PMAR vs PSMR

PMARCInnovator U.S. Equity Power Buffer ETF - March

PSMRBPacer Swan SOS Moderate (April) 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.

PSMR A 15-point cushion on SPY, reset every April, for 0.49% a year while the typical buffer fund charges more. Pacer and Swan's moderate tier trades away some upside (a cap set each period) for a floor you know going in.

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.

PSMR The Fund seeks to match 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.

• PSMR Charges 0.49% a year against a 0.79% median in its buffered-SPY cohort, and undercuts Pacer's own single-month siblings like PJUL and POCT at 0.79%.
• The contract is spelled out: a 15-point buffer against SPDR S&P 500 ETF Trust losses over roughly a one-year period, with upside capped at a level set when the period begins.paceretfs.com
• Terms reset on April 1 each year, so the new buffer and cap arrive on a known calendar date instead of whenever you happened to buy in.paceretfs.com
• Running since 2021, so this April series has cycled through several complete outcome periods rather than being a fresh launch with a paper track record.

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.

• PSMR Thinly traded next to the biggest names in buffer land, so spreads and order size are worth a look before you place a trade.
• The cap cuts both ways: big SPY years get trimmed, and the stated buffer and cap only line up in full for a holder who rides one April reset to the next.
• Not an income vehicle. It has not been paying a regular distribution, so whatever the strategy delivers shows up in the share price.

Full PMAR profile⁠

Full PSMR profile⁠