At a glance
UMAR charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $193.5M in assets, the 8th largest of that group. Over the past year it returned +10.3% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +14.2% a year. At its worst it fell 8.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months after the low.
The short version
Innovator U.S. Equity Ultra Buffer ETF - March (UMAR) is a buffered fund. It uses FLEX options on an S&P 500 ETF to absorb losses between 5% and 35% over each one-year outcome period starting in March. In exchange, it caps your gains. At 0.79% a year, it was the cheapest of eight buffer funds compared. But its returns ranked 7th of 8 over one and three years through October 27, 2026.
Price history
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UMAR +10.3% 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 | |
|---|---|---|---|---|---|---|
| UMAR official prospectus, to Dec 31, 2024 | — | +11.80% | — | +7.53% | — | +7.62% |
| UMAR price data to Oct 27, 2026 | +8.8% | +10.3% | +14.2% | +8.0% | — | +8.0% |
- Over the year to Oct 27, 2026, UMAR returned +10.3%, 7th of 8 among similar funds.
- Its 5-year annualized return was +8.0%.
- Its worst full calendar year was 2022 (-5.5%); its best was 2024 (+12.9%).
- The deepest fall in its price history was 8.7% (Mar 29, 2022 to Sep 30, 2022), recovered by Jul 31, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.8% | — |
| 2025 | +11.9% | +11.80% |
| 2024 | +12.9% | +13.05% |
| 2023 | +12.2% | +12.54% |
| 2022 | -5.5% | -5.60% |
| 2021 | +7.3% | +7.07% |
| 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 6.9% over that stretch · deepest drop along the way 8.7%, back to its old high 10 months after the low |
What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 102.07% of assets.
| Fund held | Weight | |
|---|---|---|
| Vanguard S&P 500 ETF | 102.07% |
By country
United States 102.07%By asset type
Stocks 102.07%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $22.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.78%, +0.20%, +0.54%.
How it works
UMAR is not a regular index fund. It puts at least 80% of its assets into investments tied to an ETF that tracks the S&P 500 Index. The prospectus names the SPDR S&P 500 ETF Trust as that underlying fund. The fund's holdings report as of July 31, 2026 shows a position in the Vanguard S&P 500 ETF worth about 102% of net assets, plus five FLEX options on that ETF. FLEX options are exchange-traded options whose strike prices and expiration dates can be customized. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser.
The options create a defined outcome over a roughly one-year "outcome period." For March 1, 2025 to February 28, 2026, the cap was 11.73% before fees, or 10.94% after the 0.79% fee. Holders take the first 5% of losses. The fund aims to absorb losses from 5% to 35%, and holders take any losses beyond 35%. If the underlying ETF falls 20%, the fund aims to lose 5%. If it falls 50%, the fund aims to lose 20%. At the end of each period, the options are settled in cash, new ones are bought, and a new cap is set. Innovator posts the latest figures daily at innovatoretfs.com/umar.
These outcomes apply only to shares held for the whole period, measured at net asset value. If you buy or sell partway through, your results can be very different.
What it really costs
- UMAR 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 |
|---|---|---|---|---|
| UMAR | $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.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It aims to absorb most moderate S&P 500 losses each year, and in exchange it gives up gains above a preset cap.
UMAR's price history starts in June 2020, after the COVID crash, so it has no record for 2008 or 2020. In the 2022 bear market it fell 8.7% from March 29 to September 30, 2022. It recovered by July 31, 2023, about 10 months later. Its worst calendar year was 2022, at -5.6%. That shallow drop may appeal to someone who needs to sell shares in a bad year. But selling mid-period means getting the market price, not the defined outcome. The fund recorded no distributions, so any cash for spending has to come from selling shares. Costs total $978 over 10 years on $10,000 in the SEC's standard example. 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 who want S&P 500 exposure with most losses between 5% and 35% absorbed, and who accept a yearly cap on gains.
- Holders who can buy near the March start of an outcome period and hold through February to get the defined outcome.
- Cost-conscious buffer-fund shoppers: at 0.79%, it ranked cheapest of eight buffer funds compared.
Look elsewhere if
- Investors who need regular income: the fund recorded no distributions.
- Those who want full stock-market upside: gains were capped at 11.73% before fees for the March 2025–February 2026 period.
- Investors who prefer larger funds: with about $193.5 million in net assets as of July 31, 2026, it ranked smallest of eight peers.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| UMAR this fund | 0.79% | $193.5M | +10.3% | +14.2% |
| 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
Does UMAR pay dividends?
No distributions were recorded for UMAR. The fund holds an S&P 500 ETF and options rather than paying out income, so its return comes through the share price. Retirees who need cash would have to sell shares. Selling partway through an outcome period means getting the market price at that moment, which can differ from the outcome the fund aims to deliver at the end of the period.
What is UMAR's upside cap?
For the outcome period from March 1, 2025 to February 28, 2026, UMAR's cap was 11.73% before fees, or 10.94% after its 0.79% management fee. The cap resets each March when the fund buys a new set of FLEX options, and it depends on market conditions at that time. Innovator publishes the cap and buffer for the active period daily at innovatoretfs.com/umar.
Can you lose money in UMAR?
Yes. Over a full outcome period, holders take the first 5% of losses in the underlying S&P 500 ETF and all losses beyond 35%. In the prospectus's example, a 50% fall in the underlying ETF would mean a 20% fund loss before fees. The buffer is not guaranteed. In practice, the fund's deepest drop was 8.7%, from March 29 to September 30, 2022.
UMAR vs BUFD: what's the difference?
Both are buffer funds built on U.S. stocks, but they differ in structure and cost. UMAR runs one outcome period that starts each March. The name of the FT Vest Laddered Deep Buffer ETF (BUFD) indicates it spreads its money across staggered buffer periods. UMAR costs 0.79% a year versus 0.95% for BUFD. Through October 27, 2026, UMAR returned 10.3% over one year versus 9.5% for BUFD. BUFD is much larger, at about $2.04 billion.
What happens if I buy UMAR in the middle of the outcome period?
Your results may differ a lot from the stated cap and buffer. The prospectus says the outcomes apply only to shares held from the first day of the outcome period to the last. If the fund has already gained, there may be little room left below the cap. If it has already fallen, part of the buffer may be used up. Innovator's website shows the remaining cap and buffer each day.