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NMAR vs QMFE: which one stands where?

As of Oct 1, 2026 NMAR can fall 9.9% before its buffer engages and QMFE 9.8%, and QMFE resets 9 days sooner. Innovator Growth-100 Power Buffer ETF - Mar and FT Vest Nasdaq-100® Moderate Buffer ETF - February.

9.9%
NMAR can fall this far before its buffer
9.8%
QMFE can fall this far before its buffer
4.5%
NMAR can still gain
3.8%
QMFE can still gain
NMARAt its cap
At its capNMAR: reference +21.8% since period start, fund +10.4%; buffer 0 to −15; cap +15.9%; At its cap.15 pts of buffer+15.9% gain captured−15.0% floor0% period start+15.9% capTODAY · QQQ +21.8%At its capNMAR: reference +21.8% since period start, fund +10.4%; buffer 0 to −15; cap +15.9%; At its cap.15 pts+15.9% gained−15.0% floor0% start+15.9% capTODAY · QQQ +21.8%

NMAR: reference +21.8% since period start, fund +10.4%; buffer 0 to −15; cap +15.9%; At its cap.

QMFEAt its cap
At its capQMFE: reference +21.5% since period start, fund +9.9%; buffer 0 to −15; cap +15.0%; At its cap.15 pts of buffer+15% gain captured−15.0% floor0% period start+15.0% capTODAY · QQQ +21.5%At its capQMFE: reference +21.5% since period start, fund +9.9%; buffer 0 to −15; cap +15.0%; At its cap.15 pts+15% gained−15.0% floor0% start+15.0% capTODAY · QQQ +21.5%

QMFE: reference +21.5% since period start, fund +9.9%; buffer 0 to −15; cap +15.0%; At its cap.

ETFIQ Downside Cover Score · QMFE scores higherIf the market falls into a bear market from here, how much does the buffer absorb?
0.2, the lowest in this set99.8, the highest

A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it → How it is computed →

Both are already at their cap, so neither gains from more rise in the index before the period ends.

Where each one stands today

QMFE resets first, on Feb 19, 2027, 142 days from now; NMAR runs to Feb 28, 2027, 151 days. NMAR can still gain 4.5% before its cap, QMFE 3.8%. A fall from here reaches NMAR’s buffer after 9.9% and QMFE’s after 9.8%. Both track QQQ, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

Total returnGap to the reference
WindowNMARQMFENMARQMFE
3 months+3.2%+3.1%+1.1 pts+0.9 pts
6 months+12.5%+11.6%−14.4 pts−15.3 pts
1 year+15.3%+15.2%−8.5 pts−8.6 pts

NMAR and QMFE over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

NMAR
Innovator Growth-100 Power Buffer ETF - Mar · Absorbs the first 15% of loss on QQQ and caps the gain at 15.9%, over a period ending Feb 28, 2027
QMFE
FT Vest Nasdaq-100® Moderate Buffer ETF - February · Absorbs the first 15% of loss on QQQ and caps the gain at 15.0%, over a period ending Feb 19, 2027
Issuer Innovator First Trust
Reference index QQQ QQQ
Buffer 15% 15%
Outcome period Feb 28, 2026 to Feb 28, 2027 Feb 23, 2026 to Feb 19, 2027
Days left 151 142
Starting cap +15.9% +15.0%
Can still gain 4.5% 3.8%
Fall before buffer 9.9% 9.8%
Protection left, index points 15.0% of 15.0% 15.0% of 15.0%
Index return this period +21.8% +21.5%
Fund return this period +10.4% +9.9%
State today At cap At cap
Expense ratio 0.79% 0.90%
Net assets $90m $45m

NMAR and QMFE on the same fields, as of Oct 1, 2026. Source: ETFIQ.

NMAR in plain words

QQQ had already risen past this fund's cap of +15.9% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.5% as the period runs out. The fund's price can fall 9.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 17.9% 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 QQQ level. 151 days remained on Oct 1, 2026. On Feb 28, 2027 the period ends and a new cap is set.

QMFE in plain words

QQQ had already risen past this fund's cap of +15.0% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.8% as the period runs out. The fund's price can fall 9.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 17.7% from today's level to the point where the buffer begins. 142 days remained on Oct 1, 2026. On Feb 19, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, NMAR or QMFE?
From their prices on Oct 1, 2026, NMAR can gain about 4.5% before its cap and QMFE about 3.8%, so NMAR has more room left this period.
Which resets first, NMAR or QMFE?
NMAR ends its outcome period on Feb 28, 2027 and QMFE on Feb 19, 2027. A new cap is set the day after each.
Which is cheaper, NMAR or QMFE?
NMAR charges 0.79% a year and QMFE charges 0.90%, so NMAR is cheaper. Fees come from each fund's prospectus.
Other comparisons
NMAR vs CPNMQMFE vs CPNM
QQQ →NMAR on its own →QMFE on its own →How every figure is computed →Standards and sources →
Where these figures came from
NMAR filings on SEC EDGAR ↗Innovator page for NMAR ↗QMFE filings on SEC EDGAR ↗First Trust page for QMFE ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, NMAR against QMFE, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/nmar-vs-qmfe

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.