Data as of Nov 4, 2026.
FMAR vs TAPR: Cap, Buffer & Days Left
As of Nov 4, 2026 TAPR can fall 11.5% before its buffer engages and FMAR 11.3%, and FMAR resets 12 days sooner.
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Net assets: $1.2bn on Nov 3, 2026 for FT Vest U.S. Equity Buffer ETF - March, and $11m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - Apr 2027.
FMAR: reference +18.2% since period start, fund +11.8%; buffer 0 to −10; cap +17.2%; At its cap. Data to Nov 4, 2026.
FMAR: reference +18.2% since period start, fund +11.8%; buffer 0 to −10; cap +17.2%; At its cap. Data to Nov 4, 2026.TAPR: reference +37.0% since period start, fund +11.3%; buffer Floor; cap +15.3%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
TAPR costs 0.06 points a year less; their one-year returns differ by 10.8 points; FMAR is far larger, $1.2bn against $11m.
Points (pts) are percentage points.
| Measure | FMAR | TAPR |
|---|---|---|
| Return | ||
| Total return, 1 year | +16.0% | +5.2% |
| Drawdown | ||
| Index fall to the buffer | 15.4% | 27.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.79% |
| Net assets, as of Nov 3, 2026 | $1.2bn | $11m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | FMAR | TAPR | FMAR | TAPR |
| 3 months | +1.7% | +1.2% | +2.1 pts | +1.5 pts |
| 6 months | +4.7% | +2.6% | +0.2 pts | −1.9 pts |
| 1 year | +16.0% | +5.2% | +2.4 pts | −8.3 pts |
| 3 years | +51.0% | – | −25.4 pts | – |
| Since launchNot the same days: FMAR Mar 2021 · TAPR Apr 2025 | +81.3% | +11.0% | −14.1 pts | −25.7 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
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. TAPR is a floor fund, which caps how far a holder can fall. FMAR is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
Where each one stands today
FMAR resets first, on Mar 19, 2027, 135 days from now; TAPR runs to Mar 31, 2027, 147 days. FMAR can still gain 4.0% before its cap, TAPR 2.3%. A fall from here reaches FMAR’s buffer after 11.3% and TAPR’s after 11.5%. Both track SPY, so what separates them is where each is in its own period.
FMAR
SPY had already risen past this fund's cap of +17.2% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.0% as the period runs out. The fund's price can fall 11.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.4% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 135 days remained on Nov 4, 2026. On Mar 19, 2027 the period ends and a new cap is set.
TAPR
SPY had already risen past this fund's cap of +15.3% for the period on Nov 4, 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 11.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 27.0% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.
Questions people ask
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How this is computed
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.
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ETFIQ, FMAR against TAPR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/fmar-vs-tapr
ETFIQ. (Nov 4, 2026). FMAR against TAPR. Retrieved from https://etfiq.com/compare/buffer/fmar-vs-tapr
[FMAR against TAPR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/fmar-vs-tapr)
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