At a glance
ZMAR charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $113.6M in assets, the 8th largest of that group. Over the past year it returned +5.7% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Innovator Equity Defined Protection ETF - 1 Yr March (ZMAR) holds an S&P 500 ETF plus FLEX options. The options aim to protect against 100% of that ETF's losses, before fees, over each one-year period starting in March. In exchange, gains are capped: the cap was 7.77% before fees for the period ending February 2026. Its 0.79% expense ratio ties for lowest among similar buffer funds. But its 5.7% one-year return as of October 27, 2026 ranked last of eight.
Price history
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ZMAR +5.7% 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 | |
|---|---|---|---|---|---|---|
| ZMAR price data to Oct 27, 2026 | +4.7% | +5.7% | — | — | — | +6.5% |
- Over the year to Oct 27, 2026, ZMAR returned +5.7%, 8th of 8 among similar funds.
- The deepest fall in its price history was 2.3% (Mar 3, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.7% |
| 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 1 securities; the ten largest made up 104.57% of assets.
| Fund held | Weight | |
|---|---|---|
| Vanguard S&P 500 ETF | 104.57% |
By country
United States 104.57%By asset type
Stocks 104.57%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $9.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.70%, +0.24%, +0.40%.
How it works
ZMAR is a "defined outcome" fund, meaning it aims for a preset range of results. It does not pick stocks. Under normal conditions, it puts at least 80% of its net assets into investments tied to an S&P 500 ETF. The prospectus filed February 27, 2026 names the SPDR S&P 500 ETF Trust as that underlying fund. The July 31, 2026 holdings report showed something different: Vanguard S&P 500 ETF (VOO) at about 104.6% of net assets, plus four FLEX options on VOO. FLEX options are exchange-traded options with custom strike prices and expiration dates.
The options create the outcome. Over each one-year "outcome period," the fund aims to protect against 100% of the underlying ETF's losses and to match its gains up to a cap. For March 1, 2025 to February 28, 2026, the cap was 7.77% before fees. After the 0.79% management fee, the cap was 6.98% and the buffer was 99.21%. When a period ends, the fund cashes out its options and buys new ones that expire about a year later. The cap is then reset.
These results apply only to shareholders who hold for the full period. Buying after the start or selling before the end can produce very different returns. The fund's market price can also differ from its net asset value. The protection is not guaranteed. Innovator posts updated figures every day at innovatoretfs.com/zmar.
What it really costs
- ZMAR 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 |
|---|---|---|---|---|
| ZMAR | $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
Its options aim to absorb all losses in an S&P 500 ETF over each March-to-February period, which makes it a tool for protecting money rather than growing it.
ZMAR launched on March 3, 2025, so it has no record in the 2008, 2020 or 2022 downturns. Its deepest drop was 2.3%, from launch to April 8, 2025. It recovered by May 12, 2025, about a month later. As of October 27, 2026, its one-year volatility was 2%. That steadiness may appeal to someone who could need to sell in a bad year. But the full buffer applies only at the end of a period, and a sale partway through can still show a loss. The cost is upside: ZMAR returned 5.7% over one year, while similar buffer funds returned 9.5% to 12.9%. It has made no distributions, so it provides no income. In the SEC's standard example, $10,000 invested costs $81 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 S&P 500 exposure (via Vanguard S&P 500 ETF plus options) designed to absorb 100% of losses before fees over each one-year outcome period.
- Cautious savers wanting a calm ride: one-year volatility (price swings) was 2% as of October 27, 2026; the worst drop since launch was 2.3%.
- Cost-conscious buyers of buffer ETFs: its 0.79% expense ratio tied for lowest among eight similar funds, below the 0.86% average of the other seven.
Look elsewhere if
- Growth seekers: the period ending February 2026 capped gains at 7.77% before fees; the 5.7% one-year return to October 27, 2026 trailed all seven peers.
- Investors buying or selling mid-period: the 100% buffer and the cap apply only to shares held for the whole March-to-February outcome period.
- Retirees needing regular income: no distributions were recorded, so spending money would have to come from selling shares.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ZMAR this fund | 0.79% | $113.6M | +5.7% | — |
| 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
Can you lose money in ZMAR?
Yes, though the fund is built to limit losses. It aims to protect against 100% of the underlying S&P 500 ETF's losses before fees, or 99.21% after fees. That applies only to shareholders who hold for a full outcome period. Buying after the period starts or selling before it ends can produce losses. The fund's market price can also differ from its net asset value, and the buffer is not guaranteed. Its deepest drop so far was 2.3%, in early 2025.
What is the ZMAR upside cap?
For the outcome period from March 1, 2025 to February 28, 2026, the cap was 7.77% before fees, or 6.98% after the 0.79% management fee. That was the most a shareholder who held for the whole period could earn, no matter how much the S&P 500 ETF rose. The cap is set on the first day of each new period, so it can change every March. Innovator posts updated figures daily at innovatoretfs.com/zmar.
Does ZMAR pay dividends?
No. The fund has made no distributions. ZMAR holds an S&P 500 ETF plus options, and it aims to deliver a capped, buffered return over each one-year outcome period rather than regular income. Investors who need cash flow from their holdings may want to compare it with income-focused funds. Any return from ZMAR comes through changes in its share price.
What's the difference between ZMAR and PJAN?
Both are Innovator buffer ETFs that charge 0.79%, but their terms and timing differ. ZMAR aims to buffer 100% of the underlying ETF's losses before fees, in exchange for a low cap, and its outcome period starts in March. PJAN is a "Power Buffer" fund whose period starts in January. Its prospectus gives its own buffer and cap levels. As of October 27, 2026, PJAN returned 10.5% over one year, compared with 5.7% for ZMAR. PJAN is also far larger: about $1.44 billion in net assets, against ZMAR's $114 million.
What is ZMAR's expense ratio?
ZMAR's expense ratio is 0.79%, according to the prospectus filed February 27, 2026. In the SEC's standard example, $10,000 invested with a 5% annual return would cost $81 after one year, $252 after three, $439 after five and $978 after ten. That ties for lowest among eight similar buffer funds, which average 0.86%. FT Vest's laddered BUFR and BUFD each charge 0.95%.