAR	PMAR
Expense ratio	0.79%	0.79%
Net assets	$205m	$748m
Total return, 1 year	+15.0%	+11.6%
What it tracks	SPY	SPY
Holdings in common	not published

9.2%

BMAR can fall this far before its buffer

7.4%

PMAR can fall this far before its buffer

6.3%

BMAR can still gain

4.5%

PMAR can still gain

BMARBetween buffer and cap

BMAR: reference +12.2% since period start, fund +9.5%; buffer 0 to −9; cap +17.0%; Between buffer and cap.

PMARBetween buffer and cap

PMAR: reference +12.2% since period start, fund +7.4%; buffer 0 to −15; cap +12.8%; Between buffer and cap.

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

BMAR 16.5

PMAR 61.7

0.2, the lowest in this set99.8, the highest

A percentile among the 294 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it → How it is computed →

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

BMAR resets first, on Feb 28, 2027, 149 days from now; PMAR runs to Feb 28, 2027, 149 days. BMAR can still gain 6.3% before its cap, PMAR 4.5%. A fall from here reaches BMAR’s buffer after 9.2% and PMAR’s after 7.4%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	BMAR	PMAR	BMAR	PMAR
3 months	+3.3%	+2.7%	−0.3 pts	−0.8 pts
6 months	+12.4%	+9.3%	−5.5 pts	−8.7 pts
1 year	+15.0%	+11.6%	−1.2 pts	−4.6 pts
3 years	+65.3%	+47.6%	−23.9 pts	−41.6 pts

BMAR and PMAR over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

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

PMAR

Innovator U.S. Equity Power Buffer ETF - Mar · Absorbs the first 15% of loss on SPY and caps the gain at 12.8%, over a period ending Feb 28, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 9% 15%

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

Days left 149 149

Starting cap +17.0% +12.8%

Can still gain 6.3% 4.5%

Fall before buffer 9.2% 7.4%

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

Index return this period +12.2% +12.2%

Fund return this period +9.5% +7.4%

State today Open Open

Expense ratio 0.79% 0.79%

Net assets $205m $748m

BMAR and PMAR on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BMAR in plain words

From its price on Oct 2, 2026, the fund can gain about 6.3% more before it reaches its cap. The fund's price can fall 9.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.9% 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. 149 days remained on Oct 2, 2026. On Feb 28, 2027 the period ends and a new cap is set.

PMAR in plain words

From its price on Oct 2, 2026, the fund can gain about 4.5% more before it reaches its cap. The fund's price can fall 7.4% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BMAR or PMAR?: From their prices on Oct 2, 2026, BMAR can gain about 6.3% before its cap and PMAR about 4.5%, so BMAR has more room left this period.
Which resets first, BMAR or PMAR?: BMAR ends its outcome period on Feb 28, 2027 and PMAR on Feb 28, 2027. A new cap is set the day after each.
Which is cheaper, BMAR or PMAR?: BMAR charges 0.79% a year and PMAR charges 0.79%, so BMAR is cheaper. Fees come from each fund's prospectus.

Other comparisons

BMAR vs MARW BMAR vs MRCP BMAR vs PBMR BMAR vs PMMR PMAR vs UMAR PMAR vs XFEB PMAR vs ZMAR PMAR vs BOCT

SPY →BMAR on its own →PMAR on its own →How every figure is computed →Standards and sources →

Where these figures came from

BMAR and PMAR filings on SEC EDGAR ↗Innovator page for BMAR ↗Innovator page for PMAR ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BMAR against PMAR, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/bmar-vs-pmar

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.