At a glance
IMAR charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $109.2M in assets, the 8th largest of that group. Over the past year it returned +4.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Innovator International Developed Power Buffer ETF March (IMAR) holds FLEX options on the iShares MSCI EAFE ETF, which tracks large and mid-size stocks in developed markets outside the US and Canada. Over each one-year outcome period, which starts in March, it aims to absorb the first 15% of that ETF's losses. In exchange, gains are capped. Its 0.85% expense ratio is close to the 0.86% peer average, and it has recorded no distributions.
Price history
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IMAR +4.0% 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 | |
|---|---|---|---|---|---|---|
| IMAR official prospectus, to Dec 31, 2024 | — | +18.87% | — | — | — | +9.86% |
| IMAR price data to Oct 27, 2026 | +2.0% | +4.0% | — | — | — | +7.2% |
- Over the year to Oct 27, 2026, IMAR returned +4.0%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+18.9%); its best was 2025 (+18.9%).
- The deepest fall in its price history was 9.1% (Sep 26, 2024 to Apr 7, 2025), recovered by May 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.0% | — |
| 2025 | +18.9% | +18.87% |
| 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 | Before this security existed |
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 $21.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.63%, +0.73%, +0.95%.
How it works
IMAR does not pick stocks. At least 80% of its net assets go into investments that give exposure to the iShares MSCI EAFE ETF. That ETF follows the MSCI EAFE Index, which weights large and mid-size companies in developed markets outside the US and Canada by market value. IMAR doesn't own those shares. It holds FLEX options, which are exchange-traded options with custom strike prices and expiration dates. As of July 31, 2026, four options on the EAFE ETF made up 99.74% of assets, and cash made up 0.33%.
The options are built to produce a set result over one year. For the period from March 1, 2025 to February 28, 2026, gains were capped at 16.11% before fees, or 15.26% after the 0.85% fee. The buffer covered the first 15% of losses, or 14.15% after fees. Losses beyond 15% pass through in full: a 20% drop in the EAFE ETF would mean a 5% loss before fees. Each March the options expire, the fund buys new ones and a new cap is set. Innovator posts the cap at innovatoretfs.com/imar.
These results apply only to people who hold shares for the entire period. Buying after the period starts, exiting early, or trading at a price away from net asset value (the per-share value of the holdings) can give very different returns. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser.
What it really costs
- IMAR charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IMAR | $87 | $271 | $471 | $1,049 |
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
It adds developed-market stocks outside the US and Canada, with a buffer that limits losses in exchange for capped gains.
IMAR could fill part of an international stock allocation for someone who accepts a ceiling on gains in exchange for less downside. Its record is short. It launched March 1, 2024, so it did not exist during the 2008, 2020 or 2022 downturns. Its deepest drop was 9.1%, from September 26, 2024 to April 7, 2025, and it recovered by May 2, 2025. Its only full calendar year, 2025, returned 18.87%. In the year to October 27, 2026, it gained 4%, last among the eight buffer funds compared.
IMAR has recorded no distributions, so it provides no income. Any cash would have to come from redeeming shares, and the buffer works as designed only for shares held to the end of an outcome period. In the SEC's standard example, costs are $87 on $10,000 in the first year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting stocks from developed markets outside the US and Canada, with a buffer against the first 15% of losses each March-to-February period.
- People willing to hold for a full one-year outcome period and to check the new cap Innovator posts at each March reset.
- Portfolios using US buffer funds such as PJAN or PDEC that want the same Innovator power-buffer approach for international stocks.
Look elsewhere if
- Investors who need regular income: IMAR has recorded no distributions since launching in March 2024.
- Anyone wanting the full upside of international stocks: gains were capped at 16.11% before fees for March 2025 to February 2026.
- Those who want a larger fund with a longer record: IMAR held $109.2 million as of July 31, 2026, the smallest of eight peers.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| IMAR this fund | 0.85% | $109.2M | +4.0% | — |
| 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
How does the IMAR buffer and cap work?
IMAR aims to absorb the first 15% of losses in the iShares MSCI EAFE ETF over a one-year outcome period, and it caps gains. For March 1, 2025 to February 28, 2026, the cap was 16.11% before fees (15.26% after fees), and the buffer was 14.15% after fees. Losses beyond 15% pass through in full. A new cap is set every March, when the options are replaced.
Does IMAR pay dividends?
No. IMAR has recorded no distributions. The fund holds FLEX options on the iShares MSCI EAFE ETF rather than the stocks themselves. That means holders don't collect the dividends those international companies pay, and its return comes only from the options. Investors who rely on regular payouts from their international stock holdings won't get them here.
What happens if I buy IMAR in the middle of the outcome period?
You may get very different results from the stated buffer and cap. The outcomes apply only to shares held from the first day of the period to the last. If the EAFE ETF has already risen, you have less room left before the cap. If it has fallen, part of the buffer may already be used up. Innovator updates these figures daily at innovatoretfs.com/imar.
What's the difference between IMAR and PJAN?
Both are Innovator power buffer ETFs, but PJAN covers US stocks and IMAR covers developed markets outside the US and Canada. PJAN resets each January and IMAR resets each March. PJAN charges 0.79% compared with IMAR's 0.85%, and it is much larger: $1.44 billion versus $109.2 million as of July 31, 2026. As of October 27, 2026, PJAN's one-year return was 10.5%, compared with 4% for IMAR.
How much does IMAR cost compared with other buffer ETFs?
IMAR's expense ratio is 0.85%, close to the 0.86% average of the buffer funds compared and third-lowest of eight. FT Vest's BUFR and BUFD charge 0.95%, and Innovator's PJAN and PDEC charge 0.79%. In the SEC's standard example, $10,000 earning 5% a year would cost $87 after one year, $471 after five years and $1,049 after ten years.