At a glance
YMAR charges 0.9% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $162.8M in assets, the 8th largest of that group. Over the past year it returned +9.5% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +13.9% a year. At its worst it fell 22.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months after the low.
The short version
FT Vest International Equity Moderate Buffer ETF – March (YMAR), from First Trust, holds FLEX options on the iShares MSCI EAFE ETF. That ETF owns large and mid-size companies in developed markets outside the US and Canada. Over each roughly one-year period starting in March, YMAR aims to absorb the first 15% of that ETF's price losses, and in exchange its gains are capped. It charges 0.90% a year and has recorded no distributions.
Price history
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YMAR +9.5% 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 | |
|---|---|---|---|---|---|---|
| YMAR official prospectus, to Dec 31, 2024 | — | +3.26% | — | — | — | +3.51% |
| YMAR price data to Oct 27, 2026 | +7.4% | +9.5% | +13.9% | +6.7% | — | +6.8% |
- Over the year to Oct 27, 2026, YMAR returned +9.5%, 7th of 8 among similar funds.
- Its 5-year annualized return was +6.7%.
- Its worst full calendar year was 2022 (-8.5%); its best was 2025 (+18.6%).
- The deepest fall in its price history was 22.6% (Mar 23, 2022 to Sep 27, 2022), recovered by Jun 15, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.4% | — |
| 2025 | +18.6% | — |
| 2024 | +3.1% | +3.26% |
| 2023 | +16.3% | +16.08% |
| 2022 | -8.5% | -8.38% |
| 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 | Lost 20.1% over that stretch · deepest drop along the way 22.6%, back to its old high 8.6 months after the low |
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 $5.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.18%, +1.79%, +1.42%.
How it works
YMAR does not buy stocks directly. It puts substantially all of its assets into FLEX Options. These are exchange-traded option contracts whose strike prices and expiration dates can be customized. The options are based on the iShares MSCI EAFE ETF, which BlackRock Fund Advisors runs to track the MSCI EAFE Index of large- and mid-cap stocks in developed markets outside the US and Canada. As of August 31, 2026, these options made up 99.29% of the fund's assets and cash made up 0.78%. Vest Financial is the sub-advisor.
The options are set at the start of each roughly one-year "target outcome period." For the period that ran from March 24, 2025 through March 20, 2026, gains were capped at 15.40% before fees, and the buffer covered the first 15% of losses. After fees, those figures were 14.50% and 14.10%. If the underlying ETF falls more than 15%, the fund takes the extra losses one for one: a 20% drop means about a 5% fund loss before fees. The fund follows only the ETF's price, so the dividends that ETF pays are not passed on.
Each March the fund resets with a new set of options. The 15% buffer stays the same, but the cap changes with market conditions. The cap and buffer are fixed against prices on the first day of the period. That means someone who buys after the start, or sells before the end, may get results very different from these targets.
What it really costs
- YMAR 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
- 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 uses options to soften losses on international developed-market stocks, which means giving up some upside and all dividend income.
YMAR could make a holding in international stocks less bumpy. As of October 27, 2026, its one-year volatility was 6.8% and its beta was 0.4, so it moved much less than the broad market. But the buffer is not a floor. The fund launched in March 2021, after the 2008 and 2020 crashes. In the 2022 bear market it fell 22.6% between March 23 and September 27, 2022, and it took about 8.6 months to recover. Its worst calendar year was 2022, with a loss of 8.38%. Anyone who had to sell near that low would have locked in a real loss. The fund has recorded no distributions, so cash would have to come from selling shares. It costs 0.90% a year, against a 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 developed-market stocks outside the US and Canada with the first 15% of yearly price losses buffered, and who accept capped gains.
- Holders who can buy near the March reset and keep their shares for the full one-year outcome period, which is when the stated cap and buffer apply.
- People who want a calmer ride: one-year volatility was 6.8% and beta was 0.4 as of October 27, 2026.
Look elsewhere if
- Income seekers: the fund has recorded no distributions, and its returns leave out the dividends paid by the iShares MSCI EAFE ETF.
- Cost-focused investors: the 0.90% expense ratio is above the 0.86% average for similar buffer funds and ranks 6th cheapest of 8.
- Those who want a large, heavily traded fund: with $162.8 million in net assets as of August 31, 2026, it was the smallest of eight funds compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| YMAR this fund | 0.9% | $162.8M | +9.5% | +13.9% |
| 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 YMAR pay dividends?
No. The fund has recorded no distributions. It holds FLEX options on the iShares MSCI EAFE ETF rather than the stocks themselves, and its returns follow only that ETF's price. So the dividends the ETF pays do not reach YMAR holders. Investors who want income from international stocks would need another source. Owning YMAR alone means any cash withdrawals have to come from selling shares.
How does the YMAR buffer work?
YMAR uses options to absorb the first 15% of price losses in the iShares MSCI EAFE ETF over a roughly one-year period that resets each March. Gains are capped. For March 24, 2025 through March 20, 2026, the cap was 15.40% before fees, and after fees the cap was 14.50% and the buffer 14.10%. Losses beyond 15% pass through one for one. These targets apply only to shares held for the full period.
Can you lose money in YMAR?
Yes. The buffer covers only the first 15% of the underlying ETF's yearly price drop, and buying partway through a period can leave less protection. In the 2022 bear market the fund fell 22.6% from March 23 to September 27, 2022. It recovered by June 15, 2023, about 8.6 months later. Its 2022 calendar-year loss was 8.38%, and its worst quarter was a 9.3% drop in the second quarter of 2022.
What's the difference between YMAR and FJAN?
YMAR buffers international developed-market stocks through options on the iShares MSCI EAFE ETF and resets in March. FJAN, another FT Vest fund, is a US equity buffer fund that resets in January. FJAN charges 0.85% versus YMAR's 0.90%. It held about $1.47 billion as of August 31, 2026, compared with YMAR's $162.8 million. As of October 27, 2026, FJAN returned 12.3% over one year and 17.4% a year over three years, versus 9.5% and 13.9% for YMAR.
How has YMAR performed since it launched?
Results have been modest but positive. According to the prospectus, YMAR returned 3.26% in the year to December 31, 2024, and 3.51% a year since its March 2021 launch. Its calendar-year returns were −8.38% in 2022, 16.08% in 2023 and 3.26% in 2024. Based on price, it gained 18.55% in 2025. As of October 27, 2026, it returned 9.5% over one year and 6.7% a year over five years.