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BMAR vs XTR

Innovator U.S. Equity Buffer ETF

BMARCCboe

Global X S&P 500 Tail Risk ETF

XTRCNYSE Arca

Overlap

Expense ratio

XTR −0.54pt a year

BMAR0.79%XTR0.25%

Avg volume · 30D

BMAR 9.7×the volume

BMAR15.9KXTR1.64K

5Y return · a year

BMAR +2.7pt

BMAR+11.6%XTR+8.9%

BMAR vs XTR Performance

Oct 29, 2021 – Oct 30, 2026

+73.2%BMAR+53.3%XTR

Oct 29, 2021 to Oct 30, 2026. BMAR +73.2%. XTR +53.3%. Use the arrow keys to read each point.−20%0%20%40%Oct 2021Apr 2024Oct 2026
Expense ratio
BMAR 0.79%
XTR 0.25%, better
Fund size
BMAR $201M
XTR $5M
1Y total return
BMAR +13.1%, better
XTR +7.9%
Yield (12M)
BMAR No data
XTR 16.45%
Holdings
BMAR 3
XTR 506
Avg volume (30D)
BMAR 15.9K sh, better
XTR 1.64K sh
NAV per share
BMAR $58.97
XTR $28.54
52W range

ETF.net Grade

BMAR: Cost 40, Risk 62, Mission not scored, Tradability 61, Holdings not scored, Durability 68. XTR: Cost 100, Risk 18, Mission not scored, Tradability 13, Holdings 85, Durability 46.
Pillar letters and Scores for BMAR, XTR, with each pillar’s weight
PillarBMARXTR
Cost30% weightC40A100Higher
Mission25% weightNot scoredNot scored
Risk15% weightB62HigherF18
Tradability15% weightB61HigherF13
Holdings10% weightNot scoredA85
Durability5% weightB68HigherC46

Rank among S&P 500 Buffer 9-12% funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BMAR and XTR are both graded against the same 77 S&P 500 Buffer 9-12% funds, so their Grades compare head to head.

S&P 500 Buffer 9-12%⁠

Category · 77 funds
See all 77 ›

BMAR ranks 34th and XTR 57th of 77 funds in the S&P 500 Buffer 9-12% Category.

  1. Rank 34CBAPRInnovator U.S. Equity Buffer ETFScore 52
  2. Rank 34CBMARInnovator U.S. Equity Buffer ETFScore 52
  3. Rank 34CNVBTAllianzIM U.S. Equity Buffer10 Nov ETFScore 52
  4. Rank 57CXIDEFT Vest U.S. Equity Buffer & Premium Income ETF - DecemberScore 40
  5. Rank 57CXTRGlobal X S&P 500 Tail Risk ETFScore 40
  6. Rank 64DJULZTrueshares Structured Outcome (July) ETFScore 39

Our read on each fund

ETF.net Research

BMARCInnovator U.S. Equity Buffer ETF

XTRCGlobal X S&P 500 Tail Risk ETF

In short

BMAR The 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.

XTR Most downside-protection ETFs sell away your upside to pay for it. XTR pays cash instead: it owns the S&P 500 stocks and buys 10% out-of-the-money puts every quarter, leaving the upside uncapped.

Stated mandate

BMAR 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.

XTR The Fund seeks to track the performance of the Cboe S&P 500 Tail Risk Index before fees and expenses.

Why people hold it

  • BMAR The 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
  • At 0.79%, the fee sits right at the median for its shallow-buffer peer group. The March calendar slot costs no premium.
  • The reference asset is SPY itself, so the exposure underneath is plain US large-cap, with no bespoke index to decode.innovatoretfs.com
  • XTR No cap on the gains. The hedge is bought with cash rather than funded by selling calls, so index rallies come through less the put premium and fees.sec.gov
  • Costs 0.25%, well under half of what the defined-outcome funds it competes with typically charge for downside protection.
  • Owns the roughly 500 S&P 500 stocks themselves, with the put position layered on top, rather than wrapping the index in a stack of options.sec.gov
  • Rules-based and mechanical: puts are bought at 10% below the prevailing index level each quarter and held to expiration, with no manager guessing at timing.sec.gov

Worth knowing

  • BMAR Protection runs 9% deep and no further. Losses past that come through in full, and gains stop at the cap.
  • Terms are set for the full outcome period. Enter mid-period and your real cushion and remaining upside differ from the headline numbers.innovatoretfs.com
  • Laddered rivals cost less: BUFB spreads buffer exposure across vintages for 0.10%, a fraction of BMAR's 0.79%.
  • XTR Protection starts about 10% down and resets quarterly, so garden-variety dips are absorbed in full and the gap widens if the market rallies mid-quarter.sec.gov
  • Insurance is not free. The quarterly premium is a steady cost against plain index exposure, and in calm markets the puts expire worthless.sec.gov
  • A small fund that trades thinly, so limit orders matter and subscale products carry more risk of being closed than the category's giants.

Full BMAR profile⁠

Full XTR profile⁠

BMAR vs XTR Holdings

As of
How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BMAR vs XTR Cost

Overpaying BMAR vs XTR

$10,015

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BMAR 0.79%

    $15,174

  • XTR 0.25%

    $5,159

$10,000
30 years

Cost over time

  • BMAR 0.79%
  • XTR 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BMAR $15,174XTR $5,159

Year by year

YearBMARXTROverpaying
10$1,405$455$950
20$5,331$1,769$3,562
30$15,174$5,159$10,015

Expense ratio

  • 0.79%BMAR
  • 0.25%XTR, cheaper
  • Middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

XTR cheapest of 77 funds

BMAR 34th cheapest of 77 funds

BMAR vs XTR Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
BMAR No data
XTR 16.45%
Payout (12M)
BMAR None
XTR $4.69
Last payment
BMAR No data
XTR $0.08
Ex-dividend
BMAR No data
XTR Jun 29, 2026
Paid on
BMAR No data
XTR Jul 2, 2026
Frequency
BMAR No data
XTR Twice a year

Distribution history

Per share, 2021 to 2026, same scale for both

BMARAll BMAR payments⁠

No distribution history available.

XTRTwice a year · 10 paymentsAll XTR payments⁠
One bar per payment. 10 payments from 2021 to 2026 YTD. Dec 30, 2021 $0.64; Jun 29, 2022 $0.10; Dec 29, 2022 $0.15; Jun 29, 2023 $0.10; Dec 28, 2023 $0.19; Jun 27, 2024 $0.17; Dec 30, 2024 $5.55; Jun 27, 2025 $0.11; Dec 30, 2025 $4.61; Jun 29, 2026 $0.08. Use the arrow keys to read each point.$0$520232026YTD

BMAR vs XTR Risk

Fall from peak · 5 years

  • BMAR
  • XTR
Oct 29, 2021 to Oct 30, 2026. Worst fall: XTR −20.8% · Oct 2022. Use the arrow keys to read each point.−20%−15%−10%−5%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
BMAR 8.0%, betterXTR 11.7%
Return per unit of riskSharpe ratio, 3 years
BMAR 1.58, betterXTR 1.19
Worst fallMax drawdown, 5 years
BMAR −15.0%, betterXTR −20.8%
Market sensitivityBeta, 5 years
BMAR 0.63XTR 0.94

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