At a glance
MARM charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $106.9M in assets, the 8th largest of that group. Over the past year it returned +6.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
FT Vest U.S. Equity Max Buffer ETF – March (MARM) uses FLEX options on the SPDR S&P 500 ETF Trust (SPY) to cushion losses over a one-year outcome period that resets each March. For the period ending March 19, 2027, it seeks to absorb the first 77.82% of SPY's losses but caps gains at 7.00% before fees, and it pays no dividends. Its 0.85% expense ratio is in line with the 0.86% peer average.
Price history
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MARM +6.0% 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 | |
|---|---|---|---|---|---|---|
| MARM official prospectus, to Dec 31, 2025 | — | +6.76% | — | — | — | +7.54% |
| MARM price data to Oct 27, 2026 | +5.0% | +6.0% | — | — | — | +7.0% |
- Over the year to Oct 27, 2026, MARM returned +6.0%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+7.0%); its best was 2025 (+7.0%).
- The deepest fall in its price history was 2.7% (Feb 14, 2025 to Mar 13, 2025), recovered by Mar 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.0% | — |
| 2025 | +7.0% | +6.76% |
| 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 | 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 $1.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.09%, +0.44%, +0.58%.
How it works
MARM, from First Trust with Vest Financial as sub-advisor, owns no stocks directly. Nearly all its assets are FLEX Options: exchange-listed contracts to buy or sell at a set price on a set date, with customized terms. They track the State Street SPDR S&P 500 ETF Trust, a unit investment trust holding the stocks in the S&P 500 Index. The fund follows only that ETF's price, so its returns exclude dividends.
Each outcome period lasts about a year. From March 23, 2026 to March 19, 2027, the fund seeks to shield investors from the first 77.82% of the ETF's price losses (the buffer) and limit gains to 7.00% (the cap). After fees, those become 76.97% and 6.15%. Losses beyond the buffer hit the fund one for one.
When a period ends, the fund buys new options and resets. It seeks the largest buffer that still allows at least a 7% cap. If a 100% buffer is possible, it aims for a cap above 7%. If a 7% cap would leave a buffer under 20%, it lowers the cap to keep the buffer at 20% or more. The fund announces an expected buffer range about a week before each period. The targets apply to shares bought on day one and held to the end. Buying midway can mean very different results.
What it really costs
- MARM 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
Its options aim to absorb most of SPY's losses over each one-year period, in exchange for a gain cap near 7% and no dividend income.
MARM launched in March 2024, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its only full calendar year, 2025, returned 6.76%. Its deepest drop was 2.7%, from February 14 to March 13, 2025, and it had recovered by March 24. That steadiness may appeal to someone who could need to sell shares in a bad year. But the buffer resets each March, and a future period's buffer could be as low as 20%. The fund has recorded no distributions, so it provides no income, and SPY's dividends are not passed through. Its 0.85% expense ratio is close to the 0.86% peer average. Past results don't predict future returns, 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 most losses buffered (77.82% before fees through March 19, 2027) and who accept a 7% cap on gains.
- People who value calm: one-year volatility was 1.7%, and the deepest drop since launch was 2.7%, as of October 27, 2026.
- Holders willing to start near the March reset and hold for a full Target Outcome Period to get the stated buffer and cap.
Look elsewhere if
- Investors who need income: the fund has recorded no distributions, and its returns leave out SPY's dividends.
- Those seeking more upside: its 6% one-year return trailed all seven similar buffer funds (9.5% to 12.9%) as of October 27, 2026.
- Investors wary of small funds: with $106.9 million in net assets as of August 31, 2026, it was the smallest of eight similar funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| MARM this fund | 0.85% | $106.9M | +6.0% | — |
| 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 MARM pay dividends?
No. MARM has recorded no distributions. The fund holds FLEX options on SPY rather than SPY shares, and its target outcomes are based only on SPY's price return. That means the dividends paid by the S&P 500 companies inside SPY are not part of what MARM seeks to deliver. Over long periods, that missing dividend income can add up, which matters for anyone hoping to draw cash from a holding.
How does the MARM buffer work?
For the outcome period from March 23, 2026 to March 19, 2027, MARM seeks to absorb the first 77.82% of SPY's price losses and caps gains at 7.00%, before fees. After its 0.85% fee, those figures are 76.97% and 6.15%. If SPY fell by more than the buffer, the fund would take the extra losses one for one. The buffer and cap reset each March. Future buffers are expected to fall between 20% and 100%, and there is no guarantee the strategy works.
Can I invest in MARM after the outcome period starts?
Yes. Shares trade on an exchange every day, but the stated buffer and cap apply only to shares held for the whole period. Anyone who enters after March 23, 2026 faces a different outcome. If the fund has already gained, less upside remains under the cap. How much protection remains also depends on where the fund's price sits compared with its starting value. The prospectus says to consider the fund's value relative to the cap and buffer before investing.
MARM vs FJAN: what's the difference?
Both are FT Vest buffer funds from First Trust, and both charge 0.85%. Each resets once a year: MARM in March and FJAN, as its name suggests, in January. MARM seeks the maximum available buffer and accepts a cap as low as 7%. That held back its gains: it returned 6% over one year, compared with 12.3% for FJAN, as of October 27, 2026. FJAN is also far larger, with about $1.47 billion in net assets versus $106.9 million for MARM as of August 31, 2026.
How has MARM performed?
MARM returned 6.76% in 2025, its first full calendar year. From its March 2024 launch through December 31, 2025, it returned 7.54% a year on average. Based on price, it gained 6% over the year to October 27, 2026 and 5.0% year to date. Returns have been steady but modest: even its weakest quarter was up 1.29%. That pattern reflects the trade-off of a large buffer and a cap around 7%.