At a glance
GMAR charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $399.0M in assets, the 8th largest of that group. Over the past year it returned +12.5% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds; over three years it returned +13.5% a year.
The short version
FT Vest U.S. Equity Moderate Buffer ETF - March (GMAR) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY) to target a set outcome over periods of about one year that start each March. It aims to absorb the first 15% of SPY's price losses. In exchange, gains are capped (at 12.20% before fees for March 2025 to March 2026) and dividends are left out. It costs 0.85% a year, close to the 0.86% average for similar buffer funds.
Price history
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GMAR +12.5% 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 | |
|---|---|---|---|---|---|---|
| GMAR official prospectus, to Dec 31, 2024 | — | +12.34% | — | — | — | +14.05% |
| GMAR price data to Oct 27, 2026 | +11.0% | +12.5% | +13.5% | — | — | +12.4% |
- Over the year to Oct 27, 2026, GMAR returned +12.5%, 3rd of 8 among similar funds.
- Its worst full calendar year was 2025 (+9.3%); its best was 2024 (+12.1%).
- The deepest fall in its price history was 9.1% (Feb 14, 2025 to Apr 8, 2025), recovered by Jun 4, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.0% | — |
| 2025 | +9.3% | — |
| 2024 | +12.1% | +12.34% |
| 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 | Before this security existed |
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 $4.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.11%, +0.61%, +1.26%.
How it works
GMAR doesn't own stocks directly. It puts substantially all of its assets in FLEX Options, which are exchange-traded option contracts with custom strike prices and expiration dates. These options track the price of SPY, a unit investment trust that holds the stocks in the S&P 500 Index. First Trust Advisors is the adviser, and Vest Financial LLC is the sub-advisor. As of August 31, 2026, 12 option positions made up about 99.3% of net assets. The largest, a call option on SPY, was about 94%, and cash was 0.73%. Because the fund follows SPY's price only, it doesn't capture SPY's dividends.
Each "target outcome period" lasts about a year. For March 24, 2025 to March 20, 2026, the fund aimed to match SPY's price gain up to a 12.20% cap and to absorb the first 15% of losses. After the 0.85% fee, those figures were 11.36% and 14.15%. If SPY falls more than 15%, the fund takes the extra losses one for one. For example, a 20% drop in SPY means about a 5% loss before fees. At each reset, the fund buys new options. The 15% buffer stays the same, but the cap changes with market conditions.
These targets apply only to shares held for a whole period. Someone who invests partway through gets a different cap and buffer from that point on. The fund can also create and redeem shares for cash, which may make it less tax-efficient than other ETFs.
What it really costs
- GMAR 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 away some stock-market upside and all dividends for a buffer against the first 15% of S&P 500 price losses in each outcome period.
GMAR could make the stock part of a portfolio a smoother ride. It launched in March 2023, so it has no record from the 2008, 2020 or 2022 sell-offs. Its deepest drop was 9.1%, from February 14 to April 8, 2025. It recovered by June 4, 2025, in about two months. Even its weakest calendar year, 2025, ended with a 9.29% gain. The trade-offs are capped gains and no income. The fund has paid no distributions, so cash for spending has to come from selling shares. In a bad year, the buffer fully applies only to shares held from the start of a period to its end, so selling midway may not get the full protection. The 0.85% fee is also a cost to weigh. 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
- Retirees and near-retirees wanting SPDR S&P 500 ETF Trust exposure via options, buffered against the first 15% of losses each outcome period, with capped gains.
- Investors who prize steadiness: one-year volatility (price swings) was 3.9% as of October 27, 2026; its worst drop, 9.1%, recovered in 1.9 months.
- Long-term holders who can enter near the March reset, hold the full period, and accept a 0.85% fee, close to the 0.86% peer average.
Look elsewhere if
- Income seekers: the fund recorded no distributions, and its returns exclude dividends paid by the SPDR S&P 500 ETF Trust.
- Growth-focused investors: the cap was 12.20% before fees for the period ending March 20, 2026, and three-year returns ranked last among 8 buffer peers.
- Investors entering partway through a period: returns can differ sharply from the stated cap and buffer, which apply only to full-period holders.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| GMAR this fund | 0.85% | $399.0M | +12.5% | +13.5% |
| 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 GMAR pay dividends?
No. GMAR has recorded no distributions. Its returns follow only the price of the SPDR S&P 500 ETF Trust (SPY). The prospectus states that the fund's performance won't reflect the dividends SPY pays. That means a holder gives up the S&P 500's dividend income in return for the buffer. Anyone who needs cash flow from this fund would have to sell shares to get it.
How does the GMAR 15% buffer work?
Over each period of about one year, GMAR's FLEX options aim to absorb the first 15% of SPY's price drop before fees, or 14.15% after fees for the March 2025 to March 2026 period. If SPY falls more than 15%, the fund takes the extra losses one for one. A 20% SPY drop means about a 5% fund loss. Gains are capped, at 12.20% before fees for that period. There's no guarantee of these results.
What happens if you invest in GMAR partway through the outcome period?
You get a different deal from someone who invested on day one. The cap and buffer are set using prices at the start of each period, which runs from late March to the following March. If the fund has already gained, there may be less room left before the cap. If it has fallen, part of the buffer may already be used up. The fund's website posts the expected cap range about one week before each reset.
What's the difference between GMAR and BUFR?
Both are FT Vest buffer funds, but they're built differently. GMAR resets once a year in March. BUFR, the FT Vest Laddered Buffer ETF, is laddered, which spreads its money across several start dates. BUFR costs 0.95% a year compared with GMAR's 0.85%. As of October 27, 2026, BUFR returned 16.8% a year over three years against GMAR's 13.5%, and BUFR was much larger, at about $10.5 billion compared with $399 million.
How has GMAR performed since it launched?
It has posted steady but capped gains. The prospectus shows a 12.34% return for 2024 and 14.05% a year since its March 2023 launch, as of December 31, 2024. Its price rose 9.29% in 2025. As of October 27, 2026, it returned 12.5% over one year and 13.5% a year over three years. That three-year return ranked last of eight similar buffer funds.