PMAR vs PSMJ

PMARCInnovator U.S. Equity Power Buffer ETF - March

PSMJBPacer Swan SOS Moderate (July) ETF

In short

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.

PSMJ Pacer's July-dated stop on the Swan SOS ladder: FLEX options on SPY that buffer the first 15% of a fall over a roughly one-year period, with upside capped in return. At 0.49%, it undercuts most of the buffer aisle.

Stated mandate

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.

PSMJ The Fund seeks to track the returns of the SPDR S&P 500 ETF Trust up to a predetermined cap while providing a downside buffer over an approximately one-year period.

Why people hold it

• 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.

• PSMJ Charges 0.49% a year against a 0.79% median for its buffered-SPY cohort, the same 0.79% Innovator's Power Buffer funds (PJUL, PJAN, POCT) charge for a similar job.
• The deal is legible: FLEX options on SPY absorb the first 15% of a decline over the outcome period, and match the ETF's gains up to a cap struck each July.paceretfs.compaceretfs.com 2
• Those FLEX options are customizable exchange-traded contracts settled through the Options Clearing Corporation, and Durango-based Swan Global Management sub-advises the strategy.paceretfs.com
• One of four Moderate-series funds with staggered start months (PSMD, PSMR, PSMJ, PSMO), so a July reset can be stacked against other entry points rather than standing alone.paceretfs.com

Worth knowing

• 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.

• PSMJ The 15% buffer and the cap belong to the full outcome period. Step in mid-period and you inherit whatever cap and buffer remain, not the starting terms.paceretfs.com
• Thinly traded next to the largest buffer funds, so spreads and limit orders deserve more of your attention at the point of entry.
• No regular income stream here: the options structure delivers its result through share price rather than distributions.paceretfs.com

Full PMAR profile⁠

Full PSMJ profile⁠