At a glance
PMAR charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $763.6M in assets, the 8th largest of that group. Over the past year it returned +11.0% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +14.5% a year. At its worst it fell 10.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months after the low.
The short version
Innovator U.S. Equity Power Buffer ETF - March (PMAR) uses FLEX options on the SPDR S&P 500 ETF Trust (SPY) to follow S&P 500 gains up to a cap. Over each one-year period starting March 1, it also seeks to absorb the first 15% of losses. Its 0.79% expense ratio is the lowest of the eight buffer funds compared here. The trade-offs: it makes no distributions and gives up any gains above the cap.
Price history
The interactive chart needs JavaScript.
PMAR +11.0% 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 | |
|---|---|---|---|---|---|---|
| PMAR official prospectus, to Dec 31, 2024 | — | +11.91% | — | +9.53% | — | +9.82% |
| PMAR price data to Oct 27, 2026 | +9.4% | +11.0% | +14.5% | +9.5% | — | +9.6% |
- Over the year to Oct 27, 2026, PMAR returned +11.0%, 6th of 8 among similar funds.
- Its 5-year annualized return was +9.5%.
- Its worst full calendar year was 2022 (-2.6%); its best was 2023 (+15.9%).
- The deepest fall in its price history was 17.2% (Mar 4, 2020 to Mar 20, 2020), recovered by Jun 3, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.4% | — |
| 2025 | +11.8% | +11.91% |
| 2024 | +12.8% | +12.73% |
| 2023 | +15.9% | +16.20% |
| 2022 | -2.6% | -2.66% |
| 2021 | +11.0% | +10.47% |
| 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 8.1% over that stretch · deepest drop along the way 10.8%, back to its old high 11 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 withdrew a net $16.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.94%, -0.03%, +0.67%.
How it works
PMAR doesn't buy stocks directly. Innovator Capital Management runs the fund, with Milliman Financial Risk Management as sub-adviser. The fund invests at least 80% of its net assets in instruments tied to SPY, which tracks the S&P 500. In practice those instruments are FLEX options: exchange-traded options with custom strike prices and expiration dates. As of July 31, 2026, the fund held four FLEX options on SPY plus 0.26% in cash. A deep in-the-money call moves with SPY. A bought put and a sold put together form the buffer. A sold call sets the cap. Because the options track SPY's price, the fund does not collect SPY's dividends.
Each outcome period runs about a year, from March 1 to the end of February. For the March 1, 2025 to February 28, 2026 period, the cap was 12.13% before fees, or 11.34% after the 0.79% fee. The fund sought to absorb the first 15% of SPY losses, or 14.21% after fees. Losses beyond 15% pass through one for one. When a period ends, the options expire and the fund buys a new set with a new cap.
These outcomes apply only to shareholders who hold for the full period, measured at net asset value (NAV). Buying or selling partway through can produce very different results, and so can trading at a price above or below NAV. The fund is non-diversified, and through SPY it has heavy exposure to information technology.
What it really costs
- PMAR 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 |
|---|---|---|---|---|
| PMAR | $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 trades away some stock-market upside for a cushion against the first 15% of S&P 500 losses in each annual outcome period.
PMAR could replace part of a stock allocation for someone who wants equity exposure with smaller swings. Its worst calendar year was 2022, at -2.66%. Even so, it fell 10.8% between March 29 and June 16, 2022, and took 11 months to recover. Its deepest drop, 17.2%, came in March 2020, weeks after launch, and recovered in about 2.5 months. Prices during a period can fall well below what the buffer suggests. That matters for anyone forced to sell in a bad stretch. The fund pays no distributions, so any income would have to come from selling shares. Its 0.79% expense ratio is below the 0.86% average for similar buffer funds.
Past results don't predict future returns, and a retirement 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 cushion against the first 15% of losses, and who accept capped gains (12.13% before fees for March 2025–February 2026).
- Buyers who can buy near March 1 and hold the full outcome period, when the stated cap and buffer apply.
- Cost-focused buffer-fund buyers: its 0.79% expense ratio is the lowest of eight similar funds, whose average is 0.86%.
Look elsewhere if
- Investors who need regular income: the fund has made no distributions, and its options don't pass through SPY's dividends.
- Investors who want full stock-market gains: its 14.5% annual return over three years ranked 7th of 8 similar funds as of October 27, 2026.
- Investors who may trade mid-period, or who want diversification beyond one large-cap index heavy in information technology.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PMAR this fund | 0.79% | $763.6M | +11.0% | +14.5% |
| 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
Is PMAR good for retirement?
It may suit retirees who want stock exposure with smaller swings and can hold through each March-to-February period. Its calendar-year returns ranged from -2.66% in 2022 to 16.2% in 2023. Gains are capped, though, and the fund pays no distributions. It also fell 17.2% in March 2020, which shows that values partway through a period can drop more than the 15% buffer suggests.
Does PMAR pay dividends?
No. PMAR has made no distributions. The fund holds FLEX options on the SPDR S&P 500 ETF Trust rather than the stocks themselves. Its results are tied to SPY's share price, so the dividends paid by S&P 500 companies don't reach shareholders. Investors who need cash flow would have to sell shares, which makes PMAR a weak fit as an income source.
What happens if you buy PMAR in the middle of the outcome period?
Your results can differ a lot from the stated cap and buffer. Those apply only to shareholders who hold from March 1 through the end of February. If the fund has already gained, less room is left under the cap. If it has already fallen, part of the buffer may be used up. Innovator's website, www.innovatoretfs.com/pmar, updates the remaining cap and buffer daily during each period.
PMAR vs PJAN: what's the difference?
Mainly the start month. Both are Innovator U.S. Equity Power Buffer ETFs built on SPY options, and both charge 0.79%. PJAN's outcome period resets in January and PMAR's in March, so each has a different cap. As of October 27, 2026, PMAR returned 11.0% over one year and PJAN 10.5%. Over three years, PJAN was slightly ahead, at 14.8% a year versus 14.5%. PJAN is larger: $1.44 billion versus $763.6 million as of July 31, 2026.
How much does PMAR cost?
PMAR's expense ratio is 0.79%, according to the prospectus filed February 27, 2026. Under the SEC's standard example, a $10,000 investment earning 5% a year would cost about $81 in fees over one year and $978 over ten years. That is below the 0.86% average for similar buffer funds. For comparison, FT Vest's monthly buffer ETFs charge 0.85% and the FT Vest Laddered Buffer ETF (BUFR) charges 0.95%.