Data as of .
PMAR vs UMAR: which one stands where?
As of Sep 21, 2026 UMAR can fall 11.4% before its buffer engages and PMAR 7.2%.
ETFIQ Downside Cover Score: PMAR 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
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
PMAR resets first, on Feb 28, 2027, 160 days from now; UMAR runs to Feb 28, 2027, 160 days. PMAR can still gain 4.7% before its cap, UMAR 4.6%. A fall from here reaches PMAR’s buffer after 7.2% and UMAR’s after 11.4%. 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 | ||
|---|---|---|---|---|
| PMAR | UMAR | PMAR | UMAR | |
| 3 months | +2.3% | +2.2% | 0.0 pts | −0.1 pts |
| 6 months | +9.9% | +9.0% | −8.1 pts | −9.0 pts |
| 1 year | +11.5% | +10.9% | −5.1 pts | −5.6 pts |
| 3 years | +43.2% | +42.2% | −35.2 pts | −36.2 pts |
| 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 | UMAR Innovator U.S. Equity Ultra Buffer ETF - Mar Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 12.1%, over a period ending Feb 28, 2027 | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | 15% | 5% to 35% |
| Outcome period | Feb 28, 2026 to Feb 28, 2027 | Feb 28, 2026 to Feb 28, 2027 |
| Days left | 160 | 160 |
| Starting cap | +12.8% | +12.1% |
| Can still gain | 4.7% | 4.6% |
| Fall before buffer | 7.2% | 11.4% |
| Protection left, index points | 15.0% of 15.0% | 30.0% of 30.0% |
| Index return this period | +12.8% | +12.8% |
| Fund return this period | +7.3% | +6.7% |
| State today | At cap | At cap |
| Expense ratio | 0.79% | 0.79% |
| Net assets | $744m | $143m |
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. 160 days remained on Sep 21, 2026. On Feb 28, 2027 the period ends and a new cap is set.
UMAR in plain words
SPY had already risen past this fund's cap of +12.1% 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 4.6% as the period runs out. The fund's price can fall 11.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.8% 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
- Which has more room to gain, PMAR or UMAR?
- From their prices on Sep 21, 2026, PMAR can gain about 4.7% before its cap and UMAR about 4.6%, so PMAR has more room left this period.
- Which resets first, PMAR or UMAR?
- PMAR ends its outcome period on Feb 28, 2027 and UMAR on Feb 28, 2027. A new cap is set the day after each.
- Which is cheaper, PMAR or UMAR?
- PMAR charges 0.79% a year and UMAR charges 0.79%, so PMAR 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, PMAR against UMAR, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/pmar-vs-umar Free to use with attribution; the underlying files are at Open data.