Data as of Nov 4, 2026.
PMMR vs UMAR: Cap, Buffer & Days Left
As of Nov 4, 2026 UMAR can fall 12.0% before its buffer engages and PMMR 4.0%.
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Net assets on Nov 4, 2026: $5.5m for PGIM S&P 500 Max Buffer ETF - March and $143m for Innovator U.S. Equity Ultra Buffer ETF - Mar.
PMMR: reference +11.8% since period start, fund +3.6%; buffer Floor; cap +6.3%; At its cap. Data to Nov 4, 2026.
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
PMMR costs 0.29 points a year less; their one-year returns differ by 5.2 points; UMAR is far larger, $143m against $5.5m.
Points (pts) are percentage points.
| Measure | PMMR | UMAR |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.8% | +11.0% |
| Drawdown | ||
| Index fall to the buffer | 10.5% | 15.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.79% |
| Net assets | $5.5m | $143m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PMMR | UMAR | PMMR | UMAR |
| 3 months | +1.1% | +1.5% | +1.5 pts | +1.9 pts |
| 6 months | +2.4% | +4.3% | −2.1 pts | −0.1 pts |
| 1 year | +5.8% | +11.0% | −7.8 pts | −2.5 pts |
| 3 years | – | +44.0% | – | −32.4 pts |
| Since launchNot the same days: PMMR Mar 2025 · UMAR Mar 2020 | +10.8% | +64.9% | −20.6 pts | −83.2 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. PMMR is a floor fund, which caps how far a holder can fall. UMAR is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
PMMR is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
PMMR resets first, on Feb 28, 2027, 116 days from now; UMAR runs to Feb 28, 2027, 116 days. PMMR can still gain 2.1% before its cap, UMAR 3.9%. A fall from here reaches PMMR’s buffer after 4.0% and UMAR’s after 12.0%. Both track SPY, so what separates them is where each is in its own period.
PMMR
SPY had already risen past this fund's cap of +6.3% 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 2.1% as the period runs out. The fund's price can fall 4.0% 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: 100.0% of the 100.0% 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
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.
Cite this pageCitation, APA and Markdown
ETFIQ, PMMR against UMAR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pmmr-vs-umar
ETFIQ. (Nov 4, 2026). PMMR against UMAR. Retrieved from https://etfiq.com/compare/buffer/pmmr-vs-umar
[PMMR against UMAR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/pmmr-vs-umar)
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