What Is the NMAR ETF? A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
The Innovator Growth-100 Power Buffer ETF (NMAR) is a defined outcome strategy that applies an upside cap and a downside buffer to a US growth stock underlying asset. The key to choosing it is comparing its buffer structure, fees, and outlook.
SubscribeWhat Is the Innovator Growth-100 Power Buffer ETF?
The fund references the price movement of an underlying asset centered on US growth stocks and follows a defined outcome structure: it buffers a set range of losses during the outcome period while capping upside returns. The buffer and the cap are implemented through an options structure.
It suits risk-conscious investors who want exposure to growth stocks but also want to reduce some of the downside volatility.
It is an actively managed ETF run by Innovator.
How Does the Innovator Growth-100 Power Buffer ETF Invest?
| Item | Details |
|---|---|
| Underlying asset tracked | Index centered on US growth stocks |
| Management style | Defined outcome (options-based) |
| Outcome period | Roughly one-year cycle starting in March |
| Distribution frequency | Limited distributions |
| Total expense ratio | 0.79% |
On the first day of the outcome period, the fund builds option positions on the underlying asset. The design buffers a set range of downside losses during the period and captures upside returns only up to a predetermined cap. The buffer and cap levels are reset for each outcome period.
- A defined outcome structure that specifies a downside buffer and an upside cap
- Options reset based on the outcome period that starts in March
Innovator Growth-100 Power Buffer ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $46.7M, and the total expense ratio is 0.79% per year.
The buffer and cap work as designed when the fund is held for the entire outcome period. If you trade partway through the period, the buffer may not apply in full.
Innovator Growth-100 Power Buffer ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangePerformance depends on the direction of the underlying growth stocks. On the downside, the buffer structure limits the size of losses, while on the upside the cap limits gains. In strong markets, the cap can cause the fund to lag the underlying asset's advance.
When volatility rises, money tends to flow in alongside demand for downside protection. When risk appetite increases, some capital moves to pure growth stock exposure because of the cap constraint.
Innovator Growth-100 Power Buffer ETF Pros and Cons
Its strength is that the downside buffer limits the size of losses. Its weaknesses are the upside cap and the fact that the buffer does not apply if you trade in the middle of the outcome period.
💪 Key Strengths
⚠️ Points to Watch
Innovator Growth-100 Power Buffer ETF Alternative ETFs and Related Products
Laddered buffer ETFs such as BUFR, BUFD, and BUFQ shown in the table split holdings across multiple outcome periods, so they are not tied to a particular start month and tend to put less pressure on entry timing. Buffer-style strategies such as SFLR and PJAN are also worth a look. If you want pure growth stock exposure without a buffer, you can compare products such as QQQ, which tracks the Nasdaq 100.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 BUFR | FT Vest Laddered Buffer ETF | $37.65 | +0.4% | $10.9B | 0.95% | - | +11.7% |
 SFLR | Innovator Equity Managed Floor ETF | $39.27 | +0.4% | $2.2B | 0.89% | 0.24% | +7.6% |
 BUFD | FT Vest Laddered Deep Buffer ETF | $30.51 | +0.3% | $2.2B | 0.95% | - | +9.6% |
 BUFQ | FT Vest Laddered Nasdaq Buffer ETF | $39.91 | +0.7% | $1.7B | 1.00% | - | +13.1% |
 FJAN | FT Vest U.S. Equity Buffer ETF - January | $56.78 | +0.4% | $1.5B | 0.85% | - | +12.1% |
Innovator Growth-100 Power Buffer ETF Investor Checkpoints
Here are the points to review before investing in NMAR. It is best to first understand the conditions under which the buffer and cap operate, the structure of the outcome period that starts in March, and the fact that the buffer's effect can differ if you trade mid-period.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 🛡️ Buffer range | The loss range where the downside buffer applies | Applies over the outcome period |
| 🧢 Upside cap | Whether the achievable gain is limited | Cap in place |
| 🗓️ Outcome period | The March start cycle and the remaining period | Needs checking |
| 💵 Expense ratio | Cumulative cost over a long holding period | Annual fee applies |
The buffer assumes you hold for the entire outcome period, and losses are reflected in sharp declines that exceed the buffer range. Because of the cap, gains relative to the underlying asset can be limited in strong markets.
This is a product worth considering for investors who want to keep growth stock exposure while moderating downside volatility. If you prefer a structure with flexible entry timing, compare laddered buffer ETFs, and if you want exposure without a buffer, compare pure exposure products such as QQQ.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of July 2, 2026.
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