Which resets first, ARLU or XMAR?

ARLU ends its outcome period on Mar 31, 2027 and XMAR on Mar 19, 2027. New terms are set the day after each.

Which is cheaper, ARLU or XMAR?

ARLU charges 0.74% a year and XMAR charges 0.85%, so ARLU is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

ARLU vs XMAR: Cap, Buffer & Days Left

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As of Nov 4, 2026 ARLU can fall 12.1% before its buffer engages and XMAR 8.7%, and XMAR resets 12 days sooner.

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Net assets on Nov 3, 2026: $54m for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Apr and $160m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - March.

ARLU on its own →XMAR on its own →

At a glance

12.1%

ARLU can fall this far before its buffer

8.7%

XMAR can fall this far before its buffer

uncapped

ARLU can still gain

2.6%

XMAR can still gain

ARLU No cap

ARLU: reference +17.9% since period start, fund +12.8%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.

XMAR At its cap

XMAR: reference +18.2% since period start, fund +8.6%; buffer 0 to −15; cap +12.2%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

ARLU costs 0.11 points a year less; their one-year returns differ by 3.6 points; XMAR is 3.0 times larger.

Points (pts) are percentage points.

ARLU vs XMAR: Cap, Buffer & Days Left
Measure	ARLU	XMAR
Return
Measure	ARLU	XMAR
Total return, 1 year	+7.7%	+11.3%
Drawdown
Measure	ARLU	XMAR
Index fall to the buffer	15.2%	15.4%
Benchmark
Measure	ARLU	XMAR
What it tracks	SPY	SPY
Cost and size
Measure	ARLU	XMAR
Expense ratio	0.74%	0.85%
Net assets, as of Nov 3, 2026	$54m	$160m
Holdings
Measure	ARLU	XMAR
Holdings in common	not published

Method

Window by window

Window by window: ARLU vs XMAR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	ARLU	XMAR	ARLU	XMAR
3 months	−1.2%	+1.5%	−0.8 pts	+1.9 pts
6 months	+2.7%	+3.8%	−1.7 pts	−0.7 pts
1 year	+7.7%	+11.3%	−5.9 pts	−2.3 pts
3 years	–	+36.9%	–	−39.5 pts
Since launchNot the same days: ARLU Apr 2024 · XMAR Mar 2023	+29.5%	+47.1%	−17.3 pts	−47.6 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

ARLU AllianzIM U.S. Equity Buffer15 Uncapped ETF - Apr · Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Mar 31, 2027 XMAR FT Vest U.S. Equity Enhance & Moderate Buffer ETF - March · Absorbs the first 15% of loss on SPY and caps the gain at 12.2%, over a period ending Mar 19, 2027

Issuer AllianzIM First Trust

Reference index SPY SPY

Buffer 15% 15%

Outcome period Apr 1, 2026 to Mar 31, 2027 Mar 23, 2026 to Mar 19, 2027

Days left 147 135

Starting cap uncapped +12.2%

Can still gain uncapped 2.6%

Fall before buffer 12.1% 8.7%

Protection left, index points 15.0% of 15.0% 15.0% of 15.0%

Index return this period +17.9% +18.2%

Fund return this period +12.8% +8.6%

State today Uncapped At cap

Expense ratio 0.74% 0.85%

Net assets, as of Nov 3, 2026 $54m $160m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. XMAR is a floor fund, which caps how far a holder can fall. ARLU is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

XMAR is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

XMAR resets first, on Mar 19, 2027, 135 days from now; ARLU runs to Mar 31, 2027, 147 days. A fall from here reaches ARLU’s buffer after 12.1% and XMAR’s after 8.7%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

ARLU

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 12.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.2% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and new terms are set.

XMAR

SPY had already risen past this fund's cap of +12.2% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.6% as the period runs out. The fund's price can fall 8.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.4% from today's level to the point where the buffer begins. 135 days remained on Nov 4, 2026. On Mar 19, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, ARLU or XMAR?: ARLU ends its outcome period on Mar 31, 2027 and XMAR on Mar 19, 2027. New terms are set the day after each.
Which is cheaper, ARLU or XMAR?: ARLU charges 0.74% a year and XMAR charges 0.85%, so ARLU is cheaper. Fees come from each fund's prospectus.

Other comparisons

ARLU vs FMAR ARLU vs TAPR ARLU vs PMAP ARLU vs UAPR XMAR vs CPSP XMAR vs DDTA XMAR vs FLAO XMAR vs PAPR

Where to next

SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →ARLU on its own →XMAR on its own →Method →Standards and sources →

Sources and dates

ARLU filings on SEC EDGAR ↗

AllianzIM page for ARLU ↗

XMAR filings on SEC EDGAR ↗

First Trust page for XMAR ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, ARLU against XMAR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/arlu-vs-xmar

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.