At a glance
DMAR charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $464.6M in assets, the 8th largest of that group. Over the past year it returned +11.9% with distributions reinvested (S&P 500: +11.5%), 4th of those 8 funds; over three years it returned +13.4% a year. At its worst it fell 9.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months after the low.
The short version
FT Vest US Equity Deep Buffer ETF – March (DMAR) is a First Trust fund that holds FLEX options on the SPDR S&P 500 ETF Trust (SPY) instead of owning stocks. Each outcome year starts in March. Over that year, the fund aims to absorb S&P 500 losses between -5% and -30%. In exchange, it gives up gains above a cap and all of SPY's dividends. Its 0.85% expense ratio is close to the 0.86% average of similar buffer funds.
Price history
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DMAR +11.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DMAR official prospectus, to Dec 31, 2024 | — | +12.82% | — | — | — | +6.96% |
| DMAR price data to Oct 27, 2026 | +10.3% | +11.9% | +13.4% | +7.8% | — | +8.0% |
- Over the year to Oct 27, 2026, DMAR returned +11.9%, 4th of 8 among similar funds.
- Its 5-year annualized return was +7.8%.
- Its worst full calendar year was 2022 (-5.5%); its best was 2024 (+12.7%).
- The deepest fall in its price history was 9.8% (Mar 29, 2022 to Sep 30, 2022), recovered by Jul 28, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.3% | — |
| 2025 | +9.1% | — |
| 2024 | +12.7% | +12.82% |
| 2023 | +12.3% | +12.42% |
| 2022 | -5.5% | -5.76% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8% over that stretch · deepest drop along the way 9.8%, back to its old high 9.9 months after the low |
What's inside
As of Aug 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2026, investors added a net $35.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.09%, +0.60%, +1.20%.
How it works
DMAR doesn't own stocks. As of August 31, 2026, about 99% of its assets were in 16 FLEX options. These are exchange-listed option contracts with custom strike prices and expiration dates, all tied to the price of SPY. SPY is a unit investment trust that holds the stocks in the S&P 500. The sub-advisor, Vest Financial, picks the mix of options to produce a set "target outcome" over about one year. DMAR follows SPY's price only, so it doesn't capture SPY's dividends.
For the period from March 24, 2025 through March 20, 2026, the prospectus set out these outcomes before fees. Gains matched SPY up to a 12.72% cap. Holders took the first 5% of losses in full. The fund absorbed losses from -5% to -30%. Past -30%, it lost 25 percentage points less than SPY, with a maximum loss of about 75%. After fees, the cap was 11.87% and the buffer ran from -5.85% to -30.85%.
At the end of each period, the fund rolls into a new set of options. The buffer stays the same, but the cap resets based on market conditions, so it changes from year to year. The stated outcomes apply only to shares held for a full period. Someone who buys mid-period may get a very different cap and buffer for the time left, depending on how far SPY has moved.
What it really costs
- DMAR charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It offers US stock exposure with a large loss buffer and a cap on gains, so it aims for a smoother ride rather than growth or income.
DMAR could serve as a calmer way to hold US stocks. It launched in March 2021, so it has no record for 2008 or 2020. In the 2022 bear market, it fell 9.8% from March 29 to September 30, 2022, and took about 10 months to recover, by July 28, 2023. Its worst calendar year was 2022, with a loss of 5.76%. A smaller drop could mean selling fewer shares in a bad year. But the buffer fully applies only to shares held for a whole March-to-March period. The fund paid no distributions, so any income has to come from selling shares. The costs are a 0.85% expense ratio, no dividends and no gains above the cap. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors willing to give up S&P 500 gains above a yearly cap, and SPY's dividends, in return for a buffer against losses between -5% and -30%.
- Retirees who want a milder ride: its deepest drop was 9.8%, in 2022, and one-year volatility was 3.5% as of October 27, 2026.
- Buyers who can buy near the March reset and hold for a full outcome period, when the cap and buffer work as designed.
Look elsewhere if
- Investors who need income: the fund recorded no distributions and doesn't pass along SPY's dividends.
- Investors who want the market's full upside: the cap was 12.72% before fees for March 2025 to March 2026.
- Investors who don't want to depend on one start date: First Trust's laddered BUFD (0.95%) spreads its deep-buffer exposure across several reset dates.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DMAR this fund | 0.85% | $464.6M | +11.9% | +13.4% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does DMAR pay dividends?
No. The fund recorded no distributions. DMAR holds FLEX options on SPY, not SPY itself, and it follows only SPY's price. That means it gives up the dividends SPY's stocks pay. Over time, this is a real cost compared with owning an S&P 500 fund directly. Anyone who wants regular income from DMAR would need to sell shares instead.
How does the DMAR deep buffer work?
Over each outcome period, which runs about a year from March, holders take the first 5% of SPY's losses. The fund then absorbs losses from -5% to -30%, before fees. If SPY falls more than 30%, the fund loses 25 percentage points less than SPY, with a maximum loss of about 75%. After fees, the buffer ran from -5.85% to -30.85% for March 24, 2025 to March 20, 2026.
What's the difference between DMAR and BUFD?
Both are First Trust deep-buffer funds. DMAR resets once a year in March. BUFD, the FT Vest Laddered Deep Buffer ETF, spreads its exposure across several start dates. As of October 27, 2026, DMAR returned 11.9% over one year and BUFD returned 9.5%. Over three years, BUFD's annualized return was 13.9% and DMAR's was 13.4%. DMAR costs 0.85% a year and BUFD costs 0.95%. BUFD is much larger, with about $2.04 billion in net assets, compared with about $465 million for DMAR.
Can you lose money in DMAR?
Yes. Holders take the first 5% of SPY's losses in each period, plus any losses past 30% minus the 25-point buffer, up to a maximum loss of about 75%. Fees also reduce the buffer. Someone who buys mid-period may get less protection than stated. In 2022, the fund lost 5.76% for the calendar year, and its deepest drop was 9.8%.
Is DMAR good for retirement?
It depends on what the portfolio needs. DMAR may suit retirees who want stock exposure with smaller swings. Its 2022 drop of 9.8% recovered in about 10 months. The trade-offs are no income, no dividends, a cap on gains that resets each March, and a 0.85% expense ratio. Its prospectus average annual return since inception was 6.96% through December 31, 2024.