At a glance
FMAY charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $1.46B in assets, the 4th largest of that group. Over the past year it returned +9.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +15.8% a year. At its worst it fell 13.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months after the low.
The short version
FT Vest U.S. Equity Buffer ETF – May (FMAY), from First Trust with sub-advisor Vest Financial, holds FLEX options on the SPDR S&P 500 ETF Trust (SPY) instead of stocks. Over each one-year period, which starts in mid-May, it aims to absorb the first 10% of SPY's price losses in exchange for a cap on gains. It pays no dividends. Its 0.85% expense ratio is close to the 0.86% average for similar buffer funds.
Price history
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FMAY +9.4% 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 | |
|---|---|---|---|---|---|---|
| FMAY official prospectus, to Dec 31, 2024 | — | +14.82% | — | — | — | +10.17% |
| FMAY price data to Oct 27, 2026 | +8.1% | +9.4% | +15.8% | +9.1% | — | +9.3% |
- Over the year to Oct 27, 2026, FMAY returned +9.4%, 8th of 8 among similar funds.
- Its 5-year annualized return was +9.1%.
- Its worst full calendar year was 2022 (-8.1%); its best was 2023 (+17.8%).
- The deepest fall in its price history was 13.6% (Mar 29, 2022 to Oct 12, 2022), recovered by Jun 13, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.1% | — |
| 2025 | +12.7% | — |
| 2024 | +14.4% | +14.82% |
| 2023 | +17.8% | +17.60% |
| 2022 | -8.1% | -8.27% |
| 2021 | — | +10.74% |
| 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 13.4% over that stretch · deepest drop along the way 13.6%, back to its old high 8 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 $213.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.43%, +0.30%, +1.90%.
How it works
The fund does not pick stocks. It puts substantially all of its assets in FLEX Options. These are exchange-traded options whose strike prices and expiration dates can be customized. They reference SPY, a unit investment trust that holds the stocks in the S&P 500 Index. As of August 31, 2026, the fund held 20 option positions worth about 99% of assets, plus under 1% in cash. It reported portfolio turnover of 0%.
The options are built around a "target outcome period" of about one year. For the period from May 19, 2025 to May 15, 2026, the fund aimed to match SPY's price gains up to a cap of 14.95%. It also aimed to absorb the first 10% of losses, then fall one-for-one beyond that. After fees, the prospectus put the cap at 14.10% and the buffer at 9.15%. Returns follow SPY's price only, so SPY's dividends are left out.
Each May the fund resets with a new set of options. The buffer stays at 10%, but the cap changes with market conditions. About a week before each reset, the fund's website posts an expected cap range. If you buy after a period starts, or sell before it ends, your results can be very different from the stated cap and buffer. Shares can also move differently from SPY partway through a period.
What it really costs
- FMAY 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 holds S&P 500 exposure but gives up some upside in exchange for a cushion against the first 10% of yearly losses.
FMAY's price history starts in February 2021, so it covers the 2022 bear market but not 2008 or the 2020 COVID crash. It lost 8.27% in 2022, its worst calendar year. Its deepest drop was 13.6%, from March 29 to October 12, 2022. It took about 8 months to recover, by June 13, 2023. Its one-year beta of 0.52 as of October 27, 2026 means it moved roughly half as much as the market. That can mean smaller losses for someone who has to sell shares in a bad year. But the buffer fully applies only to shares held for a whole period.
The fund makes no distributions, so getting cash from it means selling shares. The cap limits gains in strong markets. Its 9.4% one-year return through October 27, 2026 ranked last of eight similar funds. It costs 0.85% a year. 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 buffer against the first 10% of yearly losses, and who accept a cap that resets each May.
- Buyers who can invest near the mid-May reset and hold for the full one-year period that the cap and buffer are designed around.
- People who want a smoother ride: one-year volatility of 6.9% as of October 27, 2026, with a deepest drop of 13.6% since 2021.
Look elsewhere if
- Anyone who needs income: FMAY has made no distributions, and its returns leave out SPY's dividends.
- Investors who want the stock market's full upside: gains are capped each period, and its 9.4% one-year return ranked last of eight similar funds.
- Those who want to buy at any time without watching a reset date; laddered funds like BUFR spread out start dates but charge 0.95%.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FMAY this fund | 0.85% | $1.46B | +9.4% | +15.8% |
| 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 FMAY pay dividends?
No. FMAY has no recorded distributions. It holds FLEX options on SPY rather than the stocks themselves, and its target outcomes are based only on SPY's price return. That means the dividends paid by S&P 500 companies are not part of what FMAY delivers. Investors who want cash from FMAY would need to sell shares. Over many years, missing those dividends is a real cost compared with owning an S&P 500 index fund directly.
How does the FMAY buffer work?
FMAY uses options to absorb the first 10% of SPY's price losses over a one-year period that starts each May. Losses beyond 10% pass through one-for-one, so a 20% drop in SPY means about a 10% loss before fees. In exchange, gains are capped. For May 19, 2025 to May 15, 2026, the cap was 14.95% before fees, or 14.10% after. The buffer is fixed, but the cap is set again at each reset.
What happens if I buy FMAY in the middle of the outcome period?
Your results may differ a lot from the stated cap and buffer. These levels are fixed against prices on the first day of each period. If SPY has already risen, you may have little room left before the cap and less buffer below you. If SPY has fallen, part of the buffer may already be used up. Before buying partway through, it is worth checking the fund's website for the remaining cap and buffer.
What's the difference between FMAY and BUFR?
FMAY resets once a year, in May. BUFR, also from FT Vest, is a laddered buffer fund. That means it spreads its money across outcome periods with different start dates. BUFR costs 0.95% compared with FMAY's 0.85%, and it held $10.5 billion compared with FMAY's $1.46 billion as of August 31, 2026. As of October 27, 2026, BUFR returned 11.6% over one year and 16.8% annualized over three years. FMAY returned 9.4% and 15.8%.
How did FMAY hold up in the 2022 bear market?
It fell less than a typical stock fund but still lost money. FMAY returned -8.27% in 2022, its worst calendar year. Its worst quarter was a 9.57% decline ending June 30, 2022. From its peak on March 29, 2022 to the low on October 12, 2022, it dropped 13.6%. It regained that peak by June 13, 2023, about 8 months later. In 2023 it rebounded 17.6%.