Innovator U.S. Equity Buffer ETF
BMAR
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- Innovator U.S. Equity Buffer ETF - March (BMAR) is an actively managed exchange-traded fund that seeks to track the price return of the SPDR S&P 500 ETF Trust (SPY) up to a predetermined cap, while providing a buffer against the first 9% of losses in SPY over a one-year outcome period. The fund invests at least 80% of its net assets in FLEX Options referencing SPY, including primarily long and short call and put options to achieve defined outcome exposure; it resets annually on the first trading day of March, with holdings typically consisting of four FLEX Options positions. BMAR forms part of Innovator Capital Management's broader lineup of U.S. Equity Buffer ETFs, which offer monthly series (e.g., BJAN, BAPR, BMAR, BJUN, BSEP, BDEC) providing similar 9% downside buffers and capped upside on SPY performance over respective outcome periods. Innovator Capital Management LLC, founded in 2017 and headquartered in Wheaton, Illinois, serves as the investment adviser for BMAR and pioneered Defined Outcome ETFs, including the inaugural Buffer ETF series launched in 2018. The firm manages approximately 159 defined outcome ETFs with $28 billion in assets under supervision as of September 30, 2025, targeting financial advisors and investors seeking risk-managed equity exposure, income strategies, and growth solutions through options-based active ETFs listed on Cboe BZX. Products emphasize built-in risk management with predictable outcomes, lower historical volatility relative to the S&P 500, and applications such as low-volatility equity replacement or conservative portfolio initiation. In a major strategic development announced December 1, 2025, Goldman Sachs Asset Management entered into an agreement to acquire Innovator Capital Management for approximately $2.0 billion in cash and equity, subject to performance targets, with the transaction expected to close in Q2 2026 pending regulatory approval. This acquisition will integrate Innovator's defined outcome ETF capabilities into Goldman Sachs' offerings, expanding its active ETF lineup amid 66% CAGR growth in the category since 2020, and positions the combined entity to manage over $75 billion in global ETF assets under supervision. BMAR, launched on February 28, 2020, operates within the U.S. equity defined outcome segment, domiciled in the United States and available to investors via major exchanges.