Data as of .
MARW vs XFEB: which one stands where?
As of Sep 21, 2026 XFEB can fall 6.6% before its buffer engages and MARW 6.5%, and XFEB resets 8 days sooner.
These are two different products. XFEB is a floor fund, which caps how far a holder can fall. MARW is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
XFEB resets first, on Feb 19, 2027, 151 days from now; MARW runs to Feb 28, 2027, 159 days. MARW can still gain 3.7% before its cap, XFEB 3.1%. A fall from here reaches MARW’s buffer after 6.5% and XFEB’s after 6.6%. 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 | ||
|---|---|---|---|---|
| MARW | XFEB | MARW | XFEB | |
| 3 months | +1.9% | +2.1% | −0.3 pts | −0.1 pts |
| 6 months | +8.2% | +8.8% | −9.8 pts | −9.2 pts |
| 1 year | +9.7% | +9.4% | −6.9 pts | −7.2 pts |
| 3 years | +36.7% | not published | −41.7 pts | not published |
| MARW AllianzIM U.S. Equity Buffer20 ETF - Mar Absorbs the first 20% of loss on SPY and caps the gain at 10.8%, 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 | 20% | 15% |
| Outcome period | Mar 1, 2026 to Feb 28, 2027 | Feb 23, 2026 to Feb 19, 2027 |
| Days left | 159 | 151 |
| Starting cap | +10.8% | +10.3% |
| Can still gain | 3.7% | 3.1% |
| Fall before buffer | 6.5% | 6.6% |
| Protection left, index points | 20.0% of 20.0% | 15.0% of 15.0% |
| Index return this period | +12.8% | +12.2% |
| Fund return this period | +6.1% | +6.1% |
| State today | At cap | At cap |
| Expense ratio | 0.74% | 0.85% |
| Net assets | $86m | $30m |
MARW in plain words
SPY had already risen past this fund's cap of +10.8% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.7% as the period runs out. The fund's price can fall 6.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.4% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 159 days remained on Sep 21, 2026. On Feb 28, 2027 the period ends and a new cap is set.
XFEB in plain words
SPY had already risen past this fund's cap of +10.3% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.1% as the period runs out. The fund's price can fall 6.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.9% 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. 151 days remained on Sep 21, 2026. On Feb 19, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, MARW or XFEB?
- From their prices on Sep 21, 2026, MARW can gain about 3.7% before its cap and XFEB about 3.1%, so MARW has more room left this period.
- Which resets first, MARW or XFEB?
- MARW ends its outcome period on Feb 28, 2027 and XFEB on Feb 19, 2027. A new cap is set the day after each.
- Which is cheaper, MARW or XFEB?
- MARW charges 0.74% a year and XFEB charges 0.85%, so MARW 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, MARW against XFEB, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/marw-vs-xfeb Free to use with attribution; the underlying files are at Open data.