{
 "ticker": "MARM",
 "name": "FT Vest U.S. Equity Max Buffer ETF - March",
 "issuer": "First Trust",
 "desk": "buffer",
 "url": "https://etfiq.com/funds/marm",
 "html": "https://etfiq.com/funds/marm",
 "markdown": "https://etfiq.com/funds/marm.md",
 "as_of": "2026-09-11",
 "verdict": "As of Sep 11, 2026, MARM has reached its cap.",
 "key_facts": [
  {
   "key": "past_the_cap_price_drift_left",
   "label": "Past the cap, price drift left",
   "value": "2.6%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "MARM, past the cap, price drift left: 2.6%, as of Sep 11, 2026."
  },
  {
   "key": "fall_before_the_buffer",
   "label": "Fall before the buffer",
   "value": "4.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "MARM, fall before the buffer: 4.1%, as of Sep 11, 2026."
  },
  {
   "key": "protection_left_index_points",
   "label": "Protection left, index points",
   "value": "77.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "MARM, protection left, index points: 77.8%, as of Sep 11, 2026."
  },
  {
   "key": "days_to_reset",
   "label": "Days to reset",
   "value": "189",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "MARM, days to reset: 189, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$106m",
   "source": "issuer page, as of Sep 11, 2026",
   "as_of": "2026-09-11",
   "sentence": "MARM, net assets: $106m (issuer page, as of Sep 11, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.85%",
   "source": "issuer page, Sep 11, 2026",
   "as_of": "2026-09-11",
   "sentence": "MARM, expense ratio: 0.85% (issuer page, Sep 11, 2026)."
  }
 ],
 "fields": [
  {
   "key": "reference_index",
   "label": "Reference index",
   "value": "SPY",
   "source": null
  },
  {
   "key": "buffer",
   "label": "Buffer",
   "value": "78%",
   "source": null
  },
  {
   "key": "outcome_period",
   "label": "Outcome period",
   "value": "Mar 23, 2026 to Mar 19, 2027",
   "source": null
  },
  {
   "key": "starting_cap",
   "label": "Starting cap",
   "value": "+7.0%",
   "source": null
  },
  {
   "key": "spy_return_since_period_start",
   "label": "SPY return since period start",
   "value": "+17.8%",
   "source": null
  },
  {
   "key": "fund_return_since_period_start",
   "label": "Fund return since period start",
   "value": "+3.4%",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$106m",
   "source": "issuer page, as of Sep 11, 2026"
  },
  {
   "key": "band_state_today",
   "label": "Band state today",
   "value": "At cap",
   "source": "ETFIQ"
  },
  {
   "key": "can_still_gain",
   "label": "Can still gain",
   "value": "2.6%",
   "source": "issuer, fund price"
  },
  {
   "key": "fall_before_buffer",
   "label": "Fall before buffer",
   "value": "4.1%",
   "source": "issuer, fund price"
  },
  {
   "key": "fall_to_the_buffer_in_index_terms",
   "label": "Fall to the buffer in index terms",
   "value": "15.1%",
   "source": "ETFIQ"
  },
  {
   "key": "protection_left_in_index_points",
   "label": "Protection left in index points",
   "value": "77.8% of 77.8%",
   "source": "ETFIQ"
  },
  {
   "key": "days_left_in_period",
   "label": "Days left in period",
   "value": "189",
   "source": null
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.85%",
   "source": "issuer page, Sep 11, 2026"
  }
 ],
 "periods": [
  {
   "window": "3 months",
   "Total return": "+1.2%",
   "SPY": "+3.3%",
   "Gap to SPY": "\u22122.1 pts"
  },
  {
   "window": "6 months",
   "Total return": "+3.6%",
   "SPY": "+16.0%",
   "Gap to SPY": "\u221212.4 pts"
  },
  {
   "window": "1 year",
   "Total return": "+6.1%",
   "SPY": "+17.5%",
   "Gap to SPY": "\u221211.4 pts"
  }
 ],
 "questions": [
  {
   "q": "How much can MARM still gain?",
   "a": "Nothing more in index terms on Sep 11, 2026. SPY has already passed the cap of +7.0% for this period, which runs from Mar 23, 2026 to Mar 19, 2027."
  },
  {
   "q": "How far can MARM fall before the buffer helps?",
   "a": "4.1% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms SPY can fall 15.1% from that level before the buffer begins. Losses until that point are the holder's."
  },
  {
   "q": "How much of the MARM buffer is left?",
   "a": "77.8% of the 77.8% buffer sat below the SPY level on Sep 11, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer."
  },
  {
   "q": "When does MARM reset?",
   "a": "The outcome period ends on Mar 19, 2027, 189 days from the data on Sep 11, 2026. A new cap is set the next day and the buffer starts again."
  },
  {
   "q": "What does MARM cost?",
   "a": "The prospectus expense ratio is 0.85% a year."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}