At a glance
TMAR charges 0.95% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $18.7M in assets, the 8th largest of that group. Over the past year it returned +14.8% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds.
The short version
FT Vest Emerging Markets Buffer ETF – March (TMAR) uses options on the iShares MSCI Emerging Markets ETF to seek its price return up to a cap, with a buffer against the first 10% of losses over one-year periods starting each March. Unlike US-stock buffer funds such as FJAN, it targets emerging markets; trade-offs include a 0.95% fee (peer average 0.86%), no dividends and a small $18.7 million asset base as of August 31, 2026.
Price history
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TMAR +14.8% 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 | |
|---|---|---|---|---|---|---|
| TMAR price data to Oct 27, 2026 | +13.1% | +14.8% | — | — | — | +17.8% |
- Over the year to Oct 27, 2026, TMAR returned +14.8%, 1st of 8 among similar funds.
- The deepest fall in its price history was 9.9% (Mar 27, 2025 to Apr 8, 2025), recovered by May 2, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +13.1% |
| 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 added a net $10.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.08%, -1.92%, +4.83%.
How it works
TMAR does not own stocks directly. It holds FLEX options, exchange-listed contracts with customized terms such as price levels and expiration dates, that reference the iShares MSCI Emerging Markets ETF (EEM). EEM, managed by BlackRock Fund Advisors, tracks the MSCI Emerging Markets Index of large and mid-sized companies. As of August 31, 2026, 12 option positions made up about 99% of assets. Vest Financial is the sub-advisor.
The options target set results over roughly one-year outcome periods; the one that began March 23, 2026, ends March 19, 2027. If EEM's share price rises, the fund seeks to match the gain up to a 29.55% cap. If EEM falls, the fund seeks to shield holders from the first 10% of losses. Beyond that, losses pass through one-for-one: a 20% EEM drop means about a 10% fund loss before fees. After fees, the cap is 28.60% and the buffer 9.05%. Returns exclude EEM's dividends, and nothing is guaranteed.
At each period's end, the fund buys new options. The buffer stays at 10%, but the cap changes with market conditions; the fund's website posts an expected cap range about a week before. The targets apply only to shares bought on the first day and held to the last. Buying or selling mid-period can give very different results.
What it really costs
- TMAR charges 0.95% a year, versus an average of 0.86% for the similar funds below (6th of 8, cheapest first).
Structure and tax notes
- 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 adds emerging-market stock exposure to a portfolio, with options that cushion the first 10% of losses over each March-to-March outcome period.
TMAR could add emerging-market stocks to a retirement portfolio with a cushion against moderate declines, but its record is short. It launched March 21, 2025, so it missed the 2008, 2020 and 2022 sell-offs and has no full calendar year of results. Its deepest drop was 9.9%, from March 27 to April 8, 2025, and it recovered by May 2, 2025. The buffer works fully only for holders who stay the whole outcome period. A retiree forced to sell mid-period in a falling market may get less protection, and losses beyond the first 10% pass through one-for-one.
TMAR has made no distributions, so drawing cash means selling shares. It costs 0.95% a year, above the 0.86% average for 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 wanting emerging-market stock exposure through the iShares MSCI Emerging Markets ETF, with a buffer against the first 10% of losses each March-to-March period.
- People able to buy when an outcome period starts each March and hold to its end, the only way the cap and buffer fully apply.
- Investors willing to give up gains above the cap (29.55% for the period ending March 19, 2027) and EEM's dividends for cushioning against moderate declines.
Look elsewhere if
- Retirees seeking income: TMAR has made no distributions, and its returns exclude the dividends paid by the iShares MSCI Emerging Markets ETF.
- Cost-conscious investors: the 0.95% expense ratio is above the 0.86% average for similar buffer funds and the 0.79% charged by PJAN.
- Anyone wanting a long record or large fund: launched March 21, 2025, it held $18.7 million as of August 31, 2026, smallest among peers.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| TMAR this fund | 0.95% | $18.7M | +14.8% | — |
| 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 the cap and buffer on TMAR?
TMAR's cap is 29.55% and its buffer covers the first 10% of losses, both before fees, for the outcome period from March 23, 2026, to March 19, 2027. After fees, they are 28.60% and 9.05%. Both are measured against the share price of the iShares MSCI Emerging Markets ETF. The buffer stays at 10% each period, but the cap resets every March based on market conditions. Losses beyond 10% pass through one-for-one.
What happens if you buy TMAR after the outcome period starts?
Results can differ sharply from the stated cap and buffer. Those targets apply only to shares bought on the first day of an outcome period and held to the last. A mid-period buyer starts from a different price, so the upside left before the cap, and the protection left in the buffer, may be larger or smaller. During the period, the fund's value can also drift well away from the underlying ETF's price performance.
Does TMAR pay dividends?
No. TMAR has made no distributions. Because it holds options rather than stocks, its returns follow only the share price of the iShares MSCI Emerging Markets ETF and do not include the dividends that fund pays. Holders therefore miss that part of emerging-market returns. Anyone drawing income from a retirement portfolio would need to sell TMAR shares to raise cash.
What's the difference between TMAR and EEM?
EEM, the iShares MSCI Emerging Markets ETF, owns emerging-market stocks and passes along their full gains, losses and dividends. TMAR, from First Trust, holds FLEX options on EEM instead. Over each March-to-March outcome period, it seeks EEM's price return up to a cap (29.55% before fees for the period ending March 19, 2027), with a buffer against the first 10% of losses. TMAR does not capture EEM's dividends and charges 0.95% a year.
TMAR vs FJAN: what's the difference?
The main difference is the market underneath. FJAN, the FT Vest US Equity Buffer ETF – January, is built on US stocks, while TMAR is built on emerging-market stocks. TMAR costs 0.95% a year versus 0.85% for FJAN. It is also far smaller: $18.7 million against about $1.47 billion as of August 31, 2026. TMAR's one-year return was 14.8% versus 12.3% for FJAN as of October 27, 2026, but that is a short window across two different markets.