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Data as of Nov 4, 2026.

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Buffer ETFs

MART vs UMAR: Cap, Buffer & Days Left

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As of Nov 4, 2026 UMAR can fall 12.0% before its buffer engages and MART 9.4%.

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Net assets: $29m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer10 ETF - Mar, and $143m on Nov 4, 2026 for Innovator U.S. Equity Ultra Buffer ETF - Mar.

MART on its own →UMAR on its own →
At a glance
9.4%
MART can fall this far before its buffer
12.0%
UMAR can fall this far before its buffer
5.2%
MART can still gain
3.9%
UMAR can still gain
MART Between buffer and cap
Between buffer and capMART: reference +11.8% since period start, fund +9.4%; buffer 0 to −10; cap +15.9%; Between buffer and cap. Data to Nov 4, 2026.10 pts of buffer+11.8% gain captured−10.0% floor0% period start+15.9% cap+4.1% more to the capTODAY · SPY +11.8%Between buffer and capMART: reference +11.8% since period start, fund +9.4%; buffer 0 to −10; cap +15.9%; Between buffer and cap. Data to Nov 4, 2026.+11.8%−10.0% floor0% start+15.9% cap10 pts of buffer+4.1% more to the capTODAY · SPY +11.8%

MART: reference +11.8% since period start, fund +9.4%; buffer 0 to −10; cap +15.9%; Between buffer and cap. Data to Nov 4, 2026.

MART: reference +11.8% since period start, fund +9.4%; buffer 0 to −10; cap +15.9%; Between buffer and cap. Data to Nov 4, 2026.
UMAR Between buffer and cap
Between buffer and capUMAR: reference +11.7% since period start, fund +7.3%; buffer −5 to −35; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer+11.7% gain captured−35.0% floor−5.0% buffer start0% period start+12.1% capfirst 5 pts are yours to lose+0.3% more to the capTODAY · SPY +11.7%Between buffer and capUMAR: reference +11.7% since period start, fund +7.3%; buffer −5 to −35; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer+11.7%−35.0% floor−5.0% buffer start0% start+12.1% capfirst 5 pts are yours to lose+0.3% more to the capTODAY · SPY +11.7%

UMAR: reference +11.7% since period start, fund +7.3%; buffer −5 to −35; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.

UMAR: reference +11.7% since period start, fund +7.3%; buffer −5 to −35; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

MART costs 0.05 points a year less; their one-year returns differ by 3.3 points; UMAR is 4.9 times larger.

Points (pts) are percentage points.

MART vs UMAR: Cap, Buffer & Days Left
MeasureMARTUMAR
Return
Total return, 1 year+14.3%+11.0%
Drawdown
Index fall to the buffer10.5%15.0%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.74%0.79%
Net assets, as of Nov 3, 2026$29m$142m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · MART scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score38.7MART12.5UMAR

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

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: MART vs UMAR: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowMARTUMARMARTUMAR
3 months+1.4%+1.5%+1.8 pts+1.9 pts
6 months+4.9%+4.3%+0.5 pts−0.1 pts
1 year+14.3%+11.0%+0.8 pts−2.5 pts
3 years+59.1%+44.0%−17.3 pts−32.4 pts
Since launchNot the same days: MART Mar 2023 · UMAR Mar 2020+73.9%+64.9%−20.4 pts−83.2 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

MART AllianzIM U.S. Equity Buffer10 ETF - Mar · Absorbs the first 10% of loss on SPY and caps the gain at 15.9%, over a period ending Feb 28, 2027 UMAR Innovator U.S. Equity Ultra Buffer ETF - Mar · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 12.1%, over a period ending Feb 28, 2027
Issuer AllianzIM Innovator
Reference index SPY SPY
Buffer 10% 5% to 35%
Outcome period Mar 1, 2026 to Feb 28, 2027 Feb 28, 2026 to Feb 28, 2027
Days left 116 116
Starting cap +15.9% +12.1%
Can still gain 5.2% 3.9%
Fall before buffer 9.4% 12.0%
Protection left, index points 10.0% of 10.0% 30.0% of 30.0%
Index return this period +11.8% +11.7%
Fund return this period +9.4% +7.3%
State today Open Open
Expense ratio 0.74% 0.79%
Net assets, MART as of Nov 3, 2026 and UMAR as of Nov 4, 2026 $29m $143m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

MART resets first, on Feb 28, 2027, 116 days from now; UMAR runs to Feb 28, 2027, 116 days. MART can still gain 5.2% before its cap, UMAR 3.9%. A fall from here reaches MART’s buffer after 9.4% and UMAR’s after 12.0%. Both track SPY, so what separates them is where each is in its own period.

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About each fund
MART

From its price on Nov 4, 2026, the fund can gain about 5.2% 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: 10.0% of the 10.0% 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.

UMAR

From its price on Nov 4, 2026, the fund can gain about 3.9% more before it reaches its cap. The fund's price can fall 12.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.0% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, MART or UMAR?
From their prices on Nov 4, 2026, MART can gain about 5.2% before its cap and UMAR about 3.9%, so MART has more room left this period.
Which resets first, MART or UMAR?
MART ends its outcome period on Feb 28, 2027 and UMAR on Feb 28, 2027. A new cap is set the day after each.
Which is cheaper, MART or UMAR?
MART charges 0.74% a year and UMAR charges 0.79%, so MART is cheaper. Fees come from each fund's prospectus.
Other comparisons
MART vs SIXPMART vs DLFEMART vs XFEBMART vs FEBMUMAR vs CPSRUMAR vs MARUUMAR vs MRCPUMAR vs DDFM
Where to next
SPDR® S&P 500® ETF Trust →MART on its own →UMAR on its own →Method →Standards and sources →
Sources and dates
MART filings on SEC EDGAR ↗
AllianzIM page for MART ↗
UMAR filings on SEC EDGAR ↗
Innovator page for UMAR ↗

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.

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ETFIQ, MART against UMAR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/mart-vs-umar

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