Data as of .
PBMR vs PMAR: which one stands where?
As of Sep 21, 2026 PMAR can fall 7.2% before its buffer engages and PBMR 6.3%.
ETFIQ Downside Cover Score: PBMR scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
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
Where each one stands today
PBMR resets first, on Feb 28, 2027, 160 days from now; PMAR runs to Feb 28, 2027, 160 days. PBMR can still gain 3.9% before its cap, PMAR 4.7%. A fall from here reaches PBMR’s buffer after 6.3% and PMAR’s after 7.2%. Both track SPY, 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| PBMR | PMAR | PBMR | PMAR | |
| 3 months | +2.1% | +2.3% | −0.2 pts | 0.0 pts |
| 6 months | +8.3% | +9.9% | −9.7 pts | −8.1 pts |
| 1 year | +10.0% | +11.5% | −6.5 pts | −5.1 pts |
| 3 years | not published | +43.2% | not published | −35.2 pts |
| PBMR PGIM S&P 500 Buffer 20 ETF - March Absorbs the first 20% of loss on SPY and caps the gain at 10.9%, over a period ending Feb 28, 2027 | PMAR Innovator U.S. Equity Power Buffer ETF - Mar Absorbs the first 15% of loss on SPY and caps the gain at 12.8%, over a period ending Feb 28, 2027 | |
|---|---|---|
| Issuer | PGIM | Innovator |
| Reference index | SPY | SPY |
| Buffer | 20% | 15% |
| Outcome period | Mar 1, 2026 to Feb 28, 2027 | Feb 28, 2026 to Feb 28, 2027 |
| Days left | 160 | 160 |
| Starting cap | +10.9% | +12.8% |
| Can still gain | 3.9% | 4.7% |
| Fall before buffer | 6.3% | 7.2% |
| Protection left, index points | 20.0% of 20.0% | 15.0% of 15.0% |
| Index return this period | +12.8% | +12.8% |
| Fund return this period | +6.3% | +7.3% |
| State today | At cap | At cap |
| Expense ratio | 0.50% | 0.79% |
| Net assets | $36m | $744m |
PBMR in plain words
SPY had already risen past this fund's cap of +10.9% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.9% as the period runs out. The fund's price can fall 6.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.3% 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. 160 days remained on Sep 21, 2026. On Feb 28, 2027 the period ends and a new cap is set.
PMAR in plain words
SPY had already risen past this fund's cap of +12.8% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.7% as the period runs out. The fund's price can fall 7.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.4% 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.
Questions people ask
- Which has more room to gain, PBMR or PMAR?
- From their prices on Sep 21, 2026, PBMR can gain about 3.9% before its cap and PMAR about 4.7%, so PMAR has more room left this period.
- Which resets first, PBMR or PMAR?
- PBMR ends its outcome period on Feb 28, 2027 and PMAR on Feb 28, 2027. A new cap is set the day after each.
- Which is cheaper, PBMR or PMAR?
- PBMR charges 0.50% a year and PMAR charges 0.79%, so PBMR is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, PBMR against PMAR, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/pbmr-vs-pmar Free to use with attribution; the underlying files are at Open data.