Data as of .
MARM vs XMAR: which one stands where?
As of Sep 19, 2026 XMAR can fall 7.9% before its buffer engages and MARM 4.2%.
These are two different products. XMAR is a floor fund, which caps how far a holder can fall. MARM is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are First Trust funds, so the difference between them is the terms rather than the house.
Where each one stands today
MARM resets first, on Mar 19, 2027, 182 days from now; XMAR runs to Mar 19, 2027, 182 days. MARM can still gain 2.6% before its cap, XMAR 3.4%. A fall from here reaches MARM’s buffer after 4.2% and XMAR’s after 7.9%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| MARM | XMAR | MARM | XMAR | |
| 3 months | +1.2% | +2.0% | −1.1 pts | −0.2 pts |
| 6 months | +3.4% | +7.5% | −14.6 pts | −10.6 pts |
| 1 year | +6.1% | +11.1% | −10.5 pts | −5.5 pts |
| 3 years | not published | +36.5% | not published | −41.9 pts |
| MARM FT Vest U.S. Equity Max Buffer ETF - March Absorbs the first 78% of loss on SPY and caps the gain at 7.0%, over a period ending Mar 19, 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 | First Trust | First Trust |
| Reference index | SPY | SPY |
| Buffer | 78% | 15% |
| Outcome period | Mar 23, 2026 to Mar 19, 2027 | Mar 23, 2026 to Mar 19, 2027 |
| Days left | 182 | 182 |
| Starting cap | +7.0% | +12.2% |
| Can still gain | 2.6% | 3.4% |
| Fall before buffer | 4.2% | 7.9% |
| Protection left, index points | 77.8% of 77.8% | 15.0% of 15.0% |
| Index return this period | +17.4% | +17.4% |
| Fund return this period | +3.5% | +7.7% |
| State today | At cap | At cap |
| Expense ratio | 0.85% | 0.85% |
| Net assets | $106m | $154m |
MARM in plain words
SPY had already risen past this fund's cap of +7.0% for the period on Sep 19, 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 4.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.9% from today's level to the point where the buffer begins. Protection left, in index points: 77.8% of the 77.8% buffer still sits below today's SPY level. 182 days remained on Sep 19, 2026. On Mar 19, 2027 the period ends and a new cap is set.
XMAR in plain words
SPY had already risen past this fund's cap of +12.2% for the period on Sep 19, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.4% as the period runs out. The fund's price can fall 7.9% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.
Questions people ask
- Which has more room to gain, MARM or XMAR?
- From their prices on Sep 19, 2026, MARM can gain about 2.6% before its cap and XMAR about 3.4%, so XMAR has more room left this period.
- Which resets first, MARM or XMAR?
- MARM ends its outcome period on Mar 19, 2027 and XMAR on Mar 19, 2027. A new cap is set the day after each.
- Which is cheaper, MARM or XMAR?
- MARM charges 0.85% a year and XMAR charges 0.85%, so MARM is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, MARM against XMAR, data as of Sep 19, 2026. https://etfiq.com/compare/buffer/marm-vs-xmar Free to use with attribution; the underlying files are at Open data.