BUFC vs PMAR

BUFCBAB Conservative Buffer ETF

PMARCInnovator U.S. Equity Power Buffer ETF - March

In short

BUFC Most buffer funds lock you into a 12-month outcome period. BUFC resets every three months, targeting 15% downside protection against the S&P 500 with roughly 3% of the upside per period. Deep cushion, short leash.

PMAR The March-start link in Innovator's twelve-month buffer chain: it follows the big S&P 500 ETF up to a cap and is built to absorb the first 15% of losses over each March-to-February outcome period.

Stated mandate

BUFC The Fund is an actively managed equity ETF seeking conservative capital appreciation with potential partial downside protection. It uses options to establish an upside cap and downside protection over rolling three-month periods, targeting 15% downside protection and about 3% upside participation to the S&P 500.

PMAR The Fund seeks to track the return of the SPDR S&P 500 ETF Trust up to a predetermined cap while protecting against the first 15% of losses during the outcome period.

Why people hold it

• BUFC Uses options to target 15% downside protection against the S&P 500 over rolling three-month periods, so the cushion resets four times a year instead of once.alliancebernstein.com
• At 0.69%, it costs less than Innovator's 0.79% Power Buffer funds (PJUL, PJAN, POCT) and less than the typical fund in its buffer cohort.
• Actively managed rather than pinned to a calendar index series, running since 2023, and among the stronger implementations in its buffer peer group.

• PMAR The deal is written into the fund's terms: absorb SPY's first 15% of losses over an outcome period, give up gains above a cap in exchange.innovatoretfs.com
• Fixed calendar. The outcome period runs March 1 to the end of February, then the cap resets under the same rules, so you always know when the terms change.innovatoretfs.com
• A registered 1940 Act fund, not a bank-issued note, at a 0.79% expense ratio that lands right on the buffer-fund median.
• Sits in the upper half of its buffer-fund peer group, one of the more solid takes on the defined-outcome playbook.

Worth knowing

• BUFC The price of that deep cushion: upside participation is targeted near 3% per three-month period, so big rallies mostly pass you by.
• Protection is partial and period-based. Losses past the targeted 15% pass through, and buying mid-period shifts your effective buffer and cap.alliancebernstein.com
• Thinly traded for its size, so spreads and limit orders deserve attention.

• PMAR Buy mid-period and you get whatever buffer and upside are left, not the headline 15% and the full cap. The stated terms describe a complete March-to-February run.
• 0.79% is the going rate in this cohort and well above plain S&P 500 exposure. The options sleeve that builds the buffer is what you're paying for.
• Trades lightly, so spreads can widen; limit orders are the usual workaround. It also makes no regular distributions, so any return shows up in the share price.

Full BUFC profile⁠

Full PMAR profile⁠