At a glance
BMAR charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $250.6M in assets, the 8th largest of that group. Over the past year it returned +14.0% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +19.2% a year. At its worst it fell 15.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months after the low.
The short version
Innovator U.S. Equity Buffer ETF - March (BMAR) uses FLEX options on the SPDR S&P 500 ETF Trust (SPY). Its aim is to absorb the first 9% of SPY losses over each March-to-February outcome period, in exchange for a cap on gains. Its 0.79% expense ratio ties for the lowest among the similar buffer funds listed. With about $251 million in assets as of July 31, 2026, it is also the smallest of them.
Price history
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BMAR +14.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BMAR official prospectus, to Dec 31, 2024 | — | +14.88% | — | +12.30% | — | +12.98% |
| BMAR price data to Oct 27, 2026 | +12.3% | +14.0% | +19.2% | +11.9% | — | +12.8% |
- Over the year to Oct 27, 2026, BMAR returned +14.0%, 1st of 8 among similar funds.
- Its 5-year annualized return was +11.9%.
- Its worst full calendar year was 2022 (-7.1%); its best was 2023 (+23.1%).
- The deepest fall in its price history was 21.4% (Mar 4, 2020 to Mar 23, 2020), recovered by Jun 3, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.3% | — |
| 2025 | +15.0% | +14.88% |
| 2024 | +16.5% | +16.48% |
| 2023 | +23.1% | +23.20% |
| 2022 | -7.1% | -6.97% |
| 2021 | +16.8% | +16.46% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.2% over that stretch · deepest drop along the way 15%, back to its old high 7.2 months after the low |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $15.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.77%, -0.15%, +0.59%.
How it works
BMAR doesn't buy stocks directly. It holds a few FLEX options, which are exchange-listed options with custom strike prices and expiration dates, on SPY. SPY tracks the S&P 500 Index. As of July 31, 2026, four option positions made up 99.78% of assets, and 0.28% was cash. A call option with a very low strike price of $6.87 moves almost one-for-one with SPY. A bought put at $686 and a sold put at $624.26 create the buffer. A sold call at $802.47 sets the cap. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser.
Each outcome period runs about a year, from March 1 to February 28. For the period that began March 1, 2025, the cap was 15.85% before fees, or 15.06% after the 0.79% management fee. The buffer covered the first 9% of SPY losses, or 8.21% after fees. Losses beyond 9% pass through one-for-one. In the prospectus table, a 20% drop in SPY means an 11% fund loss. When a period ends, the fund cashes out its options, buys new ones and sets a new cap.
These outcomes apply only to shares held for an entire period. They are measured at net asset value (NAV), the per-share value of the fund's holdings. Someone who buys mid-period may get much less upside or less buffer. Because the fund's exposure comes through options, holders don't receive the dividends paid by SPY's stocks.
What it really costs
- BMAR charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BMAR | $81 | $252 | $439 | $978 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
BMAR trades some of the S&P 500's upside for a buffer against the first 9% of losses, which has led to milder swings than holding stocks outright.
BMAR could serve as a gentler way to hold US large-company stocks. Its one full bear-market test was 2022. From a March 29, 2022 peak it fell 15% to October 12, 2022, then recovered by May 18, 2023, about 7.2 months later. Its prospectus shows a 6.97% loss for calendar 2022, its worst year. Its deepest drop, 21.4%, came in March 2020, weeks after launch, and it recovered in 2.4 months. The fund launched after the 2020 market peak, so it has no record from 2008 or the full 2020 crash. Anyone selling partway through a bad year could still take real losses, because the buffer applies only over a full period. No distributions are recorded, so it provides no income. In the SEC's $10,000 example, costs are $81 after one year and $978 after ten. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with a buffer against the first 9% of losses over each March-to-February period, and who accept capped gains.
- Buyers who can buy near March 1 and hold for the full outcome period, when the stated cap and buffer apply.
- People comparing buffer fund costs: its 0.79% expense ratio is below the 0.86% average of the similar funds listed.
Look elsewhere if
- Investors who need income: the fund has no recorded distributions, and its options-based exposure means S&P 500 dividends aren't passed on.
- Investors who want all of the stock market's upside: for the period that began March 2025, gains were capped at 15.85% before fees.
- Investors who prefer a larger, laddered buffer fund such as BUFR, which had about $10.5 billion in assets versus BMAR's roughly $251 million.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BMAR this fund | 0.79% | $250.6M | +14.0% | +19.2% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What is BMAR's cap and buffer?
For the outcome period from March 1, 2025 to February 28, 2026, BMAR's cap was 15.85% before fees. Its buffer covered the first 9% of losses in SPY. After the 0.79% management fee, those figures were 15.06% and 8.21%. Both reset each March 1, when the fund buys a new set of FLEX options, so each period's numbers differ. Innovator updates this information daily on the fund's website.
What happens if I buy BMAR after March 1?
Mid-period buyers may get results very different from the stated cap and buffer. Those outcomes apply only to shares held for a whole outcome period. If SPY has already risen, there may be little room left before the cap. If SPY has fallen, part of the buffer may already be used up. Shares also trade at market prices, which can differ from the fund's net asset value, and that can shift results further.
Does BMAR pay dividends?
BMAR has no recorded distributions. The fund holds FLEX options on SPY rather than SPY shares. Options don't pay dividends, so the dividends paid by S&P 500 companies don't reach BMAR holders. That makes the fund a poor fit for investors seeking regular income. Its return comes from changes in the value of its options over each outcome period, within the limits of the cap and buffer.
BMAR vs BUFR: what's the difference?
Both are buffer ETFs. BUFR, from FT Vest, is a laddered fund: it spreads money across several outcome periods that start at different times. BMAR resets once a year, each March. BMAR charges 0.79% a year, and BUFR charges 0.95%. As of October 27, 2026, BMAR returned 14% over one year and 19.2% a year over three years. BUFR returned 11.6% and 16.8%. BUFR is far larger, with about $10.5 billion in assets.
How has BMAR performed?
According to its prospectus, BMAR returned 16.46% in 2021, -6.97% in 2022, 23.2% in 2023, 16.48% in 2024 and 14.88% in 2025. Its worst quarter was a 11.12% loss in the quarter ending June 30, 2022. As of October 27, 2026, it was up 12.3% year to date and had returned 11.9% a year over five years. Past results don't predict future returns.