At a glance
FMAR charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $1.17B in assets, the 7th largest of that group. Over the past year it returned +15.4% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +16.4% a year.
The short version
FT Vest US Equity Buffer ETF – March (FMAR) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY) rather than stocks. Over each roughly one-year period starting in March, it aims to absorb the first 10% of SPY's price losses in return for capped gains: 14.79% before fees for March 2025–March 2026. At 0.85% a year, it costs about the same as similar buffer funds and skips SPY's dividends.
Price history
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FMAR +15.4% 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 | |
|---|---|---|---|---|---|---|
| FMAR official prospectus, to Dec 31, 2024 | — | +14.59% | — | — | — | +10.55% |
| FMAR price data to Oct 27, 2026 | +13.8% | +15.4% | +16.4% | — | — | +11.4% |
- Over the year to Oct 27, 2026, FMAR returned +15.4%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+9.7%); its best was 2023 (+20.4%).
- The deepest fall in its price history was 14.4% (Mar 29, 2022 to Oct 12, 2022), recovered by May 26, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.8% | — |
| 2025 | +9.7% | — |
| 2024 | +14.6% | +14.59% |
| 2023 | +20.4% | +20.67% |
| 2022 | — | -5.81% |
| 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 | Not in the price data, which starts Feb 17, 2022 |
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 withdrew a net $22.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.08%, +0.67%, +1.50%.
How it works
First Trust Advisors runs the fund, and Vest Financial is the sub-advisor. The fund puts substantially all of its assets in FLEX options on SPY, the ETF that holds the stocks in the S&P 500 Index. FLEX options trade on an exchange, but their strike prices and expiration dates can be customized. As of August 31, 2026, 15 option positions made up about 99% of assets and cash made up 0.72%. The fund owns no stocks directly. It tracks SPY's price only, so it misses SPY's dividends.
The options are set at the start of each roughly one-year Target Outcome Period. For March 24, 2025 to March 20, 2026, the cap on gains was 14.79% and the buffer covered the first 10% of SPY's losses. After fees, those figures were 13.94% and 9.15%. Losses beyond 10% pass through one-for-one: if SPY falls 20%, the fund loses about 10% before fees. At each reset the fund buys new options. The cap changes with market conditions, while the 10% buffer stays the same. About a week before each reset, the fund's website posts an expected cap range.
The cap and buffer apply only to shares held for a full period. If you buy or sell partway through, your results can be very different, and the fund may lag SPY's moves. The fund may also create and redeem shares for cash, which can make it less tax-efficient.
What it really costs
- FMAR 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 trades some S&P 500 upside for a partial cushion against moderate yearly losses.
FMAR may soften moderate stock market drops while keeping part of the S&P 500's gains. It launched in 2021, so it has no record in the 2008 crisis or the 2020 COVID crash. Its worst calendar year was 2022, when it lost 5.81%. Its worst quarter, ending June 30, 2022, was −10.91%. Its deepest drop in the available price history was 14.4%, from March to October 2022, and it took about 7.4 months to recover, in May 2023. The buffer cushions losses but doesn't stop them. Someone selling in a bad year, especially partway through a period, may get less protection than the 10% headline suggests. The fund has paid no distributions, so it provides no income. It costs 0.85% a year, close to the 0.86% average for similar funds. 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 who want S&P 500 exposure with a cushion against the first 10% of SPY's price losses each March-to-March period, and who accept capped gains.
- Buyers who can buy near the March reset and hold the full period, which is when the stated cap and buffer apply.
- People who want a smoother ride: one-year volatility was 5% and beta 0.35 as of October 27, 2026.
Look elsewhere if
- Income seekers: the fund has paid no distributions, and its returns leave out SPY's dividends.
- Investors who want full stock market upside: gains were capped at 14.79% before fees for the period ending March 20, 2026.
- Anyone who wants deep crash protection: losses beyond 10% pass through one-for-one, and the fund fell 14.4% in 2022.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FMAR this fund | 0.85% | $1.17B | +15.4% | +16.4% |
| 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 FMAR pay dividends?
No. The fund has paid no distributions. It holds options on the SPDR S&P 500 ETF Trust (SPY), not the stocks themselves, and its target returns follow SPY's share price only. That means it gives up the dividends SPY pays. For investors who want regular income from stocks, this is a real drawback compared with simply owning an S&P 500 fund.
How does the FMAR buffer work?
FMAR uses FLEX options to cushion the first 10% of SPY's price losses over each roughly one-year period, in return for capped gains. For March 24, 2025 to March 20, 2026, the cap was 14.79% before fees. After fees, the cap was 13.94% and the buffer 9.15%. If SPY falls more than 10%, extra losses pass through one-for-one. At each yearly reset the cap changes, while the buffer stays at 10%.
What's the difference between FMAR and BUFR?
Both come from First Trust and Vest. FMAR resets once a year in March. BUFR, the FT Vest Laddered Buffer ETF, is a laddered version, which spreads its money across buffer periods that start at different times. As of October 27, 2026, FMAR's one-year return was 15.4% and BUFR's was 11.6%. Their three-year annualized returns were 16.4% and 16.8%. FMAR costs 0.85% a year and BUFR 0.95%.
What happens if I buy FMAR in the middle of the year?
Your results may be very different from the stated cap and buffer. Both are fixed at the start of each period, based on SPY's price and the fund's value on that day. If you buy after SPY has risen, you may have little room left before the cap and less buffer protection. The fund's website shows where it stands within the current period.
How has FMAR performed?
According to its prospectus, FMAR returned 14.59% in 2024 and averaged 10.55% a year from launch through December 31, 2024. It lost 5.81% in 2022 and gained 20.67% in 2023. As of October 27, 2026, its annualized three-year return based on price was 16.4%. Its deepest drop, 14.4% in 2022, took about 7.4 months to recover.