Data as of Nov 4, 2026.
MARW vs ZMAR: Cap, Buffer & Days Left
As of Nov 4, 2026 MARW can fall 7.0% before its buffer engages and ZMAR 4.2%.
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Net assets: $86m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Mar, and $109m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - 1 Yr March.
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.ZMAR: reference +11.7% since period start, fund +3.8%; buffer Floor; cap +6.7%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
MARW costs 0.05 points a year less; their one-year returns differ by 3.9 points; ZMAR is 1.3 times larger.
Points (pts) are percentage points.
| Measure | MARW | ZMAR |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.0% | +6.1% |
| Drawdown | ||
| Index fall to the buffer | 10.5% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.74% | 0.79% |
| Net assets, as of Nov 3, 2026 | $86m | $109m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | MARW | ZMAR | MARW | ZMAR |
| 3 months | +1.4% | +1.2% | +1.8 pts | +1.6 pts |
| 6 months | +3.8% | +2.6% | −0.6 pts | −1.9 pts |
| 1 year | +10.0% | +6.1% | −3.6 pts | −7.5 pts |
| 3 years | +38.0% | – | −38.4 pts | – |
| Since launchNot the same days: MARW Mar 2023 · ZMAR Mar 2025 | +48.5% | +11.0% | −45.7 pts | −20.3 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. ZMAR is a floor fund, which caps how far a holder can fall. MARW 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
MARW resets first, on Feb 28, 2027, 116 days from now; ZMAR runs to Feb 28, 2027, 116 days. MARW can still gain 3.2% before its cap, ZMAR 2.3%. A fall from here reaches MARW’s buffer after 7.0% and ZMAR’s after 4.2%. 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.
ZMAR
SPY had already risen past this fund's cap of +6.7% 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 4.2% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.
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, MARW against ZMAR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/marw-vs-zmar
ETFIQ. (Nov 4, 2026). MARW against ZMAR. Retrieved from https://etfiq.com/compare/buffer/marw-vs-zmar
[MARW against ZMAR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/marw-vs-zmar)
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