At a glance
KMAR charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $33.7M in assets, the 8th largest of that group. Over the past year it returned +12.3% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds.
The short version
Innovator U.S. Small Cap Power Buffer ETF - March (KMAR) uses options on the iShares Russell 2000 ETF to follow small-company stocks up to a cap while aiming to absorb the first 15% of losses over each March-to-February outcome period. The cap, reset yearly, was 17.54% before fees for the period ending February 28, 2026. Its 0.79% fee is among the lowest of the buffer funds compared, though it is the smallest by assets.
Price history
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KMAR +12.3% 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 | |
|---|---|---|---|---|---|---|
| KMAR price data to Oct 27, 2026 | +10.8% | +12.3% | — | — | — | +15.0% |
- Over the year to Oct 27, 2026, KMAR returned +12.3%, 3rd of 8 among similar funds.
- The deepest fall in its price history was 10.1% (Mar 24, 2025 to Apr 8, 2025), recovered by May 13, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +10.8% |
| 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 withdrew a net $2.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.76%, +2.13%, -0.40%.
How it works
KMAR owns no small-company stocks directly. It holds FLEX options (exchange-traded options with customized strike prices and expiration dates) on the iShares Russell 2000 ETF, which tracks an index of roughly 2,000 of the smallest companies in the Russell 3000 Index, weighted by market value. As of July 31, 2026, four options made up 99.75% of assets: a call with a very low strike price that tracks the ETF, a purchased put and a sold put that form the buffer, and a sold call that sets the cap.
Each outcome period runs from March 1 through February 28. The buffer seeks to absorb the first 15% of the ETF's losses; beyond that, holders take losses one for one, so a 50% drop would mean a 35% loss before fees. The cap is the most a holder can earn: 17.54% before fees for March 1, 2025 to February 28, 2026, or 16.75% after the 0.79% fee, which trimmed the net buffer to 14.21%.
These outcomes apply only to shares held for the full period. Investing after the start or exiting early can produce very different results; Innovator posts updated figures daily at innovatoretfs.com/kmar. At each period's end, the fund takes the cash value of its options and invests in new options expiring in about a year, with a new cap.
What it really costs
- KMAR 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 |
|---|---|---|---|---|
| KMAR | $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
It keeps exposure to small-company stocks while seeking to absorb the first 15% of losses over each one-year outcome period, in exchange for capped gains.
KMAR could add small-company stock exposure with a cushion, though the cap limits gains in strong years. It launched in March 2025, so it missed the 2008 financial crisis, the 2020 COVID crash and the 2022 bear market, and has no full calendar year of results. Its deepest drop was 10.1%, from March 24 to April 8, 2025; it recovered by May 13, 2025. The buffer is designed to apply only at the end of each outcome period, so a retiree who sells mid-period in a slump may get less protection than the 15% figure suggests.
It has recorded no distributions, so cash would come from selling shares. Its 0.79% annual fee comes to $81 in the first year and $978 over 10 years in the SEC's standard $10,000 example. 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 wanting Russell 2000 small-company exposure who accept a yearly cap on gains in return for a buffer on the first 15% of losses.
- Investors who can get in near the March 1 start and stay until February 28, when the full buffer and cap are designed to apply.
- Cost-conscious buffer-fund investors: its 0.79% fee matches Innovator's PJAN and PDEC and undercuts the 0.85% to 0.95% charged by the FT Vest funds compared.
Look elsewhere if
- Retirees who need regular income: the fund has recorded no distributions, so any cash must come from selling shares.
- Those wanting full loss protection: past 15%, losses pass through one for one; a 50% drop in the underlying ETF means 35% before fees.
- Those wary of young, small funds: it launched in March 2025 and held $33.7 million as of July 31, 2026, smallest among peers.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| KMAR this fund | 0.79% | $33.7M | +12.3% | — |
| 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
Does KMAR protect against losses?
Partly. KMAR seeks to absorb the first 15% of the iShares Russell 2000 ETF's losses over each outcome period, before fees; after the 0.79% fee, the net buffer for the period ending February 28, 2026 was 14.21%. Losses beyond 15% pass through one for one, so a 50% drop would mean a 35% fund loss before fees. Prices still move mid-period: the fund's deepest fall was 10.1%, from March 24 to April 8, 2025, and it recovered by May 13, 2025.
Can you still get KMAR's full buffer if you invest after March 1?
Not necessarily. The stated buffer and cap apply only to shares held from the start of an outcome period on March 1 through its end on February 28. Anyone investing in between pays that day's price, so the upside left before the cap, and the protection left in the buffer, may be larger or smaller than the stated figures. Innovator posts updated figures daily at innovatoretfs.com/kmar, and a new cap is set at the start of each period.
Does KMAR pay dividends?
No. KMAR has recorded no distributions. Rather than owning small-company stocks, it holds FLEX options on the iShares Russell 2000 ETF; as of July 31, 2026, those options made up 99.75% of assets and cash 0.32%. Any return shows up in the share price, within the limits of the buffer and cap. Investors who need regular cash from this holding would have to sell shares, possibly mid-period, when the buffer may not fully apply.
What's the difference between KMAR and PJAN?
The main difference is the market underneath. KMAR's options are on the iShares Russell 2000 ETF, a small-company fund, and its outcome period runs March to February. PJAN, Innovator's U.S. Equity Power Buffer ETF - January, is the broader U.S. stock version and resets each January. Both charge 0.79%. PJAN is far larger, with $1.44 billion in net assets versus KMAR's $33.7 million as of July 31, 2026. Over the year to October 27, 2026, KMAR returned 12.3% and PJAN 10.5%.
What is KMAR's expense ratio?
KMAR's expense ratio, the annual cost taken from fund assets, is 0.79%, all of it management fee, according to the prospectus filed February 27, 2026. In the SEC's standard example of $10,000 invested at a 5% annual return, costs come to about $81 after one year, $252 after three, $439 after five and $978 after ten. That is below the 0.86% average of seven similar buffer funds: Innovator's PJAN and PDEC also charge 0.79%, while FT Vest's buffer ETFs charge 0.85% to 0.95%.