FT Vest U.S. Equity Enhance & Moderate Buffer ETF - March
XMAR
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- FT Vest U.S. Equity Enhance & Moderate Buffer ETF - March (XMAR) is an exchange-traded fund that seeks to deliver returns of approximately twice the positive price return of the SPDR S&P 500 ETF Trust (SPY) up to a predetermined upside cap of between 12.16% and 13.01% over a one-year target outcome period beginning in March, while providing a moderate downside buffer against SPY losses; the fund employs FLEX options on SPY, including calls and puts expiring in March of the following year, cash equivalents, and derivatives to achieve these target outcomes, with primary holdings consisting of long and short positions in SPY options weighted heavily toward customized FLEX contracts. Launched on March 17, 2023, and domiciled in the United States, XMAR operates within the defined outcome ETF segment targeting large-cap U.S. equity exposure for retail and institutional investors seeking buffered participation in S&P 500 upside with volatility management; the fund is advised by First Trust Advisors L.P., founded in 1991 and headquartered in Wheaton, Illinois, with sub-advisory services from Vest Financial LLC (also known as Cboe Vest), based in McLean, Virginia, and forms part of First Trust Exchange-Traded Fund VIII. As of late 2025, XMAR manages total net assets of approximately $174 million with a net expense ratio of 0.85%, trades on U.S. exchanges, and resets its cap and buffer annually based on market conditions at the start of each target outcome period. Recent developments include the appointment of Trevor Lack as co-portfolio manager effective January 2, 2025, alongside Karan Sood, reflecting enhancements to the management team amid First Trust's ongoing expansion of its FT Vest target outcome ETF suite, which now includes multiple monthly buffer and enhance strategies totaling billions in assets; no major acquisitions, funding rounds, or product launches specific to XMAR were reported in 2024 or 2025, though the broader FT Vest lineup continues to grow through periodic launches of similar buffered ETFs.