FT Vest U.S. Equity Max Buffer ETF - March
MARM
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- FT Vest U.S. Equity Max Buffer ETF - March (MARM) is an actively managed exchange-traded fund that seeks to deliver returns matching the price return of the SPDR S&P 500 ETF Trust (SPY) up to a predetermined upside cap, while buffering against 100% of SPY losses over a one-year Target Outcome Period from March 24, 2025, through March 20, 2026; the fund employs Flexible Exchange (FLEX) Options referencing SPY to achieve this target outcome strategy, with caps and buffers resetting annually at the start of each subsequent period based on prevailing market conditions, targeting a minimum cap of 7% and a buffer range of 20% to 100%; it operates as a non-diversified fund in the defined outcome ETF segment, primarily targeting U.S. institutional and retail investors seeking equity exposure with downside protection. The fund invests substantially all assets in FLEX Options; it provides no participation in SPY gains beyond the cap and full buffer protection only if shares are held for the complete Target Outcome Period. First Trust Exchange-Traded Fund VIII serves as the issuer, with First Trust Advisors L.P. acting as investment adviser and Vest Financial LLC as sub-adviser and portfolio manager; the fund, launched on March 26, 2024, is domiciled and headquartered in the United States, with shares listed on the Cboe BZX Exchange. In March 2024, First Trust introduced MARM as the inaugural offering in its Max Buffer ETF Series, expanding its suite of Target Outcome ETFs that collectively manage over $18 billion in assets; the launch featured portfolio management by Vest's Karan Sood and Howard Rubin, leveraging Vest's proprietary strategies; as of recent data, assets under management reached approximately $130 million, with Trevor Lack added as co-manager in January 2025. The fund maintains U.S.-focused operations with exposure to large-cap growth and value stocks via SPY, which tracks the S&P 500 Index across diversified sectors.