Data as of Nov 4, 2026.
MARW vs UMAR: Cap, Buffer & Days Left
As of Nov 4, 2026 UMAR can fall 12.0% before its buffer engages and MARW 7.0%.
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Net assets: $86m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Mar, and $143m on Nov 4, 2026 for Innovator U.S. Equity Ultra Buffer ETF - Mar.
MARW: reference +11.8% since period start, fund +6.7%; buffer 0 to −20; cap +10.8%; At its cap. Data to Nov 4, 2026.
MARW: reference +11.8% since period start, fund +6.7%; buffer 0 to −20; cap +10.8%; At its 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
MARW costs 0.05 points a year less; their one-year returns differ by 1.0 point; UMAR is 1.7 times larger.
Points (pts) are percentage points.
| Measure | MARW | UMAR |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.0% | +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 | $86m | $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 | MARW | UMAR | MARW | UMAR |
| 3 months | +1.4% | +1.5% | +1.8 pts | +1.9 pts |
| 6 months | +3.8% | +4.3% | −0.6 pts | −0.1 pts |
| 1 year | +10.0% | +11.0% | −3.6 pts | −2.5 pts |
| 3 years | +38.0% | +44.0% | −38.4 pts | −32.4 pts |
| Since launchNot the same days: MARW Mar 2023 · UMAR Mar 2020 | +48.5% | +64.9% | −45.7 pts | −83.2 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
MARW is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
MARW resets first, on Feb 28, 2027, 116 days from now; UMAR runs to Feb 28, 2027, 116 days. MARW can still gain 3.2% before its cap, UMAR 3.9%. A fall from here reaches MARW’s buffer after 7.0% and UMAR’s after 12.0%. Both track SPY, so what separates them is where each is in its own period.
MARW
SPY had already risen past this fund's cap of +10.8% 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 3.2% as the period runs out. The fund's price can fall 7.0% 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: 20.0% of the 20.0% 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
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, MARW against UMAR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/marw-vs-umar
ETFIQ. (Nov 4, 2026). MARW against UMAR. Retrieved from https://etfiq.com/compare/buffer/marw-vs-umar
[MARW against UMAR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/marw-vs-umar)
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