Skip to content
etf.net

MARM vs PMSE

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

MARMBCboe

PGIM S&P 500 Max Buffer ETF - September

PMSEBCboe

Overlap

Expense ratio

PMSE −0.35pt a year

MARM0.85%PMSE0.50%

Avg volume · 30D

MARM 1.8×the volume

MARM4.73KPMSE2.61K

MARM vs PMSE Performance

Oct 31, 2025 – Oct 30, 2026

+6.0%MARM+5.2%PMSE

Oct 31, 2025 to Oct 30, 2026. MARM +6.0%. PMSE +5.2%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025Apr 2026Oct 2026
Expense ratio
MARM 0.85%
PMSE 0.50%, better
Fund size
MARM $105M
PMSE $8M
1Y total return
MARM +6.0%, better
PMSE +5.2%
Holdings
MARM 3
PMSE 4
Avg volume (30D)
MARM 4.73K sh, better
PMSE 2.61K sh
NAV per share
MARM $34.69
PMSE $26.80
52W range

ETF.net Grade

MARM: Cost 21, Risk 79, Mission not scored, Tradability 81, Holdings 63, Durability 91. PMSE: Cost 76, Risk 45, Mission not scored, Tradability 37, Holdings not scored, Durability 24.
Pillar letters and Scores for MARM, PMSE, with each pillar’s weight
PillarMARMPMSE
Cost30% weightF21A76Higher
Mission25% weightNot scoredNot scored
Risk15% weightA79HigherC45
Tradability15% weightA81HigherD37
Holdings10% weightB63Not scored
Durability5% weightA91HigherF24

Rank among S&P 500 Max Buffer funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. MARM and PMSE are both graded against the same 20 S&P 500 Max Buffer funds, so their Grades compare head to head.

S&P 500 Max Buffer⁠

Category · 20 funds
See all 20 ›

PMSE ranks 2nd and MARM 10th of 20 funds in the S&P 500 Max Buffer Category.

  1. Rank 1BPMDEPGIM S&P 500 Max Buffer ETF - DecemberScore 63
  2. Rank 2BPMJLPGIM S&P 500 Max Buffer ETF - JulyScore 56
  3. Rank 2BPMSEPGIM S&P 500 Max Buffer ETF - SeptemberScore 56
  4. Rank 4BPMJNPGIM S&P 500 Max Buffer ETF - JuneScore 55
  5. Rank 8BPMMYPGIM S&P 500 Max Buffer ETF - MayScore 54
  6. Rank 10BMARMFT Vest U.S. Equity Max Buffer ETF - MarchScore 53
  7. Rank 10BPMAUPGIM S&P 500 Max Buffer ETF - AugustScore 53

Our read on each fund

ETF.net Research

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

PMSEBPGIM S&P 500 Max Buffer ETF - September

In short

MARM The 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.

PMSE No data

Stated mandate

MARM 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.

PMSE No data

Why people hold it

  • MARM 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.

PMSE No data

Worth knowing

  • MARM 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.

PMSE No data

Full MARM profile⁠

Full PMSE profile⁠

MARM vs PMSE Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MARM vs PMSE Cost

Overpaying MARM vs PMSE

$6,220

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

  • MARM 0.85%

    $16,199

  • PMSE 0.50%

    $9,979

$10,000
30 years

Cost over time

  • MARM 0.85%
  • PMSE 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 $16,199PMSE $9,979

Year by year

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

Expense ratio

  • 0.85%MARM
  • 0.50%PMSE, cheaper
  • Middle half of S&P 500 Max Buffer funds
  • Median 0.52%

PMSE cheapest of 20 funds

MARM 12th cheapest of 20 funds

MARM vs PMSE Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
MARM None
PMSE None

Distribution history

MARMAll MARM payments⁠

No distribution history available.

PMSEAll PMSE payments⁠

No distribution history available.

MARM vs PMSE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MARM 1.9%since Apr 2024PMSE 2.2%since Oct 2025
Return per unit of riskSharpe ratio, 3 years
MARM 1.28since Apr 2024PMSE 0.55since Oct 2025
Worst fallMax drawdown, 5 years
MARM −2.7%since Mar 2024PMSE −1.4%since Sep 2025
Market sensitivityBeta, 5 years
MARM 0.12PMSE 0.16

Popular comparisons

  • MARMBvsPMDEB

    FT Vest U.S. Equity Max Buffer ETF - March · PGIM S&P 500 Max Buffer ETF - December

    Expense ratio
    0.85% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PMSEBvsPMDEB

    PGIM S&P 500 Max Buffer ETF - September · PGIM S&P 500 Max Buffer ETF - December

    Expense ratio
    0.50% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MARMBvsPMJLB

    FT Vest U.S. Equity Max Buffer ETF - March · PGIM S&P 500 Max Buffer ETF - July

    Expense ratio
    0.85% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PMSEBvsPMJLB

    PGIM S&P 500 Max Buffer ETF - September · PGIM S&P 500 Max Buffer ETF - July

    Expense ratio
    0.50% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MARMBvsPMJNB

    FT Vest U.S. Equity Max Buffer ETF - March · PGIM S&P 500 Max Buffer ETF - June

    Expense ratio
    0.85% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PMSEBvsPMJNB

    PGIM S&P 500 Max Buffer ETF - September · PGIM S&P 500 Max Buffer ETF - June

    Expense ratio
    0.50% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.