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MARM

GradeCChicago Board Options Exchange

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

Buffered · First Trust · Inception 2024-03-26 · SEC filings

$34.54−0.00 (−0.00%)

As of Sep 23, 2026, 2:41 PM EDT

History starts Mar 27, 2024.
Intraday session: down, 7 prints from 34.54 to 34.54. Range 34.53 to 34.64. Use the arrow keys to read each point.$34.60$34.6510 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$106M
1Y return
+6.0%
Yield · Last 12 months
—
Holdings
4
Volume · 30D
0M sh
NAV per share
$34.56
52W range
low $32.52high $34.98

The ETF.net MARM Grade

C

51/ 100

Rank 8 of 20 in S&P 500 Max Buffer⁠

Confidence Medium

Six-pillar profile for MARM. Scores out of 100: Cost 21, Risk 87, Mission not scored, Tradability 63, Holdings 54, Durability 91. Strongest: Durability (91). Weakest: Cost (21). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 51 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 21
    Category rank17/20 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 87
    Category rank2/20 · top 10%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 63
    Category rank7/20 · top 35%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 54
    Category rank2/4 · top 50%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 91
    Category rank2/20 · top 10%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on MARM

ETF.net Research

CThe 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

  1. 01Protection 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
  2. 02The 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
  3. 03At 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%.
  4. 04The 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

  1. 01The 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.
  2. 02That 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.
  3. 03Thinly 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

As of Sep 21, 2026, 5:47 PM
Asset class
Other
Holdings
4
Top-10 weight
114%
Largest holding
2027-03-19 State Street® SPDR® S&P 500® ETF Trust C 6.47112.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—2027-03-19 State Street® SPDR® S&P 500® ETF Trust C 6.47111.99%1,582$119M1
002—2027-03-19 State Street® SPDR® S&P 500® ETF Trust P 648.551.14%1,582$1M1
003—US Dollar0.66%696,136$696K394

Showing 1–3 of 3 holdings

MARM Performance

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

MARM$10,602
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. MARM $10,602. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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+4.5%
1 month+0.3%
3 months+1.3%
1 year+6.0%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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+4.5%
2025+7.0%
2024+6.0%

History from Mar 27, 2024

MARM in the news

ETF.net Research hasn’t filed on MARM yet — coverage lands here as it’s written.

MARM Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

MARM Risk

How much the fund’s monthly returns vary, scaled to a year.
2.0%
Annualised · 29 months to Aug 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.
1.35
vs 3-month T-bills · 29 months to Aug 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%
29 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.

MARM Cost

Expense ratio0.85%
  • The middle half of S&P 500 Max Buffer funds
  • Median 0.52%

11 of the 20 S&P 500 Max Buffer funds charge less.

MARM costs $85.00 a year on $10,000. The median S&P 500 Max Buffer fund costs $51.50.