Innovator Equity Defined Protection ETF – 1 Yr March (Cboe BZX: ZMAR) is an actively managed exchange-traded fund that seeks to provide investors with exposure to the price return of the SPDR S&P 500 ETF Trust, up to a predetermined cap, while seeking to protect against the first 100% of reference-asset losses over a one-year outcome period beginning in March. The fund implements its defined-protection strategy primarily through flexible exchange-traded options, or FLEX Options, and is designed for investors and financial advisers seeking capped U.S. large-cap equity participation combined with full downside protection over the applicable outcome period; the fund does not provide protection for investors who purchase shares after the start of, or sell before the end of, an outcome period, and protection is subject to applicable fees, expenses, option-market conditions and fund mechanics. ZMAR commenced operations on February 28, 2025, and carries a gross expense ratio of 0.79%.
ZMAR is sponsored by Innovator Capital Management, LLC, a Wheaton, Illinois-based provider of defined outcome ETFs founded in 2017. Innovator develops and manages Defined Protection ETFs™, Buffer ETFs™, 100% Buffer ETFs™, Dual Directional ETFs™, Defined Income ETFs™, Accelerated ETFs™ and related model-portfolio solutions for financial advisers, individual investors and institutional clients; its ETF strategies span equity, income and other asset-class exposures and use options-based structures to define potential downside buffers, protection levels, upside caps, inverse caps or income characteristics over specified outcome periods. Innovator launched the first Buffer ETFs™ in 2018 and reported more than $31 billion of assets under management as of March 31, 2026.
Innovator Capital Management became a subsidiary of The Goldman Sachs Group, Inc. following Goldman Sachs’ completion of its acquisition on April 2, 2026. The transaction integrates Innovator’s defined outcome ETF platform into Goldman Sachs Asset Management, adding 171 Defined Outcome ETFs and contributing to a combined global ETF suite of more than 240 funds and approximately $90 billion of ETF assets under supervision. Recent product expansion includes the January 2026 introduction of quarterly Dual Directional ETFs, including the Innovator Equity Dual Directional 5 Buffer ETF™ – Quarterly and Innovator Growth-100 Dual Directional 5 Buffer ETF™ – Quarterly, extending the firm’s outcome-period offerings to three-month cycles.