At a glance
XIMR charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $29.9M in assets, the 8th largest of that group; it paid 6.7% of its price in distributions over the past 12 months, monthly. Over the past year it returned +7.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
FT Vest U.S. Equity Buffer & Premium Income ETF - March (XIMR) uses FLEX options on the SPDR S&P 500 ETF Trust (SPY) and Treasury bills to pay monthly income while buffering the first 10% of SPY losses over each roughly one-year period. Unlike most buffer funds, it gives up all price gains above each period's start in return for income, targeted at about 6.37% a year after fees for March 2025 to March 2026.
Price history
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XIMR +7.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| XIMR price data to Oct 27, 2026 | +6.4% | +7.3% | — | — | — | +7.1% |
- Over the year to Oct 27, 2026, XIMR returned +7.3%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+6.7%); its best was 2025 (+6.7%).
- The deepest fall in its price history was 5.1% (Mar 25, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.4% |
| 2025 | +6.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.7800 | |
| 2025 | $1.9600 |
What's inside
As of Aug 31, 2026, the fund held 7 securities; the ten largest made up 4.13% of assets.
| Holding | Weight | |
|---|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.59% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.59% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.59% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.59% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.59% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.59% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.58% |
By country
United States 4.13%By asset type
Bonds and notes 4.13%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $784K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.23%, +0.49%, +0.68%.
How it works
First Trust Advisors runs a "target outcome" strategy using FLEX options on the SPDR S&P 500 ETF Trust (SPY), a unit investment trust tracking the S&P 500, plus short-term Treasury securities. FLEX options are customizable, exchange-traded contracts giving the right to buy or sell SPY at a set price on a set date. Income comes from option premiums (the price of an option) and Treasury interest. The fund does not receive SPY's dividends.
If SPY rises over a full period, the fund's net asset value (NAV) should end flat, giving up all price gains. If SPY falls 10% or less, NAV should also end flat. If SPY falls more than 10%, the fund takes losses beyond that one-for-one: a 20% SPY drop means about a 10% fund loss before fees. In each case, the fund aims to pay its set income.
The prospectus filed December 29, 2025 covers the roughly one-year period from March 24, 2025 to March 20, 2026, targeting about 7.22% annualized income before fees, or 6.37% after. At each reset, the fund buys new options and Treasuries; the 10% buffer stays, but income can change. As of August 31, 2026, its key SPY option strike prices were $648.56 and $583.70, 10% apart, marking the buffer's edges. Buying mid-period or selling early can produce very different results.
What it really costs
- XIMR charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
Its main aim is a set level of monthly income with a 10% buffer against S&P 500 ETF losses, not long-term price growth.
XIMR could add monthly income with small price swings: its one-year volatility was 1.9% and its trailing 12-month yield 6.7% as of October 27, 2026. Launched in March 2024, it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 6.7%. It recovered its deepest drop, 5.1% from March 25 to April 8, 2025, by May 12, 2025.
The fund gives up price gains above each period's start, so its share price is not built to grow with inflation, and a loss beyond the 10% buffer would be hard to win back. It aims to keep paying income in a down year, but selling mid-period could fetch less than the buffer implies. Its 0.85% expense ratio is near the 0.86% similar-fund average. Past results don't predict the future; a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income seekers willing to give up S&P 500 price gains for monthly payouts, targeted at 6.37% annualized after fees for March 2025–March 2026.
- People who want a buffer on the first 10% of SPY (S&P 500) losses and can hold for a full, roughly one-year outcome period.
- Those seeking small price swings: one-year volatility was 1.9% and the deepest drop since launch was 5.1%, as of October 27, 2026.
Look elsewhere if
- Growth seekers: XIMR gives up price gains above each period's start; its 7.3% one-year return to October 27, 2026 trailed all seven similar funds.
- Anyone worried about deep crashes: beyond the 10% buffer, losses pass through one-for-one, and the fund has no record from 2008, 2020 or 2022.
- Those wanting a big fund: net assets were $29.9 million as of August 31, 2026, smallest of eight similar funds; small funds may trade thinly.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| XIMR this fund | 0.85% | $29.9M | +7.3% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is XIMR good for retirement income?
It may suit retirees who want monthly income and a cushion against moderate stock losses, but it involves clear trade-offs. Its 0.85% expense ratio is near the 0.86% average for similar funds. It gives up price gains above each period's start, so its share price is not designed to grow, and losses beyond the 10% buffer pass through one-for-one. Its record is short: one full calendar year, 2025, when it returned 6.7%.
Does XIMR pay monthly dividends?
Yes, it pays monthly, though the payouts are not stock dividends. They come from option premiums and Treasury interest, and the fund does not receive SPY's dividends. Its trailing 12-month yield (the past year's payouts divided by the share price) was 6.7% as of October 27, 2026, or about $2.10 per share. The prospectus warns that distributions may exceed the fund's income and gains. The income level also resets each period, so payouts can rise or fall.
Can you lose money with XIMR?
Yes. It is not a bank deposit and is not insured by any government agency. The buffer covers only the first 10% of SPY losses over a full period; beyond that, losses pass through one-for-one, and the prospectus says a shareholder may lose their entire investment. Buying after a period starts or selling before it ends can bring very different results. Its deepest drop was 5.1%, from March 25 to April 8, 2025, but it did not exist during the 2008, 2020 or 2022 downturns.
What's the difference between XIMR and FFEB?
The main difference is what each trades away. FFEB (FT Vest U.S. Equity Buffer Fund - February) is a buffer fund with the same 0.85% expense ratio. Buffer funds typically keep price gains up to a cap; XIMR instead gives up all price gains above each period's start in return for a set income level. As of October 27, 2026, FFEB's one-year return was 12.9% versus 7.3% for XIMR. FFEB was also far larger: about $1.42 billion in net assets versus $29.9 million as of August 31, 2026.
When does XIMR reset its buffer and income?
XIMR resets once a year, in late March. The period described in its prospectus filed December 29, 2025 ran from March 24, 2025 to March 20, 2026, and each new period starts the next business day and lasts about a year. At each reset, the fund buys new FLEX options and Treasuries, keeps the 10% buffer and sets a new income level. About a week before a period ends, the fund's website posts an expected income range for the next one, though the final level may differ.