Which resets first, MARU or XFEB?

MARU ends its outcome period on Feb 28, 2027 and XFEB on Feb 19, 2027. New terms are set the day after each.

Which is cheaper, MARU or XFEB?

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

Data as of Nov 4, 2026.

Buffer ETFs

MARU vs XFEB: Cap, Buffer & Days Left

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As of Nov 4, 2026 MARU can fall 8.2% before its buffer engages and XFEB 7.2%, and XFEB resets 9 days sooner.

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Net assets on Nov 3, 2026: $35m for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Mar and $61m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - February.

MARU on its own →XFEB on its own →

At a glance

8.2%

MARU can fall this far before its buffer

7.2%

XFEB can fall this far before its buffer

uncapped

MARU can still gain

2.4%

XFEB can still gain

MARU No cap

MARU: reference +11.8% since period start, fund +8.1%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.

XFEB At its cap

XFEB: reference +11.2% since period start, fund +6.8%; buffer 0 to −15; cap +10.3%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

MARU costs 0.11 points a year less; their one-year returns differ by 0.9 points; XFEB is 1.7 times larger.

Points (pts) are percentage points.

MARU vs XFEB: Cap, Buffer & Days Left
Measure	MARU	XFEB
Return
Measure	MARU	XFEB
Total return, 1 year	+8.7%	+9.6%
Drawdown
Measure	MARU	XFEB
Index fall to the buffer	10.5%	10.1%
Benchmark
Measure	MARU	XFEB
What it tracks	SPY	SPY
Cost and size
Measure	MARU	XFEB
Expense ratio	0.74%	0.85%
Net assets, as of Nov 3, 2026	$35m	$61m
Holdings
Measure	MARU	XFEB
Holdings in common	not published

Method

Window by window

Window by window: MARU vs XFEB: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	MARU	XFEB	MARU	XFEB
3 months	−1.2%	+1.6%	−0.8 pts	+2.0 pts
6 months	+2.5%	+4.1%	−2.0 pts	−0.4 pts
1 year	+8.7%	+9.6%	−4.9 pts	−4.0 pts
Since launchNot the same days: MARU Mar 2025 · XFEB Feb 2024	+21.7%	+28.7%	−9.7 pts	−25.7 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

MARU AllianzIM U.S. Equity Buffer15 Uncapped ETF - Mar · Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Feb 28, 2027 XFEB FT Vest U.S. Equity Enhance & Moderate Buffer ETF - February · Absorbs the first 15% of loss on SPY and caps the gain at 10.3%, over a period ending Feb 19, 2027

Issuer AllianzIM First Trust

Reference index SPY SPY

Buffer 15% 15%

Outcome period Mar 1, 2026 to Feb 28, 2027 Feb 23, 2026 to Feb 19, 2027

Days left 116 107

Starting cap uncapped +10.3%

Can still gain uncapped 2.4%

Fall before buffer 8.2% 7.2%

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

Index return this period +11.8% +11.2%

Fund return this period +8.1% +6.8%

State today Uncapped At cap

Expense ratio 0.74% 0.85%

Net assets, as of Nov 3, 2026 $35m $61m

As of Nov 4, 2026. Source: ETFIQ.

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

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

Where each one stands today

XFEB resets first, on Feb 19, 2027, 107 days from now; MARU runs to Feb 28, 2027, 116 days. A fall from here reaches MARU’s buffer after 8.2% and XFEB’s after 7.2%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

MARU

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 8.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.5% 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. 116 days remained on Nov 4, 2026. On Feb 28, 2027 the period ends and new terms are set.

XFEB

SPY had already risen past this fund's cap of +10.3% 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 2.4% as the period runs out. The fund's price can fall 7.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.1% from today's level to the point where the buffer begins. 107 days remained on Nov 4, 2026. On Feb 19, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, MARU or XFEB?: MARU ends its outcome period on Feb 28, 2027 and XFEB on Feb 19, 2027. New terms are set the day after each.
Which is cheaper, MARU or XFEB?: MARU charges 0.74% a year and XFEB charges 0.85%, so MARU is cheaper. Fees come from each fund's prospectus.

Other comparisons

MARU vs MRCP MARU vs CPSR MARU vs DDTM MARU vs PMMR XFEB vs ZMAR XFEB vs BMAR XFEB vs DFEB XFEB vs PMAR

Where to next

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

Sources and dates

MARU filings on SEC EDGAR ↗

AllianzIM page for MARU ↗

XFEB filings on SEC EDGAR ↗

First Trust page for XFEB ↗

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, MARU against XFEB, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/maru-vs-xfeb

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