Data as of Nov 4, 2026.
MARU vs UMAR: Cap, Buffer & Days Left
As of Nov 4, 2026 UMAR can fall 12.0% before its buffer engages and MARU 8.2%.
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Net assets: $35m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Mar, and $143m on Nov 4, 2026 for Innovator U.S. Equity Ultra Buffer ETF - Mar.
MARU: reference +11.8% since period start, fund +8.1%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.
MARU: reference +11.8% since period start, fund +8.1%; buffer 0 to −15; no cap; No 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.
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
MARU costs 0.05 points a year less; their one-year returns differ by 2.3 points; UMAR is 4.1 times larger.
Points (pts) are percentage points.
| Measure | MARU | UMAR |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.7% | +11.0% |
| Drawdown | ||
| Index fall to the buffer | 10.5% | 15.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.74% | 0.79% |
| Net assets, as of Nov 3, 2026 | $35m | $142m |
| Holdings | ||
| Holdings in common | not published | |
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
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 →
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | MARU | UMAR | MARU | UMAR |
| 3 months | −1.2% | +1.5% | −0.8 pts | +1.9 pts |
| 6 months | +2.5% | +4.3% | −2.0 pts | −0.1 pts |
| 1 year | +8.7% | +11.0% | −4.9 pts | −2.5 pts |
| 3 years | – | +44.0% | – | −32.4 pts |
| Since launchNot the same days: MARU Mar 2025 · UMAR Mar 2020 | +21.7% | +64.9% | −9.7 pts | −83.2 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.
Where each one stands today
MARU resets first, on Feb 28, 2027, 116 days from now; UMAR runs to Feb 28, 2027, 116 days. A fall from here reaches MARU’s buffer after 8.2% and UMAR’s after 12.0%. Both track SPY, so what separates them is where each is in its own period.
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. In index terms, SPY can fall 10.5% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 116 days remained on Nov 4, 2026. On Feb 28, 2027 the period ends and new terms are 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. On Feb 28, 2027 the period ends and a new cap is set.
Questions people ask
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, MARU against UMAR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/maru-vs-umar
ETFIQ. (Nov 4, 2026). MARU against UMAR. Retrieved from https://etfiq.com/compare/buffer/maru-vs-umar
[MARU against UMAR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/maru-vs-umar)
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