Which has more room to gain, BMAR or PMMR?

From their prices on Oct 9, 2026, BMAR can gain about 5.6% before its cap and PMMR about 2.3%, so BMAR has more room left this period.

Which resets first, BMAR or PMMR?

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

Which is cheaper, BMAR or PMMR?

BMAR charges 0.79% a year and PMMR charges 0.50%, so PMMR is cheaper. Fees come from each fund's prospectus.

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BMAR vs PMMR: Cap, Buffer & Days Left

As of Oct 9, 2026 BMAR can fall 9.8% before its buffer engages and PMMR 3.8%. Net assets on Oct 9, 2026: $206m for Innovator U.S. Equity Buffer ETF - Mar and $6m for PGIM S&P 500 Max Buffer ETF - March.

PMMR costs 0.29 points a year less; their one-year returns differ by 9.6 points; BMAR is far larger, $206m against $6m.

	BMAR	PMMR
Expense ratio	0.79%	0.50%
Net assets	$206m	$6m
Total return, 1 year	+15.5%	+5.9%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	11.9%

9.8%

BMAR can fall this far before its buffer

3.8%

PMMR can fall this far before its buffer

5.6%

BMAR can still gain

2.3%

PMMR can still gain

BMARBetween buffer and cap

BMAR: reference +13.5% since period start, fund +10.3%; buffer 0 to −9; cap +17.0%; Between buffer and cap. Figures to Oct 9, 2026.

PMMRAt its cap

PMMR: reference +13.5% since period start, fund +3.4%; buffer Floor; cap +6.3%; At its cap. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

These are two different products. PMMR is a floor fund, which caps how far a holder can fall. BMAR is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

PMMR is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

BMAR resets first, on Feb 28, 2027, 142 days from now; PMMR runs to Feb 28, 2027, 142 days. BMAR can still gain 5.6% before its cap, PMMR 2.3%. A fall from here reaches BMAR’s buffer after 9.8% and PMMR’s after 3.8%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

	Total return		Gap to the reference's price return
Window	BMAR	PMMR	BMAR	PMMR
3 months	+3.1%	+1.5%	0.0 pts	−1.6 pts
6 months	+10.3%	+3.4%	−4.3 pts	−11.2 pts
1 year	+15.5%	+5.9%	−0.5 pts	−10.1 pts
3 years	+62.5%	not published	−16.6 pts	not published

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. 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

PMMR

PGIM S&P 500 Max Buffer ETF - March · Absorbs the whole loss on SPY and caps the gain at 6.3%, over a period ending Feb 28, 2027

Issuer Innovator PGIM

Reference index SPY SPY

Buffer 9% 100%

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

Days left 142 142

Starting cap +17.0% +6.3%

Can still gain 5.6% 2.3%

Fall before buffer 9.8% 3.8%

Protection left, index points 9.0% of 9.0% 100.0% of 100.0%

Index return this period +13.5% +13.5%

Fund return this period +10.3% +3.4%

State today Open At cap

Expense ratio 0.79% 0.50%

Net assets $206m $6m

As of Oct 9, 2026. Source: ETFIQ.

BMAR in plain words

From its price on Oct 9, 2026, the fund can gain about 5.6% more before it reaches its cap. The fund's price can fall 9.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.9% 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. 142 days remained on Oct 9, 2026. On Feb 28, 2027 the period ends and a new cap is set.

PMMR in plain words

SPY had already risen past this fund's cap of +6.3% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.3% as the period runs out. The fund's price can fall 3.8% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BMAR or PMMR?: From their prices on Oct 9, 2026, BMAR can gain about 5.6% before its cap and PMMR about 2.3%, so BMAR has more room left this period.
Which resets first, BMAR or PMMR?: BMAR ends its outcome period on Feb 28, 2027 and PMMR on Feb 28, 2027. A new cap is set the day after each.
Which is cheaper, BMAR or PMMR?: BMAR charges 0.79% a year and PMMR charges 0.50%, so PMMR is cheaper. Fees come from each fund's prospectus.

Other comparisons

BMAR vs PMAR BMAR vs DDTM BMAR vs MART BMAR vs MRCP PMMR vs UMAR PMMR vs GFEB PMMR vs ZMAR PMMR vs DFEB

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BMAR on its own →PMMR on its own →How every figure is computed →Standards and sources →

Where these figures came from

BMAR filings on SEC EDGAR ↗Innovator page for BMAR ↗PMMR filings on SEC EDGAR ↗PGIM website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure 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 figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, BMAR against PMMR, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bmar-vs-pmmr

Open data

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