At a glance
QMAR charges 0.9% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $593.4M in assets, the 8th largest of that group. Over the past year it returned +18.0% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +17.4% a year.
The short version
FT Vest Nasdaq-100 Buffer ETF – March (QMAR) is a First Trust fund that holds FLEX options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. Over each roughly one-year period starting in March, it aims to absorb the first 10% of QQQ's price losses in exchange for a cap on gains: 18.22% before fees for the period ending March 20, 2026. It charges 0.90% a year and has paid no distributions.
Price history
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QMAR +18.0% 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 | |
|---|---|---|---|---|---|---|
| QMAR official prospectus, to Dec 31, 2024 | — | +16.54% | — | — | — | +11.06% |
| QMAR price data to Oct 27, 2026 | +16.3% | +18.0% | +17.4% | — | — | +12.8% |
- Over the year to Oct 27, 2026, QMAR returned +18.0%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+10.9%); its best was 2023 (+35.5%).
- The deepest fall in its price history was 19.8% (Mar 29, 2022 to Oct 14, 2022), recovered by May 18, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +16.3% | — |
| 2025 | +10.9% | — |
| 2024 | +16.1% | +16.54% |
| 2023 | +35.5% | +34.77% |
| 2022 | — | -16.42% |
| 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 25, 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 added a net $26.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.24%, -0.91%, +2.79%.
How it works
QMAR does not own Nasdaq-100 stocks directly. It puts substantially all of its assets into FLEX Options. These are exchange-traded option contracts with customized strike prices and expiration dates. They are tied to the price of the Invesco QQQ Trust, Series 1. QQQ is a unit investment trust sponsored by Invesco, and it holds every stock in the Nasdaq-100 Index: 100 of the largest domestic and international non-financial companies listed on Nasdaq. As of August 31, 2026, 16 option positions made up 99.36% of assets and cash was 0.71%. Vest Financial LLC is the sub-advisor.
The options are combined to produce a "target outcome" over a period of about one year. For March 24, 2025 through March 20, 2026, the fund aimed to match QQQ's price gains up to a cap of 18.22% and to absorb the first 10% of losses. After fees, those figures were 17.32% and 9.10%. If QQQ fell more than 10%, the fund took any further losses one-for-one. The fund tracks QQQ's price only, so QQQ's dividends are not included.
Each March the fund resets with new options. The buffer stays at 10%, but the cap moves with market conditions. About a week before each reset, the fund's website posts an expected cap range. Buying after a period starts, or selling before it ends, can give results very different from the stated cap and buffer.
What it really costs
- QMAR charges 0.9% a year, versus an average of 0.86% for the similar funds below (6th 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 keeps exposure to Nasdaq-100 stocks while using options to soften the first 10% of losses over each March-to-March period, at the cost of capped gains.
QMAR launched in 2021, so it has no record from the 2008 or 2020 crashes. It did go through the 2022 bear market. The prospectus shows a 16.42% loss in 2022, its worst calendar year. Its deepest drop was 19.8%, from March to October 2022, and it recovered about seven months after the low, in May 2023. The buffer applies to each full outcome period, not to whatever window an investor picks. Someone who has to sell partway through a bad year may get less protection. The fund pays no income, so any cash needs would have to come from selling shares. Its 0.90% expense ratio is above the 0.86% average for similar buffer 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 Nasdaq-100 exposure through QQQ and will give up some upside (an 18.22% cap for the period ending March 2026) for a 10% buffer.
- People who can buy near a March reset and hold the full year, the only window the stated cap and buffer are designed for.
- Holders who want a calmer ride than the Nasdaq-100 alone: one-year volatility was 7% and beta 0.48 as of October 27, 2026.
Look elsewhere if
- Investors who need regular income: QMAR has recorded no distributions, and its returns leave out the dividends QQQ pays.
- Cost-focused investors: the 0.90% expense ratio ranks 6th of 8 among similar buffer funds, above the 0.86% peer average.
- Anyone wanting broad diversification: QMAR rests on 100 growth-heavy, non-financial Nasdaq stocks and still lost 16.42% in 2022.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| QMAR this fund | 0.9% | $593.4M | +18.0% | +17.4% |
| 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
What is QMAR ETF?
QMAR is the FT Vest Nasdaq-100 Buffer ETF – March, a First Trust fund sub-advised by Vest Financial. It holds FLEX options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. Over each roughly one-year period starting in March, it seeks to match QQQ's price return up to a cap while absorbing the first 10% of losses. Net assets were about $593 million as of August 31, 2026, and the expense ratio is 0.90%.
Does QMAR pay dividends?
No. QMAR has recorded no distributions, and the prospectus says its performance will not reflect dividends paid by the Invesco QQQ Trust. Because the fund owns options rather than the stocks themselves, holders give up the dividend part of the Nasdaq-100's return. Anyone who needs regular cash from this fund would have to sell shares, or compare it with funds built for income.
What happens if you buy QMAR in the middle of the outcome period?
The stated cap and buffer may not apply to you. Both are set against QQQ's price and the fund's NAV on the first day of each period, such as March 24, 2025. If QQQ has risen since then, a new buyer may have less room left before the cap and more downside before the buffer starts. If QQQ has fallen, the reverse can happen. The prospectus warns that results can be very different for anyone who buys or sells mid-period.
QMAR vs BUFR: what's the difference?
Both come from First Trust's FT Vest line. QMAR uses options on the Nasdaq-100-tracking QQQ and resets once a year in March. BUFR's name points to a laddered approach spread across several outcome periods. BUFR is much larger, at about $10.5 billion versus $593 million as of August 31, 2026, and it charges 0.95% versus 0.90%. As of October 27, 2026, QMAR returned 18% over one year versus 11.6% for BUFR, and 17.4% versus 16.8% a year over three years.
Can QMAR lose money?
Yes. The buffer covers only the first 10% of QQQ's price loss over a full outcome period, and any losses beyond that pass through one-for-one. The prospectus shows a 16.42% loss in 2022 and a worst quarter of -14.82% in the three months to June 30, 2022. The options also carry counterparty and valuation risks, and the prospectus warns that a shareholder could lose their entire investment.