At a glance
DMAY charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $378.8M in assets, the 8th largest of that group. Over the past year it returned +8.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +13.4% a year. At its worst it fell 13.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months after the low.
The short version
FT Vest U.S. Equity Deep Buffer ETF - May (DMAY) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). The options are set to produce a defined outcome over yearly periods that reset each May. Holders take SPY's first 5% of price losses. The fund then aims to shield them from losses between -5% and -30%. In exchange, gains are capped and SPY's dividends are given up. It charges 0.85% a year, close to the 0.86% average for similar buffer funds.
Price history
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DMAY +8.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DMAY official prospectus, to Dec 31, 2024 | — | +12.99% | — | — | — | +6.60% |
| DMAY price data to Oct 27, 2026 | +6.7% | +8.0% | +13.4% | +7.0% | — | +7.0% |
- Over the year to Oct 27, 2026, DMAY returned +8.0%, 8th of 8 among similar funds.
- Its 5-year annualized return was +7.0%.
- Its worst full calendar year was 2022 (-10.0%); its best was 2023 (+15.4%).
- The deepest fall in its price history was 13.9% (Apr 4, 2022 to Oct 14, 2022), recovered by Nov 14, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.7% | — |
| 2025 | +11.1% | — |
| 2024 | +12.8% | +12.99% |
| 2023 | +15.4% | +15.37% |
| 2022 | -10.0% | -10.16% |
| 2021 | — | +6.19% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.7% over that stretch · deepest drop along the way 13.9%, back to its old high 13.1 months after the low |
What's inside
As of Aug 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2026, investors added a net $18.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.38%, +0.30%, +1.52%.
How it works
DMAY does not own stocks directly. It puts substantially all its assets into FLEX Options. These are exchange-traded option contracts with customized strike prices and expiration dates, and they reference SPY, a unit investment trust that tracks the S&P 500 Index. As of August 31, 2026, options listed on Cboe made up 99.15% of assets and cash 0.92%. A single deep-in-the-money SPY call option, which moves much like SPY itself, was about 93.6% of the fund. The sub-advisor is Vest Financial LLC.
The options run for a Target Outcome Period of about one year. For May 19, 2025 through May 15, 2026, the cap was 12.30% (11.45% after fees). Holders bore SPY's first 5% of losses and were shielded from losses between -5% and -30%. Beyond -30%, the fund was designed to lose 25 percentage points less than SPY, with a maximum loss of about 75%. All of this is based on SPY's price, not its dividends.
When a period ends, the fund buys new options. The buffer stays the same, but the cap resets with market conditions and is likely to change. The stated outcomes apply only to shares bought on a period's first day and held to its end. Buyers who come in mid-period can see very different results.
What it really costs
- DMAY charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It aims to soften S&P 500 losses within a set range while keeping part of the market's upside, at the cost of capped gains and no dividends.
DMAY launched May 15, 2020, after the COVID crash, so it has no record for 2008 or 2020. In the 2022 bear market it fell 13.9% from April 4 to October 14, 2022. It took about 13 months, until November 14, 2023, to recover. Its worst calendar year was 2022, at -10.16%. The buffer softened that decline but did not stop it, because the protection applies only over a full May-to-May period. Anyone forced to sell shares in a bad year could still lock in a loss. The fund has recorded no distributions, so it provides no income, and its returns leave out SPY's dividends. Its 0.85% expense ratio is in line with the 0.86% average for similar buffer funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 price exposure with a shield against losses between -5% and -30% each yearly period, and who accept capped gains.
- Holders willing to buy near the start of a May-to-May outcome period and hold it to the end, when the buffer and cap fully apply.
- People who prefer smaller swings: one-year volatility was 5.6% and beta 0.41 as of October 27, 2026.
Look elsewhere if
- Investors seeking income: the fund has recorded no distributions, and its returns exclude the dividends SPY pays.
- Those wanting full stock-market upside: the cap for May 2025 to May 2026 was 12.30% before fees, and it resets each year.
- Buyers who don't want to time their entry; BUFD, a laddered deep buffer fund, spreads exposure across periods for 0.95% a year.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DMAY this fund | 0.85% | $378.8M | +8.0% | +13.4% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does DMAY pay dividends?
No. The fund has recorded no distributions. DMAY holds FLEX options on SPY rather than the stocks themselves, and its target outcomes are based on SPY's price return, which leaves out the dividends SPY pays. Over several years, missing those dividends is a real cost compared with owning an S&P 500 fund directly. Investors looking for regular income won't get it from this fund.
How does the DMAY deep buffer work?
In each outcome period of about one year, holders take SPY's first 5% of price losses. Losses between -5% and -30% are buffered, so if SPY falls 30%, the fund aims to lose about 5% before fees. Beyond -30%, the fund loses 25 percentage points less than SPY, up to a maximum loss of about 75%. After fees, the buffer for May 2025 to May 2026 ran from -5.85% to -30.85%. It applies only to shares held for the full period.
What happens if I buy DMAY in the middle of the outcome period?
Your results can differ a lot from the stated cap and buffer, which apply only to shares bought on a period's first day and held to its end. If SPY has risen since the period began, less upside may be left before the cap. If SPY has fallen, part of the buffer may already be used up. About a week before each period ends, the fund's website gives the expected cap range for the next one.
DMAY vs BUFD: what's the difference?
Both are FT Vest deep buffer ETFs from First Trust. DMAY runs one outcome period that resets each May, so when you buy matters a great deal. BUFD, the FT Vest Laddered Deep Buffer ETF, ladders its exposure across several periods, which reduces that timing effect. BUFD costs 0.95% a year versus 0.85% for DMAY. As of October 27, 2026, BUFD returned 9.5% over one year and 13.9% a year over three years, compared with 8% and 13.4% for DMAY.
How much did DMAY lose in 2022?
DMAY returned -10.16% in calendar 2022, its worst year, according to its prospectus. Its deepest drop was 13.9%, from April 4 to October 14, 2022. It didn't regain its earlier high until November 14, 2023, about 13 months later. Its worst quarter was -11.12%, in the three months ended June 30, 2022. The buffer didn't prevent those losses, partly because it applies only after the first 5% and only over a full May-to-May period.