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Launched · SEC filings

FT Vest U.S. Equity Max Buffer ETF - March

MARMCboeFirst TrustB

$34.66−0.02 (−0.06%)

As of Nov 2, 2026, 3:33 PM ET

B53/ 100

Rank 10 of 20 in S&P 500 Max Buffer

B53/100Rank 10 of 20inS&P 500 Max Buffer
Intraday session: down, 74 prints from 34.68 to 34.66. Range 34.66 to 34.77. Use the arrow keys to read each point.34.7034.7234.7434.7610 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$105M
1Y total return
+6.0%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
4.73K sh
52W range
low $32.62high $34.98
Launched
Filings
SEC EDGAR

The ETF.net MARM Grade

Based on 5 of 6 pillars

B

Score 53 out of 100

Category
S&P 500 Max Buffer⁠
Rank
10 of 20
Six-pillar profile for MARM. Scores out of 100: Cost 21, Risk 79, Mission not scored, Tradability 81, Holdings 63, Durability 91. Strongest: Durability (91). Weakest: Cost (21). Based on 5 of 6 pillars.

Score 53 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25. The letter stays B for now. A new letter must hold for 3 published runs before it replaces it.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F21 out of 100
    Rank 12 of 20

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A79 out of 100
    Rank 2 of 20

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A81 out of 100
    Rank 3 of 20

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B63 out of 100
    Rank 2 of 4

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A91 out of 100
    Rank 2 of 20

Our read on MARM

ETF.net Research

In short

BThe far end of the buffer spectrum: MARM aims for the biggest downside buffer the options market will fund on the S&P 500 ETF it references, and pays for it with a small cap on gains. Fresh terms every March.

Stated mandate

The fund seeks to track the price return of the State Street SPDR S&P 500 ETF up to a cap while seeking the maximum available downside buffer over approximately one year. For March 23, 2026 through March 19, 2027, it targets a 77.82% loss buffer and a 7.00% gain cap.

Why people hold it

  • Protection is the headline. The mandate is the maximum available downside buffer over roughly a year, not the modest slice most buffer funds carve out.ftportfolios.com
  • The calendar does the work. A new cap and buffer are struck each March and run about twelve months, so the terms are set before the period begins.ftportfolios.com
  • At 0.85% a year it charges the same as the other funds built on the same SPDR S&P 500 reference, DHDG and SQMX, and less than BUFD at 0.95%.
  • The ride has been at the gentle end of its buffer peer group since the 2024 launch, which is exactly what a buffer this size is engineered to produce.

Worth knowing

  • The cap is what pays for the buffer, so big index years get left largely behind. It also follows price return only, so index dividends do not flow through.
  • That 0.85% sits above the median fee in its buffer cohort, and laddered options like PSFF (0.10%) and BUFP (0.50%) deliver risk-managed equity exposure for far less.
  • Thinly traded, and the stated cap and buffer run from the March reset. Buy mid-period and your own numbers differ from the headline terms, so limit orders earn their keep.

MARM Holdings

Holdings pillarB63 out of 100Rank 2 of 4 in S&P 500 Max Buffer
Asset class
Other
Holdings
3
Top-10 weight
112%
Largest holding
2027-03-19 State Street® SPDR® S&P 500® ETF Trust C 6.47110.8%

Geography

  • United States99.53%
  • Switzerland0.26%
  • China0.10%
  • Mexico0.05%
  • Ireland0.03%
  • United Kingdom0.03%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No data2027-03-19 State Street® SPDR® S&P 500® ETF Trust C 6.47110.77%1,556$116M1
2No data2027-03-19 State Street® SPDR® S&P 500® ETF Trust P 648.551.11%1,556$1.17M1
3No dataUS Dollar0.60%633,415$633K408

Showing 1–3 of 3 holdings

MARM Performance

Launched Mar 26, 2024

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
MARM$10,596
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. MARM $10,596. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for MARM. Periods over one year show the average yearly return.
PeriodMARM
Year to date+4.9%
1 month+0.3%
3 months+1.1%
1 year+6.0%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for MARM
YearReturn barMARM
2026 YTD+4.9%
2025+7.0%
2024+6.0%

History from Mar 27, 2024

MARM in the news

Filtered to MARM · S&P 500 Max Buffer · First Trust

MARM Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

MARM Risk

Risk pillarA79 out of 100Rank 2 of 20 in S&P 500 Max Buffer
How much the fund’s monthly returns vary, scaled to a year.
1.9%
Annualised · 31 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.28
vs 3-month T-bills · 31 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−2.7%
31 months · trough Mar 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.12
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

MARM Cost

Compare MARM and PMJN

Overpaying vs PMJN, tied cheapest in S&P 500 Max Buffer

$6,220

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • MARM 0.85%

    $16,199

  • PMJN 0.50% Tied cheapest

    $9,979

$10,000
30 years

Cost over time

  • MARM 0.85%
  • PMJN 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530MARM $16,199PMJN $9,979

Year by year

YearMARMPMJNOverpaying
10$1,508$900$608
20$5,706$3,460$2,246
30$16,199$9,979$6,220

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