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BMAR

GradeCChicago Board Options Exchange

Innovator U.S. Equity Buffer ETF

Buffered · Innovator · Inception 2020-03-02

$59.27−0.18 (−0.31%)

As of Sep 23, 2026, 3:05 PM EDT

Intraday session: down, 42 prints from 59.45 to 59.27. Range 59.22 to 59.45. Use the arrow keys to read each point.$59.20$59.30$59.4010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$204M
1Y return
+15.3%
Yield · Last 12 months
—
Holdings
6
Volume · 30D
0M sh
NAV per share
$59.01
52W range
low $51.08high $59.51

The ETF.net BMAR Grade

C

50/ 100

Rank 37 of 77 in S&P 500 Buffer 9-12%⁠

Confidence Medium

Six-pillar profile for BMAR. Scores out of 100: Cost 40, Risk 63, Mission not scored, Tradability 52, Holdings not scored, Durability 69. Strongest: Durability (69). Weakest: Cost (40). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 50 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 40
    Category rank43/77 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 63
    Category rank19/73 · top 26%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 52
    Category rank38/77 · top 49%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 69
    Category rank25/77 · top 32%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on BMAR

ETF.net Research

CThe March vintage of Innovator's buffer lineup: it tracks SPY up to a cap set each March 1, and absorbs the first 9% of losses over the 12 months that follow. Running since 2020.

Stated mandate

The fund seeks to track SPY's return up to a predetermined cap while protecting against the first 9% of losses during the outcome period.

Why people hold it

  1. 01The 9% cushion is written into the fund's terms, not left to a manager's judgment, and it resets with a fresh cap every March 1.innovatoretfs.com
  2. 02At 0.79%, the fee sits right at the median for its shallow-buffer peer group. The March calendar slot costs no premium.
  3. 03The reference asset is SPY itself, so the exposure underneath is plain US large-cap, with no bespoke index to decode.innovatoretfs.com

Worth knowing

  1. 01Protection runs 9% deep and no further. Losses past that come through in full, and gains stop at the cap.
  2. 02Terms are set for the full outcome period. Enter mid-period and your real cushion and remaining upside differ from the headline numbers.innovatoretfs.com
  3. 03Laddered rivals cost less: BUFB spreads buffer exposure across vintages for 0.10%, a fraction of BMAR's 0.79%.

BMAR Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
6
Top-10 weight
106%
Largest holding
SPY 02/26/2027 6.87 C102.2%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPY 02/26/2027 6.87 C102.19%2,738$210M1
002—US BANK MMDA - USBGFS 9 09/01/20372.41%4,950,086$5M161
003—SPY 02/26/2027 686 P1.12%2,738$2M1

Showing 1–3 of 3 holdings

BMAR Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

BMAR$11,528
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. BMAR $11,528. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BMAR. Periods over one year show the average yearly return.
PeriodBMAR
Year to date+12.1%
1 month+1.1%
3 months+3.5%
1 year+15.3%
3 years+17.7%per year
5 years+12.3%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BMAR
YearReturn barBMAR
2026 YTD+12.1%
2025+15.0%
2024+16.5%
2023+23.1%
2022−7.1%
2021+16.8%
2020+10.9%

Since listing, Mar 2, 2020

BMAR in the news

ETF.net Research hasn’t filed on BMAR yet — coverage lands here as it’s written.

BMAR Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

BMAR Risk

How much the fund’s monthly returns vary, scaled to a year.
8.6%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.27
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−15.0%
Trough Oct 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.63
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

BMAR Cost

Expense ratio0.79%
  • The middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

33 of the 77 S&P 500 Buffer 9-12% funds charge less.

BMAR costs $79.00 a year on $10,000. The median S&P 500 Buffer 9-12% fund costs $79.00.