Data as of Nov 4, 2026.
PMMR vs ZMAR: Cap, Buffer & Days Left
As of Nov 4, 2026 ZMAR can fall 4.2% 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 $109m for Innovator Equity Defined Protection ETF - 1 Yr March.
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.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
PMMR costs 0.29 points a year less; their one-year returns differ by 0.3 points; ZMAR is 19.8 times larger.
Points (pts) are percentage points.
| Measure | PMMR | ZMAR |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.8% | +6.1% |
| Drawdown | ||
| Index fall to the buffer | 10.5% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.79% |
| Net assets | $5.5m | $109m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PMMR | ZMAR | PMMR | ZMAR |
| 3 months | +1.1% | +1.2% | +1.5 pts | +1.6 pts |
| 6 months | +2.4% | +2.6% | −2.1 pts | −1.9 pts |
| 1 year | +5.8% | +6.1% | −7.8 pts | −7.5 pts |
| Since launchPMMR Mar 2025 · ZMAR Mar 2025 | +10.8% | +11.0% | −20.6 pts | −20.3 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
Where each one stands today
PMMR resets first, on Feb 28, 2027, 116 days from now; ZMAR runs to Feb 28, 2027, 116 days. PMMR can still gain 2.1% before its cap, ZMAR 2.3%. A fall from here reaches PMMR’s buffer after 4.0% and ZMAR’s after 4.2%. 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.
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.
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 ZMAR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pmmr-vs-zmar
ETFIQ. (Nov 4, 2026). PMMR against ZMAR. Retrieved from https://etfiq.com/compare/buffer/pmmr-vs-zmar
[PMMR against ZMAR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/pmmr-vs-zmar)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.