At a glance
NMAR charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $92.7M in assets, the 8th largest of that group. Over the past year it returned +13.6% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds.
The short version
Innovator Growth-100 Power Buffer ETF - March (NMAR) holds FLEX Options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. The options aim to absorb the first 15% of losses over a one-year outcome period that starts each March, and in return gains are capped. Its 0.79% annual fee ties for the lowest of the eight buffer funds compared. With $92.7 million in assets as of July 31, 2026, it is also the smallest.
Price history
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NMAR +13.6% 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 | |
|---|---|---|---|---|---|---|
| NMAR price data to Oct 27, 2026 | +12.1% | +13.6% | — | — | — | +15.8% |
- Over the year to Oct 27, 2026, NMAR returned +13.6%, 1st of 8 among similar funds.
- The deepest fall in its price history was 10% (Mar 5, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.1% |
| 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: +2.78%, -0.15%, -0.73%.
How it works
NMAR does not pick stocks. At least 80% of its net assets go into investments tied to the Invesco QQQ Trust. That ETF follows the Nasdaq-100 Index, which holds the largest US and international nonfinancial companies listed on the Nasdaq. Instead of owning QQQ shares, NMAR mostly holds FLEX Options. These are exchange-traded options whose strike prices and expiration dates can be customized. As of July 31, 2026, the fund held four option positions on QQQ, worth about 99.8% of assets, plus 0.3% cash. Innovator is the adviser and Milliman Financial Risk Management is the sub-adviser.
Together, the options produce a defined outcome over a roughly one-year outcome period. A call bought far below QQQ's price tracks QQQ's moves. A pair of puts absorbs the first 15% of losses. A sold call sets the cap. For the March 1, 2025 to February 28, 2026 period, the cap was 15.16% and the buffer 15%, both before fees. After the 0.79% fee they were 14.37% and 14.21%. Losses beyond 15% pass through one for one. A 20% QQQ drop would mean roughly a 5% loss before fees.
When the options expire, the fund rolls into new ones that expire about a year later, and sets a new cap on day one. The cap and buffer apply only to shares held for the whole period, measured on net asset value. Entering or exiting mid-period can give very different results.
What it really costs
- NMAR 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 |
|---|---|---|---|---|
| NMAR | $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 offers Nasdaq-100 stock exposure with a cushion against the first 15% of QQQ losses each outcome period, though gains are capped and deeper losses pass through.
NMAR could let a retiree keep some exposure to Nasdaq-100 companies with a cushion against moderate declines. It launched March 3, 2025, so it has no record from 2008, 2020 or 2022 and no full calendar year. Its deepest drop was 10%, from March 5 to April 8, 2025, and it recovered by May 12, 2025. Over the year to October 27, 2026, it returned 13.6%, with volatility (how much returns swing) of 6.9%. The buffer fully applies only to shares held for the whole outcome period. Someone who needs to cash out mid-period may get less protection, and a drop beyond 15% still hurts. The fund pays no income. Under the SEC's standard example, it costs $81 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
- Nasdaq-100 investors who can hold a full March-to-February period, as FLEX options on Invesco's QQQ Trust seek to absorb the first 15% of losses.
- Retirees who value a smoother ride: one-year volatility was 6.9% and beta (market sensitivity) 0.49 as of Oct. 27, 2026.
- Cost-conscious buffer-fund investors: the 0.79% expense ratio ($81 in year one on $10,000) ties for lowest of eight compared, below the 0.86% peer average.
Look elsewhere if
- Those investing partway through an outcome period, which resets each March, or exiting early may see results far from the stated buffer and cap.
- Investors wanting full Nasdaq-100 upside: the cap (maximum gain) for the period ending Feb. 28, 2026, was 15.16% before fees and 14.37% after.
- Retirees needing income or deep-crash protection: no distributions are recorded, and a 50% QQQ fall would mean a 35% fund loss before fees.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| NMAR this fund | 0.79% | $92.7M | +13.6% | — |
| 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 are NMAR's cap and buffer?
For the outcome period from March 1, 2025 to February 28, 2026, NMAR's cap was 15.16% and its buffer covered the first 15% of QQQ losses, both before fees. After the 0.79% management fee, they were 14.37% and 14.21%. Each March the fund rolls into new FLEX Options and sets a new cap on the first day of the period, so the cap can change from year to year. Innovator posts updated figures daily at innovatoretfs.com/nmar.
How much does NMAR cost compared with other buffer ETFs?
NMAR charges 0.79% a year. That matches Innovator's PJAN and PDEC and is below the 0.86% average of the buffer funds compared. FT Vest's BUFR and BUFD charge 0.95%, and its FDEC, FJAN and FFEB charge 0.85%. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $81 after one year, $439 after five years and $978 after ten years.
Does NMAR pay dividends?
No. The fund has recorded no distributions. It holds FLEX Options on the Invesco QQQ Trust rather than QQQ shares, so it does not collect the dividends paid by Nasdaq-100 companies. Its return comes only from changes in the value of those options, within the cap and buffer. An investor who needs cash from this holding would have to cash out shares, and doing so mid-period can mean getting less than the full buffer.
Do I get NMAR's full buffer if I invest after March?
Not necessarily. The cap and buffer apply only to shares held from the first day of the outcome period to the last, measured on net asset value. An investor who joins after the period starts begins from a different point. If QQQ has already risen, there is less upside left before the cap. If QQQ has already fallen, part of the buffer may be used up. Innovator publishes the remaining cap and buffer daily at innovatoretfs.com/nmar.
What's the difference between NMAR and PJAN?
Both are Innovator Power Buffer ETFs that charge 0.79%. NMAR's options reference the Invesco QQQ Trust, which tracks the Nasdaq-100, and its outcome period resets each March. PJAN applies Innovator's Power Buffer approach to US equities and resets in January. PJAN is much larger, with $1.4 billion in assets versus $92.7 million for NMAR, both as of July 31, 2026. Over the year to October 27, 2026, NMAR returned 13.6% and PJAN returned 10.5%.