UMARInnovator U.S. Equity Ultra Buffer ETF - March
Seeks to provide investors with returns that match the return of the Underlying ETF, up to the upside cap of 11.73% while providing a buffer against Underlying ETF losses of between 5% and 35%.
By Innovator ETFs · Launched 2020
0.79%
#4,047 of 5,562 · expensive
$204M
#2,296 of 5,562 · mid-size
+13.3%
6 years
#2,066 of 5,562 · seasoned
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
Classification
How Beacon categorizes this fundWhat it actually holds
By weightConcentration
Top 5 holdings = 100.1% of fundconcentrated
Asset allocation
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
Where to buy
Listing
- Exchange
- Cboe BZX
Full fund details
- Objective
- Seeks to provide investors with returns that match the return of the Underlying ETF, up to the upside cap of 11.73% while providing a buffer against Underlying ETF losses of between 5% and 35%.
- Strategy
- Invests primarily in FLEX Options referencing the Underlying ETF and may also invest directly in the Underlying ETF. The Fund seeks to replicate the performance of the Underlying ETF over the Outcome Period, providing a buffer against losses of 5% to 35%. The upside cap is set at 11.73% before fees, with a net cap of 10.94% after management fees. Shareholders bear the first 5% of losses and all losses exceeding 35% on a one-to-one basis during the Outcome Period.
- Inception date
- February 28, 2020
- Fund family
- Innovator ETFs
Similar ETFs
Closest matches by profileOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
Buffer ETF — downside protection at a cost
Defined-outcome funds cap upside (typically 8–20%) in exchange for partial downside protection (9–30%), priced via options. Fees are materially higher than the underlying index (often 0.70%+ vs 0.03–0.10%). For most pre-retirees, a simple stock/bond mix achieves similar downside behaviour at a fraction of the cost.
Source: Morningstar, 'Defined-Outcome ETFs: Useful or Uneconomic?' (2023)
Why we flagged this: strategy=structured_outcome + structured_outcome_strategy
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
What's next?
You've reviewed UMAR. Save it to your watchlist to track it alongside the other funds you're weighing.
Data updated on 2026-06-19