At a glance
XISE charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $35.8M in assets, the 8th largest of that group; it paid 5.92% of its price in distributions over the past 12 months, monthly. Over the past year it returned +6.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +7.3% a year.
The short version
FT Vest U.S. Equity Buffer & Premium Income ETF - September (XISE) is a First Trust fund that holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), plus short-term Treasuries. It does not aim to grow. It aims for monthly income (about 6.03% annualized after fees for the September 2025 to September 2026 period) and a buffer against SPY's first 10% of losses. Unlike most buffer funds, it gives up all of SPY's price gains.
Price history
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XISE +6.0% 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 | |
|---|---|---|---|---|---|---|
| XISE official prospectus, to Dec 31, 2024 | — | +5.71% | — | — | — | +7.05% |
| XISE price data to Oct 27, 2026 | +5.1% | +6.0% | +7.3% | — | — | +6.6% |
- Over the year to Oct 27, 2026, XISE returned +6.0%, 8th of 8 among similar funds.
- Its worst full calendar year was 2024 (+5.6%); its best was 2025 (+6.5%).
- The deepest fall in its price history was 6.2% (Mar 25, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.1% | — |
| 2025 | +6.5% | — |
| 2024 | +5.6% | +5.71% |
| 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) | $1.5000 | |
| 2025 | $1.8000 | -14.3% |
| 2024 | $2.1000 |
What's inside
As of Aug 31, 2026, the fund held 1 securities; the ten largest made up 0.49% of assets.
| Holding | Weight | |
|---|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.49% |
By country
United States 0.49%By asset type
Bonds and notes 0.49%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $760K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.37%, +0.47%, +0.37%.
How it works
XISE does not track an index. It puts nearly all its assets into FLEX options, which are exchange-listed options whose strike prices and expiration dates can be customized. These options reference SPY, an exchange-traded unit investment trust that tracks the S&P 500. The fund also holds short-term US Treasury securities. As of August 31, 2026, the options made up almost all of its exposure, and a Treasury bill due in early September 2026 was about 0.5% of net assets.
The fund runs in roughly one-year target outcome periods. One ran from September 22, 2025 to September 18, 2026. The option premiums and Treasury interest aimed to pay income of about 6.88% a year before fees, or 6.03% after fees. If SPY rises over the period, the fund's value is expected to end where it started, so holders get only the income. If SPY falls up to 10%, the buffer aims to absorb the loss. Beyond that, losses pass through one-for-one: if SPY falls 20%, the fund loses about 10% before fees. The fund does not receive SPY's dividends.
At each new period, the fund buys a new set of options. The 10% buffer stays the same, but the income level is reset to reflect market conditions at that time. Investors who buy after a period starts, or sell before it ends, may get very different results.
What it really costs
- XISE 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
XISE is built to pay steady monthly income tied to the S&P 500, with a 10% buffer, instead of growing in value.
XISE could add monthly income with far less price movement than stocks. As of October 27, 2026, its trailing 12-month yield was 5.92% ($1.80 per share), its one-year volatility was 2.8% and its beta was 0.18. The fund launched in September 2023, so it has never been through a crash like 2008, 2020 or 2022. Based on market prices, it gained 5.59% in 2024 and 6.54% in 2025. Its deepest drop was 6.2%, from March 25 to April 8, 2025, and it recovered by May 12, 2025. That is mild for someone who may need to sell shares in a bad year. A fall of more than 10% in SPY, though, would still pass losses through. The trade-off is no share of stock gains. XISE ranked last of 8 similar buffer funds on 1- and 3-year returns. Its 0.85% fee is close to the 0.86% peer average. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income seekers who want monthly payments and a buffer against SPY's first 10% loss, and accept giving up all of SPY's price gains.
- Investors who can buy near the start of an outcome period in late September and hold the full year, which is what the targets assume.
- People who want low-volatility income linked to stocks: one-year volatility was 2.8% and the deepest drop was 6.2% through October 27, 2026.
Look elsewhere if
- Growth-focused investors: XISE's 6% one-year return trailed all seven similar buffer funds, which keep some upside, as of October 27, 2026.
- Investors who want a large, heavily traded fund: net assets were about $35.8 million as of August 31, 2026, the smallest in its peer group.
- Anyone seeking crash protection: losses beyond SPY's first 10% decline pass through one-for-one, and the fund has not been through a major bear market.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| XISE this fund | 0.85% | $35.8M | +6.0% | +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
Does XISE pay monthly dividends?
Yes. XISE pays distributions monthly. As of October 27, 2026, its trailing 12-month yield was 5.92%, or $1.80 per share. For the period from September 22, 2025 to September 18, 2026, it targeted annualized income of about 6.88% before fees and 6.03% after fees. The income level is reset at the start of each period and can fall. The prospectus also warns that distributions may exceed the fund's income and gains. Part of a payout could then be a return of your own capital.
How does the XISE buffer work?
The buffer aims to absorb the first 10% of losses in SPY, the S&P 500 ETF the fund's options are based on. This applies over a roughly one-year outcome period. If SPY falls 10% or less, the fund aims to end the period at its starting value while still paying income. If SPY falls more, the fund takes the extra loss one-for-one. A 20% drop in SPY means about a 10% loss before fees. The buffer applies in full only to shares held for the entire period.
Can you lose money in XISE?
Yes. If SPY falls more than 10% over an outcome period, XISE loses money one-for-one beyond that point. The buffer is not guaranteed, and the prospectus says a shareholder could lose their entire investment. Buying after a period starts or selling before it ends can also lead to losses the buffer won't cover. The fund's deepest drop through October 27, 2026 was 6.2%, from March 25 to April 8, 2025. It recovered by May 12, 2025.
XISE vs FDEC: what's the difference?
Both are FT Vest buffer funds from First Trust with a 0.85% expense ratio. They aim for different results. Funds like FDEC (FT Vest US Equity Buffer ETF - December) give up some losses in exchange for a share of S&P 500 gains up to a cap. XISE gives up all of SPY's price gains and pays a set level of monthly income instead. As of October 27, 2026, FDEC returned 12.9% over one year and XISE returned 6%. FDEC was also much larger, at about $1.3 billion in net assets as of August 31, 2026.
What happens if I buy XISE in the middle of its outcome period?
Your results may differ a lot from the fund's stated targets. Those targets assume you buy on the first day of a period and hold to the end. If you buy mid-period, the fund's value may already be above or below where it started. That changes how much buffer you have left and how much income remains to be paid out. The prospectus says to check these before buying. About a week before each period ends, the fund's website shows the expected income range for the next one.