PMAR Notches a Fresh 52-Week High Amid Demand for Defined Risk-Reward Parameters in Volatile Markets

ETF Overview and Capital Flows

The Innovator U.S. Equity Power Buffer ETF - March (PMAR.B) is an actively managed equity ETF designed to provide a buffer against losses and capped gains on the S&P 500 index over a specific holding period. It achieves this structure through a mix of options and collateral. The fund’s 0.79% expense ratio reflects its active strategy, which includes leveraging a 1.0x ratio to amplify returns. Recent fund flows show a net outflow of $41.36 million in regular orders and $47.13 million in extra-large block trades on December 26, 2025—a single-day snapshot that highlights liquidity dynamics but offers limited insight into broader trends.

Peer ETF Snapshot

• CCRP.P charges 0.35% in expenses and holds a leverage ratio of 1.0.
• AGG.P, with $135 billion in assets, has a 0.03% expense ratio and 1.0x leverage.
• AFIX.P’s 0.19% expense ratio and $178 million AUM contrast with PMAR.B’s higher cost structure.
• AGGH.P, at 0.30% expense and $335 million AUM, shows a middle-ground approach between low-cost and active strategies.

Opportunities and Structural Constraints

PMAR.B’s active buffer strategy appeals to investors seeking defined risk-reward parameters in a volatile market, particularly near its 52-week high. However, its 0.79% expense ratio and recent outflows suggest structural trade-offs—higher costs relative to peers and potential liquidity challenges during large redemptions.

The fund’s leveraged structure amplifies gains in rising markets but could exacerbate losses if the S&P 500 declines beyond its buffer threshold. At the end of the day, its performance hinges on precise timing and market conditions aligning with its predefined holding period.