At a glance
XMAR charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $154.2M in assets, the 8th largest of that group. Over the past year it returned +11.1% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +11.9% a year.
The short version
FT Vest U.S. Equity Enhance & Moderate Buffer ETF - March (XMAR) is a First Trust fund that holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), not stocks. Over each roughly one-year outcome period starting in March, it aims to pay about twice SPY's price gain, up to a cap, while absorbing the first 15% of SPY's losses. It charges 0.85% a year and has recorded no distributions.
Price history
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XMAR +11.1% 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 | |
|---|---|---|---|---|---|---|
| XMAR official prospectus, to Dec 31, 2024 | — | +10.29% | — | — | — | +11.86% |
| XMAR price data to Oct 27, 2026 | +9.7% | +11.1% | +11.9% | — | — | +11.3% |
- Over the year to Oct 27, 2026, XMAR returned +11.1%, 6th of 8 among similar funds.
- Its worst full calendar year was 2024 (+10.1%); its best was 2025 (+10.3%).
- The deepest fall in its price history was 7.3% (Mar 25, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.7% | — |
| 2025 | +10.3% | — |
| 2024 | +10.1% | +10.29% |
| 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 |
What's inside
As of Aug 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2026, investors added a net $21.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.19%, +0.63%, +1.07%.
How it works
XMAR doesn't pick stocks or track an index directly. Its sub-advisor, Vest Financial, puts nearly all of the fund's money into FLEX options. These are exchange-traded option contracts whose terms, such as strike prices and expiration dates, can be customized. All of them are tied to SPY, which tracks the S&P 500. As of August 31, 2026, 15 option positions made up 99.3% of assets and cash was 0.77%. The fund's results follow SPY's price only, so holders don't get SPY's dividends.
The options are set for a target outcome period of about one year. For the period ending March 20, 2026, the fund aimed to pay twice SPY's price gain up to a cap of 10.48%, with a buffer against the first 15% of losses (all before fees). After fees, the prospectus put the cap at 9.63% and the buffer at 14.15%. If SPY falls more than 15%, the fund takes the extra losses one for one. For example, if SPY drops 20%, the fund loses about 5% before fees. Each March the fund buys a new set of options. The buffer stays at 15%, but a new cap is set based on market conditions at the time.
These outcomes apply only to shares held for the whole period. The doubling comes from the option payoffs at the end of the period, not from a daily leverage reset. So day to day, the fund's price usually won't move twice as much as SPY's.
What it really costs
- XMAR 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 options are designed to absorb the first 15% of S&P 500 price losses over each full outcome period, and in return it gives up gains above a cap.
XMAR launched on March 17, 2023, so it missed the 2008, 2020 and 2022 market crashes. Its buffer hasn't been tested by a deep, long decline. Based on price, it returned 10.1% in 2024 (its weakest calendar year), 10.3% in 2025 and 9.7% in 2026 through October 27. Its deepest drop was 7.3%, from March 25 to April 8, 2025. It recovered by May 12, 2025, about a month later. Keep in mind that the buffer is only fully in place for shares held from March to March. A retiree who must sell in the middle of a bad stretch may get less protection than expected. The fund has recorded no distributions, so cash needs would have to come from selling shares. It costs 0.85% a year. Past results don't predict future ones, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with a buffer against the first 15% of SPY price losses and can hold from March to March.
- People who will give up big gains for steadier returns: the cap was 10.48% before fees for the period ending March 20, 2026.
- Investors comfortable with an all-options portfolio run by First Trust and Vest Financial, at an expense ratio of 0.85%.
Look elsewhere if
- Income seekers: the fund has recorded no distributions, and its returns leave out the dividends paid by SPY's stocks.
- Investors who want full S&P 500 gains in strong years, since anything above each period's cap is given up.
- Anyone likely to buy or sell partway through an outcome period, when results can differ sharply from the stated buffer and cap.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| XMAR this fund | 0.85% | $154.2M | +11.1% | +11.9% |
| 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
What is the cap and buffer on XMAR?
For the outcome period ending March 20, 2026, XMAR's cap was 10.48% and its buffer covered the first 15% of SPY's price losses, both before fees. After fees, the prospectus put them at 9.63% and 14.15%. The buffer stays at 15% each period. A new cap is set every March based on market conditions, so later caps can be higher or lower. About a week before each period ends, the fund's website posts an expected cap range.
Is XMAR a 2x leveraged ETF?
Not in the usual sense. It doesn't borrow money or reset its exposure every day the way daily 2x funds do. Instead, its FLEX options are built to pay about twice SPY's price gain over a full one-year outcome period, up to the cap. The prospectus warns that during the period, the fund's daily moves usually won't be twice SPY's. Its one-year beta, a measure of how much it moves with the market, was 0.19 as of October 27, 2026.
Does XMAR pay dividends?
No. The fund has recorded no distributions. Its returns are based only on SPY's price, so holders miss the dividends paid by the S&P 500 companies that SPY owns. An investor who needs regular cash from this holding would have to sell shares. That could mean selling during a down stretch, when the buffer may not yet fully apply.
What's the difference between XMAR and SPY?
SPY owns the stocks in the S&P 500. It passes along their dividends, along with all of their gains and losses. XMAR owns options on SPY instead. Over each full outcome period, it aims to double SPY's price gains up to a cap and absorb the first 15% of losses. It pays no dividends and charges 0.85% a year. XMAR's deepest drop was 7.3%, from March 25 to April 8, 2025, and it recovered by May 12, 2025.
What happens if I buy XMAR in the middle of the outcome period?
Your results may be very different from the stated targets. The cap and buffer apply only to shares bought on the first day of an outcome period and held to the end. If the fund has already risen close to its cap, there may be little upside left. If it has fallen, part of the buffer may already be used up. The prospectus says to check the fund's value against the cap and buffer before investing. Each new period starts in March.