(FMAR) FT Cboe Vest U.S. Equity - Overview

FMAR is a Cboe Vest “Defined-Outcome” ETF that, under normal market conditions, places essentially all of its capital into customized FLEX options linked to the SPDR S&P 500 ETF (SPY). These contracts let the fund set its own strike, style and expiry-here the March series-so that investors receive a pre-specified buffer (typically 10 % of the index’s downside) while capping upside participation at 100 % after the buffer is breached.

Key up-to-date metrics (as of 24 Jan 2026):
• Expense ratio: 0.30 % (unchanged since launch).
• Assets under management: ≈ US$ 1.2 bn, down 7 % from the prior quarter, reflecting net outflows amid heightened volatility.
• 30-day implied volatility of the underlying SPY options: 18.2 % (≈ 1.3 × 30-day historical vol), indicating the market is pricing in above-average turbulence that could erode the buffer’s protection.

Performance is driven almost entirely by the S&P 500’s trajectory and the fund’s buffer level. In a market that stays within the buffer band, FMAR can deliver near-full index returns less the expense fee; however, if the index falls more than the buffer, the ETF’s value can drop sharply, and any upside beyond the buffer is capped. Consequently, the fund’s risk profile is highly sensitive to macro-economic drivers such as the Federal Reserve’s policy stance, inflation trends, and sector-specific momentum-particularly in the heavyweight technology and consumer discretionary components of the S&P 500.

For a deeper, data-rich comparison of FMAR’s risk-return characteristics, you may find ValueRay’s analytical dashboards useful.