At a glance
MART charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $30.6M in assets, the 8th largest of that group. Over the past year it returned +13.5% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +18.6% a year.
The short version
AllianzIM U.S. Large Cap Buffer10 Mar ETF (MART) holds options on the SPDR S&P 500 ETF Trust (SPY) designed to cushion the first 10% of SPY's price losses over each March-to-February period, in exchange for a cap on gains. Its 0.74% fee was the lowest in a group of eight buffer funds, but with $30.6 million in net assets as of July 31, 2026, it was the smallest, and it pays no dividends.
Price history
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MART +13.5% 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 | |
|---|---|---|---|---|---|---|
| MART official prospectus, to Dec 31, 2025 | — | +14.65% | — | — | — | +16.65% |
| MART price data to Oct 27, 2026 | +11.9% | +13.5% | +18.6% | — | — | +16.9% |
- Over the year to Oct 27, 2026, MART returned +13.5%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+14.9%); its best was 2024 (+15.6%).
- The deepest fall in its price history was 11.6% (Feb 19, 2025 to Apr 8, 2025), recovered by May 16, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.9% | — |
| 2025 | +14.9% | +14.65% |
| 2024 | +15.6% | +15.83% |
| 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 Jul 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 Jul 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.57%, -0.09%, +0.61%.
How it works
MART holds FLEX options (exchange-traded options with customized strike prices and expiration dates) on the SPDR S&P 500 ETF Trust (SPY), a unit investment trust tracking the S&P 500. It aims to match SPY's share-price return over each one-year outcome period, March 1 to February 28, up to a cap, while cushioning the first 10% of SPY's losses, or 9.26% after the 0.74% fee. The cap is reset before each period based on option prices and is expected to change each year.
As of July 31, 2026, it held four SPY options expiring February 26, 2027. A call with a $5.08 strike price, far below SPY's price, moves nearly in step with SPY. A bought put at $685.92 pays off if SPY falls below that price, while a sold put at $617.39 hands losses back below that level; together they form the buffer. A sold call at $794.99 gives up gains above that price, setting the cap.
The fund receives none of SPY's dividends. The buffer and cap apply only to shares held for the full period: investing after SPY has risen leaves less upside before the cap, and investing after a fall leaves less buffer. Losses beyond the buffer pass through in full. The Options Clearing Corporation guarantees the contracts, so the fund depends on it.
What it really costs
- MART charges 0.74% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $76 in the first year and $918 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MART | $76 | $237 | $411 | $918 |
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 S&P 500 price exposure with a buffer against the first 10% of yearly losses and had a one-year beta of 0.53 as of October 27, 2026, at the cost of capped gains and no income.
MART launched on February 28, 2023, after the 2008, 2020 and 2022 downturns, so its record is short. The weaker of its two full calendar years, 2025, still returned 14.65%. Its deepest drop, 11.6%, ran from February 19 to April 8, 2025, and was recovered by May 16, 2025, about 1.2 months later. Short-term drops like that one aren't limited by the buffer, which applies only from the start to the end of each outcome period.
It pays no distributions and receives none of SPY's dividends, so withdrawals would mean cashing in shares, and doing so mid-period after a fall may capture only part of the buffer. Its 0.74% expense ratio, $76 in the first year on $10,000 under the SEC's standard example, is below the 0.86% average of similar buffer funds. Past results don't predict future returns, and a plan should weigh 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 losses each March-to-February period, accepting a cap on gains.
- Investors wanting calmer stock exposure: one-year beta was 0.53 as of October 27, 2026, meaning it moved about half as much as the broad market.
- Cost-conscious investors comparing buffer ETFs: MART's 0.74% expense ratio was the lowest of eight buffer funds compared, below the 0.86% peer average.
Look elsewhere if
- Income seekers: MART pays no distributions and gets none of SPY's dividends, so spending money must come from cashing in shares.
- Investors adding money at varied times: entering mid-period changes how much buffer and upside remain; laddered funds such as BUFR are worth comparing.
- Those wanting a large fund: MART had $30.6 million in net assets as of July 31, 2026, the smallest of eight buffer funds compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| MART this fund | 0.74% | $30.6M | +13.5% | +18.6% |
| 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
How does the MART buffer ETF work?
MART holds FLEX options (customized exchange-traded options) on the SPDR S&P 500 ETF Trust (SPY). They aim to match SPY's share-price return over a one-year outcome period, March 1 to February 28, up to a cap, while cushioning the first 10% of losses. After the 0.74% fee, the buffer is 9.26%. Holders bear any loss beyond it. The cap is reset before each period based on option costs, volatility and interest rates, and it is expected to change each period.
Does MART pay dividends?
No. MART has recorded no distributions, and its prospectus states that the fund does not receive or benefit from dividends paid by SPY. Its returns follow SPY's share price only, so holders give up the S&P 500's dividend income. Anyone drawing cash from this fund would have to cash in shares. Doing so partway through an outcome period after a market fall may capture only part of the buffer.
Can you lose money in MART?
Yes. The buffer covers only the first 10% of SPY's losses over a full outcome period, or 9.26% after the 0.74% fee, and holders bear any decline beyond that. The prospectus warns that a shareholder could lose their entire investment. Short-term declines aren't limited by the buffer, which is measured over the whole period. MART's deepest drop was 11.6%, from February 19 to April 8, 2025, and it recovered by May 16, 2025. It launched in 2023, after the 2022 bear market.
MART vs FFEB: what's the difference?
MART costs less and is far smaller. MART charges 0.74% a year, versus 0.85% for FT Vest U.S. Equity Buffer Fund - February (FFEB). As of October 27, 2026, MART returned 13.5% over one year against FFEB's 12.9%, and both returned 18.6% a year over three years. FFEB had about $1.4 billion in net assets as of August 31, 2026, versus MART's $30.6 million as of July 31, 2026. Their buffer levels, caps and outcome periods are worth comparing directly.
Is MART a good fit for retirement?
It may suit retirees who want cushioned S&P 500 exposure and can hold through each March-to-February period, but it has trade-offs. As of October 27, 2026, its one-year beta was 0.53, meaning it moved about half as much as the broad market. It returned 15.83% in 2024 and 14.65% in 2025. It pays no income, caps gains and has a short record. Its 0.74% fee comes to $76 in the first year on $10,000 under the SEC's standard example.